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An introduction to macroeconomic theory and policy. Topics will include economic aggregates such as production and employment, the general level of prices and inflation, the exchange rate, interest rates, monetary and fiscal policies, the balance of payments and economic growth. Analysis is particularly directed to current macroeconomic problems and policy issues.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Explain the importance of the circular flow of income to macroeconomics;
- Interpret the meaning and measurement of macroeconomic aggregates such as Gross Domestic Product;
- Explain and use the Keynesian model of national income determination;
- Describe the roles of money and the financial system in the macroeconomy;
- Critically analyse macroeconomic policies appropriate to the achievement of the macroeconomic objectives;
- Explain and apply the aggregate demand/aggregate supply model;
- Explain the key features of the neoclassical model of growth; and
- Analyse the factors influencing the balance of payments and the exchange rate.
On successful completion of this subject, students should have improved the following generic skills:
- High level of development: written communication; collaborative learning; critical thinking; synthesis of data and other information; application of theory to practice.
- Moderate level of development: oral communication; problem solving; team work; interpretation and analysis; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.
- Some level of development: statistical reasoning.
Last updated: 20 February 2024