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DEGREE REGULATIONS & PROGRAMMES OF STUDY 2024/2025

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DRPS : Course Catalogue : School of Economics : Economics

Undergraduate Course: Monetary Policy, Unemployment and the Labour Market (ECNM10120)

Course Outline
SchoolSchool of Economics CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 10 (Year 4 Undergraduate) AvailabilityAvailable to all students
SCQF Credits20 ECTS Credits10
SummaryCentral banks play a crucial role in modern economies by setting monetary policy. This course provides an overview of how monetary policy affects the economy, with an emphasis on unemployment and other aggregate labour market outcomes.
Course description In this course, students will be given an in-depth introduction to key facts and theoretical models on how monetary policy works, how it interacts with the aggregate labour market and the rest of the macroeconomy, and what trade-offs central banks face when attempting to stabilize business cycles.

Topics covered may include: introduction to the New Keynesian macroeconomic framework, which explains how monetary policy impacts the economy, overview of key models of labour market rigidities in the search and matching tradition, an integrated New Keynesian model with labour market frictions, which allows to explore whether and how monetary policy can best stabilize fluctuations in both unemployment and inflation.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Economics 2 (ECNM08006)
Students MUST have passed: Statistical Methods for Economics (ECNM08016) OR ( Probability (MATH08066) AND Statistics (Year 2) (MATH08051)) OR Data Analysis for Psychology in R 2 (PSYL08015)
Co-requisites
Prohibited Combinations Other requirements Students are strongly advised to have successfully completing ECNM10069, Topics in Macroeconomics, before taking this course.
Information for Visiting Students
Pre-requisitesVisiting students must have an equivalent of at least 4 semester-long Economics courses at grade B or above for entry to this course. This MUST INCLUDE courses in Intermediate Macroeconomics (with calculus); Intermediate Microeconomics (with calculus); Probability and Statistics; and Introductory Econometrics. If macroeconomics and microeconomics courses are not calculus-based, then, in addition, Calculus (or Mathematics for Economics) is required.
High Demand Course? Yes
Course Delivery Information
Academic year 2024/25, Available to all students (SV1) Quota:  20
Course Start Semester 2
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 200 ( Lecture Hours 20, Seminar/Tutorial Hours 6, Programme Level Learning and Teaching Hours 4, Directed Learning and Independent Learning Hours 170 )
Assessment (Further Info) Written Exam 80 %, Coursework 20 %, Practical Exam 0 %
Additional Information (Assessment) Midterm Exam: 20%
Degree Exam: 80%
Feedback Not entered
Exam Information
Exam Diet Paper Name Hours & Minutes
Main Exam Diet S2 (April/May)Paper:120
Learning Outcomes
On completion of this course, the student will be able to:
  1. Have had the opportunity to develop and demonstrate a knowledge and understanding of key economic issues in the analysis of how monetary policy impacts the economy.
  2. Have had the opportunity to develop and demonstrate research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
  3. Have had the opportunity to develop and demonstrate communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
  4. Have had the opportunity to develop and demonstrate personal effectiveness through task-management, time-management, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
  5. Have had the opportunity to develop and demonstrate practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis and general IT literacy.
Reading List
None
Additional Information
Graduate Attributes and Skills Not entered
Keywordsmonetary policy,unemployment,labour market
Contacts
Course organiserMr Lauri Esala
Tel:
Email: Lauri.Esala@ed.ac.uk
Course secretaryMiss Allegra Wallace Von Hirschberg
Tel:
Email: Allegra.Wallace@ed.ac.uk
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