SM9529 - Modern Macroeconomics: Theory and Policy Implications

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What will I learn on this module?

The module aims to provide you with a detailed knowledge of the core theoretical models used in macroeconomics, including an appreciation of different methodological and conceptual frameworks. Additionally, you will undertake a variety of practical analytical exercises to build up skills and expertise in macroeconomic data collection and analysis using the econometric software Eviews. The module is delivered to you through lectures, seminars and IT workshops.


Within this module you will cover the following main topics:

• Measuring a nation’s income and the cost of living
• Production and growth
• Business cycles
• Keynesian economics and IS-LM analysis
• Aggregate demand and aggregate supply
• The influence of monetary and fiscal policy on aggregate demand
• Saving, investment and the financial system
• The monetary system, money growth and inflation
• Unemployment and the short-run trade-off between inflation and unemployment
• Open–economy macroeconomics : basic concepts and the theoretical model
• Common currency areas and European monetary union; Financial crisis and sovereign debt

By the end of this module, you will be able to demonstrate an ability to: i) apply macroeconomic principles and theories to investigate current macroeconomic issues and real-world problems ii) judge macroeconomic theories and their policy implications iii) articulate macroeconomic debates clearly, using both theoretical tools of analysis as well as an intuitive approach iv) collect and analyze macroeconomic data v) write your own empirical (i.e.: econometric) research project/paper.

How will I learn on this module?

You will learn through lectures, seminars, lab (IT based) workshops and independent learning.

The lectures will provide you with a theoretical underpinning of the module content, supported by seminars and lab (IT based) workshops which will give you an opportunity to apply macroeconomic theory to real world issues and data, as well as to test your knowledge and understanding of the theory, and receive individual formative feedback. Furthermore, the lab (IT based) workshops represent an opportunity to practice a variety of analytical techniques, allowing you to develop a proficiency in the use of the econometric software Eviews, as well as the essential skills of interpretation and communication of empirical findings. The IT workshops and hands-on sessions will take place in Northumbria’s computer labs, which are fully equipped with the latest industry-standard software.

There will be a number of additional reading, multiple choice tests and exercises on the module’s e-learning portal (i.e.: Blackboard), which will guide you in the process of independent learning.

How will I be supported academically on this module?

Through the semester you will be supported by a member of the academic staff who will be leading the module and providing the lectures input. Members of academic staff are also allocated small seminars groups. Given the relatively small size of the groups, the seminars offer you a more personal academic support and represent an opportunity for you to receive individual formative feedback.

Your module is supported by an e-learning portal (i.e.: Blackboard) where you can find lectures material, seminars and IT workshops exercises and data files, alongside with assessment details and various support facilities such as additional reading (academic journal articles as well as topical readings from publications like The Economist, The Wall Street Journal, The New York Times, Financial Times, and Business Week). The useful material for IT workshops will include: Eviews tutorials (videos and step by step practical examples), Eviews user guide, and supplementary computer lab exercises. Extensive use of the e-Learning Portal will be made by your tutor in order to respond to questions via the module’s discussion board, so that the whole group can benefit.

You will be provided with a wide-ranging electronic reading list.

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: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

What will I be expected to achieve?

Knowledge & Understanding:

• Understand and apply knowledge of the main theoretical models used in macroeconomics, including an appreciation of different methodological and conceptual frameworks (MLO1).

• Demonstrate the ability to apply macroeconomic principles to a variety of contemporary real-world issues and be able to debate policy implications of the main macroeconomic theories (MLO2).

Intellectual / Professional skills & abilities:

• Demonstrate proficiency of interpretation and communication of empirical findings, alongside an ability to write an empirical research paper to test macroeconomic theories in preparation for progression (MLO3).

How will I be assessed?

The final module assessment will be split between a 2,000 word essay and a two-hour exam. More specifically:

1. The two-hour closed book examination at the end of the module/semester (60 % of final mark), consists of multiple choice and short answer questions. This will address MLO1 and MLO2.

2. The 2,000 word assignment to be submitted at the end of the module/semester (40% of mark), is an empirical research project/paper. This will address MLO2 and MLO3.

3.
Feedback on assessment: exam papers and assignments will be available to you after the marking process, with detailed formative feedback on the quality of the work submitted as well as a clear explanation of the mark you have received. The members of academic staff, who have been leading the module and delivering lectures, seminars and IT workshops, will be available for further formative feedback if necessary.

Notice that in addition to above several non-assessed inter-related tasks will be distributed throughout your teaching semester and discussed during the seminars. This will encourage your active participation in the learning process throughout the semester. The e-Learning Portal (i.e.: Blackboard) will be used to host the weekly tasks after release to ensure that you can access the information required at all times. Your work on these tasks will be an opportunity to test your knowledge and understanding of the theories discussed during the lectures, and to receive individual formative feedback trough the semester.

Pre-requisite(s)

Global Business Environment (SM9411)

Co-requisite(s)

None

Module abstract

At the light of contemporary macroeconomic debates and controversies, which have followed the financial crisis that started in 2008, this module aims to provide you with a deep knowledge of the main macroeconomic theories, as well as to develop your understanding of modern real-world macroeconomic issues, with particular attention to policy implications. A variety of practical analytical exercises will be used in order to build up your skills and expertise in macroeconomic data collection and analysis using the econometric software Eviews. The theoretical and IT expertise developed within this module will be a useful tool not only for your final year dissertation, but also, and especially, for the development of communication, numerical, critical and intuitive thinking and problem solving skills, which are essential for professional practice, placement and graduate employment.

Course info

UCAS Code N1S8

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 Law and NBS Building, City Campus East

City Newcastle

Start September 2019

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