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Macroeconomic Analysis and Policy - ECO00038I

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  • Department: Economics and Related Studies
  • Module co-ordinator: Miss Ning Xue
  • Credit value: 20 credits
  • Credit level: I
  • Academic year of delivery: 2024-25
    • See module specification for other years: 2023-24

Module summary

This module advances students’ understanding of macroeconomic models, analysis and policy. It involves problem-based learning (PBL), a student-centred approach where
students, formed in small groups, work collectively to tackle a variety of macroeconomic problems.

Related modules

Co-requisite modules

  • None

Prohibited combinations

  • None

Additional information

Students must have taken ECO00023C Principles of Economics and either ECO00022C Quantitative Methods or ECO00020C Mathematics for Economists

Module will run

Occurrence Teaching period
A Semester 1 2024-25

Module aims

This module aims to develop students' understanding of intermediate macroeconomic models and to enhance their ability to use macroeconomic theory and analysis to interpret and assess macroeconomic issues and policies. The exposition is mainly diagrammatic but at times uses algebra and a certain amount of differential calculus.

In addition to traditional lectures, this module will have problem-based learning (PBL) tutorials. Through PBL, the module enables students to develop key skills associated with employability and scholarship, including teamwork, effective communication, planning and research skills, and critical thinking and analysis. Students also have the chance to reflect on the development of their learning and skills.

Module learning outcomes

On completing the module, students will be able to

  • Understand and use a set of macroeconomic models to analyse macroeconomic issues in the short run, medium run and the long run, such as macroeconomic stabilisation, inflation, unemployment and economic growth.
  • Critically assess the use of macroeconomic policies, specifically monetary and fiscal policy.
  • Demonstrate a positive contribution to their and their peers’ learning, by regular attendance and participation in PBL tutorials.
  • Plan basic research strategies to identify, evaluate and apply macroeconomic theories and policies to a broad range of macroeconomic issues.
  • Apply and adapt basic problem-solving skills to address new problems.
  • Demonstrate clarity and precision in verbal and written communication.
  • Develop skills to work independently and as part of a group, drawing upon personal and interpersonal skills established as part of problem-based learning.
  • Reflect critically on individual and peer contributions to teamwork and on their own development.

Module content

  1. The demand side
  2. The supply side
  3. A modern macroeconomic framework: the 3- equation model
  4. Expectations
  5. Growth, fluctuations and innovation
  6. The open economy
  7. Monetary Policy
  8. Fiscal Policy


Task Length % of module mark
Closed/in-person Exam (Centrally scheduled)
Closed exam : Macroeconomic Analysis and Policy
2 hours 75
Essay : Macroeconomic Analysis and Policy
N/A 5
Essay : Macroeconomic Analysis and Policy Essay : Macroeconomic Analysis and Policy
N/A 20

Special assessment rules


Additional assessment information

The 20% coursework element can be reassessed via a Revise and Resubmit only. The 5% coursework is non-reassessable


Task Length % of module mark
Closed/in-person Exam (Centrally scheduled)
Closed exam : Macroeconomic Analysis and Policy
2 hours 75

Module feedback

Marks and written feedback on summative assessments will be provided within 25 working days of the date of submission.

Formative feedback will be provided in PBL tutorials after student groups complete each case study, and in lectures with the use of mentimeter.

Indicative reading

Main Textbook:

Carlin, Wendy and Soskice, David (2014). “Macroeconomics: Institutions, Instability and the Financial System”, Oxford University Press.

The information on this page is indicative of the module that is currently on offer. The University is constantly exploring ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary by the University. Where appropriate, the University will notify and consult with affected students in advance about any changes that are required in line with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.