ECM102NU-Macroeconomic Policy

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Autumn / Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites: ECM103 Research Methodology and ECM104 Quantitative Research Methods or ECM103NU Research Methodology and ECM104NU Quantitative Research Methods
Modules excluded:
Current from: 2021/2

Module Convenor: Dr Fangya Xu
Email: fangya.xu@reading.ac.uk

Type of module:

Summary module description:

NUIST module lead:  Dr. Wang Lei  Email: 390299853@qq.com

This module is intended to give an understanding of the core theories necessary to understand macroeconomic policy. It is aimed both at master’s students without previous economics and as a refresher course for other master’s students.

Aims:

The primary focus of this module is twofold: (1) understanding the core macroeconomic concepts of growth, inflation and unemployment – and how they are interrelated and (2) understanding how fiscal and monetary policy at both the national and international level influences these concepts. This includes having a detailed understanding of basic concepts such as GDP, inflation, and unemployment, understanding how monetary and fiscal policies are used, and applying these concepts to real world phenomenon.

Assessable learning outcomes:

Students should be able to describe the basic issues of concern at the macroeconomic level. In addition, they should be able to relate how monetary and fiscal policy impact employment, growth and recession. Finally, students should be able to discuss real world macroeconomic phenomenon in the context of any theories discussed.

Additional outcomes:

Students will be required to complete coursework such as problem sets, tests, essays, presentations, etc. In the process of completing these types of assignments, they must learn skills required to do relevant research, write reports, produce concise relevant presentations, understand technical articles, and apply theoretical knowledge to real world situations.

Outline content:

Topics include: GDP, inflation, unemployment, aggregate supply and demand, understanding what constitutes monetary and fiscal policy, understanding the basic connections between macroeconomic variables and policies, liquidity traps, long-run economic growth. 

Global context:

The content is motivated by seeking to understand the macroeconomic differences between countries and their trajectories over time, as well as the different macroeconomic policies they employ.

Brief description of teaching and learning methods:

Detailed guidance on the topics covered will be provided in the 10 x 2 hours weekly lectures, together with handouts covering the material discussed, examples, exercises and solutions to facilitate understanding of key concepts (the later reviewed over the course of the term in three (4) tutorials). Students may be required to do exercises corresponding to each topic, to read academic journal articles, and to undertake research using the library, internet, etc.

Contact hours:

	Autumn	Spring	Summer
Lectures	10	12
Seminars	2	2
Guided independent study:
Wider reading (independent)	20	20
Wider reading (directed)	20	20
Exam revision/preparation			20
Advance preparation for classes	10	10
Preparation for seminars	8	8
Completion of formative assessment tasks	10	10
Revision and preparation	10	8
Total hours by term	90	90	20
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	60
Class test administered by School	40

Summative assessment- Examinations:

Two 2-hour unseen written papers. Postgraduate examinations are held in the Summer term.

Summative assessment- Coursework and in-class tests:

Coursework will count for 40% of the overall mark and comprises: two problem sets (20% each) 

Formative assessment methods:

Penalties for late submission:

The below information applies to students on taught programmes except those on Postgraduate Flexible programmes. Penalties for late submission, and the associated procedures, which apply to Postgraduate Flexible programmes are specified in the policy 􀀓Penalties for late submission for Postgraduate Flexible programmes􀀔, which can be found here: http://www.reading.ac.uk/web/files/qualitysupport/penaltiesforlatesubmissionPGflexible.pdf
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 weighted average mark of coursework and examination of 50%.

Reassessment arrangements:

Re-examination for all modules takes place in August/September of the same year.

Re-assessment is by examination only; coursework is not included at the second attempt.

Additional Costs (specified where applicable):

1) Required text books:  Mankiw, N. Gregory and Taylor, Mark P. (2020). Economics, 5th edition, Cengage Learning EMEA.  Borrow, print chapters or buy new/second hand

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: 5 October 2021