Macroeconomics 1 (L1056)
15 credits, Level 4
Macroeconomics 1 introduces core short-run and medium-run macroeconomics. First we study what determines demand for goods and services in the short run. We introduce financial markets and outline the links between financial markets and demand for goods. The Keynesian IS-LM model encapsulates these linkages. Second, we switch to the medium-term supply-side.
We bring together the market for labour to the price-setting decisions of firms in order to build an understanding of how inflation and unemployment are determined. Last, the supply side and the ISLM model are combined to produce a full medium-term macroeconomic model.
Teaching and assessment
We’re currently reviewing teaching and assessment of our modules in light of the COVID-19 situation. We’ll publish the latest information as soon as possible.
Contact hours and workload
This module is approximately 150 hours of work. This breaks down into about 27 hours of contact time and about 123 hours of independent study. The University may make minor variations to the contact hours for operational reasons, including timetabling requirements.
This module is running in the academic year 2021/22. We also plan to offer it in future academic years. However, there may be changes to this module in response to COVID-19, or due to staff availability, student demand or updates to our curriculum. We’ll make sure to let our applicants know of material changes to modules at the earliest opportunity.
It may not be possible to take some module combinations due to timetabling constraints. The structure of some courses means that the modules you choose first may determine whether later modules are core or optional.
This module is offered on the following courses:
- Economics (with a professional placement year) BA
- Economics (with a professional placement year) BSc
- Economics BA
- Economics BSc
- Economics and Finance BSc
- Economics and International Development BA
- Economics and International Relations BA
- Economics and Management Studies BSc
- Economics and Politics BA
- Philosophy, Politics and Economics (PPE) BA