The module aims to enable students to develop a deeper understanding of economic concepts introduced in first–year analysis and to introduce new concepts in both micro and macroeconomic analysis. New concepts include material drawn from general equilibrium, welfare economics, game theory, rational expectations and time consistency. The module aims to introduce students to the analysis of public policy issues such as market failure and counter-inflation policy.
Principal Learning Outcomes
By the end of the module, the student will be expected to be familiar with a range of tools for the analysis of both micro and macroeconomic problems. The student will have a rigorous knowledge of the theoretical models which underlie economic analysis and an understanding of both the applicability and the limitations of particular models and approaches.
The module will typically cover the following topics:
Microeconomics The analysis of general equilibrium and welfare economics. Consideration of the economics of public policy issues such as externalities and public goods. Game theoretic approaches to oligopoly, entry and other strategic areas in industrial and business economics.
Macroeconomics The unemployment-inflation relationship. The effect of monetary policy. Expectations, financial markets and the Macroeconomy. Political business cycles. The Time inconsistency problem. The open economy.
- Pre or Co-requisites
- EC106 (for MORSE students) or EC107 or EC131 and EC229 with a mark of 60% in each plus passes in IB121 and IB122
- May not be taken by L100 and L116 students or WBS students in their second year. May not be combined with EC201 or EC202.
- Part-year Availability for Visiting Students
- Available in the Autumn term only (1 x 2000 word essay – 12 CATS) and in the Spring term only (1 x 2000 word essay – 12 CATS) and in the Autumn and Spring terms together (2 x 2000 word essays - 24 CATS)
- Assessment Method
- Coursework (20%) + 3 hour exam (80%)
- Coursework Details
- Two assignments (2000-word essays) (worth 10% each)
- Exam Timing
Time Allowed: 3 hours.
Answer ALL FOUR questions from Section A (40 marks total), ONE question from Section B (30 marks total) and ONE question from Section C (30 marks total). Answer Section A questions in one booklet, Section B questions in a separate booklet; and Section C questions in a separate booklet.
Approved pocket calculators are allowed.
Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.
Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.