AF5040 - Intermediate Macroeconomics

What will I learn on this module?

In this module, you will expand and further deepen your understanding of macroeconomic concepts and conventional macroeconomic thinking. As this is an intermediate course, you will advance your knowledge of macroeconomic theories and their extensions towards practical applications for the purposes of economic analysis.

In addition, this module will provide you with the opportunity to engage with contemporary macroeconomics research. By completing this module, you will be able to use the knowledge gained in view of critically analyse global and significant macroeconomic events. The topics covered in this module include:

• Monetary Policy and Inflation Targeting;
• Short-Run Output Fluctuations and the Role of Multipliers;
• Unemployment and Inflation;
• Business Cycles and Wages;
• Debts and Deficits: The Government Budget Constraint, Fiscal Policy and Output Stabilization;
• IS/LM and AD/AS in Closed and Open Economies;
• Long Run Economic Growth;
• The Role of Expectations in the Macroeconomic Environment and within Financial Markets;
• International Trade in Goods and Assets;
• Contemporary Issues in Macroeconomics e.g. the 2008 Financial Crisis, the COVID19 Crisis.

How will I learn on this module?

You will be supported by a teaching and learning plan (TLP), which outlines the formal sessions, together with tutor-directed study and independent reading. The module will be taught through lectures (24 hours) and tutorials (12 hours). Lectures are the primary medium used to deliver basic knowledge and the subject material required to enable students to meet module learning outcomes. Tutorials will be used to
develop understanding and knowledge by reinforcing subject material and exploring relevant issues with material distributed in advance.

Tutorials will provide an opportunity for you and the teaching team to interact and discuss the material addressed in module with other students. You will be encouraged to actively engage in exploring and researching the subject individually as well as within small groups or teams. The knowledge gathered in this module will enable you to understand key concepts, principles and events in the macroeconomic environment.

The module will involve both directed and independent learning supported by the use of e-Learning portal. Directed learning plays a key part in the achievement of the module learning outcomes and provides an opportunity for self-assessment of your progress throughout the semester. Independent learning may include a range of activities including pre-reading, preparation for seminars. Assessments will include tests and an assignment, with the latter requiring you to engage with scholarly sources to evaluate and comment upon contemporary issues in macroeconomics. Both directed and independent learning will emphasize on building up from concepts and ideas introduced in Year 1 and their application in economic analysis.

How will I be supported academically on this module?

You will be supported by the module teaching team, who will deliver the content, answer your questions about the material, and assist you in preparing for tests and in the completion of your assignment. You are encouraged to make use of consultation times to discuss learning materials. Also, you will be supported by the e-Learning portal through which relevant readings and notes will be disseminated; notes are an
aide to the prescribed textbooks and do not constitute the primary lecturing material. Supplementary readings will also be disseminated through the e-Learning portal. It is expected that prepare the material covered in each sessions in advance.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at:
(Reading List service online guide for academic staff this containing contact details for the Reading List team –

What will I be expected to achieve?

Knowledge & Understanding:
• You will gain knowledge and understanding of economic concepts, principles and tools which can be
applied to a range or problems and are relevant in numerous contexts (MLO1)
• You will develop an understanding of economics within the context of real world economic events. (ML02).

Intellectual / Professional skills & abilities:
• You will develop the ability to apply economic principles and reasoning to a variety of applied topics, which include economic, social and environmental policy. (MLO3)

Personal Values Attributes (Global / Cultural
awareness, Ethics, Curiosity) (PVA):
• You will develop analytical skills and have a firm grasp on theoretical frameworks that will permit you to
analyse and abstract a range of issues, which may be economic and noneconomic in nature. (MLO

How will I be assessed?

Formative Assessment:
Formative assessment will take place through directed questions during seminars. There will be a discussion of substantive areas in the seminars after each lecture so that you can obtain direct feedback on any questions you may have on the module content and the assigned tasks.

Summative Assessment:
The module is assessed by:

1. A individual assignment of 2,500 words (50% weight) during the first half of the semester. The assignment, in the form of an essay, will require students to use relevant macroeconomics theories to
analyse and discuss one from a range of contemporary macroeconomic issues. The assignment will be released in Week 3 and due by Week 11 in the semester. (MLO1; MLO2; MLO3; MLO4)

2. A 2 hour written exam (50% weight). The exam will test critical analysis and application stemming from a firm grasp of economic concepts covered in the module. (MLO1; MLO2; MLO3; MLO4)





Module abstract

Expand and further deepen your understanding of macroeconomic concepts and conventional macroeconomic thinking with this intermediate module. You’ll advance your knowledge of macroeconomic theories and how to apply them for effective economic analysis, and you’ll gain a greater insight into key issues such as monetary and fiscal policy, unemployment, business cycles and international trade. The module will also expose you to empirical macroeconomic research, covering key contemporary events such as the impact of the 2008 Financial Crisis and implications of the recent COVID19 pandemic on national economics and the world economy. By expanding and deepening your knowledge of macroeconomics, you’ll further develop and refine your analytical skills and also the ability to understand complex contemporary macroeconomics topics.

Course info

UCAS Code L101

Credits 20

Level of Study Undergraduate

Mode of Study 3 years Full Time or 4 years with a placement (sandwich)/study abroad

Department Newcastle Business School

Location City Campus, Northumbria University

City Newcastle

Start September 2024 or September 2025

Fee Information

Module Information

All information is accurate at the time of sharing. 

Full time Courses are primarily delivered via on-campus face to face learning but could include elements of online learning. Most courses run as planned and as promoted on our website and via our marketing materials, but if there are any substantial changes (as determined by the Competition and Markets Authority) to a course or there is the potential that course may be withdrawn, we will notify all affected applicants as soon as possible with advice and guidance regarding their options. It is also important to be aware that optional modules listed on course pages may be subject to change depending on uptake numbers each year.  

Contact time is subject to increase or decrease in line with possible restrictions imposed by the government or the University in the interest of maintaining the health and safety and wellbeing of students, staff, and visitors if this is deemed necessary in future.


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