Introductory Macroeconomics

Summary module description:
This module is intended to introduce students to the major ideas and principles underlying macroeconomics.

Aims:
The primary focus of this module is to introduce students to the major concepts - growth, inflation, unemployment and interest rates - and the interrelationships between these macroeconomic variables. In addition students will also obtain a better understanding of 1) determination of national income, 2) aggregate demand and the impact of fiscal policy, 3) money and the role of monetary policy in a closed economy 4) aggregate supply and 5) unemployment, inflation and the Phillips curve.

Assessable learning outcomes:
Students should be able to describe the four major concepts in macroeconomics. In addition they should have a basic understanding of how they are related and also the role for fiscal and monetary policy in shaping macroeconomic outcomes. Finally, they should be able to use the above to carry out basic analysis of practical and policy issues related to the macroeconomy.

Additional outcomes:
Students will be required to complete coursework such as problem sets, tests, etc. In the process of completing these types of assignments, they must learn the skills required to apply theoretical knowledge to real world situations.

Outline content:
Basic topics include: understanding the determinants of national income and aggregate demand; understanding the determinants of short run and long run aggregate supply; understanding what constitutes equilibrium in the goods and money markets; the role of monetary and fiscal policy in impacting equilibrium; and understanding the relationship between inflation and unemployment.

Brief description of teaching and learning methods:
Detailed guidance on the topics covered will be provided in the lectures. Weekly classes will cover regular exercise material based on lecture topics and will provide time for students to ask questions about the lecture material. Students are required to do exercises corresponding to each topic, to read a significant amount of related information, and to undertake research using the library, internet, etc.

Summative Assessment Methods:
Written exam 60%
Written assignment including essay 20%
Class test administered by School 20%

Other information on summative assessment:
Two pieces of coursework will count towards the determination of the final mark. A take-home problem set (handed out during a lecture and returned to the appropriate submission box in the Department) will count for 20% of the mark. In addition, there will be one in-class test (during lecture time). The test will will count for 20% of the final mark.

Formative assessment methods:
Coursework will be set for most of the weekly classes, at which attendance is compulsory.

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 2 hour unseen written paper.
Part 1 examinations are held in the Summer term.

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