EC114-Introductory Macroeconomics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:4
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites: GCSE Maths Level 6 or above
Co-requisites: EC113 Introductory Microeconomics
Modules excluded: EC103 Economics for Construction and Engineering and IC103 Introductory Economics for Business and Finance and AP1EE1 Economics 2 and AP1EE3 Economics 1
Current from: 2021/2

Module Convenor: Dr Mark Guzman
Email: m.g.guzman@reading.ac.uk

Type of module:

Summary module description:

Introductory Macroeconomics is a first course in understanding what economists consider to be a nation’s economy.  It is designed to provide you with a general introduction to the basic concepts and models used by economists to comprehend the actual world in which you live and the general discussions found in the media and in political discourse.  

Aims:

We will focus on five primary areas: economic growth, inflation, unemployment, interest rates, and government policy.  In particular, you should develop a clearer understanding of the specific determinants of growth, the causes of unemployment and inflation and also the importance of interest rates in the economy.  In addition, you will begin to understand the interrelationship between these macroeconomic variables and government policy.

Assessable learning outcomes:

Students should be able to describe the five major concepts in macroeconomics. In addition they should have a basic understanding of how they are related and also the role for fiscal and monetary policy in shaping macroeconomic outcomes. Finally, they should be able to use the above to carry out basic analysis of practical and policy issues related to the macroeconomy.

Additional outcomes:

Students will be required to complete coursework such as problem sets, tests, etc. In the process of completing these types of assignments, they must learn the skills required to apply theoretical knowledge to real world situations.

Outline content:

This course has been broken down into four parts.  The first part of the course focuses on basic concepts and definitions; the second part develops the theory underlying short-run fluctuations in the economy; while the third part looks at the long run.  Finally, we will explore the impact of international trade on an economy.  

Brief description of teaching and learning methods:

Detailed guidance on the topics covered will be provided in the lectures. Weekly classes will cover regular exercise material based on lecture topics and will provide time for students to ask questions about the lecture material. Students are required to do exercises corresponding to each topic, to read a significant amount of related information, and to undertake research using the library, internet, etc.

Contact hours:

	Autumn	Spring	Summer
Lectures		30	1
Tutorials		9
Guided independent study:		121	39
Total hours by term		160	40
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	50
Set exercise	25
Class test administered by School	25

Summative assessment- Examinations:

One 3 hour unseen written paper.

Part 1 examinations are held in the Summer term. 

Summative assessment- Coursework and in-class tests:

Coursework may include a number of different methods for assessing student’s knowledge. These may include, but are not limited to: Problem Sets: Numerous short assignments requiring students to provide short answers and numerically solve relevant problems Quizzes: Short tests intended to ascertain students understanding of recent topics discussed in class. Tests: An in-class test aimed primarily at ascertaining a student’s understanding and comprehension of a subset of the materials covered during lectures. The exact requirements of the module for a given term will be explicitly detailed in the syllabus handed out at the beginning of each term in which the module is offered. Coursework will count for 50% of the overall grade. The exact weights of the different pieces of coursework required will also be explicitly stated in the syllabus.

Formative assessment methods:
Coursework will be set for most of the weekly classes, at which attendance is compulsory.

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:
A minimum mark of 40%.

Reassessment arrangements:
Re-examination for Part 1 modules takes place in August/September of the same year. Reassessment is by examination only (coursework will not be included in the re-assessment).

Additional Costs (specified where applicable):

1) Required text books: 

1. Principles of Macroeconomic, 13th edition, by K. Case, R. Fair, and S. Oster, Pearson, 2020, ISBN 978-1-292-30382-6, (Estimated Price: £65).


2. Maths for Economics: A Companion to Mankiw and Taylor Economics, by Heather and Stefanova, (Cengage Learning) ISBN: 978-1-4737-2542-3 (approximately £22)

2) Specialist equipment or materials:  None

3) Specialist clothing, footwear or headgear:  None

4) Printing and binding:  None

5) Computers and devices with a particular specification:  None

6) Travel, accommodation and subsistence:  None

Last updated: 30 July 2021