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The University of Southampton
Courses

ECON2004 Topics in Macroeconomics 2

Module Overview

The aims of the module are to develop a simple dynamic framework in order to: (b) give microeconomic foundation to macroeconomic analysis, (a) learn to approach macroeconomic problems from a general equilibrium perspective, (c) enable students to evaluate critically the policy debate with the methods and tools developed by economists. Pre-requisite for ECON3010

Aims and Objectives

Learning Outcomes

Learning Outcomes

Having successfully completed this module you will be able to:

  • Understand the equilibrium approach to macroeconomics as a general method for analysing real-world macroeconomic problems
  • Assess the implications of this model, and to relate them to the implications of alternative theoretical approaches to macroeconomic issues
  • Understand the importance of microeconomic foundations in macroeconomic analysis

Syllabus

The module shows how market-clearing models with strong microeconomic foundations can be used to understand real-world phenomena and to evaluate alternative macroeconomic policies. It presents a single, unified framework for the study of short-term business fluctuation and long term economic growth. The approach of the course follows the general recognition of the need to build the microeconomic foundations of macroeconomic analysis - that is, to explain aggregate economic phenomena as the implications of the choices of rational individuals who seek to improve their welfare within their limited means. The use of microeconomic foundations makes macroeconomics easier to understand because the performance of abstract economic processes like GDP and inflation is linked to something intuitively understood by all -rational individual behaviour.

Learning and Teaching

Teaching and learning methods

.

TypeHours
Teaching28
Independent Study122
Total study time150

Resources & Reading list

Lecture notes and problem sets, available on Blackboard. 

Macroeconomics. 

Assessment

Assessment Strategy

Assessment of the module is through two pieces of coursework ( each x 10% of the final mark), through participation in class activities (such as quizzes and/or discussions) (10%) and an end of semester take home exam( 70 %) at the end of the semester. Coursework consists of home assignments, which provide students with problems that they should solve by applying the theory and techniques discussed in the lectures. The end of semester assessment tests the ability of students to use the theoretical concepts and tools learned during the course in the analysis and critical evaluation of macroeconomic problems and policies. This is accompanied by continuous formative assessment in form of problem sets. This is the same for internal repeat. Assessment for external repeat and referral is through end of semester take-home exam only.

Summative

MethodPercentage contribution
Class participation 10%
Coursework 10%
Coursework 10%
Take-away exam 70%

Repeat

MethodPercentage contribution
Take-away exam 100%

Referral

MethodPercentage contribution
Take-away exam 100%

Repeat Information

Repeat type: Internal & External

Linked modules

prerequisites: ECON1002 and (ECON1007 or MATH1024) and (ECON1008 or ECON1005 or MATH1058 and MATH1059).

Costs

Costs associated with this module

Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.

In addition to this, students registered for this module typically also have to pay for:

Books and Stationery equipment

Recommended texts for this module may be available in limited supply in the University Library and students may wish to purchase reading texts as appropriate.

Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.

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