Principles of Macroeconomics Course Descriptor

Course Overview

Principles of Macroeconomics is an introductory course focusing on the “big picture” or the aggregate economy. The objective of the course is to cement a firm understanding of basic concepts in macroeconomics. Therefore, this course provides an overview of macroeconomic issues and corresponding theories and models, such as those relating to output, employment, unemployment, interest rates, and inflation. The role of institutions in guiding the economy through well designed monetary and fiscal policies is  discussed. The course examines how the role of governments has changed over time in tackling issues that affect the real economy such as inflation and unemployment and draws upon examples from different cultural and historical perspectives to illustrate how governments and central banks can help improve the functioning of the economy.

This course will teach students how to  correctly use terminology to describe and explain macroeconomic behaviour, and evaluate relevant macroeconomic theories by applying them to local and global events. The course will equip students with the graphical and analytical skills needed to competently assess real world events through accessible macroeconomic models. Learners will acquire the ability to discuss the role institutions have played in various historical and contemporary contexts relating to the functioning of the macroeconomy, and will gain an understanding of instances when fiscal and/or monetary policies are desirable, whilst exhibiting awareness of the limitations of these macroeconomic intervention tools.

Learning Outcomes

On successful completion of the course, students will be able to

Knowledge and Understanding

Subject Specific Skills

Transferable and Employability Skills

Teaching and Learning

This course has a dedicated Virtual Learning Environment (VLE) page with a syllabus and range of additional resources (e.g. readings, question prompts, tasks, assignment briefs, discussion boards) to orientate and engage students  in their studies.

The scheduled teaching and learning activities for this course are:

Lectures and seminars

40 scheduled hours – typically including induction, consolidation or revision, and assessment activity hours.

• Version 1:all sessions in the same sized group

OR

• Version 2: most of the sessions in larger groups; some of the sessions in smaller groups

Faculty hold regular ‘office hours’, which are opportunities for students to drop in or sign up to explore ideas, raise questions, or seek targeted guidance or feedback, individually or in small groups. 

Students are to attend and participate in all the scheduled teaching and learning activities for this course and to manage their directed learning and independent study.

Dedicated mathematics support will be available to all students during teaching weeks.

Indicative total learning hours for this course: 150

Assessment

Both formative and summative assessment are used as part of this course, with purely formative opportunities typically embedded within interactive teaching sessions, office hours, and/or the VLE.

Summative Assessments

Further information about the assessments can be found in the Course Syllabus.

Feedback

Students will receive formative and summative feedback in a variety of ways, written (e.g. marked up on assignments, through email or the VLE) or oral (e.g. as part of interactive teaching sessions or in office hours).

Indicative Reading

Note: Comprehensive and current reading lists are produced annually in the Course Syllabus or other documentation provided to students; the indicative reading list provided below is for a general guide and part of the approval/modification process only.

• Core text: Krugman, P. and Wells, R. Macroeconomics, 6^th Edition, Macmillan Learning, 2021
• Alternative: Mankiw, N.G., Macroeconomics. 11^th Edition, Macmillan Learning, 2022 (or older)
• Supplementary reading:  Blanchard, O. and Johnson, D.R. Macroeconomics. 6th ed. Pearson, 2012

Indicative Topics

Note: Comprehensive and current topics for courses are produced annually in the Course Syllabus or other documentation provided to students; the indicative topics provided below is used as a general guide and part of the approval/modification process only.

• The Science and Data of Macroeconomics
• Income, Production and Growth
• Savings, Investment, and the Financial System
• The Real Economy in the Long Run
• Short-Run Economic Fluctuations
• Aggregate Demand and Aggregate Supply