EC202: Intermediate Macroeconomics

Module code: EC202

Module provider: Economics; School of Philosophy, Politics and Economics

Credits: 20

Level: Level 2 (Intermediate)

When you'll be taught: Semester 1

Module convenor: Dr Christos Mavrodimitrakis, email: c.mavrodimitrakis@reading.ac.uk

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE EC114 OR TAKE EC114NU (Compulsory)

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: Yes

Last updated: 23 May 2024

Overview

Module aims and purpose

Intermediate Macroeconomics builds on macroeconomic concepts introduced in EC114 Introductory Macroeconomics.  It is designed to provide a more in-depth understanding of the fundamental principles and analytic concepts related to output, economic growth, inflation, and unemployment.

In addition, you should have a deeper appreciation of the interrelationship between these macroeconomic variables and government policy, stabilisation (fiscal/monetary) or structural, and hence be able to critically analyse relevant issues discussed in the news, and by politicians.

Module learning outcomes

By the end of the module, it is expected that students will be able to:

1. Demonstrate a systematic understanding of the main concepts and models of macroeconomics, as well as their relation to empirical evidence and world events.
2. Apply those models to study the effects of fiscal and monetary policies on the key macroeconomic variables;  
3. Identify the challenges that policy-makers face under major events and in the aftermath of; e.g., during, but also in the aftermath of, the Covid-19 pandemic. 
4. Obtain the tools necessary to master the material of third year compulsory (or optional) courses with macroeconomic content. 

Module content

The module will explore differences across the short, medium and long run. Topics may include:

• Goods and financial markets: IS-LM model
• Wage-price determination and unemployment
• The Phillips Curve, NAIRU and the IS-LM-PC model
• Economics growth: Solow model, technological progress
• Monetary and Fiscal Policy
• Theories of expectations’ formation: consumption and investment; fiscal/monetary policies
• The Open Economy

Structure

Teaching and learning methods

Lectures will develop all the main module material. Tutorials will cover exercise material designed to facilitate understanding of lecture topics.

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

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

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Reassessment

Additional costs