Macroeconomic Policy

Module overview

This module will equip students with the central concepts of macroeconomics, building on the foundations laid in the first-year Macroeconomics module. Students will gain a clear understanding of the determination of economic outcomes at an aggregate level, including the distinction between inter-temporal and intra-temporal decision making by households, firms and policymakers. The module will distinguish between long run and short run macroeconomic behaviour and present theories of economic growth as well as of short run fluctuations using dynamic macroeconomic models. Throughout the module a focus is placed on the role of economic policy for macroeconomic outcomes and on understanding booms and busts and the effects of different fiscal and monetary policies.

Aims and Objectives

Learning Outcomes

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

Recognise potential constraints on policy implementation as well as the likely distributional and political economy implications of different macroeconomic policies
Abstract the essential features of the macroeconomy and assess the likely consequences of macroeconomic policies and exogenous disturbances
Apply macroeconomic models of price determination and equilibrium behaviour

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

Application of economic theory and economic reasoning to applied macroeconomic topics and the analysis of macroeconomic policy
The central theoretical and practical concepts of macroeconomics
The consequences and limitations of different macroeconomic policies

Transferable and Generic Skills

Having successfully completed this module you will be able to:

Develop and present economic arguments both verbally and in writing
Communicate logical arguments and economic reasoning effectively to academic audiences and non-specialists

Learning and Teaching

Teaching and learning methods

Lectures and problem classes

Study time
Type	Hours
Tutorial	8
Lecture	20
Independent Study	122
Total study time	150

Assessment

Assessment strategy

Referral and external repeat assessment are through 100% final exam.

Summative

This is how we’ll formally assess what you have learned in this module.

Breakdown
Method	Percentage contribution
Final Exam	80%
Group assignment including presentation	20%