Registry

Module Specifications

Current Academic Year 2012 - 2013
Please note that this information is subject to change.

Module Title	Intermediate Macroeconomics
Module Code	EF212
School	DCUBS
Online Module Resources
NFQ level	8	Credit Rating	5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

Description

The purpose of this module is examine and critically assess a number of models that set out to explain macroeconomic performance, i.e., the determination of output, inflation and unemployment. In turn, these assessments contribute to a view as to the usefulness of monetary and fiscal policies as a means of achieving improved economic performance. The models considered range from short-run to long-run models but the primary focus is on short-run and medium-run models of the economy. A key underlying consideration is the importance of the expectations of economic agents and the signals given by policy makers in the adjustment from one equilibrium to another.The module is delivered through a combination of lectures and tutorials with some online activities.

Learning Outcomes

1. Explain how equilibrium is determined in short and medium runmacroeconomic models, and assess the conclusions of these models for macroeconomic policy.
2. Compare and contrast the analytical approaches of the New Classical and New Keynesian traditions and their policy implications
3. Show how the concept of rational expectations has impacted on our understanding of how economies respond to changes in factors affecting economic performance
4. Identify drivers of economic growth and explain their role within the context of exogenous and endogenous growth models
5. Critically appraise macroeconomic policy-making both at the state and at the international level

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	24	Outline of models and relevant theory
Directed learning	15	Preparation for tutorials
Tutorial	10	Review of material
On-line learning	12	Moodle quizzes each week
Assignment	10	Assessment of policies adopted by a particular country in response to a particular circumstance
Examination	8	Revision for class test
Examination	30	Revision for terminal examination
Independent learning time	16	Weekly textbook exercises and cases
Total Workload: 125

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Learning activities.
The majority of classroom contact is given over to lectures that outline the derivation of the models being studied and examine the impact of monetary and fiscal policies on equilibrium in these models.Each week, students will have access to a set of Moodle quizzes which allow them to self-evaluate their own performance to date.Weekly tutorials will be based around about 8 short questions relevant to the topic being dealt with in that week's lectures. Students are expected to review these questions in advance of tutorial attendance..

Introduction & review.
This section re-visits concepts first seen in introductory economics and examines the limitations of the Keynesian one-sector model of the economy..

Modelling the economy in the short run.
A one-sector model of the economy is extended to gives anIS-LM model of the economy. Within this model, the effectiveness of monetary and fiscal policies are examined for a variety of scenarios. This examination will rely on theoretical scenarios and spreadsheet-based simulations..

The economy in the medium run.
Models of the labour market and other factor markets are combined to give a model of aggregate supply. In turn, this is combined with a model of aggregate demand to give a representation of the determinants of price and output levels for an economy. Using theoretical considerations, empirical information and simulations, students will examine Okuns law, the Phillips curve and the effectiveness of policies directed at increasing national output and/or reducing inflation or inflationary pressures..

The economy in the long run.
A Solow model of economic growth is used to analyse the long run behaviour of the economy: what is the impact of changes in the savings rate on the long-run steady-state of the economy? The impact of technological changes?.

Expectations and the economy.
What are the implications of expectations for the operation of financial markets, the determination of asset prices, aggregate consumption and investment levels?.

Assessment Breakdown
Continuous Assessment	0%	Examination Weight	100%

Course Work Breakdown
Type	Description	% of total	Assessment Date
In Class Test	Review of macroeconomic concepts	10%	Week 23
Assignment	Criitcal assessment of particular (country) case	15%	Week 27

Reassessment Requirement
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List