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Macroeconomics II

Module title	Macroeconomics II
Module code	BEE2026
Academic year	2024/5
Credits	30
Module staff	Dr Elisa Keller (Convenor) Dr Szabolcs Deak (Lecturer)

Duration: Term	1	2	3
Duration: Weeks	11	11	0

Number students taking module (anticipated)	320

Module description

Summary:

The first term covers economic growth and develops a dynamic macroeconomic model from micro foundations, that is aggregate relationships are built up from microeconomic optimisation by representative agents, an important feature of modern macroeconomics. With this foundation, ideas are formalised further in the second term, before delving into more open economy macroeconomics.

The second term explores two core areas of modern macroeconomics: monetary policy and international macroeconomics. You will deepen your understanding about the role of monetary policy in the macroeconomy and study its limitations focusing particularly on the role of private sector expectations. You will also develop your knowledge of how international trade in goods and financial assets affects the macroeconomy and acts to widen the scope of policy decisions.

Internationalisation

This module takes a European and American perspective of macroeconomics, but these ideas are application even in developing countries. You will gain an understanding of exchange rates, why they change over time, what determines them, how to assess the economic prospects of countries. Any company in a global economy must deal with these issues.

This module addresses some of the major policy questions affecting the world economy today. It takes an international perspective on these problems and students will gain an understanding of the policy trade-offs faced by policymakers in the closed and open economies.

External Engagement

Previously, we had a guest speaker lecture on Central Bank policy.

Employability

In this module you will develop a number of valuable skills, including their capacity for logical thinking, problem solving, analytical and discursive skills.

Module aims - intentions of the module

The aim of the module is to equip you with the basic theoretical ideas of modern macroeconomics, and how they are applied to core economic problems and the basic theoretical ideas behind modern macroeconomic policymaking. The module will focus on the role played by monetary policy in both closed and open economy settings. The module will also help to develop your ability to think critically about in interaction between financial markets and monetary institutions.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Critically assess different policy proposals for managing the macro-economy;
• 2. Analyse macroeconomic problems qualitatively and quantitatively.

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 3. Develop analytically ability by solving well-defined economic problems;
• 4. Analyse economic models by expressing relationships through graphs;
• 5. Present and discuss a piece of economic analysis;
• 6. Evaluate the characteristics of macroeconomic data and their statistical properties.

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 7. Identify the essential elements of, and to organise ways to think about, a problem;
• 8. Demonstrate organisational skills developed by reading for the course topics and preparation for classes.

Syllabus plan

This is an indicative list of topics: 

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching Activities	Guided independent study	Placement / study abroad
45	255	0

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled Learning and Teaching	40	Lectures
Scheduled Learning and Teaching	5	Tutorials
Guided independent study	255	Assigned readings

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Tutorial questions	In class	1-8	In class feedback

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
0	100	0

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Mid-term exam (term 1)	10	50 minutes	1-8	Written feedback and indicative answers
Term 1 examination	40	2 hours	1-8	Written feedback
MCQ tests (term 2)	10	2 hours	1-8	Verbal feedback and indicative answers
Term 2 examination	40	2 hours	1-8	Written feedback

Details of re-assessment (where required by referral or deferral)

Original form of assessment	Form of re-assessment	ILOs re-assessed	Timescale for re-assessment
Mid-term exam (term 1)	Mid-term exam (10%)	1-8	Referral/Deferral period
Term 1 examination	Term 1 examination (40%)	1-8	Referral/Deferral period
MCQ tests (term 2)	Single MCQ test (10%)	1-8	Referral/Deferral period
Term 2 examination	Term 2 examination (40%)	1-8	Referral/Deferral period

Re-assessment notes

Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%

Indicative learning resources - Basic reading

Basic reading: 

Note: there are many versions (inc. ‘International’ and ‘European’) of these books and they change only marginally from edition to edition.

Key words search

Macroeconomics

Credit value	30
Module ECTS	15
Module pre-requisites	Passed BEE1036 and passed BEE1037
Module co-requisites	Non-Requisites (cannot be taken with): BEE2038, BEE2039, or BEE3062.
NQF level (module)	5
Available as distance learning?	No
Origin date	23/09/2013
Last revision date	26/03/2024