UNIVERSITY OF KENT

Module Specification

1. Title

Macroeconomics (EC502)

2. Level:

Part II, second year, I (FHEQ Level: 5)

3. Units:

2

4. Prerequisite units:

First year modules in economics ( either EC302 or EC304) and mathematics and statistics (either EC300 or EC301)

5. Target intake:

100

6.Contact hours:

48 hours of lectures and 24 hours of seminars

7.Hours of study:

7 hours per week in addition to two lectures and one seminar making at total of ten hours per week during term time. Including the examination term, this makes a total work load of 300 hours.

6.Rationale:

This is a core Macroeconomics module for all students following Economics degree programmes. It builds upon the first year economics and mathematics and statistics modules. A good understanding of the principles and application of Macroeconomics is essential for all undergraduates on an Economics degree programme.

7.Aims:

The module is designed to:

  • build on the macroeconomic component of the first year economics courses.
  • develop students’ ability to analyse macroeconomic problems.
  • develop the ability to work with and solve simple models of the macroeconomy.

8.Objectives

By the end of the academic year, students will:

  • be familiar with the ongoing macroeconomic issues such as macroeconomic policy, economic growth, exchange rate fluctuations.
  • be able to form their own economic view on current macroeconomic problems.
  • understand the interrelationships between different macroeconomic policies.
  • be able to present macroeconomic analyses in seminars.
  • be able to construct, present and write answers to macroeconomic questions.

7. Organisation and content:

The module contains 2 lectures and one seminar a week during the 24 week teaching period. The seminar programme contains week by week seminar topics and problems and is closely integrated with the lectures series. Supporting material containing the content of the lectures, suggested reading, and seminar questions will be distributed to the students at the first lecture and is available on the module electronic folders..

The topics considered in the module are: Macroeconomic aggregates and measurement, theories of business cycle fluctuations, theories of unemployment and inflation, open economy macroeconomics, microfoundations of aggregate behaviour and economic growth theory.

8. Teaching Methods:

The lectures outline the fundamental foundations of Macroeconomics, present the theory and examine the empirical evidence related to different models.

There is a seminar handout that contains both theoretical and analytical questions on each week topics. The questions are based on the lectures delivered.

9.Skills:

In seminars, students will have the opportunity to discuss questions from the seminar programme, ask questions related to the lecture material and extend their understanding of macroeconomics. This will give the opportunity for student to construct macroeconomic arguments and evaluate and compare macroeconomic theories and policies. The seminar programme will also improve students presentational skills.

10.Relationship of teaching methods to objectives:

The above mentioned skills will be developed throughout the year. Lectures will outline the theoretical material and achieve the first three objectives of the course. Seminars will be used to develop students skills in the practical application of the material and, in particular, emphasis will be given to economic analysis and policy. In seminars, students will have the opportunity to discuss questions from the seminar programme, ask questions related to the lecture material and extend their understanding of macroeconomics and therefore achieve all objectives.

11. Assessment and examination methods:

Course assessment will be by two term essays and two tests. The tests will follow the approach of the seminar class worksheets. The tests assess the ability of students to construct answers to macroeconomic problems and questions and write concise answers. This encourages students to review all of the module material. The essay assignments test the ability of students to provide extended and considered written answers to questions dealing with the major macroeconomic issues. Completion of the four pieces of work will gain a full assessment mark for the course, which will count for 20% towards of the overall course grade.

There is a threehour written paper in the summer examination term, which counts for 80% of the final grade in the course. The examination has two sections. In the first, students select two problem questions from a choice of four. In the second section, students select two essay questions from a choice of six. The two sections are equally weighted. This structure tests the understanding, and analytical, problem solving and writing abilities of students. The examination is similar to the coursework carried out during the year. The examination and coursework tests the understanding, knowledge and analytical and writing skills of students across all the module material. This is important in a core economics module.

The coursework and examination development and test for all the objectives listed above.

12. Reading:

The book which covers much of the course, and which we recommend students buy, is:

Burda & Wyplosz, Macroeconomics. Fourth Edition. Oxford University Press 2005.

Another relevant book that can be used as supporting material is:

Chamberlin, G. and Yueh, L. Macroeconomics. First Edition. Thomson, 2006.

Other popular textbooks which we may refer to include:

Olivier Blanchard, Macroeconomics. Third Edition. Prentice Hall, 2003.

N. Gregory Mankiw, Macroeconomics. 5th Edition, Worth Publishers, 2002.

Stephen D. Williamson, Macroeconomics, Addison Wesley, 2002.

Journal Articles: Throughout the reading list, other articles and book chapters are recommended.

13. Feedback:

Through a module evaluation form, the Staff-Student Liaison Committee and informal feedback. The evidence and resulting decisions are reported back to students through the SSLC after discussion at the LTC and School Meetings. The School's LTC follows up these reports and the actions that may be necessary to improve teaching quality.

14. Resources:

Library - Purchasing new editions of books (when revised sufficiently) or copies of new texts available.

Staff - Lectures and seminars for this two-unit module are delivered by experienced members of staff. For consistency throughout seminar groups, extensive seminar material is provided by each unit's lecturer.

Timetable - Provision already exists in the timetable for the lectures and seminars.

Convenors:

Dr Mathan Satchi and Dr Miguel Leon-Ledesma

15.Approval:

This module has been examined and discussed by the School of Economics and the HoD's signature signifies School approval.