ECON08008 2016 Macroeconomics

General Details

Full Title
Macroeconomics
Transcript Title
Macroeconomics
Code
ECON08008
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
08 - NFQ Level 8
Credit
10 - 10 Credits
Duration
Stage
Fee
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Author(s)
Marie Moran
Programme Membership
SG_BBUSS_K08 201600 Bachelor of Business (Honours) in Business in Business accs
Description

This module will provide the student with an understanding of the challenges and issues involved in macroeconomic management at national and international level. Students will be able to critically evaluate different economic systems and the policy options that may be pursued in the achievement of macroeconomic objectives. Students will evaluate the benefits of international trade in the context of economic development and globalisation.

Learning Outcomes

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

1.

Understand the principles of economics and their relevance to macroeconomic policy.

2.

Classify economic systems and construct an argument as to what type of economic system is most socially and economically desirable.

3.

Evaluate the benefits of international trade and analyse the effect of protectionism on the international trading system.

4.

Measure and analyse economic growth and decline cycles and explain the macroeconomic challenges faced by Government, individuals and society.

5.

Explain and interpret fiscal and monetary policy.

6.

Discuss the challenges of inflation and unemployment.

Teaching and Learning Strategies

This module will be delivered using lectures, with the provision of material for guided independent learning. 

Module Assessment Strategies

This module will be assessed by means of final examination and continuous assessment.

 

Repeat Assessments

Examination and/or CA depending on results.

Indicative Syllabus

Introduction to General Principles of Economics 

Economic Systems

  • Capitalism, command and mixed economic systems
  • Classifying economic systems
  • Transition economies
  • Role and limitations of government in macroeconomic management

International Trade

  • Absolute and comparative advantage
  • Protectionist policies and their impact
  • Free trade areas, customs unions, economic and monetary union
  • Impact of international trade on global development
  • Anti-international trade arguments

Economic Growth & Recession

  • Measuring economic performance (real Vs nominal measures)
  • Exploring trends in economic performance
  • Causes and consequences of recession
  • Fiscal stimulus vs Laissez-faire economics

Fiscal Policy

  • Nature and tools of fiscal policy
  • Public finances and budgetary decisions
  • Uses and limitations of fiscal policy
  • Implementing Irish fiscal policies within an EU framework

Monetary Policy & Interest Rate Determination

  • Defining money and monetary policy
  • The role and monetary instruments of Central Banks
  • Loanable and liquidity preference funds theory of interest rate determination
  • Uses and limitations of monetary policy

Inflation

  • Measurements of inflation
  • Causes and effects of inflation
  • Methods of ensuring stable low inflation


Labour Market Challenges

  • Defining and measuring the labour market
  • Unemployment, causes, consequences and impediments to full employment
  • Impact of unemployment on the individual, economy and society

Case Studies in Macroeconomic Management, Sustaniable Development and Ethical Considerations

 

 

 

 

 

 

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 Continuous Assessment Assessment 30 % Any 2,3
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Written Final Examination Final Exam Closed Book Exam 70 % End of Term 1,2,3,4,5,6
             
             

Part Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Not Specified Lecture 2 Weekly 2.00
Independent Learning Not Specified Independent Learning 5 Weekly 5.00
Total Part Time Average Weekly Learner Contact Time 2.00 Hours

Required & Recommended Book List

Recommended Reading
2012-12-02 Understanding the World Economy Routledge
ISBN 0415681316 ISBN-13 9780415681315

This fourth edition of Understanding the World Economy will continue to provide the reader with the clearest guide available to the global economic scene.

Since the last edition was published in 2006, enormous changes have taken place. The world economy has been in upheaval with the biggest financial crash and ensuing recession since the 1930s; with a global re-ordering of economic power relations; with widespread demonstrations by those left behind; with divergent views about where Europe is heading; with a growing scarcity of essential resources; with increasing international terrorism and with increasing concerns of environmental degradation and climate change. To embrace such urgent issues, this text is an almost entirely rewritten version of earlier editions.

Tony Cleaver takes a long look at the evolution of market systems and how they have liberated peoples on one side of the globe and yet driven others into debt, depression and despair. He analyses causes and consequences, and discusses (and sometimes dismisses) economic theories.

Topics covered include:

  • Why crashes occur
  • What causes some countries to grow and others to stagnate
  • Whether the Euro can survive
  • The economic underpinnings of terrorism
  • The dangers of climate change

This book takes the student through the major characteristics of the global economy in jargon-free non-technical language. Chapter summary diagrams and a wealth of boxes and tables make this an essential introduction for undergraduates and A-level students, as well as the casual reader.

Recommended Reading
2013-04-16 Macroeconomics: An Irish and European Perspective Gill & Macmillan Ltd
ISBN 0717156311 ISBN-13 9780717156313

"If anyone thought that the arrival of the euro would end interest in Irish macroeconomic developments, the events of the past six years has dispelled that illusion. (With this book) a new generation of Irish students will now be armed to help answer the biggest and most challenging economic policy question of today - how to consolidate the return to employment and income growth and manage down the burden of debt" Professor Patrick Honohan, Governor of the Central Bank of Ireland, 20th September 2013. A new examination of macroeconomics that deals with topics relating to economic growth, unemployment and inflation, with particular emphasis on contemporary Irish and European economic issues. * Introduces the principles of macroeconomic theory and policy in a clear and concise way, with particular emphasis on small, open economies. * Discusses the origins of the current 'Great Recession', the Troika agreement and the sustainability of Ireland's national debt. * Outlines alternative short- and long-run economic models and demonstrates how to use these models in evaluating today's economic issues. * Provides students with an evaluation of the long-run economic performance of the Irish economy, looking at the factors that led to the present crisis and the policies that will help us emerge from it. * Looks at Ireland's experience as a member of the euro area and the prospects for the euro area in light of the current crisis. Written For: Macroeconomics at undergraduate level in universities and Institutes of Technology Macroeconomics modules at postgraduate level

Recommended Reading
2014-04-07 Economics Cengage Learning EMEA
ISBN 1408093790 ISBN-13 9781408093795

Now firmly established as one of the leading economics principles texts in the UK and Europe, this exciting new third edition of Economics by N. Gregory Mankiw (Harvard University) and Mark P. Taylor (Warwick University), has undergone some significant restructuring and reorganization to more directly match economics students' course structures and learning and assessment needs. There are new sections covering microeconomic and macroeconomic topics and concepts in more depth, whilst at the same time retaining the book's reputation for clarity, authority and real world relevance.

Module Resources

Non ISBN Literary Resources

 

 

URL Resources

www.oecd.org

www.economist.com

www.finance.gov.ie

Other Resources

ESRI Publication

Department of Finance Reports

European Central Bank Bulletins