Course Specification1
1. Course Code:
ECON4019
2. Course Title:
Macroeconomic Analysis: Inflation, Unemployment And Growth
3. Short Title:
Macroeconomic Analysis
4. Academic Session:
2013-14
5. Level:
Level 4 (SCQF level 10)
6. Credits:
15
7. Independent Work (course can be used to meet the generic Honours requirement to achieve a
grade D3 or better in a piece of independent work worth at least 20 credits):
No
8. Subject:
Economics
9. Campus:
Main Campus
10. College:
College of Social Sciences
11. Lead School/Institute:
Adam Smith Business School [REG40100000]
1
This specification provides a concise summary of the main features of the course and the learning outcomes that a typical student
might reasonably be expected to achieve and demonstrate if full advantage is taken of the learning opportunities that are provided. More
detailed information on the learning outcomes, content and teaching, learning and assessment methods of each course can be found in
course handbooks and other course documentation and online at http://www.gla.ac.uk
CourseSpecification2012-V1
Proposal ID - 8000
Page 1 of 21
12. Collaborative:
No
12.1. Teaching Institutions:
13. Short Description:
This course aims to give students a thorough grounding in undergraduate macroeconomic theory and
includes theories of inflation and unemployment as outlined in the New Classical and New Keynesian
Models. In addition, the course will contain coverage of long run growth theory (including the Solow
Model and the AK Model), business cycle theory and the link between the two.
14. Requirements of Entry:
Entry to an Honours programme in Economics or a minimum grade C3 (average) in Economics 2A and 2B
for students taking an Honours programme in another subject. Completion of Microeconomic Analysis:
Games and Industry is also required.
15. Co-requisites (courses that must be taken in conjunction with this course):
16. Excluded Courses:
17. Associated Programmes:
MA (SocSci) Hons Economics (Single)
MA (SocSci) Hons Economics with Subsidiary Language
MA (SocSci) Hons Economics (Joint)
MA (SocSci) Hons Business Economics (Single)
MA (SocSci) Hons Business Economics (Joint)
MA Hons Economics (Joint)
BSc Hons Economics (Joint)
LLB Hons Economics (Joint)
LLB Hons Business Economics (Joint)
18. Typically offered:
Semester 2
19. Timetable (if known) and length and frequency of teaching sessions:
Lectures: Monday 2.00 – 4.00pm
Tutorials are held at various times and can be selected on MyCampus
CourseSpecification2012-V1
Proposal ID - 8000
Page 2 of 21
20. Minimum Requirement for Award of Credits:
None
21. Available to visiting students:
Yes
22. Taught wholly by distance learning:
No
23. Open Studies Credit Bearing:
No
24. Represents a work placement or year of study abroad:
No
25. Course Aims:
The main aims of this course are

To provide students with a thorough grounding in advanced undergraduate
macroeconomic theory.

To expose students to modern debates in economic theory in topical fields such as
inflation, unemployment and growth theory

To provide students with the background in economic theory to enable them to take
advanced courses in the theory of economic policy and contemporary economic policy

To allow students to develop skills in manipulating basic economic models for policy
applications
26. Intended Learning Outcomes of Course:
CourseSpecification2012-V1
Proposal ID - 8000
Page 3 of 21
By the end of this course students should be able to:

apply the economic theory models in the course to address contemporary questions in
the theory of economic policy.

develop the analytical skills to manipulate formal models as simplified representations
of reality to generate policy predictions.

present logical and well-argued written outlines of economic models.

explain in non-technical language the key implications of theoretical models for modern
debates in economic policy

appreciate the key results in advanced modern macroeconomic theory.

explain the basic mechanism of the Solow model;

explain the importance of technological progress, the savings rate, population growth
and human capital accumulation in determining why some countries are rich and
others are not;

derive the Solow residual under varying assumptions regarding the form of
technological progress;

explain the underlying mechanism of the AK model;

explain the nature of ideas as an economic commodity and its role in endogenising
technical progress;

critically evaluate how well the Solow and Romer models explain the stylised "facts"
relating to economic growth;

describe the important role of the intertemporal substitution of labour as a key
propagation mechanism in real business cycle theory;

explain the role of productivity shocks in creating real aggregate fluctuations;

explain how price/wage 'stickiness' can induce real effects from nominal shocks in the
New Keynesian model;

discuss the role of monetary policy in exploiting the underlying inflation-unemployment
tradeoff (policy rules, discretion v. commitment, the time-inconsistency issue);
discuss the role of (rational) expectations for the effectiveness of policy;
show the importance of distinguishing between anticipated and unanticipated monetary
policy changes;
analyze the role of supply-side policies and labour market institutions for employment,
output and inflation;




explain the effects of macro policies on employment dynamics in the framework of
search models.
CourseSpecification2012-V1
Proposal ID - 8000
Page 4 of 21
27. Learning and Teaching Methods:
Method
Formal Contact Hours
Notional Learning Hours
(including formal contact hours)
Lecture
20.00
40.00
Seminar / Presentation / PBL
0.00
0.00
Tutorial
4.00
8.00
Laboratory work
0.00
0.00
Project work
0.00
0.00
Field work / Clinical work
0.00
0.00
E-learning / Distance Learning
0.00
0.00
Placement
0.00
0.00
Examination
3.00
40.00
Essay
0.00
0.00
Private study
Not Applicable
62.00
Other (please specify below)
TOTAL
0.00
27.00
0.00
150.00
27.1 Description of “Other” Learning and Teaching Methods:
28. Summative Assessment Methods:
Method
%
Coursework
30%
Project work
0%
Placement
0%
Examination
70%
Other
TOTAL
0%
100
28.1 Description of Summative Assessment:
Coursework (30%) and a 2-hour degree examination (70%)
28.2 Description of “Other” Summative Assessment Method:
29. Grading Basis:
Schedule A
30. Examination Diet:
April/May
CourseSpecification2012-V1
Proposal ID - 8000
Page 5 of 21
31. Total Exam Duration (Excluding in-class tests):
120 minutes
31.1 Non-Standard Rationale:
32. Are reassessment opportunities normally available for all summative assessments in this
course:
Not applicable
33. Formative Assessment:
1) One in-course assessment forms part of the summative assessment but this is also
formative in terms of feedback provided to students.
2) Feedback on participation in tutorials is routinely provided.
34. Additional Relevant Information:
35. Intended Student Numbers—Max:
36. Intended Student Numbers—Min:
37. Intended Student Numbers—Target:
Date of production / revision:
CourseSpecification2012-V1
100
10
60
15/01/2013 13:45
Proposal ID - 8000
Page 6 of 21
Course Specification2
1. Course Code:
ECON4004
2. Course Title:
Econometrics 2: Multiple Regression And Applications
3. Short Title:
Econometrics 2
4. Academic Session:
2013-14
5. Level:
Level 4 (SCQF level 10)
6. Credits:
15
7. Independent Work (course can be used to meet the generic Honours requirement to achieve a
grade D3 or better in a piece of independent work worth at least 20 credits):
No
8. Subject:
Economics
9. Campus:
Main Campus
10. College:
College of Social Sciences
11. Lead School/Institute:
Adam Smith Business School [REG40100000]
2
This specification provides a concise summary of the main features of the course and the learning outcomes that a typical student
might reasonably be expected to achieve and demonstrate if full advantage is taken of the learning opportunities that are provided. More
detailed information on the learning outcomes, content and teaching, learning and assessment methods of each course can be found in
course handbooks and other course documentation and online at http://www.gla.ac.uk
CourseSpecification2012-V1
Proposal ID - 8000
Page 7 of 21
12. Collaborative:
No
12.1. Teaching Institutions:
13. Short Description:
The main aim of this course is to help students develop a clear and complete understanding of the multiple
regression model and its extensions. The emphasis throughout this course is on empowering the student to
thoroughly understand the most fundamental econometric ideas and tools, and how this knowledge is of
practical relevance to professionals in business, industry, government, and academia.
14. Requirements of Entry:
Entry to an Honours programme in Economics or a minimum grade C3 (average) in Economics 2A and 2B
for students taking an Honours programme in another subject. You must also complete Econometrics 1:
Basic Statistics and Simple Linear Regression
15. Co-requisites (courses that must be taken in conjunction with this course):
16. Excluded Courses:
17. Associated Programmes:
MA (SocSci) Hons Economics (Single)
MA (SocSci) Hons Economics with Subsidiary Language
MA (SocSci) Hons Economics (Joint)
MA (SocSci) Hons Business Economics (Single)
MA (SocSci) Hons Business Economics (Joint)
MA Hons Economics (Joint)
BSc Hons Economics (Joint)
LLB Hons Economics (Joint)
LLB Hons Business Economics (Joint)
18. Typically offered:
Semester 2
19. Timetable (if known) and length and frequency of teaching sessions:
Lectures: Tuesday, 2.00 – 4.00pm
Other: 4 hours tutor-led problem solving sessions (4 x 1 hour) and 7.5 hours tutor-led computing
sessions (5 x 1.5 hour)
20. Minimum Requirement for Award of Credits:
CourseSpecification2012-V1
Proposal ID - 8000
Page 8 of 21
None
21. Available to visiting students:
Yes
22. Taught wholly by distance learning:
No
23. Open Studies Credit Bearing:
No
24. Represents a work placement or year of study abroad:
No
25. Course Aims:
The main aim of this course is to help students develop a clear and complete understanding of the multiple
regression model and its extensions. The emphasis throughout this course is on empowering the student to
thoroughly understand the most fundamental econometric ideas and tools, and how this knowledge is of
practical relevance to professionals in business, industry, government, and academia.
26. Intended Learning Outcomes of Course:
By the end of this course, students should be able to:





Analyse actual economic data so as to produce a statistically adequate model
Check the validity of the statistical assumptions underlying the model, using the sample
data and revising the model specification as needed
Use the model to obtain reasonably valid statistical test of economic theory – i.e. of our
understanding of the economic reality generating the sample data
Use the model to obtain reasonably valid confidence intervals for the key coefficients, so
that the estimates can be sensibly used for policy analysis
Identify, estimate and diagnostically check practical time-series forecasting models
27. Learning and Teaching Methods:
Method
Formal Contact Hours
Notional Learning Hours
Lecture
20.00
40.00
Seminar / Presentation / PBL
4.00
8.00
Tutorial
0.00
0.00
Laboratory work
7.50
12.00
Project work
0.00
20.00
Field work / Clinical work
0.00
0.00
E-learning / Distance Learning
0.00
0.00
Placement
0.00
0.00
Examination
2.00
20.00
Essay
0.00
0.00
Private study
Not Applicable
50.00
Other (please specify below)
TOTAL
0.00
33.5
0.00
150
(including formal contact hours)
CourseSpecification2012-V1
Proposal ID - 8000
Page 9 of 21
27.1 Description of “Other” Learning and Teaching Methods:
28. Summative Assessment Methods:
Method
%
Coursework
30%
Project work
0%
Placement
0%
Examination
70%
Other
TOTAL
0%
100%
28.1 Description of Summative Assessment:
Summative assessment comprises coursework (30%) and a 2-hour degree examination
(70%)
28.2 Description of “Other” Summative Assessment Method:
29. Grading Basis:
Schedule A
30. Examination Diet:
April/May
31. Total Exam Duration (Excluding in-class tests):
120 minutes
31.1 Non-Standard Rationale:
32. Are reassessment opportunities normally available for all summative assessments in this
course:
Not applicable
33. Formative Assessment:
1) One in-course assessment forms part of the summative assessment but this is also
formative in terms of feedback provided to students.
2) Feedback on participation in labs and tutorials is routinely provided.
CourseSpecification2012-V1
Proposal ID - 8000
Page 10 of 21
34. Additional Relevant Information:
35. Intended Student Numbers—Max:
36. Intended Student Numbers—Min:
37. Intended Student Numbers—Target:
Date of production / revision:
CourseSpecification2012-V1
100
10
60
12/12/2012 22:42
Proposal ID - 8000
Page 11 of 21
Proposal Support Document C1
For New Courses and Changes to Courses
Section A — to be completed by the proposer
A1. List of Proposed Courses: This field will be automatically populated when this document is entered into PIP.
Code
Title
ECON4004
Econometrics 2: Multiple Regression And Applications
ECON4019
Macroeconomic Analysis: Inflation, Unemployment And Growth
A2. Rationale for the proposal: ** Please explain the reason for introducing the new course(s) or making the
changes.
The course description, aims and ILOs have been updated following an annual course review by the course
coordinators.
A3. Additional Resources: **Please identify the resources required for this proposal that are in addition to the
resources already available to the school, e.g. teaching staff, support staff, accommodation, equipment, consumables,
library, computing or audio visual. In no additional resources are required, enter “None”.
None
A3.1 If extra resources are required, please check the box to confirm that there has
been agreement with budget controller regarding the extra resources required:
A3.2 If extra resources are required,
please indicate the name of the
budget controller:
A4. Consultations: Please enter details of the consultation undertaken regarding this proposal, if any. Guidance on
the consultations required can be found on the Senate Office website (www.gla.ac.uk/media/media_107383_en.pdf)
because not all consultations are appropriate to every proposal.
Consultation:
File Names: Please enter the name of
any file containing consultation details.
Optional Comment: e.g. status of the
consultant, or reason why consultation
details are not available.
4.1 External Academic:
4.2 Students:
4.3 Central Room
Bookings:
CourseSupportDocument2012-V1
Proposal ID - 8000
Page 12 of 21
4.4 Academic Services:
4.5 Other GU Schools:
4.6 Potential Employers:
4.7 Learning & Teaching
Centre:
4.8 Other:
A5. Additional Information: Please enter any additional information relevant to this proposal.
The course specifications were sent to internal scrutineers to clarify information that was amended.
A5.1 Rationale for Exceptional Opt-Out of Reassessment of Coursework: Please enter coursework item(s)
where reassessment opportunities will not be available and explain why it is not possible to offer reassessment of the
coursework to students who fail to meet the satisfactory (threshold) grade in the overall course result.
A5.2 Exemption from Standard Exam Duration (see 32.1 of course specification) If the
Select...
total course exam duration exceeds the limits specified in 16.14 – 16.21 and Schedule D of the Code
of Assessment please confirm that Senate Office approval has been obtained.
A5.2.1 Comments on “No” response:
A5.3 Are there any specific implications for a protected characteristic group (as defined in the
Equality Act 2010) in this course? Tick all that apply.
If yes, provide details and indicate mitigation
actions in place
Age
Disability
Gender reassignment
Marriage and civil partnership
Pregnancy and maternity
Race
CourseSupportDocument2012-V1
Proposal ID - 8000
Page 13 of 21
Religion or belief
Sex
Sexual orientation
Date of production/revision:
CourseSupportDocument2012-V1
31/07/2017
Proposal ID - 8000
Page 14 of 21
** Section B — to be completed on behalf of the Board of Studies or Higher Degrees
Committee
B1. Is the proposal in accordance with the current University guidelines
(http://www.gla.ac.uk/services/senateoffice/qae/progdesignapproval/progapproval/ d.en.87515)?
Select...
B2. Is the proposal clear and consistent?
Select...
B3. Is the proposal compliant with the Scottish Credit and Qualifications Framework?
Select...
B4. Are notional learning hours and assessment methods appropriate to the level of, and
number of credits assigned to, the course(s)?
Select...
B5. Are examination durations consistent with Senate prescriptions set out in the Code of
Assessment? [Colleges have limited discretion to allow examinations to exceed the normal
prescription, and the rationale for such an extension should be indicated in field B9 below.]
Select...
B6. Are Intended Learning Outcomes written according to the guidelines?
Select...
B7. Is there adequate provision for, and monitoring of, the external supervision of project
work, work placement, etc., where this is an integral part of the course(s)?
Select...
B8. Has the Head of School approved any opt-outs for coursework reassessment (see
A5.1)?
Select...
B9. Have all required consultations taken place and responses considered by the College?
Select...
B10. Is there evidence that any issues raised by consultees have been satisfactorily
addressed?
Select...
B11. Comments on any “No” answers:
B12. Date of Board of Studies /
Higher Degrees Committee Approval:
B13. Name of Convener of above:
CourseSupportDocument2012-V1
Proposal ID - 8000
Page 15 of 21
Course Change Report
1. Course Code: ECON4019
2. Course Title: Macroeconomic Analysis: Inflation, Unemployment And Growth
3. Academic Session: 2013-14
4. Level: Level 4 (SCQF level 10)
5. Credits: 15
6. College: College of Social Sciences
7. School: Adam Smith Business School [REG40100000]
8. Associated Programmes: MA (SocSci) Hons Economics (Single)
MA (SocSci) Hons Economics with Subsidiary Language
MA (SocSci) Hons Economics (Joint)
MA (SocSci) Hons Business Economics (Single)
MA (SocSci) Hons Business Economics (Joint)
MA Hons Economics (Joint)
BSc Hons Economics (Joint)
LLB Hons Economics (Joint)
LLB Hons Business Economics (Joint)
9. Reason for Change: The course description, aims and ILOs have been updated following an annual
course review by the course coordinators.
Changes
Intended Learning Outcomes of Course
By the end of this course students should be able to:

apply the economic theory models in the course to address contemporary questions
in the theory of economic policy.

develop the analytical skills to manipulate formal models as simplified
representations of reality to generate policy predictions.

present logical and well-argued written outlines of economic models.

explain in non-technical language the key implications of theoretical models for
modern debates in economic policy

appreciate the key results in advanced modern macroeconomic theory.

explain the basic mechanism of the Solow model;
CourseChangeReport2010-V1
Proposal ID - 8000
Page 16 of 21

explain the importance of technological progress, the savings rate, population growth
and human capital accumulation in determining why some countries are rich and
others are not;

derive the Solow residual under varying assumptions regarding the form of
technological progress;

explain the underlying mechanism of the AK model;

explain the nature of ideas as an economic commodity and its role in endogenising
technical progress;

critically evaluate how well the Solow and Romer models explain the stylised "facts"
relating to economic growth;

describe the important role of the intertemporal substitution of labour as a key
propagation mechanism in real business cycle theory;

explain the role of productivity shocks in creating real aggregate fluctuations;

explain how price/wage 'stickiness' can induce real effects from nominal shocks in the
New Keynesian model;discuss the link between equilibrium business cycle theory and
exogenous and endogenous growth theory.

discuss the role of monetary policy in exploiting the underlying inflationunemployment tradeoff (policy rules, discretion v. commitment, the timeinconsistency issue);derive and explain the importance of the expectationsaugmented labour supply and aggregate supply functions for New Classical
Macroeconomics;
discuss the role of (rational) expectations for the effectiveness of policy;use the New
Classical Model to demonstrate:
show the importance of distinguishing between anticipated and unanticipated
monetary policy changes;outline the effects on output and the price level of
anticipated and unanticipated shocks to aggregate demand and the money supply
analyze the role of supply-side policies and labour market institutions for
employment, output and inflation;explain the necessary and sufficient conditions for
the policy ineffectiveness proposition to hold-;




explain the effects of macro policies on employment dynamics in the framework of
search models.explain how price 'stickiness' can induce real effects from nominal
shocks in New Keynesian theory, even in the presence of rational expectations;
1.
discuss the relationship between bargained real wage theory, efficiency wage theory and
involuntary unemployment;
1.
explain the difference between normal cost and marginal cost pricing under imperfect
competition;
1.
use the simple closed-economy NAIRU model to analyse how the government can affect
unemployment.
Description of Summative Assessment
Coursework (30%) and a 2-hour degree examination (70%)
Formative Assessment
1) One in-course assessment forms part of the summative assessment but this is also
CourseChangeReport2010-V1
Proposal ID - 8000
Page 17 of 21
formative in terms of feedback provided to students.
2) Feedback on participation in tutorials is routinely provided.
CourseChangeReport2010-V1
Proposal ID - 8000
Page 18 of 21
Course Change Report
1. Course Code: ECON4004
2. Course Title: Econometrics 2: Multiple Regression And Applications
3. Academic Session: 2013-14
4. Level: Level 4 (SCQF level 10)
5. Credits: 15
6. College: College of Social Sciences
7. School: Adam Smith Business School [REG40100000]
8. Associated Programmes: MA (SocSci) Hons Economics (Single)
MA (SocSci) Hons Economics with Subsidiary Language
MA (SocSci) Hons Economics (Joint)
MA (SocSci) Hons Business Economics (Single)
MA (SocSci) Hons Business Economics (Joint)
MA Hons Economics (Joint)
BSc Hons Economics (Joint)
LLB Hons Economics (Joint)
LLB Hons Business Economics (Joint)
9. Reason for Change: The course description, aims and ILOs have been updated following an annual
course review by the course coordinators.
Changes
Short Description
The main aim of this course is to help students develop a clear and complete understanding of the
multiple regression model and its extensions. The emphasis throughout this course is on empowering the
student to thoroughly understand the most fundamental econometric ideas and tools, and how this
knowledge is of practical relevance to professionals in business, industry, government, and academia.The
main aims of this course are to build upon the foundation provided by Econometrics 1 by providing an
introduction to the fundamental theoretical concepts and applications of the multiple linear regression
model. The course will extend the bi-variate regression model to a multivariate context; examine the
implications for the ordinary least squares estimator when the Gauss-Markov (GM) conditions do not hold;
test for violations of GM conditions; and develop alternative estimators when GM conditions do not hold.
CourseChangeReport2010-V1
Proposal ID - 8000
Page 19 of 21
Timetable
Lectures: Tuesday, 2.00 – 4.00pmLectures: Tuesday 2.00 – 4.00pm
Other: 4 hours tutor-led problem solving sessions (4 x 1 hour) and 7.5 hours tutor-led computing
sessions (5 x 1.5 hour)Other: 4 hours tutor-led problem solving sessions (4 x 1 hour) and 6 hours
tutor-led computing sessions (4 x 1.5 hour)
Course Aims
The main aim of this course is to help students develop a clear and complete understanding of the
multiple regression model and its extensions. The emphasis throughout this course is on empowering the
student to thoroughly understand the most fundamental econometric ideas and tools, and how this
knowledge is of practical relevance to professionals in business, industry, government, and academia.The
main aims of this course are: to build upon the foundation provided by the prerequisite course
Econometrics 1 by providing an introduction to the fundamental theoretical concepts and applications of
the multiple linear regression model. To this end we will extend the bi-variate regression model to a
multivariate context; examine the implications for the ordinary least squares estimator when the GaussMarkov (GM) conditions do not hold; test for violations of GM conditions; and develop alternative
estimators when GM conditions do not hold.
Intended Learning Outcomes of Course
By the end of this course, students should be able to:





Analyse actual economic data so as to produce a statistically adequate modeloutline the
Gauss-Markov conditions and explain the consequences of their violation;
Check the validity of the statistical assumptions underlying the model, using the sample
data and revising the model specification as neededintroduce non-linearity in regression
models;
Use the model to obtain reasonably valid statistical test of economic theory – i.e. of our
understanding of the economic reality generating the sample dataconstruct and test
hypotheses in a multivariate context;
Use the model to obtain reasonably valid confidence intervals for the key coefficients, so
that the estimates can be sensibly used for policy analysisexplain how to model the
effects of qualitative factors in a regression framework;
Identify, estimate and diagnostically check practical time-series forecasting
modelscompare alternative methods of model selection;
1. show that they are familiar with concepts and ideas discussed in applied econometrics
articles;
1. undertake their own applied projects.
Learning and Teaching Methods - Laboratory work
Value changed from 6.00 to 7.50.
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Proposal ID - 8000
Page 20 of 21
Learning and Teaching Methods - Project work
Value changed from 0.00 to 20.00.
Learning and Teaching Methods - Essay
Value changed from 20.00 to 0.00.
Description of Summative Assessment
Summative assessment comprises coursework (30%) and a 2-hour degree examination
(70%)
Formative Assessment
1) One in-course assessment forms part of the summative assessment but this is also
formative in terms of feedback provided to students.
2) Feedback on participation in labs and tutorials is routinely provided.
CourseChangeReport2010-V1
Proposal ID - 8000
Page 21 of 21