2024/25 Undergraduate Module Catalogue

LUBS2281 Macroeconomic Policy and Performance

10 creditsClass Size: 120

Module manager: Esra Ugurlu
Email: E.N.Ugurlu@leeds.ac.uk

Taught: Semester 2 (Jan to Jun) View Timetable

Year running 2024/25

Pre-requisite qualifications

LUBS1951 Economic Theory and Applications or
LUBS1952 Economic Theory and Applications for Finance

This module is not approved as a discovery module

Module summary

Approaches to macroeconomic policy differ across countries. How much does this explain difference in performance outcomes? To what extent do policy changes reflect developments in economic theory? This module explores these issues, taking a comparative perspective and focused on key macroeconomic indicators and policy areas. The module will examine questions including: was the monetarist experiment and the abandonment of Keynesianism a necessary step or did recovery occur despite policy errors? What have been the effects of the shift from a policy focus on unemployment to an overriding concern with inflation? How has the current policy framework – based on a ‘new consensus’ in macroeconomic theory – performed in the face of the deep recessions triggered by financial crisis and a global pandemic? Building on introductory economics (pre-requisite: LUBS 1951 Economic Theory and Applications or LUBS1952 Economic Theory and Applications for Finance) this module traces developments in economic policy-making, macroeconomic theory and macroeconomic performance since the mid-1960s. Through lectures and debate-led seminars, we examine the major policy changes and their supporting theoretical and ideological arguments. Throughout the module there is an emphasis on critical evaluation and analysis, drawing on economic theory, political economy and recent economic history. At the end of this module, you will have a much greater awareness of the historical and theoretical foundations of the current policy framework, patterns of comparative economic performance across nations and the ability to critically appraise policies and their application.

Objectives

This module aims to provide students with an understanding of competing theoretical perspectives on macroeconomic policy since the mid-1960s.

The module explores the interplay of evolving economic theory, policy developments and political ideology and seeks to assess the performance outcomes of varying policy approaches, taking a comparative approach focused on industrialised nations.

Learning outcomes
Upon completion of this module students will be able to demonstrate a critical understanding of:

- the evolution of macroeconomic theory since the mid-1960s
- macroeconomic policy debates
- the impact of various macroeconomic policy measures on economic performance

Skills outcomes
Upon completion of this module students will be able to:
Subject specific
- devise and select a suitable framework for the evaluation and assessment of the effects of economic policy
- apply economic theories to the analysis of developments in macroeconomic policy-making

Transferable skills
- construct and express an evidence-based argument and form a judgement

Syllabus

Indicative Content:
Relative economic performance; the monetarist experiment and evolution of monetary policy; unemployment policy – from macroeconomics to microeconomics; challenges to policy orthodoxy: financial crisis and pandemic pressures.

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	11	1.00	11.00
Seminar	5	1.00	5.00
Private study hours			84.00
Total Contact hours			16.00
Total hours (100hr per 10 credits)			100.00

Opportunities for Formative Feedback

Your teaching methods could include a variety of delivery models, such as face-to-face teaching, live webinars, discussion boards and other interactive activities. There will be opportunities for formative feedback throughout the module.

Methods of assessment

Exams

Exam type	Exam duration	% of formal assessment
Standard exam (closed essays, MCQs etc)	2 hr 00 mins	100.00
Total percentage (Assessment Exams)		100.00

The resit for this module will be 100% by 2 hour examination.

Reading list

The reading list is available from the Library website

Last updated: 11/11/2024

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