| CODE | ECN2071 | |||||||||
| TITLE | Intermediate Macroeconomics 1 | |||||||||
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course | |||||||||
| MQF LEVEL | Not Applicable | |||||||||
| ECTS CREDITS | 4 | |||||||||
| DEPARTMENT | Economics | |||||||||
| DESCRIPTION | This study-unit takes a deeper look at the theory of economic output from a short run, medium run as well as long term perspective. The approach is theoretical with the theory being limited to algebraic expressions. The aim of this study-unit is to allow students to develop a good understanding of macroeconomic theory with a special focus on the goods market, financial market, the labour market as well as introduce the students to economic growth theory. 1) Introduction and Overview of International Developments; 2) The Goods Market; 3) The Financial Market; 4) The IS-LM Model; 5) Policy Analysis with the IS-LM Model; 6) The Labour Market; 7) The AS-AD Model; 8) The Philips Curve; 9) Inflation, Money Growth and the Real Interest rate; 10) Disinflation; 11) The Facts of Growth; 12) Saving Capital Accumulation and output - The Solow Growth Model. Study-unit Aims: The study-unit focuses on understanding how the goods, labour and financial markets operate in an economy and to apply the understanding of the theories covered to major historical events with respect to each of these markets. Subsequently the study-unit aims to undertake an indepth analysis at the relationship between output, inflation and unemployment and the various models which have been developed to address their underlying relationship in both the short run and medium run. Finally the study-unit concludes by considering issues related to long-run economic growth. This is done by analyzing the dynamics of economic growth via the Solow growth model in order to the study the relationship between capital accumulation and economic growth in order to assess what are the drivers of economic growth. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: • Understand how the goods, labour and financial markets operate in an economy; • Understand any major historical events with respect to each of these markets; • Understand the importance of macroeconomic development in an economy; • Understand the historical development of major macroeconomic theories; • Appreciate the development of economic activity particularly within Malta and the EU over a specific period of time. 2. Skills: By the end of the study-unit the student will be able to: • Understand short term movements in the economy; • Collate data on the main economic indicators and analyze such data; • Undertake more objective and critical assessment of current economic development; • Assess current economic developments in light of the major macroeconomic theories; • Undertake more objective and critical assessment of current economic developments. Main Text/s and any supplementary readings: • Blanchard, Amighini & Giavazzi , (2013) ,"Macroeconomics: A European Perspective ", Second Edition, Pearson Education Limited • Colander and Gamber, (2006) , "Macroeconomics", Pearson Education Limited. I will also assign articles from periodicals and academic journals to supplement the textbook readings. |
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| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE ECN1001 OR ( TAKE ECN1011 AND TAKE ECN1021 ) | |||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | |||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Ian P. Cassar |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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