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ECON07017 2022 Principles of Macroeconomics

General Details

Full Title
Principles of Macroeconomics
Transcript Title
Macroeconomics
Code
ECON07017
Attendance
N/A %
Subject Area
ECON - 0311 Economics
Department
BUS - Business
Level
07 - Level 7
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Louise Walsh
Programme Membership
SG_BACCO_H08 202200 Bachelor of Arts (Honours) in Accounting SG_BBUSJ_H08 202300 Bachelor of Business (Honours) in Business with Supply Chain Management SG_BBUSJ_B07 202300 Bachelor of Business in Business with Supply Chain Management SG_BACOO_H08 202300 Bachelor of Arts (Honours) in Accounting SG_BACCT_J07 202400 Bachelor of Business in Accounting
Description

This module will provide students with an introductory understanding of the Macroeconomy. It will help the student to understand the main macroeconomic indicators and the challenges that they present for the Irish Economy. The module will also address the policy options available to meet those challenges.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Identify and explain the main macroeconomic indicators such as GDP, GNI*, unemployment and inflation.

2.

Define Fiscal and Monetary Policy and expalin the effects of both on national income. 

3.

Assess the long run performance of the Irish economy.

4.

Demonstrate an understanding of open economy macroeconomics and outline how exchange rates are determined.

5.

Examine the impact of inflation and unemployment on an economy.

Teaching and Learning Strategies

Lectures supported by tutorials.

Module Assessment Strategies

Continuous Assessment will account for 30% of the overall mark and the final exam will account for 70%.

The continuous assessment will consist of one of the following:

  • Group project
  • Written Assessment
  • Multiple choice assessment
  • Essay
  • Report

Repeat Assessments

A repeat assessment shall be held at the end of term 

Indicative Syllabus

Measuring the Macroeconomy

  • Circular Flow
  • National Income Accounting (GDP, GNI*)
  • Limitations of GDP as a measure of economic activity for Ireland
  • The Business Cycle

Inflation

  • Define and measure inflation and deflation 
  • Consequences of inflation and deflation
  • Explanations for inflation 
  • The Irish experience of inflation

Unemployment

  • Defining and measuring unemployment
  • Effects of unemployment
  • Theories of unemployment
  • The Irish experience of unemployment

Fiscal Policy and the Budget

  • Define Fiscal Policy
  • The budget
  • An introduction to Keynesian economics
  • The Irish experience of Fiscal Policy

Money and Banking

  • Money, money supply and money creation
  • Interest rate determination
  • The role of a central bank
  • Monetary Policy
  • The Irish experience

The Long Run Performance of the Irish economy

  • Post independence to Celtic Tiger
  • The Celtic Tiger period
  • The Financial Crisis, the Bailout and beyond
  • Future Prospects

Open Economy Macroeconomics

  • Balance of Payments
  • Exchange Rates and the Foreign Exchange Market
  • Exchange Rate Regimes
  • Economic and Monetary Union

 

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
30 %
End of Semester / Year Formal Exam
70 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Continuous Assessment consisting of one of the following: Group project, Written exam, Multiple choice exam, Essay or Report Coursework Assessment Assessment 30 % Week 8 3
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam shall consist of multiple choice questions and/or long questions Final Exam Closed Book Exam 70 % End of Semester 1,2,3,4,5
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Lecture Theatre Lecture 3 Weekly 3.00
Tutorial Flat Classroom Revision and Group work 1 Weekly 1.00
Independent Learning Not Specified Personal Study 2 Weekly 2.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Required Reading
2021-12-15 Sloman, Garratt & Guest Economics 11e epdf Pearson Higher Ed
ISBN 9781292405391 ISBN-13 1292405392

For students taking introductory courses in the Principles of Economics. Discover the exciting world of economics and learn to think like an economist, applying key economic concepts and data to understand and analyse solutions to real-world problems from global issues to a range of everyday problems that affect us all. Economics, 11th edition by Sloman, Garratt and Guest is an essential resource for students of economics, providing a thorough grounding in economic theory and practice, as well as an insight into the constantly-changing and often complex issues and problems faced by economists today. Comprehensive, yet accessible, the 11th edition of this best-selling student text has been extensively revised and rewritten to reflect the latest events and developments that have impacted the global economy in the 2020s, including the effects of the Covid-19 pandemic and its aftermath, globalisation, the climate emergency facing our planet, the rise in populism and the large-scale migration of people across and within continents, presenting both economic problems and opportunities. Personalise learning with MyLab Economics. By combining trusted author content with digital tools and a flexible platform, MyLab Economics personalises the learning experience and improves results for each student. 9781292405421 Sloman, Garratt & Guest, Economics, 11th edition PLUS MyLab Economics with eText access card Pack consists of: 9781292405339 Economics, 11e (print book) 9781292405377 MyLab Economics Instant Access Card 9781292405384 MyLab Economics eText Pearson, the worlds learning company. NOTE: Before purchasing, check with your instructor to confirm the correct ISBN. Several versions of the MyLabTM platforms exist for each title, and registrations are not transferable. To register for and use MyLab Economics, you may also need a Course ID, which your instructor will provide. Used books, rentals, and purchases made outside of Pearson: If purchasing or renting from companies other than Pearson, the access codes for the MyLab platform may not be included, may be incorrect, or may be previously redeemed. Check with the seller before completing your purchase.

Recommended Reading
2011-09-01 Principles of Economics. by Gerard Turley, Maureen Maloney, Francis O'Toole Gill & MacMillan
ISBN 0717149889 ISBN-13 9780717149889

Updated edition of this successful textbook, which introduces the theory andpractice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. m Includes a CD-ROM with interactive graphs, self-test multiple choice questions and interactive lessons/tutorials. New to this edition: * New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 * Revised chapter on economic growth and the Irish economy, which includesthe banking crisis and the property crash * Reflections on the Celtic Tiger era, including causes and consequences * New section on the eurozone and sovereign debt crisis * New case studies and questions, with answers now available online * Continues to provide the reader with a solid theoretical grounding in bothmicroeconomics and macroeconomics Includes a CD-ROM with interactive graphs, self-test,multiple choice questions and interactive lessons/tutorials. SUITABLE FOR: Students taking economics at degree, diploma or certificate level. Updated edition of this successful textbook, which introduces the theory and practice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. New to this edition: _ New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 _ Revised chapter on economic growth and the Irish economy, which includes the banking crisis and the property crash _ Reflections on the Celtic Tiger era, including causes and consequences _ New section on the eurozone and sovereign debt crisis _ New case studies and questions, with answers now available online _ Continues to provide the reader with a solid theoretical grounding in both

Module Resources

Non ISBN Literary Resources

 

Journal Resources
URL Resources

irishtimes.com

economist.com

irisheconomy.ie

cso.ie

ecb.europa.eu

 

Other Resources

Macroeconomics: An Irish and European Perspective. Gill & Macmillan 2013

Additional Information

None