Module Information

Module Identifier
EC32520
Module Title
THE BUSINESS CYCLE AND MACROECONOMIC POLICY
Academic Year
2012/2013
Co-ordinator
Dr Kyriaki Remoundou
Semester
Semester 2
Pre-Requisite
MM11220 or EC10120
Other Staff
 

Course Delivery

Delivery Type Delivery length / details
Lecture 20 one hour lectures
Seminars / Tutorials 5 seminars
Workload Breakdown 25 contact hours 100 hours of study and review for lectures and tutorials 30 hours of preparation for the coursework 45 hours of revision for the examination
 

Assessment

Assessment Type Assessment length / details Proportion
Semester Exam 3 Hours   Written examination  80%
Semester Assessment Coursework 1,500 words  20%
Supplementary Exam 3 Hours   Repeat Failed Elements or equivalent  80%
Supplementary Assessment Repeat Failed Elements or equivalent  20%

Learning Outcomes

On successful completion of this module students should be able to:

* Demonstrate a detailed understanding of the nature causes and consequences of business cycles and the principal schools attitudes towards stabilization policy;

* Critically analyze problems associated with business cycles and their consequences for firms and economies;

* Apply simple economic models to explain business cycles;

* Evaluate the different schools of thought that exist with regard to the stabilization of business cycles;

* Critically evaluate the principal policy instruments and policies (fiscal and monetary) for stabilizing business cycles.

Aims

This is a core module for single honours N310 Business Finance.

Brief description

This module examines the nature, causes and consequences (domestic and international) of business cycles and the policies required to deal and manage with them.

Content

Part One: Overview

  • The nature of business cycles, their measurement and character. The relationship between business cycles and economic growth.
Part Two: Business Cycle Theories

  • Schumpeter and the Business Cycle
  • Keynesian Theories of the Business Cycle
  • The Political Theory of the Business Cycle
  • Real Business Cycle Theory
  • The International Transmission of Business Cycles
Part Three: Stabilization Policies

  • The New Classical attitudes to and approaches to stabilization
  • The New Keynesian consensus

Module Skills

Skills Type Skills details
Application of Number Numerical problems and data analysis will be treated in tutorial exercises, appropriate assignments, and examination questions.
Communication Participation in discussion-based seminars will enhance the verbal communication skills of the participants. Written communication proficiency will also improve as a result of the compulsory coursework component of the module.
Improving own Learning and Performance Students will improve their learning by undertaking directed but independent study and work. Time management will be crucial in preparation for the assessments.
Information Technology Accessing course information and documents from Blackboard and internet for referencing material, and use of word-processing skills for the assignment.
Personal Development and Career planning The module helps students to develop various personal and interpersonal skills, generally transferable in career terms.
Problem solving Problem solving skills are covered in lectures and applied in tutorials and coursework. The module will enhance students' ability to think critically on macroeconomic issues and helps to apply various research methods and approaches to problem solving from a policy perspective.
Research skills Students are expected to obtain, select, and assimilate information from a variety of sources. This will introduce them to a range of research methods, which will facilitate development of appropriate rsearch skills necessary to produce high quality analytical reports.
Subject Specific Skills The module helps students to be able to apply economic models and think critically in the abstract.
Team work Participation in seminars through individual and group discussions will improve team-working skills of all the participants.

Reading List

Recommended Text
Mankiew, G (2000) Macroeconomics 4th Edition Worth Primo search Matthews, R C O (1969) The Trade Cycle Nesbitt-CUP Primo search Miles, David (2002) Macroeconomics:understanding the wealth of nations/David Miles, Andrew Scott. Wiley Primo search Snowdon, B and H R Vane (2002) A Macroeconomic Reader Routledge Primo search Snowdon, B, Vane, H R and P Wynaczyk (2002) A Modern Guide to Macroeconomics Routledge Primo search

Notes

This module is at CQFW Level 6