ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title MACROECONOMICS II
Code ECON224
Coordinator Dr L Liu
Economics
Lin.Liu@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ECON123 PRINCIPLES OF MACROECONOMICS; ECON223 MACROECONOMICS I 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours   6

      12

12

6

36
Timetable (if known)   60 mins X 1 totaling 6
 
      120 mins X 1 totaling 24
60 mins X 1 totaling 12
60 mins X 1 totaling 12
 
 
Private Study 114
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Written open book examination Assessment Type: Written Exam Duration: 2 hours (with 30 minutes additional admin time) Weighting: 70% Reassessment Opportunity: Yes Penalty for Late S  2 hours    70       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Report Assessment Type: Coursework Duration: 1000 words Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment:  -1000 words    30       

Aims

To further extend the study of macroeconomic theory at the intermediate level by analysing business-cycle fluctuations in closed and open economies using the real business cycle model and also the new Keynesian model that are based on solid microfoundation


Learning Outcomes

(LO1) Understand the microfoundation of modern macroeconomic models

(LO2) Explain the implications of macroeconomic disturbances and fiscalpolicies using the real business cycle model

(LO3) Contrast the different implications of monetary policies in thereal business cycle model and in the new Keynesian model.

(LO4) Analyse business cycles in the open economy.

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) Communication skills

(S5) IT skills

(S6) International awareness

(S7) Lifelong learning skills

(S8) Ethical awareness

(S9) Teamwork

(S10) Organised and able to work under pressure


Teaching and Learning Strategies

Teaching Method: Online Asynchronous Learning Materials
Description: pre-recorded sessions with material approximately equivalent to 12 traditional lectures
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Large Group Teaching
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Seminar
Description: Bi-weekly 1 hour seminars
Scheduled Directed Student Hours: 6
Attendance Recorded: No

Teaching Method: Group Study
Description: Bi-weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours: 114
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the tutorial activities and to understand the content of recordings. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There are no specific costs attached to this module.

There are the following non-modular requirements:
ECON123 and ECON223

This module is a pre-requisite for the following modules:
ECON306, ECON343, ECON346, ECON363, and ECON364

Skills/Other Attributes Mapping

Skills / attributes: Ethical awareness
How this is developed: Taught
Mode of assessment (if applicable): Examination

Skills / attributes: Lifelong learning skills
How this is developed: Ability to critically appraise the work of others
Mode of assessment (if applicable)

Skills / attributes: International awareness
How this is developed: Taught
Mode of assess ment (if applicable): Examination and Online Tests

Skills / attributes: IT skills
How this is developed: Accessing course materials and assessments via Vital, producing an 'issue' video.
Mode of assessment (if applicable): Online Tests

Skills / attributes: Communication skills
How this is developed: Ability to raise questions on the materials, Producing an 'issue' video
Mode of assessment (if applicable): Examination

Skills / attributes: Commercial awareness
How this is developed: Taught
Mode of assessment (if applicable): Examination

Skills / attributes: Numeracy
How this is developed: Taught
Mode of assessment (if applicable): Examination

Skills / attributes: Problem solving skills
How this is developed: Taught
Mode of assessment (if applicable): Online tests

Skills / attributes: Teamwork
How this is developed:
Mode of assessment (If applicable):

Skills / attributes: Organis ed and able to work under pressure
How this is developed:
Mode of assessment (if applicable):


Syllabus

 

Markets, Prices, Supply and Demand.
Consumption, Saving, and Investment.
An Equilibrium Business-Cycle Model.
Capital Utilization and Unemployment.
Government Expenditure.
Taxes.
The Public Debt.
The Demand for Money and the Price Level.
Inflation, Money Growth, and Interest Rates.
Money and Business Cycles I: The Price-Misperceptions Model.
Money and Business Cycles II: Sticky Prices and Nominal Wage
Rates.
World Markets in Goods and Credit.
Exchange Rates


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.