Macroeconomics 1

Module code: L1056
Level 4
15 credits in spring teaching
Teaching method: Lecture, Seminar
Assessment modes: Coursework, Unseen examination

This module introduces core short-run and medium-run macroeconomics.

First you will consider what determines demand for goods and services in the short run. You will be introduced to financial markets, and outline the links between financial markets and demand for goods. The Keynesian ISLM model encapsulates these linkages. Second, you will turn to medium-term supply. You will bring together the market for labour and the price-setting decisions of firms in order to build an understanding of how inflation and unemployment are determined. Finally, you will look at supply and the ISLM together to produce a full medium-term macroeconomic model.

Module learning outcomes

  • Have demonstrated a critical understanding of the principles of economics
  • Be able to use the power of abstraction to focus upon the essential features of an economic problem and to provide a framework for the critical understanding and evaluation of the effects of policy or other exogenous events.
  • Be able to analyse an economic problem or issue using an appropriate theoretical framework, and recognise its limitations.
  • Have learned to understand the importance of, and be able to construct and develop, rigorous argument to help evaluate ideas.