| Unit name | Intermediate Economics 1 with Extended Essay |
|---|---|
| Unit code | EFIM30022 |
| Credit points | 30 |
| Level of study | H/6 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Professor. Jolivet |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
None |
| School/department | School of Economics, Finance and Management |
| Faculty | Faculty of Social Sciences and Law |
This unit is only available to Graduate Diploma students.
The course develops economic theory at an intermediate level.
At the microeconomic level it considers the impact of asymmetric information, uncertainty and strategic interaction.
At the macroeconomic level it studies economic growth, modern consumption theory and a dynamic 3-equation macro framework that will allow students to achieve a deeper understanding of the determinants of key macro variables.
Students should be able to:
1. Demonstrate a good understanding of a variety of games, the importance of information and beliefs, and solution concepts.
2. Understand the implications of uncertainty and asymmetric information in a variety of economic settings.
3. Formalize an economic problem using the models presented and use the models to undertake analyses.
4. Understand the basic theories of economic growth and development, including the key concepts of capital accumulation, technological progress and development traps.
5. Demonstrate a solid understanding of modern dynamic consumption theories, including the ideas of prudence and precautionary behaviour and be able to apply this knowledge to the real world.
6. Analyse the behaviour of the output gap, the interest rate and the rate of inflation using a dynamic, rational expectations 3-equation model of an economy that is disturbed by various shocks.
40 Lectures/Exercise Lectures
10 tutorials
Summative assessment
1. Three hour closed book exam.
2. Extended essay
Diploma students follow the same programme of study as second year undergraduates taking Intermediate Economics 1. In addition to the exam students will complete an extended essay (3,500 words) on a set topic. This is to give students an opportunity for more extended study and the writing of a critical survey of more recent research, and will provide a useful basis for any future work at postgraduate level.
Final assessment in this unit will be based on a weighted average of the examination and extended essay and the unit as a whole will be worth 30 credit points.
Formative assessment
Six short assignments consisting mainly of problems.
J. Perloff, Microeconomics, Pearson.
R. Gibbons, A Primer in Game Theory, Prentice Hall.
F.Cowell, Microeconomics, Oxford University Press.
Lecture notes for the macro component of the unit.
