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 1
Code ECON223
Coordinator Dr Y Arslan
Economics
Yavuz.Arslan@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2024-25 Level 5 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
ECON123 PRINCIPLES OF MACROECONOMICS 2022-23 

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 24

 6

         30
Timetable (if known)              
Private Study 120
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Written Unseen Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 60% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Ap  2    60       
Assessment 2: Mid-Term Assessment Type: Written Exam Duration: 1 hours Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Applies Anonymous  1    20       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 3: Group Assignments (Quizzes / Short Essays) Assessment Type: Practical Assessment Duration: 6 days Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Sta  0    20       

Aims

To extend the study of macroeconomic theory to the intermediate level.
To analyse the classical and Keynesian macroeconomic models, and their policy implications, in order to provide a context for subsequent developments in modern macroeconomics associated with monetarism, new classical and new Keynesian economics.

Learning Outcomes

(LO1) Students will be able to demonstrate an understanding of how employment, output, interest rate and the price level are determined in the classical model

(LO2) Students will be able to demonstrate an understanding of the origin of economic growth in the short runand in the long run

(LO3) Students will be able to demonstrate an understanding of the effects of fiscal and monetary policies in the IS-LM model

(LO4) Students will be able to demonstrate an understanding of the effects of fiscal and monetary policies under different exchange-rate regimes

(S1) Problem-solving skills

(S2) Numeracy

(S3) Organisational skills

(S4) Communication skills

(S5) International awareness

(S6) Lifelong learning skills

(S7) Teamwork

Teaching and Learning Strategies

Teaching Method: Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Seminar
Description: Bi-weekly seminar building on content in the learning materials.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Learning Hours: 120
Description: Students are expected to undertake reading in preparation for lectures and seminars

This module is a pre-requisite for the following modules:
ECON224 / ECON306 / ECON309 / ECON325 / ECON343 / ECON346 / ECON364

Skills/Other Attributes Mapping

Skills / attributes: Lifelong learning skills
How this is developed: Students will learn about key macroeconomic concepts such as economics growth, unemployment, economic fluctuations and discuss these critically through their group work, discussions in lectures and seminars.
Mode of assessment: Group Assignment, Midterm Exam, Final Exam.

Skills / attributes: International awa reness
How this is developed: An international perspective will be provided throughout this module. Students will be introduced to a broad spectrum of examples and discussions highlighting the international nature of macroeconomics.
Mode of assessment Group Assignment, Midterm Exam, Final Exam.

Skills / attributes: Communication skills
How this is developed: Students will work in pairs or groups during the lectures and seminars and discuss solutions to macroeconomic exercises. The Group Assignment will require students to organise their work, communicate effectively, discuss ideas and coordinate for a submission.
Mode of assessment: Group Assignment

Skills / attributes: Organisational skills
How this is developed: Timed activities will be used throughout lectures and seminars to promote students to work individually or in pairs under a time constraint, e.g., discuss solutions to an exercise. The Group Assignment will require students to organise their work and coordinate for a submission. Student also have to organise their time during the midterm exam and final exam.
Mode of assessment: Group Assignment, Midterm Exam, Final Exam.

Skills / attributes: Numeracy
How this is developed: This will be developed by solving quantitative problems in lectures, during seminars and in all assessment components.
Mode of assessment: Group Assignment, Midterm Exam, Final Exam.

Skills / attributes: Problem-solving skills
How this is developed: This will be developed by solving quantitative problems and discussion questions in lectures, during seminars and in all assessment components.
Mode of assessment: Group Assignment, Midterm Exam, Final Exam.

Skills / attributes: Teamwork
How this is developed: Students will work in pairs/small groups in the lecture or seminar to solve macroeconomic exercises. The Group Assignment will require students to organise their work, discuss exercise questions and coordinate for a submission.
Mode of assessment: Group Assignment

Syllabus
 

Classical model: National Income, its Production, Distribution and Allocation.
Classical model: Quantity theory of money. Classical model: Inflation, its causes, effects and social costs. 
Small open economy model: trade balance and exchange rate.
Unemployment: natural rate of unemployment its causes and characteristics.
Economic growth I: Closed Economy Solow Model. 
Economic growth II: Technological Progress in the Solow Model, Growth Empirics, and Models of Endogenous Growth. 
Introduction to Economic Fluctuations: Aggregate Demand and Supply in the short and long run. 
Aggregate Demand I: Building the IS-LM Model.
Aggregate Demand II: Applying the IS-LM Model. 
The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime. 
Aggregate Supply and the Short-Run Trade off Between Inflation and Unemployment.

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