Module Code - Title:
EC4112
-
MACROECONOMICS (FOR NON-BUSINESS)
Year Last Offered:
2026/7
Hours Per Week:
Grading Type:
N
Prerequisite Modules:
Rationale and Purpose of the Module:
The purpose of this course is to introduce the student to the principles underlying the macro economy. This is the study of how aggregate economic variables such as, the real growth rate, inflation and unemployment, behave and how the government and central banks can influence their behaviour. The first part of the course deals with key topics such as the theory of income determination, the consumption function and fiscal policy as well as the foreign exchange market. The latter part examines monetary policy instruments including how interest rates are determined and how monetary policy is conducted by the European Central Bank.
Syllabus:
1. Measuring a Nations Income
2. Measuring the Cost of Living and Unemployment
3. Production and Growth
4. Fiscal Policy and the Business Cycle
5. Money and Banking.
6. Monetary Policy and Interest Rate Determination
7. The Consumption Function and Income Determination
8. The Balance of Payments and Exchange Rate Theory.
9. Influence of Monetary and Fiscal Policy on Aggregate Demand
10. The Trade Off Between Unemployment and Inflation
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
On successful completion of this module, students will be able to:
Explain the key principles underlying the macroeconomy.
Describe how aggregate variables such as inflation and unemployment behave and how the government and the European Central Bank can influence their behavior.
Evaluate the impact of fiscal and monetary policy on the domestic economy.
Describe how foreign exchange markets operate and how fluctuations in the value of the domestic currency impacts the economy
Affective (Attitudes and Values)
On successful completion of this module, students will be able to:
Participate in debates on the impact of key decisions by government and the ECB on the domestic economy.
Appreciate the interrelationships between key economic variables such as GDP, unemployment and inflation.
Psychomotor (Physical Skills)
N/A
How the Module will be Taught and what will be the Learning Experiences of the Students:
The module is delivered through a combination of lecture and tutorial contact hours, as well as private study hours. Each lecture is a mixture of multimedia presentations on key concepts and issues within macroeconomics. Discussions of recent developments and research papers related to the macroeconomy are incorporated into the module. Tutorials are dedicated to providing students with a platform for greater discussion of the module content, as well as helping students to complete relevant topic review questions. The review questions are designed to engage students and evoke their curiosity on the extent, implications and impact of monetary and fiscal policy on the domestic economy. In class discussion around the
lack of accurate measurements of 'green' GDP develops the students ethical responsibility around the value of maintaining a high quality environment for future generations. In addition, through various exercises and class discussions students will have the ability to communicate to academic and non-academic audiences on how key macroeconomic variables influence output and income growth in the economy.
Prime Texts:
Mankiw, N.G. & M.P. Taylor (2023)
Economics
, Cengage
Begg, D., Vernasca, G., Golson, E., Kauma, B., Dornbush, R. & S. Fischer (2025)
Economics
, McGraw Hill
Other Relevant Texts:
Stevenson, B. & J. Wolfers (2025)
Principles of Economics
, MacMillan Learning
Programme(s) in which this Module is Offered:
BACHELOR OF ARTS
BACHELOR OF ARTS (PROFESSIONAL PATHWAYS)
BACHELOR OF ARTS IN ECONOMICS AND SOCIOLOGY
BACHELOR OF ARTS IN EUROPEAN STUDIES
BACHELOR OF ARTS IN HISTORY, POLITICS, SOCIOLOGY AND SOCIAL STUDIES
BACHELOR OF ARTS IN INTERNATIONAL INSURANCE AND EUROPEAN STUDIES
BACHELOR OF ARTS IN JOURNALISM AND DIGITAL COMMUNICATION
BACHELOR OF ARTS IN POLITICS AND PUBLIC ADMINISTRATION
BACHELOR OF LAWS (LAW PLUS)
BACHELOR OF SCIENCE (SCIENCE CHOICE)
BACHELOR OF SCIENCE IN BIOSCIENCE
BACHELOR OF SCIENCE IN EQUINE SCIENCE
BACHELOR OF SCIENCE IN FINANCIAL MATHEMATICS
BACHELOR OF SCIENCE IN MATHEMATICS
BACHELOR OF SCIENCE IN TECHNOLOGY MANAGEMENT
BACHELOR OF SCIENCE SOCIAL SCIENCES
CERTIFICATE IN EQUINE SCIENCE
CERTIFICATE IN SCIENCE AND ENGINEERING
DIPLOMA IN EQUINE SCIENCE
Semester(s) Module is Offered:
Spring
Module Leader:
Mary.Wallace@ul.ie