Module Catalogue 2022/23

ECO2005 : Macroeconomic Analysis (Inactive)

  • Inactive for Year: 2022/23
  • Module Leader(s): Dr Roxana Radulescu
  • Demonstrator: Dr David Barlow, Dr Saumik Paul
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 2 Credit Value: 20
ECTS Credits: 10.0
Pre Requisites
Code Title
ECO1010Mathematics for Economics
ECO1002Economic Analysis
Pre Requisite Comment

N/A

Co Requisites
Code Title
ECO2003Economic Modelling
Co Requisite Comment

Semester 1 material in Economic Modelling provides fundamental building blocks for this Semester 2 module – Macroeconomic Analysis. The learning undertaken in Semester 1 of Economic Modelling needs to be undertaken in advance of pursuing this Semester 2 module.

Aims

To equip the student with intermediate-level macroeconomic concepts, and develop students' problem-solving abilities in the context of macroeconomics.

This is the core second-year module in macroeconomic analysis. It is a pre-requisite for several final-year modules in Economics. At a broad level, it is the study of the economy as a whole; and the module focuses on developing skills in macroeconomic analysis that could be applied to any economy in the world. A key emphasis is placed on understanding the relevance of different frameworks for different contexts. The concepts of short run, medium run and long run are central to this process; as is the distinction between open and closed economy modelling. There is also an emphasis on helping students understand contemporary policy-making issues. For example, students have the opportunity to develop knowledge and understanding of a (medium run) macroeconomic framework typical of that used in central banks to support contemporary monetary policy design. The material builds on principles of macroeconomics typically covered in Stage 1 studies and Semester 1 material in the co-requisite module Economic Modelling, but it is conducted at greater depth and with a much greater reliance on analysis, mainly diagrammatic, but with some mathematics. It is a core module, as it covers the economic techniques that are essential to modern economic analysis at Stage 3 of economics programmes.

Outline Of Syllabus

The demand side – recap of the IS curve.
The supply side – the labour market and unemployment.
The 3 equation model: IS-PC-MR.
Modelling expectations in the 3 equation model.
Money and banking in the 3 equation model.
The open economy.

Learning Outcomes

Intended Knowledge Outcomes

1.       Explain the 3 equation model in closed and open economies using equations and diagrams
2.       Analyse the reaction of the economy to macroeconomic shocks using the 3 equation model
3. Extend the 3 equation model to incorporate different forms of expectation formation and a banking system
4.       Analyse the functioning of the open economy and compare it to the functioning of the closed economy.

Intended Skill Outcomes

Apply complex knowledge to practical situations
Understand and use Macroeconomic terminology to explain technical information
Active learning – through presentations and checking each other's work
Problem solving
Oral and written communication through presentations
Global awareness

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Scheduled Learning And Teaching ActivitiesLecture81:008:00Present in person lectures
Scheduled Learning And Teaching ActivitiesLecture82:0016:00Present in person lectures
Guided Independent StudyAssessment preparation and completion601:0060:00Time for students to complete formative and summative coursework & assessments
Guided Independent StudyDirected research and reading661:0066:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching81:008:00Present in person seminars.
Structured Guided LearningStructured research and reading activities21:002:00Pre-recorded material
Guided Independent StudyIndependent study381:0038:00N/A
Scheduled Learning And Teaching ActivitiesScheduled on-line contact time12:002:00Synchronous online workshop, pre-exam
Total200:00
Teaching Rationale And Relationship

Lectures provide an in-depth treatment of the core course material. They provide the structure through which learners develop familiarity with and understanding of macroeconomic modelling.

Seminars facilitate small group interaction with peers and the seminar leader to reinforce learning: seminar worksheets structure the student learning activity prior, during and after each seminar. The seminars will support learners to identify appropriate models for the analysis of particular contexts and undertake macroeconomic analysis.

Seminars provide each learner with the opportunity to obtain feedback on their understanding to date; and resources made available after seminars provide material for self-assessment of student understanding.

Drop-in/Surgery deals with specific problems experienced by students and provide a forum for consolidation of understanding. They also include a pre assessment clinic.

Private study facilitates review and understanding of lecture material and problem sets.

Reading Lists

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
Written Examination1802A100Alternative format in case of lockdown: 24 hour online exam.
Formative Assessments
Description Semester When Set Comment
Prob solv exercises2Mproblems solving exercises based on the seminar questions provided
Assessment Rationale And Relationship

The unseen examination is designed to encourage study and test understanding across a range of macroeconomic topics. Student learning and development of analytical skills tends to build and mature over time. End of session summative assessment should give learners maximum opportunity to develop their analytical skills before being formally assessed – and will test their understanding on exit from the programme of learning.
The formative assessment is directly linked to the exam. Students are provided with a set of problems to solve before the seminar. During the seminar they share their answers with the rest of the class and receive feedback from the seminar leader and other students.

Timetable

Past Exam Papers

General Notes

N/A

Disclaimer: The information contained within the Module Catalogue relates to the 2022/23 academic year. In accordance with University Terms and Conditions, the University makes all reasonable efforts to deliver the modules as described. Modules may be amended on an annual basis to take account of changing staff expertise, developments in the discipline, the requirements of external bodies and partners, and student feedback. Module information for the 2023/24 entry will be published here in early-April 2023. Queries about information in the Module Catalogue should in the first instance be addressed to your School Office.