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Economics

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Intermediate Economics

Module Code: EC201C

Module Title: Intermediate Economics

  • ECTS Weighting: 5
  • Semester/Term Taught: Hilary Term
  • Contact Hours: 22 hours of lectures and approximately 9 hours of tutorials
  • Module Personnel: Lecturer - Davide Romelli

Module Learning Aims

This module aims to:

  • provide those with a fundamental level of economics (e.g. EC1010) with the required foundation in macroeconomic analysis/theory necessary for tackling more advanced economic policy and economic theory modules (e.g. EC3010);
  • provide the core building block for degree programmes specializing in economics, such as single or joint honors economics (e.g. BESS, PPES and TSM Economics);
  • provide the appropriate economic tools and terminology for the explanation and interpretation of macroeconomic phenomena;
  • provide the generic theoretical concepts required for a critical analysis of real world economic issues; and,
  • facilitate the use of the clear and concise English that is required for economic reasoning and policy-making.

Module Learning Outcomes

Having completed this module (successfully), you will be able to:

  • describe, interpret and evaluate economic events through the application of macroeconomic analysis/theory;
  • formulate and address economic policy issues using the language and approach of macroeconomic analysis/theory;
  • set up and solve theoretical macroeconomic problems related to the topics in this module; and,
  • articulate economic reasoning and results.

Module Content

This module provides students with a broad overview of intermediate-level economic theory, covering macroeconomic theory. The material is built around the study of the behaviour of the economy as a whole. The approach is based on microeconomic foundations and progresses from individual maximization problems, as studied in the microeconomics module, to macroeconomic issues and issues confronting the aggregate economy.
Topics discussed include:

  • IS-LM Model;
  • AS-AD Model;
  • The Open Economy;
  • Long-Run Growth;
  • Inflation and Unemployment;
  • Expectations.

Recommended Reading List

Macroeconomics: Francesco Giavazzi, Alessia Amighini and Olivier Blanchard, Macroeconomics: A European Perspective, (latest edition), Pearson.

Module Pre Requisite

EC1010 (or equivalent, e.g. EC1040) and EC1030 (or equivalent).

Assessment Details

It is envisaged that there will be a mid-term test taking place in teaching week 8 (usually on Saturday morning at the end of teaching week 8) accounting for 30% of the overall grade. A final exam accounts for 70% of the overall grade.

Module Website

Blackboard.