| Unit name | Introduction to Macroeconomics |
|---|---|
| Unit code | ECON10011 |
| Credit points | 20 |
| Level of study | C/4 |
| Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
| Unit director | Dr. Duck |
| Open unit status | Not open |
| Pre-requisites |
A-level Mathematics (or equivalent) |
| Co-requisites |
None |
| School/department | School of Economics, Finance and Management |
| Faculty | Faculty of Social Sciences and Law |
Macroeconomics is the analysis of aggregate or average economic variables such as total employment, total output and the average level of prices. It analyses how the various broad sectors of the economy - the financial sector and the labour market for example - interact to create the movements in output, unemployment, inflation and interest rates that we observe in any economy. In the first part of the unit we use simple economic principles to construct a model of this interaction. In the second we use that model to explain the behaviour of the main macroeconomic variables - unemployment, inflation, interest rates and output - focussing on each in turn. In the final section we consider what macroeconomic policy framework might best deliver desired values for these variables.
The emphasis throughout the unit is on using theory to explain current and past macroeconomic problems.
ECON 10011 assumes no prior knowledge of macroeconomics. The exposition is mainly diagrammatic but at times uses simple algebra and a certain amount of differential calculus.
