ECON07017 2016 Principles of Macroeconomics

General Details

Full Title
Principles of Macroeconomics
Transcript Title
Macroeconomics
Code
ECON07017
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
07 - NFQ Level 7
Credit
05 - 05 Credits
Duration
Semester
Fee
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Author(s)
Louise Walsh
Programme Membership
SG_BACCT_J07 201600 Bachelor of Business in Accounting L7 SG_BACCO_H08 201800 Bachelor of Arts (Honours) in Business in Accounting L8
Description

This module will provide students with an introductory understanding of the macroeconomy. It will help the student to understand the main macroeconomic challenges that exist and the policy options available to meet those challenges.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Draw and explain the circular flow diagram

2.

Measure national income using the output, income or expenditure methods

3.

Determine the limitations of Gross Domestic Product

4.

Define and measure inflation

5.

Define and measure unemployment

6.

Explain the effects of unemployment on the individual, the economy and society

7.

Define Fiscal Policy and understand the national budget

8.

Give an overview of Keynesian economic theory

9.

Explain how money is created and controlled

10.

Define the role of the Central Bank and the uses/ limitations of monetary policy

11.

Apply knowledge of inflation, unemployment, fiscal and monetary policy in the Irish economy

12.

Construct and apply a selection of economic models

13.

Demonstrate an understanding of open economy macroeconomics and apply the theories to the current international economic climate

14.

Understand how the excahnge rate is determined and the effects of fluctuating exchange rates on an economy

Teaching and Learning Strategies

Lectures supported by tutorials.

Module Assessment Strategies

Continuous Assessment will account for 30% of the overall mark and the final exam will account for 70% of teh overall mark.

The continuous assessment will consist of one of the following:

  • Group project
  • Written Assessment
  • Multiple choice assessment
  • Essay
  • Report

Repeat Assessments

A repeat assessment shall be held at the end of term 

Indicative Syllabus

Topic 1: Measuring the Macroeconomy

  • Circular Flow
  • National Income Accounting
  • Three Methods of measuring economic activity
  • Limitations of GDP

Topic 2: Inflation

  • Define and measure inflation and deflation 
  • Consequences of inflation and deflation
  • Explanations for inflation 
  • The Irish experience of inflation

Topic 3: Unemployment

  • Defining and measuring unemployment
  • Effects of unemployment
  • Theories of unemployment
  • The Irish experience of unemployment

Topic 4: Fiscal Policy and the Budget

  • Define Fiscal Policy
  • The budget
  • An introduction to Keynesian economics
  • The Irish experience of Fiscal Policy

Topic 5: Money and Banking

  • Money, money supply and money creation
  • Interest rate determination
  • The role of a central bank
  • Monetary Policy
  • The Irish experience

Topic 6: The Aggregate Demand/Aggregate Supply Model

  • Aggregate Demand, Supply and Potential Output
  • Macroeconomic equilibrium
  • Demand Management policies
  • Supply-side policies

Topic 7: Open Economy Macroeconomics

  • Balance of Payments
  • Exchange Rates and the Foreign Exchange Market
  • Exchange Rate Regimes
  • Economic and Monetary Union

 

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
30 %
End of Semester / Year Formal Exam
70 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Continuous Assessment consisting of one of the following: Group project, Written exam, Multiple choice exam, Essay or Report Continuous Assessment Assessment 30 % Week 8
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam shall consist of multiple choice questions and/or long questions Final Exam Closed Book Exam 70 % End of Semester 1,2,3,4,5,6,7,8,9,10,11,12,13,14
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Lecture Theatre Lecture 3 Weekly 3.00
Tutorial Flat Classroom Revision and Group work 1 Weekly 1.00
Independent Learning UNKNOWN Personal Study 3 Weekly 3.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Recommended Reading
2011-09-01 Principles of Economics. by Gerard Turley, Maureen Maloney, Francis O'Toole Gill & MacMillan
ISBN 0717149889 ISBN-13 9780717149889

Updated edition of this successful textbook, which introduces the theory andpractice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. m Includes a CD-ROM with interactive graphs, self-test multiple choice questions and interactive lessons/tutorials. New to this edition: * New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 * Revised chapter on economic growth and the Irish economy, which includesthe banking crisis and the property crash * Reflections on the Celtic Tiger era, including causes and consequences * New section on the eurozone and sovereign debt crisis * New case studies and questions, with answers now available online * Continues to provide the reader with a solid theoretical grounding in bothmicroeconomics and macroeconomics Includes a CD-ROM with interactive graphs, self-test,multiple choice questions and interactive lessons/tutorials. SUITABLE FOR: Students taking economics at degree, diploma or certificate level. Updated edition of this successful textbook, which introduces the theory and practice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. New to this edition: _ New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 _ Revised chapter on economic growth and the Irish economy, which includes the banking crisis and the property crash _ Reflections on the Celtic Tiger era, including causes and consequences _ New section on the eurozone and sovereign debt crisis _ New case studies and questions, with answers now available online _ Continues to provide the reader with a solid theoretical grounding in both

Module Resources

Non ISBN Literary Resources

Principles of Economics 4th. edition. Turley, G and Maloney, M. Gill and Macmillan, 2011.

URL Resources

www.irisheconomy.ie

www.cso.ie

www.ecb.eu

 

Other Resources

Economics 9th.edition.  Sloman, J. Prentice Hall, 2015

Macroeconomics: An Irish and European Perspective. Gill & Macmillan 2013

Additional Information

None