ECO3000 : Topics in Applied Macroeconomics
- Offered for Year: 2017/18
- Module Leader(s): Dr Ivan Weir
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
|Semester 1 Credit Value:||10|
|Semester 2 Credit Value:||10|
To use simple models to explain different aspects of the macroeconomy. The module emphasises the role of macroeconomics as an applied discipline, motivated by a wide array of experience. Case studies will be used to shed light on real-world data and events, and highlight the broad applicability of the basic theory. The examples are drawn from current and past issues facing the world’s economies. By the end of the course students should be able to use the techniques learned to interpret macroeconomic events and policies. Students should be able to integrate real-world events within the theoretical framework.
Outline Of Syllabus
• The nature of macroeconomics and macroeconomic measurement issues
•Capital Accumulation and Economic Growth: Why do economies grow and what
policies are appropriate?
•Human Capital and Total Factor Productivity: How important is the quality of labour
•Unemployment and the Labour Market: Why does unemployment vary significantly
over time and between different economies?
•International Trade and Globalisation: Why and to what extent are we becoming
“one world” economy?
• Consumer and Investment behaviour: macroeconomic importance and effects, the role of uncertainty and constraints
•Inflation: why do prices rise and how does inflation affect the economy? costs of
inflation and deflation, seignorage and hyper-inflations
• Fiscal policy, monetary policy, stabilisation : the rise of the welfare state, distortionary effects of taxation, optimal deficits, the role of central banks, monetary rules
• Stabilisation policy: different perspectives on stabilisation, fiscal and monetary
policy as stabilisation tools, central bank credibility, rules vs discretion
• Debt and default: deficits and business cycles, government budget constraints,
sudden stops and debt intolerance, debt forgiveness
• Exchange rates: functioning of the FOREX, law of one price and purchasing power
parity, the balance of payments, fiscal deficits and the current account
|Scheduled Learning And Teaching Activities||Lecture||14||2:00||28:00||N/A|
|Guided Independent Study||Assessment preparation and completion||1||64:00||64:00||N/A|
|Guided Independent Study||Directed research and reading||1||50:00||50:00||N/A|
|Scheduled Learning And Teaching Activities||Small group teaching||8||1:00||8:00||N/A|
|Guided Independent Study||Independent study||1||50:00||50:00||N/A|
Teaching Rationale And Relationship
Lectures provide the theoretical framework for the study of Macroeconomics and examples of its application.
Seminars provide an opportunity to enhance and test the understanding gained in lectures and private study through discussion and problem solving.
The format of resits will be determined by the Board of Examiners
Assessment Rationale And Relationship
Written exam tests the understanding of Macroeconomic principles and their application, logical thinking and analytical skills.