| Unit name | Macroeconomics |
|---|---|
| Unit code | ECONM0043 |
| Credit points | 20 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Professor. Hu |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
None |
| Units you must take alongside this one (co-requisite units) |
Microeconomics (MSc Economics) |
| Units you may not take alongside this one |
None |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
Why is this unit important?
This unit introduces students to modern macroeconomic theory and analysis and hence provides the foundational knowledge for MSc students to understand key concepts and policy trade-offs in modern macroeconomic thoughts and policymaking. Macroeconomic policies, such as fiscal policy and monetary policy, affect and shape all members in modern societies and hence understanding of them is a key to modern economic decision-making at all levels.
Macroeconomics is concerned with aggregate economic outcomes such as GDP, consumption, and unemployment. It requires an understanding of the behaviour of individuals and firms, and how their decisions influence (and are influenced by) aggregate outcomes. For the analysis of macroeconomic policy decisions, it is important to recognise the constraints on policymakers, and the important role played by expectations.
The unit introduces the relevant models and methods, but also emphasizes the importance of an intuitive understanding of the key ideas.
How does this unit fit into your programme of study
Macroeconomics is a mandatory unit for MSc Economics. This unit is indispensable to achieve the aim of the programme for students to gain the advanced skills and perspectives of the professional economist. In today’s world, economic crises and fiscal issues take centre stages in our economic life and this unit provide the essential toolkits for students to understand and analyse these real-world problems. The unit is complimentary to other mandatory units in TB1 but help students’ economic/financial decision-making from the macroeconomic perspective.
An overview of content
Macroeconomics introduces framework for students to understand and gain knowledge in modern macroeconomic thinking and policymaking. The framework is built on two fundamental economic theories: utility maximization and general equilibrium theory. However, the framework introduced is sufficiently flexible to allow for various economic frictions to be studied. The unit is designed to equip students with rigor and analytical ability to perform equilibrium and welfare analysis, as well as evaluation of macroeconomic policies. The analytical tools include utility and profit maximization, general equilibrium analysis, and comparative statics. The key concepts include welfare theorems, Ricardian equivalence, and quantity theory of money.
How will students, personally, be different as a result of the unit
Students will be equipped with knowledge and understanding of modern macroeconomic frameworks and policy analysis, and be able to articulate rigorous macroeconomic reasoning in real-world economic problems.
Learning Outcomes
By the end of the unit, students will be able to
The unit comprises a combination of asynchronous and synchronous lectures, small group seminars, and exercise classes.
Tasks which help you learn and prepare you for summative tasks (formative):
There will be two written formative assessments. The first one consists of both basic conceptual questions and analytical questions that aim at assessing ILO 1-2. The second one consists of questions that require solving the models rigorously and with questions that ask students to apply the concepts and models to real-world economic problems aiming at assessing ILO2-4. There will be feedbacks on these formative assessments.
Tasks which count towards your unit mark (summative):
The unit is assessed by a final written 2 hours exam with different parts aiming at assessing ILO 1-4.
When assessment does not go to plan
Re-assessment will take the form of a single examination assessing all ILOs in different parts of the examination.
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. ECONM0043).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the University Workload statement relating to this unit for more information.
Assessment
The assessment methods listed in this unit specification are designed to enable students to demonstrate the named learning outcomes (LOs). Where a disability prevents a student from undertaking a specific method of assessment, schools will make reasonable adjustments to support a student to demonstrate the LO by an alternative method or with additional resources.
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
