Macroeconomics is the study of the economy as a whole. It aims to explain topics such as inflation, unemployment, short-term fluctuations in GDP, and long-term economic growth. It analyses the aggregate behaviour of households, firms, and the government to understand how they collectively influence economic outcomes. In this module you will be given an introduction into the measurement of GDP, inflation, and unemployment in an economy. You will explore equilibrium in the market for consumer and investment goods and equilibrium in financial markets. You will then use this knowledge to apply macroeconomic models to analyse the effect of government and central bank policy on outcomes like consumption, inflation, and unemployment. The macroeconomic analysis in this module makes use of mathematical and graphical representation of economic relationships which will support the narrative arguments. You will learn to appreciate the close relationship between an economic argument and the underlying economic theoryand discover how different assumptions and theories can lead to different predictions for the economy. This module builds the foundation for macroeconomics in the second year and further macroeconomics related optional modules at a later stage.
Lecture 24, Seminar 8, Workshop 8
Portfolio. Assessment Details: Problem Sets worth 20%.
Presentation. Assessment Details: Group Presentation worth 20%.
Examination. Assessment Details: 2 hours Closed book exam worth 60%.
Reassessment Method: Single instrument. 100% Examination (2 hours)
On successfully completing the module, students will be able to:
1) Demonstrate knowledge and understanding of the basic principles of macroeconomics.
2) Understand the way in which macroeconomics can be used to analyse the decisions of households, firms, and the government.
3) Apply relevant knowledge and understanding of macroeconomic theory to contemporary economic issues and debates.
4) Demonstrate analytical, graphical, and numerical skills to address macroeconomic problems.
5) Analyse and solve simple macroeconomic models that explain economic behaviour and phenomena.
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