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 PRINCIPLES OF MACROECONOMICS
Code ECON123
Coordinator Dr S Mitra
Economics
Shalini.Mitra@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 4 FHEQ Second Semester 15

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

 

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           12

12

24

48
Timetable (if known)           60 mins X 1 totaling 12
120 mins X 1 totaling 24
 
 
Private Study 104
TOTAL HOURS 152

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 3: Written Unseen Examination Assessment Type: Written Exam Duration: 72 hours Weighting: 40% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty App  72 hours    40       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Weekly Online Tests Assessment Type: Coursework Duration/Size: 9 x 30 minutes, 1 x 45 minutes Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Non-st  9x30 minutes, 1x45 m    20       
Assessment 1: Group Presentation and individual background Report Type: Coursework Duration/Size: 15 minute presentation and 1000 word background summary report Weighting: 40% Reassessment Op  15 minute presentati    40       

Aims

The aims of this module are:
To complement and build on Principles of Microeconomics and to provide a foundation for further studies in macroeconomics.
To introduce concepts and theories of economics which help understand changes in the macroeconomic environment.
To explain and analyse the formulation of government macroeconomic policy.


Learning Outcomes

(LO1) Explain the relationship between expenditures and national income and demonstrate how monetary and fiscal policies may be used to influence them

(LO2) Explain the behaviour of economic aggregates such as national income, inflation and unemployment over time

(LO3) Explain and assess government policy in a range of policy situations

(LO4) Explain the framework of national income accounting

(LO5) Use graphical and algebraic modelling to analyse the economy and economic policy

(LO6) Explain the interconnections between the markets for goods, money and labour

(LO7) Explain the principal influences on long-term growth and the short-run fluctuation in output around the long-run growth trend

(LO8) Locate, select and analyse information relevant to assessing the state of the economy and economic policy

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) Teamwork

(S5) Organisational skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning skills

(S9) Ethical awareness


Teaching and Learning Strategies

Teaching Delivery: Mixed, hybrid delivery with social distancing on campus

Teaching Method: Online Asynchronous Learning Materials
Unscheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Workshop
Scheduled Directed Student Hours: 10
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 12
Attendance Recorded: No

Self-Directed Learning Hours: 116
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 workshop activities and to understand the content of learning materials. Self-Directed Lea rning 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.

This module is a pre-requisite for the following modules:
ECON213
ECON223
ECON224
ECON241
ECON242
ECON250
ECON307
ECON312

Skills/Other Attributes Mapping

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

Skills / attributes: Lifelong learning skills
How this is developed: Organising information and summarising it concisely and teamwork
Mode of assessment (if applicable): Group Presentation and Examination

Skills / attributes: International awareness
How this is developed: Material taught has international focus
Mode of assessment (if applicable): Group Presentation and Examination

Skills / attributes: Communicati on skills
How this is developed: Being able to express ideas coherently
Mode of assessment (if applicable): Group Presentation and Examination

Skills / attributes: Organisational skills
How this is developed: Managing presentations, HW, and lessons efficiently
Mode of assessment (if applicable): Group Presentation

Skills / attributes: Teamwork
How this is developed: Taught
Mode of assessment (if applicable): Group Presentation

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


Syllabus

 

Introduction to the module
Introduction to macroeconomics and the goals of policy
National income accounting
The Determination of National Income
The Keynesian consumption function
The 45-degree line diagram
Equilibrium output and adjustment to equilibrium
The multiplier process
Aggregate Demand, Fiscal Policy and Foreign Trade
Discretionary fiscal policy and automatic stabilisers
Practical problems of fiscal policy and government borrowing
Foreign trade and income determination
The marginal propensity to withdraw
Money and Banking
The quantity theory of money and how money affects the economy
Fractional reserve banking and the role of banks increating money
Central banking and control of the money supply
The demand for money and equilibrium in the money market
Investment and Consumption
Life cycle and permanent income models of consumption
Determinants of investment and the investme nt demand schedule
The transmission mechanism from money to aggregate demand
The IS-LM model
Demand management and the policy mix  
Aggregate Demand and Aggregate Supply
Prices and aggregate demand
The labour market and aggregate supply Inflation
Definition and problems caused by inflation
Demand-pull and cost-push inflation
The Phillips curve
Unemployment
Causes of unemployment
Theory of efficiency wages
Policy to remedy unemployment  
Business cycles
Nature of the business cycle and theories of the business cycle including real business cycle
Growth Sources of growth and policies to promote growth
Endogenous growth


Recommended Texts

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