MACROECONOMIC ANALYSIS

SHE Level 3
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M3L122515
Module Leader Thomas Dudley
School Glasgow School for Business and Society
Subject Economics
Trimester
  • B (January start)

Pre-Requisite Knowledge

-108 Normally, successful completion of Principles of Macroeconomics or equivalent Level Two module with a significant macroeconomics' component.

Summary of Content

-108 The module is designed to provide a stronger theoretical underpinning in macroeconomics for students graduating in economics. It introduces a dynamic model of the economy and develops different perspectives in macro theory with particular emphasis on the role of government in the macro economy and the analysis of policy. Summary of how PRME-related issues / topics are covered in this module: Provides insight into the macroeconomic environment in which individuals and organisations have to operate and the effectiveness or otherwise of macroeconomic policy with respect to the sustainable general welfare of workers/organisations [Principles 1-4]

Syllabus

-360b7 Consumption: Absolute, Relative, Life cycle and Permanent income hypotheses, -360b7 Investment : Cost of capital and investment, dynamic theories of investment behaviour, neo-classical investment theory b7 Demand for and Supply of Money: Determinants of the demand for money, opportunity cost of holding money, classical and Keynesian theories, determination and control of the money supply b7 Revision of Aggregate Demand/Aggregate Supply Model b7 The ISLM model of aggregate demand, ISLM and the Keynesian/Monetarist debate, limitations of ISLM model, aggregate supply and wages, prices and employment b7 Open Economy Macroeconomics: The ISLM-BP/FE model, balance of payment trends / disequilibrium, money supply under fixed/floating exchange rates, relative effectiveness of fiscal/monetary policy under different exchange rate regimes, Keynesian and Monetarist perspectives, Talyor Rule b7 Dynamic Aggregate Demand/Supply: inflation, unemployment and output b7 Alternative macroeconomic perspectives: Introduction to New Classical Macroeconomics, New Keynesian Economics

Learning Outcomes

On successful completion of this module, the student should be able to:" demonstrate a substantive working knowledge of alternative macroeconomic theories at an intermediate level" identify, review and critically evaluate contemporary macroeconomic debates, problems and policies [PRME Principles 1-4]" use a conceptual model of the economy to formulate views and opinions on current macroeconomic problems and policies [PRME Principles 1-4]" evaluate evidence and maintain/develop an argument, thesis or hypothesis." work independently" work as part of a team

Teaching / Learning Strategy

GSBS will continue to use the advancement of GCU Learn as a blended learning tool through its teaching and learning as well as through engagement with students. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCULearn to ensure student support and information sharing. Students are provided with formative and summative feedback via a variety of mechanisms. Feedback on coursework is provided within 3 working weeks of submission. A programme of lectures, student-led seminars and tutorials encompassing both group work and individual analysis.

Indicative Reading

-360b7 Blanchard, O and Johnson, D R, Macroeconomics , Sixth Edition, 2013, Pearson -360b7 Burda, M. and Wyplosz, C, Macroeconomics: A European Text , 6 th Edition, 2012, Oxford University Press -360b7 Gartner, M. A, Macroeconomics , 2009, Prentice Hall Europe. -360b7 Mankiw, N G, Macroeconomics , Eighth Edition, 2013, Worth -360b7 Miles, D, Scott, A and Breedon, F, Macroeconomics: Understanding the Global Economy , Third edition, 2012, John Wiley & Sons

Transferrable Skills

By the end of this module students will have gained competence in the following key areas: -360b7 Economic Literacy b7 Analytical and critical thinking skills b7 Communication skills (oral and written) b7 Problem solving skills b7 Interpersonal skills b7 Time management skills b7 Team working skills General critical and analytical skills are developed throughout the module, formatively assessed in the group and individual courseworks and summatively assessed by the final examination. The group coursework further develops both individuals` ability to work as part of a team and their presentation skills.

Module Structure

Activity Total Hours
Assessment (FT) 30.00
Lectures (FT) 22.00
Independent Learning (FT) 126.00
Practicals (FT) 11.00
Tutorials (FT) 11.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (Exams Office) 3.00 70.00 35% Formal Examination
Coursework 1 n/a 30.00 35% Group Report