ECONOMIC ANALYSIS

SHE Level 5
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MML122191
Module Leader n/a
School Glasgow School for Business and Society
Subject Economics
Trimesters
  • A (September start)-B (January start)
  • B (January start)-A (September start)

Summary of Content

This module is designed to equip students with a set of analytical tools and concepts from economic theory and applied statistics for analysis and problem solving at Masters' level. It provides: -360b7 An underpinning in macroeconomics and International Trade theory. Different perspectives in macroeconomic theory are introduced with particular emphasis on the role of government in the domestic- and global macro economy and International Trade. An understanding of the core concepts and tools used to build modern economics- and financial risk models. It uses hands-on approach and practical computing exercises to introduce the students to the mathematical and statistical foundations of risk models. These core mathematical, statistical and computing concepts are then combined to explore a number of modern risk modelling techniques .

Syllabus

-360 1. Review of the contemporary Schools of Thought in Macroeconomic Analysis (New Keynesian, New Classical) -360 2. The Dynamic Aggregate Demand/Aggregate Supply Models (determination of output, employment and inflation under different exchange rate regimes) -360 3. Introduction to Game Theory (Players, Actions, Payoffs, Strategies & the Nash Equilibrium) 4. International Trade from a Game-theoretic perspective 5. Probability & Probability Distributions 6. Optimisation and Monte-Carlo simulation methods 7. Qualitative- and Quantitative Risk Models using in Excel and @Risk

Learning Outcomes

On successful completion of this module the student should be able to:1. Demonstrate a substantive working knowledge of macroeconomic and International Trade theory2. Identify and critically review contemporary macroeconomic problems and policy responses3. Understand the possibilities for using simulation tools to solve risk-related problems and apply basic statistical/mathematical techniques using Microsoft Excel/@Risk to solve risk modelling problems with constraints, and under uncertainty.4. Independently evaluate evidence and maintain / develop an argument or hypothesis

Teaching / Learning Strategy

The teaching and learning strategy will utilize: -360b7 lectures to impart the key points of the syllabus; b7 seminars, group discussions & tutorials to discuss, develop, apply and evaluate economic concepts and ideas and to practise problems in statistics; b7 computing labs to develop and test risk models. Conceptual and framework material will be produced within the lectures and students will be given directed reading from relevant journals and higher level textbooks to analyse prior to the sessions and ensure the process of deepening engagement. GCU Learn will be utilized as appropriate. The more complex and abstract mathematical concepts will be taught in an intuitive, 'hands-on' way, encouraging the students to experiment and interact with the mathematical tools presented. The subject-matter will be taught assuming only elementary mathematical and computing skills, allowing a broad range of students to benefit from the methods and techniques employed. Feedback strategy - aims Students will be provided with feedback within three weeks of submission. The feedback that they receive is designed to: A: Facilitate the development of self-assessment; B: Encourage dialogue; C: Clarify good performance; D: Provide opportunities to close the gap between current and desired performance; E: Deliver high quality information about individual learning; F: Encourage positive motivational beliefs and self-esteem; G: Provide information to teachers that can be used to help shape the teaching. 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.

Indicative Reading

Main Texts -360b7 Mankiw, G, Macroeconomics, 7th Edition, Worth Publishers, 2009 -360b7 Rasmusen, E., Games and Information, Blackwells, 4th Edition, 2006 -360b7 Houston, J & Walters, S, (2013) Risk Analysis & Modelling, using Excel and @Risk, In-house course notes Other Texts: -360b7 Ge4rtner, M. Macroeconomics, Prentice Hall, 2nd Edition, 2006 -360b7 McCain, R.A., Game Theory: a non-technical introduction to the analysis of Strategy, Thomson, 2004 -360b7 Rasmusen, E., Readings in Games and Information, Blackwells, 2001 b7 Berenson, L,D. & and Krehbiel, T., Statistics for Managers using MS Excel: 7th E <http://email.pearsoned.co.uk/AprimoMarketing/etrack.aspx?DSN=622bd6c449905d2a&FORMID=60c552e4bbb0b7f323fedae97fb5df5c&INTID=d60a57e7db1f3e6e16c510e5e872acbd&AUDID=9d19741036e068c2471dd7db31504af5&DECODE=1&URL=http://catalogue.pearsoned.co.uk/catalog/product?ISBN=9780273787112> dition, 2013 Websites: <http://www.bankofengland.co.uk/> <http://www.ecb.int/home/html/index.en.html> <http://epp.eurostat.ec.europa.eu/portal/page?_pageid=1090,30070682,1090_33076576&_dad=portal&_schema=PORTAL> <http://www.hm-treasury.gov.uk/> <http://www.ilo.org/global/lang--en/index.htm> <http://www.imf.org/external/index.htm> <http://www.worldbank.org/>

Transferrable Skills

In addition to the attainment of learning outcomes students will develop personal transferable skills in -360b7 Economic literacy: b7 Critical, analytical and problem-solving skills b7 Research Skills b7 IT skills b7 Time Management b7 Ability to learn independently b7 Self management b7 Advanced writing b7 Case study analysis, use of quantitative methods. The module will encourage the understanding and application of clear, progressive conceptual approaches and thinking.

Module Structure

Activity Total Hours
Seminars (PT) 11.00
Practicals (FT) 11.00
Tutorials (PT) 5.00
Independent Learning (PT) 151.00
Assessment (PT) 5.00
Tutorials (FT) 5.00
Seminars (FT) 11.00
Lectures (PT) 17.00
Assessment (FT) 5.00
Lectures (FT) 17.00
Independent Learning (FT) 151.00
Practicals (PT) 11.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (Exams Office) 2.00 50.00 45% Unseen Open Book Examination
Coursework 1 n/a 50.00 45% In-lab Assessment 3 hours.