EC4414 Macroeconomic Policy

Academic year

2024 to 2025 Semester 2

Further information on which modules are specific to your programme.

Key module information

SCOTCAT credits

20

The Scottish Credit Accumulation and Transfer (SCOTCAT) system allows credits gained in Scotland to be transferred between institutions. The number of credits associated with a module gives an indication of the amount of learning effort required by the learner. European Credit Transfer System (ECTS) credits are half the value of SCOTCAT credits.

SCQF level

SCQF level 10

The Scottish Credit and Qualifications Framework (SCQF) provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.

Availability restrictions

Available to General Degree students with the permission of the Honours Adviser

Planned timetable

When confirmed, check online https://timetables.st-andrews.ac.uk/.

This information is given as indicative. Timetable may change at short notice depending on room availability.

Module coordinator

Dr P D Macmillan

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module Staff

Peter Macmillan

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module description

The module is designed to provide a specialised understanding of a number of monetary policy and fiscal policy issues. The lectures will cover a broad range of issues. These may include the costs of inflation to the economy, inflation bias in monetary policy, central bank independence, the monetary policy transmission mechanism, monetary policy targets, quanitative easing, Taylor rules and monetary and fiscal policy interaction

Relationship to other modules

Pre-requisites

PERMISSION OF THE ECONOMICS HONOURS ADVISER

Assessment pattern

2-hour Written Examination = 50%, Coursework (incl. Class Test 25%) = 50%

Re-assessment

2-hour Written Examination = 100%

Learning and teaching methods and delivery

Weekly contact

20 hours of lectures over 11 weeks, 1-hour tutorial (x 5 weeks).

Scheduled learning hours

25

The number of compulsory student:staff contact hours over the period of the module.

Guided independent study hours

175

The number of hours that students are expected to invest in independent study over the period of the module.

Intended learning outcomes

  • Develop an understanding of the appropriate aims and goals of monetary and fiscal policy.
  • Understand the various ways in which changes in monetary policy can influence the real economy
  • Understand how the pursuit of different monetary policy objectives can influence the real economy in different ways.
  • Understand the interaction between monetary policy and fiscal policy.