EC114NU-Introductory Macroeconomics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Modules excluded:
Current from: 2020/1

Module Convenor: Dr Mark Guzman


Type of module:

Summary module description:

NUIST Module Lead:  Dr. Burak SUNGU/ Dr Irfan Ullah      Email: /

This is a 16-week long module designed to provide a complete treatment of Introductory Macroeconomic Theory. Principles of Macroeconomics introduces ideas and models that will later be expanded upon in Intermediate Macroeconomic Theory. 

Macroeconomics is the study of aggregate economic activity. It attempts to understand and explain the nature and the interaction of macroeconomic variables, such as unemployment rates, inflation and Gross Domestic Product (GDP). These variables, in turn, are used to measure and evaluate – in a variety of ways – economic performance and growth. Such a study requires the development of various economic models/theories, the determination and computation of numerous economic indicators, the analysis of the dynamics of ‘business cycles’, and the evaluation of the effectiveness of economic policy – both fiscal and monetary.

The objective of the course is to provide the student with the technical and intuitive ability to understand and interpret the intertwined dynamics of various macroeconomic theories, variables, and shocks.


We will focus on five primary areas: economic growth, inflation, unemployment, interest rates, and government policy.  In particular, you should develop a clearer understanding of the specific determinants of growth, the causes of unemployment and inflation and also the importance of interest rates in the economy.  In addition, you will begin to understand the interrelationship between these macroeconomic variables and government policy.

Assessable learning outcomes:

Students should be able to describe the five major concepts in macroeconomics. In addition they should have a basic understanding of how they are related and also the role for fiscal and monetary policy in shaping macroeconomic outcomes. Finally, they should be able to use the above to carry out basic analysis of practical and policy issues related to the macroeconomy.

Additional outcomes:

Students will be required to complete coursework such as problem sets, tests, etc. In the process of completing these types of assignments, they must learn the skills required to apply theoretical knowledge to real world situations.

Outline content:

This course has been broken down into four parts.  The first part of the course focuses on basic concepts and definitions; the second part develops the theory underlying short-run fluctuations and market activity in the economy; while the third part looks at monetary economics.  Finally, we will explore long-run general equilibrium models as well as the impact of international trade on an economy. 

Brief description of teaching and learning methods:

Detailed guidance on the topics covered will be provided in the lectures. Weekly classes will cover regular exercise material based on lecture topics and will provide time for students to ask questions about the lecture material. Students are required to do exercises corresponding to each topic, to read a significant amount of related information, and to undertake research using the library, internet, etc.

Contact hours:
  Autumn Spring Summer
Lectures 84
Tutorials 12
Guided independent study: 104
Total hours by term 0 200 0
Total hours for module 200

Summative Assessment Methods:
Method Percentage
Written exam 30
Oral assessment and presentation 10
Set exercise 20
Class test administered by School 40

Summative assessment- Examinations:

One 2-hour unseen written paper (30% of final module mark)

Summative assessment- Coursework and in-class tests:

Oral assessment and presentation (10% of final module mark)

Set exercise (20% of final module mark)

Class test (40% of final module mark)

Coursework may include a number of different methods for assessing student’s knowledge. These may include, but are not limited to: Problem Sets: Numerous short assignments requiring students to provide short answers and numerically solve relevant problems Quizzes: Short tests intended to ascertain students understanding of recent topics discussed in class. Tests: An in-class test aimed primarily at ascertaining a student’s understanding and comprehension of a subset of the materials covered during lectures. The exact requirements of the module for a given term will be explicitly detailed in the syllabus handed out at the beginning of each term in which the module is offered. The exact weights of the different pieces of coursework required will also be explicitly stated in the syllabus.

Formative assessment methods:

Coursework will be set for most of the weekly classes, at which attendance is compulsory.

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

  • where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
The University policy statement on penalties for late submission can be found at:
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:

A minimum mark of 40%.

Reassessment arrangements:

Reassessment is by examination only (coursework will not be included in the re-assessment).

Additional Costs (specified where applicable):

Required text books:  Gregory Mankiw (2016) Principles of Macroeconomics, AP China Edition, Cengage Learning.

Last updated: 25 January 2021


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