Macroeconomics 3

ECON30031 Macroeconomics 3 10 Semester 1 Undergraduate Level 3 Paul Middleditch Unit coordinator Economics 1 FHEQ level (Framework for Higher Education Qualifications) ' Middle part of Bachelors ' European Credit Transfer & Accumulation System Rating : 5.0 The aims of this unit are to:<ol> <li>To introduce students to macroeconomic theory and policy analysis at an intermediate level;</li> <li>To develop critical analysis and lay the foundation for economics courses in the final year</li> <li>To provide the employability skills of macroeconomic analysis and the ability to provide economic commentary on key global issues.</li></ol> The aims of this unit are to:<ol> <li>To introduce students to macroeconomic theory and policy analysis at an intermediate level;</li> <li>To develop critical analysis and lay the foundation for economics courses in the final year</li> <li>To provide the employability skills of describing macroeconomic events and key global issues to non-economists with confidence.</li></ol> The aims of this unit are to:<ol> <li>To introduce students to macroeconomic theory and policy analysis at an intermediate level;</li> <li>To develop critical analysis and lay the foundation for economics courses in the final year</li> <li>To provide a detailed and qualified economic perspective of recent and global macroeconomic events using the framework of an intermediate and universal macroeconomic model.</li></ol> <ol> <li>Problem-solving skills;</li> <li>The application of analytical models;</li> <li>The evaluation and critical analysis of arguments, theories and economic policy choices.</li></ol> <ol> <li>Assess time series data and draw some macroeconomic perspective and narrative.</li> <li>Comment on economic events and inter-relations between key macro variables.</li></ol> <ol> <li>Select and deploy relevant information from macroeconomic time series data;</li> <li>Communicate ideas and arguments in writing making used of standard macroeconomic model predictions;</li> <li>Apply skills of critical analysis and interpretation.</li></ol> Other (i) To provide a detailed and qualified economic perspective of recent and global macroeconomic events using the framework of an intermediate and universal macroeconomic model. (ii) The ability to provide critical analysis of key macroeconomic policy choices by governments and central banks including trade policy. Provisional1. The Scope and Data of Macroeconomics: Movements and Inter-Relations between Key Macroeconomic Variables; Aggregation Issues, National Income, Inflation and Money, The Closed Economy and Open Economy Transmission Mechanisms. 2. A Flexible Price Model: The Determination of Aggregate Income, the Role of the Factors of Production, and the Effectiveness of Macroeconomic Policy Under the Assumption of Flexible Prices. 3. Money and The Financial Markets: The Money Supply and Monetary Policy Enactment, The Quantity Theory and Money Demand, Economic Stabilisation, Overview of The Financial System, Bond Markets and Interest Rates, Financial Innovations and the Financial Crisis. 4. IS/LM Part I: Building the IS/LM model. The Keynesian Cross and the Investment Savings Schedule, The Money Market and the Liquidity Money Schedule. 5. IS/LM Part I: Applying the IS/LM model. Using the IS/LM for Economic Policy Analysis, Comparative Statics and the Financial Crisis Revisited. 6. The Open Economy IS/LM Model: Using the IS/LM and the IS/LM/BP Model to Understand Trade Policy, Fixed Rate Regimes, Floating Exchange Rates and Currency Wars, Understanding the Global Movements of International Capital. 7. Introduction to Intertemporal Macroeconomics: A Dynamic Approach to the Goods Market, Intertemporal Macroeconomics versus the ISLM Approach, Intertemporal Expenditure Choices over Two Periods, Constrained Optimality in Consumption and Ricardian Equivalence. Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study 0 Other 100% 20% Mid Term Test   80% Final Exam     There will be a set of exercises in a separate folder on Blackboard which will be considered homework's (or formative assessment). Formative assessment is 'non' compulsory, but highly recommended for your successful progression towards the final assessment. Students should complete their homeworks at home and then see a teaching assistant for feedback on their written attempt.Your solution sheet and any comments from your TA will provide your feedback for the homeworks. See Blackboard for times and locations of feedback sessions. (please remember to take the written attempt of your homework with you). Please be careful to take note of the period for which the feedback sessions run, normally up and until one week before the beginning of the examination period, and not during holiday periods.Additional Feedback Opportunities:The course meetings are an ideal opportunity to ask questions to your lecturer and interact generally in a context based learning environment; time will also be set aside after the meeting for you to ask questions directly to your lecturer in a smaller group. Use the lecture quizzes, in the lecture folders for each week, to get immediate feedback on the key practice questions from the lecture. Follow the guidance given carefully, before a reattempt, to reinforce areas where you need to improvement in your knowledge. During term time, drop in to ANY teaching assistant (TA) led FEEDBACK SESSIONS advertised in the Revision Zone of the course web site on BB. ECON20262 Macroeconomics 2 Pre-Requisite Compulsory ECON20262 Macro 2 ECON20262 Macro 2  Y The Textbooks for this course will be:<ul> <li>Gregory Mankiw (2013), “Macroeconomics” Palgrave Macmillan (Chapters 1,2,3,11,12,13)</li> <li>Paul Middleditch (2020), “Introduction to Macroeconomics”, Pearson Education.   (Chapters 1,2,3,5,6,8,9,11)</li> <li>Michael Burda and Charles Wyplosz (2013) "Macroeconomics: A European Text", Oxford University Press. (Chapters 7,8,9)</li></ul>   0 0 0 For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary.