ECON07018 0000 Open Economy Macroeconomics
Full Title
Open Economy Macroeconomics
Transcript Title
Irish Economy
Code
ECON07018
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
07 - NFQ Level 7
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
0000 - The Beginning of Time
End Term
9999 - The End of Time
Author(s)
Louise Walsh
Programme Membership
SG_BEMBE_G07 201600 Bachelor of Business in Embedded award of BB Ab-initio L8
SG_BBUSI_H08 201900 Bachelor of Business (Honours) in Business L8 (Ab-initio)
Description
This subject builds on the basic principles of Economics to introduce the student to the Irish Economy as an open economy.
It looks at managing the economy from both a Fiscal and a Monetary perspective, the role and impact of exchange rates and the implications of Economic and Monetary Union for Ireland.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
Identify and explain the main elements of National Income Accounting and differentiate between Fiscal and Monetary Policy
2.
Recall the Irish experience of Keynesian economics
3.
Assess the long run performance of the Irish economy
4.
Understand the role of a Central Bank and explain how interest rates are set
5.
Recognise the Balance of Payments and understand its importance
6.
Understand how Foreign Exchange Markets work and the factors that influence exchange rates
7.
Display a knowledge of the International Financial System
8.
Analyse the Costs and Benefits of Economic and Monetary Union membership
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 the 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 offered in the last week of term
Indicative Syllabus
1. Revisiting the macroeconomy
- National Income Accounting
- Inflation and Unemployment
- Fiscal Policy
2. Money, Interest Rates and Monetary Policy
- Interest Rate determination
- The role of a Central Bank
- Monetary Policy
3. Open Economy macroeconomics
- Balance of Payments
- The Foreign Exchange Market and Exchange Rates
- Exchange Rate Regimes
4. Economic and Monetary Union
- The European Monetary System
- History of EMU project
- The performance of EMU
- Costs and Benefits of EMU
- The Theory of Optimum Currency Areas
5. The Financial Crisis and the Great Recession
- Causes and consequences
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 will consist of one of the following: group project, written assessment, multiple choice exam, essay or report | Continuous Assessment | UNKNOWN | 30 % | Week 8 | |
End of Semester / Year Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Final Exam will consist of multiple choice questions and/or long questions | Final Exam | UNKNOWN | 70 % | End of Term | 1,2,3,4,5,6,7,8 |
Full Time Mode Workload
| Type | Location | Description | Hours | Frequency | Avg Workload |
|---|---|---|---|---|---|
| Lecture | Lecture Theatre | Lecture | 3 | Weekly | 3.00 |
| Tutorial | Flat Classroom | Tutorial | 1 | Weekly | 1.00 |
| Independent Learning | UNKNOWN | Self 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
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
URL Resources
www.irisheconomy.ie
www.cso.ie
www.economist.com
Other Resources
- Economist Magazine
- Reputable daily newspapers
Additional Information
None