ECON07018 0000 Open Economy Macroeconomics
This subject builds on the basic principles of Economics to introduce the student to the Irish Economy as an open economy.
It looks at managing the economy from both a Fiscal and a Monetary perspective, the role and impact of exchange rates and the implications of Economic and Monetary Union for Ireland.
Learning Outcomes
On completion of this module the learner will/should be able to;
Identify and explain the main elements of National Income Accounting and differentiate between Fiscal and Monetary Policy
Discuss the difference between Classical and Keynesian economics and demonstrate Keynesian theory of demand management.
Understand the role of a Central Bank and explain how interest rates are set
Understand how Foreign Exchange Markets work and the factors that influence exchange rates
Assess the performance of Europe's EMU.
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% of the overall mark.
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 offered in the last week of term
Indicative Syllabus
Revisiting the Macroeconomy
- National Income Accounting
- Inflation and Unemployment
- Fiscal Policy
Central Banking and Monetary Policy
- Interest Rate determination
- The role of a Central Bank
- Monetary Policy
Open Economy macroeconomics
- Balance of Payments
- The Foreign Exchange Market and Exchange Rates
- Exchange Rate Regimes
Economic and Monetary Union
- The European Monetary System
- History of EMU project
- The performance of EMU
- Costs and Benefits of EMU
- The Theory of Optimum Currency Areas
Coursework & Assessment Breakdown
Coursework Assessment
Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
---|---|---|---|---|---|---|
1 | Continuous Assessment will consist of one of the following: group project, written assessment, multiple choice exam, essay or report | Coursework Assessment | UNKNOWN | 30 % | Week 8 | 1,2 |
End of Semester / Year Assessment
Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
---|---|---|---|---|---|---|
1 | Final Exam will consist of multiple choice questions and/or long questions | Final Exam | UNKNOWN | 70 % | End of Term | 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 | Tutorial | 1 | Weekly | 1.00 |
Independent Learning | UNKNOWN | Self Study | 3 | Weekly | 3.00 |
Required & Recommended Book List
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.
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
www.irisheconomy.ie
www.cso.ie
www.economist.com
- Economist Magazine
- Reputable daily newspapers
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