ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title MACROECONOMICS I
Code ECON223
Coordinator Dr Y Arslan
Economics
Yavuz.Arslan@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 12

 6

       12

6

 36
Timetable (if known)   60 mins X 1 totaling 6
  		      120 mins X 1 totaling 20
60 mins X 1 totaling 6
  		 
Private Study 114
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Written Examination (Online) Assessment Type: Written Exam Duration: 72 hours (Expected completion time is 2 hours) Weighting: 60% Reassessment Opportunity: Yes Penalty for L  2 hours    60       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 3: Assignments (Quizzes / Short Essays) Assessment Type: Practical Assessment Duration: 6 days Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Standard   6 days    20       
Assessment 2: Mid-Term Assessment Type: Written Exam Duration: 24 hours (Expected completion time is 1 hour) Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Sta  1 hour    20       

Aims

To extend the study of macroeconomic theory to the intermediate level.
To analyse the classical and Keynesian macroeconomic models, and their policy implications, in order to provide a context for subsequent developments in modern macroeconomics associated with monetarism, new classical and new Keynesian economics.

Learning Outcomes

(LO1) Students will be able to understand how employment, output, interest rate and the price level are determined in the classical model

(LO2) Students will be able to understand the origin of economic growth in the short runand in the long run

(LO3) Students will be able to understand the effects of fiscal and monetary policies in the IS-LM model

(LO4) Students will be able to understand the effects of fiscal and monetary policies under different exchange-rate regimes

(S1) Problem-solving skills

(S2) Numeracy

(S3) Organisational skills

(S4) Communication skills

(S5) International awareness

(S6) Lifelong learning skills

Teaching and Learning Strategies

Teaching Method: Online Asynchronous Learning Materials
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: seminar
Description: Biweekly seminar building on content in the learning materials.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Biweekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours: 114
Description: Students are expected to undertake reading in preparation for lectures and seminars

Costs Information:
No additional costs to students

This module is a pre-requisite for the following modules:
ECON224
ECON306
ECON309
ECON325
ECON343
ECON346
ECON364

Skills/Other Attributes Mapping

Skills / attributes: Lifelong learning skills
How this is developed: Developed in lectures, workshops and private study
Mode of assessment (if applicable)

Skills / attributes: International awareness
How this is developed: Developed in lectures and workshops
Mode of assessment (if applicable)

Skills / attributes: Communication skills
How this is developed: Developed in lectures and workshops
Mode of assessment (if applicable)

Skills / attributes: Organisational skills
How this is developed: Developed through private study
Mode of assessment (if applicable)

Skills / attributes: Numeracy
How this is developed: Developed in lectures and workshops
Mode of assessment (if applicable): Examination

Skills / attributes: Problem-solving skills
How this is developed: Developed in lectures and workshops
Mode of assessment (if applicab le)

Syllabus
 

Classical model: National Income, its Production, Distribution and Allocation.
Classical model: Quantity theory of money. Classical model: Inflation, its causes, effects and social costs. 
Small open economy model: trade balance and exchange rate.
Unemployment: natural rate of unemployment its causes and characteristics.
Economic growth I: Closed Economy Solow Model. 
Economic growth II: Technological Progress in the Solow Model, Growth Empirics, and Models of Endogenous Growth. 
Introduction to Economic Fluctuations: Aggregate Demand and Supply in the short and long run. 
Aggregate Demand I: Building the IS-LM Model.
Aggregate Demand II: Applying the IS-LM Model. 
The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime. 
Aggregate Supply and the Short-Run Trade off Between Inflation and Unemployment.

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.