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ECON7003 - The Macroeconomy

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Title:The Macroeconomy
Long Title:The Macroeconomy
Module Code:ECON7003
 
Credits: 5
NFQ Level:Intermediate
Field of Study: Economics
Valid From: Semester 1 - 2019/20 ( September 2019 )
Module Delivered in 2 programme(s)
Module Coordinator: CAROLINE O REILLY
Module Author: Niamh Lenihan
Module Description: This module builds on the principles of macroeconomics, enhances analytical ability and further develops core Macroeconomics concepts.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Explain the concepts of Aggregate Supply (AS) and Aggregate Demand (AD) and predict the effects of various shocks to the economy using the AS/AD model.
LO2 Describe the various theories of consumption and income.
LO3 Construct and manipulate the Investment-Saving/Liquidity Money Supply (IS/LM) model.
LO4 Analyse Economic & Monetary Union (EMU) membership for Ireland and assess recent economic phenomena in Ireland and the European Union.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

ECON6003, ECON6001
Co-requisites
No Co Requisites listed
 

Module Content & Assessment

Indicative Content
Theory of Income Determination
Aggregate supply, aggregate demand, demand side and supply side policies, economic theories.
The Consumption Function
The multiplier, open and closed economy, equilibrium level of income and the Keynes model.
IS/LM Model
Equilibrium in the goods market, equilibrium in the money market, implications of monetary and fiscal policy.
The Open Economy
The European and Economic Monetary Union (EMU), costs and benefits of EMU, current economic climate in Ireland and the European Union.
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Mid-semester written examination on income determination and the consumption function. 1,2 30.0 Week 7
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End of Semester Examination 1,2,3,4 70.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Formal classroom lecture 3.0 Every Week 3.00
Tutorial Discussion / problem solving 1.0 Every Week 1.00
Directed Learning Independent reading/study 3.0 Every Week 3.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Formal Lecture 2.0 Every Week 2.00
Independent Learning Independent Reading/Study 5.0 Every Week 5.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • Anthony J. Leddin and Brendan M. Walsh 2013, Macroeconomics - An Irish and European Perspective, Gill & Macmillan Dublin [ISBN: 9780717156313]
Supplementary Book Resources
  • N. Gregory Mankiw 2012, Macroeconomics (ebook), 8th Ed., Worth Publishers New York [ISBN: 978-142924002]
  • Gerard Turley, Maureen Moloney, Francis O'Toole 2011, Principles of Economics - An Irish Text, 4th Ed., Gill & Macmillan Dublin [ISBN: 9780717149889]
  • John O'Hagan and Carol Newman 2011, Economy of Ireland, 11th Ed., Gill & Macmillan Dublin [ISBN: 9780717149735]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BBUSS_7 Bachelor of Business 5 Elective
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 4 Elective

Cork Institute of Technology
Rossa Avenue, Bishopstown, Cork

Tel: 021-4326100     Fax: 021-4545343
Email: help@cit.edu.ie