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 AP1EE4 The Economic Environment and
Current from: 2023/4

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	20
Class test administered by School	30

Summative assessment- Examinations:

One 3 hour unseen written paper.

Part 1 examinations are held in the Summer term. 

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Summative assessment- Coursework and in-class tests:

The details underlying the coursework weighting given above are as follows.  Set exercises will be accessed by means of a combination of problem sets and/or on-line quizzes.  Problem Sets are short assignments requiring students to provide short answers and numerically solve relevant problems using mathematical and graphical means.  On-line quizzes are a collection of short, multiple-choice questions given via Blackboard.  They are timed constrained in nature (once started), although there will be a multi-day period over which they can be begun.  There will be two quizzes/problem sets, equally weighted which when combined make up the 20% weighting of set exercises.  The class test will also be constituted by two pieces of work.  These will be a mid-term test and an end-of-term test – equally weighted.  These tests are designed to be either an in-class, closed book and no lecture notes or on-line, open book and with lecture notes – depending on external factors prevailing at the time.  Tests are aimed primarily at ascertaining a student’s understanding and comprehension of a subset of the materials covered during lectures, in the textbook, and on non-graded problem sets.  In addition, they are intended to give students a better understanding of what they actually know – as a means for helping students to further determine those areas where additional studies are required.  The details of the coursework and weightings is also laid out in detail in the syllabus, available at the beginning of the course via Blackboard.

Formative assessment methods:

In addition to the graded assessments mentioned above, there will also be numerous non-graded quizzes and problem sets throughout the term.  The objective of these will be to provide further means for practicing and getting comfortable with the ideas, concepts and procedures we use throughout the course.  Although not forming part of the formal grade, all quizzes are graded, and all problem sets will have outlines of answers provided – so that students have detailed information about those concepts they have and have not understood.  In addition, the problem sets will form the basis for the materials covered in the tutorial sessions accompanying this course

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: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/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 March 2023