Intermediate Macroeconomics

Summary module description:
The purpose of the module is to organise the basic set of knowledge about how the macroeconomy works in a coherent, albeit not purely formal, structure.

Aims:
To develop a coherent macroeconomic framework within which the main macroeconomic issues can be analysed in both closed- and open-economy models. Complementing macro-theory with data analysis and empirical applications, we would also try to better understand, analyse and discuss potential solutions to a number of topical issues faced in modern macro-policy.

Assessable learning outcomes:
At the end of the module students should be able to:
Understand and explain the principles determining the level of economic activity, the causes and consequences of inflation and the relationship between inflation and unemployment;
Extend the understanding of closed-economy relationships to the analysis of basic open-economy issues.

Additional outcomes:
Understand and analyse the links among sectors and their activity at a macro level. Assess and interpret topical macroeconomic events or processes in the world economy.

Outline content:
The module will enable students to explain the principles determining the level of output, the causes and consequences of inflation and unemployment, the relationship between inflation and economic activity, the determinants of the exchange rate and of the choice between domestic and foreign goods or assets.

Brief description of teaching and learning methods:
Lectures will develop all the main module material. Tutorials will cover exercise material designed to facilitate understanding of lecture topics.

Summative Assessment Methods:
Written exam 70%
Project output other than dissertation 15%
Class test administered by School 15%

Other information on summative assessment:
There will be one (empirical) project, worth 15% of the overall mark, and one invigilated class test, also worth 15%.

Formative assessment methods:

Penalties for late submission:
The Module Convener will apply the following penalties for work submitted late, in accordance with the University policy.
where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Length of examination:
One 3-hour unseen written paper.
Part 2 examinations are held in the Summer term.

Requirements for a pass:
A minimum overall mark of 40%.