ECON08009 2021 Macroeconomics
Full Title
Macroeconomics
Transcript Title
Macroeconomics
Code
ECON08009
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
08 - NFQ Level 8
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2021 - Full Academic Year 2021-22
End Term
9999 - The End of Time
Author(s)
Carol Moran
Programme Membership
SG_MBUSI_H08 202100 Bachelor of Arts (Honours) in Business and ICT
SG_GLAWB_H08 202100 Bachelor of Arts (Honours) in Law and Business
SG_GLAWB_H08 202200 Bachelor of Arts (Honours) in Law and Business
SG_MBUSI_H08 202200 Bachelor of Arts (Honours) in Business and ICT
SG_HBUIR_H08 202300 Bachelor of Arts (Honours) in Business and Irish
Description
This module will provide students with the ability to analyse the main macroeconomic indicators in an economy, and to determine appropriate monetary and fiscal responses to national, regional and global macroeconomic conditions. Students will be introduced to classical and neo classical economic theory related to the main economic indicators of economic health such as GDP, unemployment, inflation and net exports. They will learn to determine appropriate policy responses for economic ailments such as recession, hyperinflation and unemployment.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
LO 1: Analyse the macroeconomic health of a country using key indicators such as GDP, unemployment and inflation.
2.
LO 2: Evaluate the most appropriate monetary and fiscal responses to minimise the impact of the boom and bust cycle.
3.
LO 3: Determine suitable strategies for governments to minimise unemployment and maximise labour force participation rates.
4.
LO 4: Justify the promotion of free trade and the minimisation of protectionist policies based on the concept of comparative advantage.
5.
LO 5: Critique the use of choice architecture and nudging as a basis to influence positive societal outcomes without coercion.
Teaching and Learning Strategies
Lectures will be used to cover fundamental economic theories.
Tutorials will encourage application for theory to current economic issues nationally and globally.
Peer learning and reflective practice will be encouraged.
Module Assessment Strategies
Continuous Assessment
Students will be required to complete one of the following:
- Report on the economic health of an economy and suggest suitable policy choice to maximise their opportunities and minimise their threats.
- Participate in a debate for or against a particular economic concept e.g. protectionism
- Present a current economic issue and suggest the likely impact it will have and how governments could respond e.g. flooded oil markets
Final Exam
The terminal exam will be a closed book examination.
Repeat Assessments
Examination.
Indicative Syllabus
Introduction to Macroeconomics
- Ten principles of economics
- Normative and positive statements
- Thinking like an economist
LO 1: Analyse the macroeconomic health of a country using key indicators such as GDP, unemployment and inflation.
- Measuring an economy's growth
- Gross domestic product, gross national product, boom and bust cycle
- Consumption, investment, government expenditure, imports and exports
- Causes and consequences of inflation
- Measuring inflation and purchasing power parity
- Labour market measurement - unemployment and labour activation measures
LO 2: Evaluate the most appropriate monetary and fiscal responses to minimise the impact of the boom and bust cycle.
- Government responses to smooth the business cycle
- Keynesianism – pro-cyclical and counter-cyclical policies
- Money supply, quantitative easing, open market operations, reserve requirements, interest rates
- Quantity theory of money, cost push and demand-pull inflation
- Monetary and fiscal policy responses to inflation
LO 3: Determine suitable strategies for governments to minimise unemployment and maximise labour force participation rates.
- Underreported unemployment, under-employment and discouraged workers
- Impediments to full employment
- The Phillips Curve, menu of choice
- Fiscal and monetary policy responses to unemployment
LO 4: Justify the promotion of free trade and the minimisation of protectionist policies based on the concept of comparative advantage.
- Absolute and comparative advantage
- Protectionism
- Free trade areas and economic integration
- Impact of international trade on global development
- Anti-international trade arguments
LO5: Critique the use of choice architecture and nudging as a basis to influence positive societal outcomes without coercion.
- Evidence of need to depart from neoclassical economics models to behavioural economics
- Psychological explanations for anomalies between theory and reality
- Preferences, beliefs, bias, motivation
- Choice architecture
- Nudges - encouraging socially responsible behaviour
Coursework & Assessment Breakdown
Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %
Coursework Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Continuous Assessment | Coursework Assessment | Assessment | 40 % | Week 8 | 1,2,3,4 |
End of Semester / Year Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Final Exam | Final Exam | Closed Book Exam | 60 % | Week 13 | 1,2,3,4,5 |
Full Time Mode Workload
| Type | Location | Description | Hours | Frequency | Avg Workload |
|---|---|---|---|---|---|
| Lecture | Lecture Theatre | Lecture | 2 | Weekly | 2.00 |
| Tutorial | Flat Classroom | Tutorial | 1 | Weekly | 1.00 |
| Independent Learning | Not Specified | Research, preparation, reading | 4 | Weekly | 4.00 |
Total Full Time Average Weekly Learner Contact Time 3.00 Hours
Required & Recommended Book List
Required Reading
2012 Economics for Business McGraw-Hill Education
ISBN 0077139453 ISBN-13 9780077139452
2012 Economics for Business McGraw-Hill Education
ISBN 0077139453 ISBN-13 9780077139452
Economics for Business, 4th edition, is an essential introduction to economics, tailor-made for business students. The text demonstrates the relevance of applying economic principles to solve business problems and equips students with the tools to confront real business situations. Key economic theories are clearly explained within the context of modern business, drawing on a wealth of contemporary examples to bring the topics to life.
Required Reading
2018-09-17 Macroeconomics Worth Publishers
ISBN 1319105998 ISBN-13 9781319105990
2018-09-17 Macroeconomics Worth Publishers
ISBN 1319105998 ISBN-13 9781319105990
Mankiw's Macroeconomics has been the number one book for the intermediate macro course since the publication of the first edition. It maintains that bestselling status by continually bringing the leading edge of macroeconomics theory, research, and policy to the classroom, explaining complex concepts with exceptional clarity. This new edition is no exception, with Greg Mankiw streamlining his hallmark approach and adding powerful new digital learning options while improving the book's already exemplary focus on teaching students to apply the analytical tools of macroeconomics to current events and policies.
Required Reading
2012-10-19 Understanding the World Economy Routledge
ISBN 9780415681308 ISBN-13 0415681308
2012-10-19 Understanding the World Economy Routledge
ISBN 9780415681308 ISBN-13 0415681308
This fourth edition of Understanding the World Economy will continue to provide the reader with the clearest guide available to the global economic scene. Since the last edition was published in 2006, enormous changes have taken place. The world economy has been in upheaval with the biggest financial crash and ensuing recession since the 1930s; with a global re-ordering of economic power relations; with widespread demonstrations by those left behind; with divergent views about where Europe is heading; with a growing scarcity of essential resources; with increasing international terrorism and with increasing concerns of environmental degradation and climate change. To embrace such urgent issues, this text is an almost entirely rewritten version of earlier editions. Tony Cleaver takes a long look at the evolution of market systems and how they have liberated peoples on one side of the globe and yet driven others into debt, depression and despair. He analyses causes and consequences, and discusses (and sometimes dismisses) economic theories. Topics covered include: Why crashes occur What causes some countries to grow and others to stagnate Whether the Euro can survive The economic underpinnings of terrorism The dangers of climate change This book takes the student through the major characteristics of the global economy in jargon-free non-technical language. Chapter summary diagrams and a wealth of boxes and tables make this an essential introduction for undergraduates and A-level students, as well as the casual reader.
Module Resources
Non ISBN Literary Resources
N. Gregory Mankiw 2018 Macroeconomics Worth Publishers
David Begg, David K. H. Begg, Damian Ward 2012 Economics for Business McGraw-Hill Education
Journal Resources
Journal of Macroeconomics - Elsevier
The Economic Journal - Oxford Academic
URL Resources
www.economist.com
www.oecd.org
www.wto.org
www.ecb.europa.eu
www.cso.ie
Other Resources
Additional Information