Download EC201 Intermediate Macroeconomics - ORB

University of Essex
Session 2016-17
Department of Economics
G. Vernasca
J. Marcusse
EC201 Intermediate Macroeconomics
Details of assessment and submission deadlines are contained in the Undergraduate Economics
Handbook, available online at:
http://www.essex.ac.uk/economics/current/default.aspx
Further Information about the course is contained in the University’s course catalogue, see:
http://www.essex.ac.uk/modules/
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Assessment:
The assessment in this module takes the form of a midterm test in the Autumn Term, an assignment in
the Spring Term and an examination during the main examination period (Summer Term). The dates
for the midterm test and the submission of the assignment can be found in the Undergraduate
Handbook.
Required reading:
The required text for the course is:
N. G. Mankiw, Macroeconomics, 8th edition, Worthpublishers.
Additional readings:
Blanchard, O., A. Amighini and F. Giavazzi, Macroeconomics: a European Perspective, Second
edition, Pearson-Prentice Hall.
Burda and Wyplosz, Macroeconomics: a European Text, 5th edition, Oxford University Press.
Course materials
Lecture notes and classes exercise are made available online in the ORB:
http://orb.essex.ac.uk/ec/ec201/
Feedback
Feedback in this module takes the following form: an overall mark will be given to you for the midterm
test and for your assignment. The complete solution of the midterm test and the assignment will be
posted in the CMR. As well as these formal feedback methods, more informal feedback can be gained
in email correspondence, class/lecture discussions and during lecturer/GTA office hours.
Classes
Classes are prescribed instruction, thus, attendance is compulsory. The macroeconomics classes are
designed to revise and supplement the material of the lectures in the context of exercises handed out to
the students in advance. The classes also give students the chance to discuss, in a more informal way,
the material of the course, raise their own questions, identify and overcome common problems.
Classes start on week 3 of the Autumn Term.
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Course outline
Autumn term
Week 2
Lecture 1: Introduction to Macroeconomics
Reading: Mankiw Ch. 1
Lecture 2: National Accounting
Reading: Mankiw Chs.2 and 3
Week 3
Lectures 3 and 4: Money and Inflation
Reading: Mankiw Chs. 4 and 5
Week 4
Lecture 5: The Goods Market and the IS Curve
Reading: Mankiw Ch. 11 § 1.
Lecture 6: The Money Market and the LM Curve
Reading: Mankiw Ch. 11 § 2.
Week 5
Lectures 7 and 8: The IS-LM Model - Fiscal and Monetary Policy
Reading: Mankiw Ch. 12.
Week 6
Lectures 9: Extensions to the IS-LM Model
Reading: Mankiw Ch. 12 and Lecture notes provided by the lecturer.
Week 7
Lecture 10: Aggregate Demand and Aggregate Supply I
Reading: Mankiw Ch. 10 § 3 and Ch. 12 § 2.
Week 8
Lecture 11 and 12: Aggregate Demand and Aggregate Supply II
Reading: Mankiw Chs. 9 § 4 and 14 § 1.
Week 9
Lecture 13 and 14: The Trade-off between Inflation and Unemployment
Reading: Mankiw Ch. 14
Week 10
Lectures 15 and 16: A Dynamic AD-AS Model
Reading: Mankiw Ch. 15
Week 11
Lectures 17 and 18: New Classical Macroeconomics
Reading: Lecture notes provided by the lecturer
Spring Term
Week 16
Lecture 19 and 20: Introduction to Real Business Cycle Theory
Reading: Lecture notes provided by the lecturer
Week 17
Lecture 21: New Keynesian Macroeconomics
Reading: Lecture notes provided by the lecturer
Lectures 22: Time Inconsistency of Economic Policy
Reading: Mankiw Ch. 18 § 2
Week 18
Lecture 23 and 24: Introduction to Open Economy Macroeconomics
Reading: Mankiw Ch. 6
Week 19
Lectures 25 and 26: Monetary and Fiscal Policy in the Open Economy
Reading: Mankiw Ch. 13
Week 20
Lectures 27 and 28: Unemployment
Reading: Mankiw, Ch. 7
Week 21
Lectures 29 and 30: Economic Growth: the Solow Model
Reading: Mankiw, Ch. 8 and Ch. 9 § 1 and 9 § 2 and Appendix of Ch. 9
Week 22
Lectures 31 and 32: Endogenous Growth
Reading: Mankiw, Ch. 9 § 4
Week 23
Lectures 33 and 34: Government debt
Reading: Mankiw, Ch. 19;
Week 24
Lectures 35 and 36: Microeconomic Foundations: Consumption
Reading: Mankiw, Ch. 16
Week 25
Lectures 37 and 38: Microeconomic Foundations: Investment
Reading: Mankiw, Ch. 17
EC201 Key Skills
Problem solving
Analytical reasoning
Conceptualisation
Critical evaluation
Originality
Model building
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Numeracy
Mathematical Operations
Interpretation of math.
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Econometrics and statistics
Data analysis
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Communication
Summarise
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Literature survey
Independent inquiry
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Handling info.
Oral presentation
Written presentation
Information technology
Word processing software
Using the WWW
Data analysis software
Working with others
Team work
Influencing
Negotiation
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EC201 Employability Skills
Academic Skills
Literacy, numeracy
and ICT skills.
Research,
information and
communication skills.
Professional
Working Skills
External
Awareness
Adaptability,
flexibility, adoption of
new techniques.
Knowledge of work
and organisational
cultures. Creativity
and originality.
Personal
Development
Planning
Self awareness,
target setting and
action planning. Time
management, self
management.
Reflection and
evaluation.