Taken AY2014/2015 Semester 2
EC2102: Macroeconomic Analysis I
This is another core Economics Module. As the module name suggests, this module is on macroeconomics. Warning: math is needed for this module. The first half of the syllabus consists of utility maximization problems (you can use lagrangian or the lecturer’s method), which is an individual’s intertemporal consumption-savings decision. For example, you have to determine how much a consumer should spend in the first time period, save for the second time period, and spend in the second time period, in a two period model. This includes interest rates on saving. A similar model also introduced in the first half of the syllabus will be the firm’s intertemporal problem. This means calculating how much the firm should spend on wages and investment in maximizing its profit in the long run (i.e. multiple time periods).
However, the second half of the syllabus has almost no math at all, consisting entirely of macroeconomic models. This is actually similar to the kind of models learnt in Junior College macroeconomics, except more complicated. Memory work is required, as all models simulate real world situations in some way, but not so in others. You will have to know all the market responses to different factors in different models (i.e. Classical or New Keynesian). The means of assessment for this half of the module is hence all essay writing and drawing of graphs.
The lectures for this module are taught by Dr. Serene Tan, whose name I must say, certainly describes her voice. I have dozed off in her lectures more than once due to her monotonous speech. However, other than this amazing sleep-inducing quality of hers, she is one of the clearest lecturers I have ever encountered. Lectures, unfortunately, are not webcast. The bright side though, is that it is possible to self-study through her lecture slides and the textbook. That being said, I still highly recommend attending lecture because the techniques you will need to answer tutorial and exam questions is taught in the way she conducts her lectures.
As for tutorials, student presentations are important, so prepare your answers well. Also, it seems most classes tend to be rather competitive, so you will definitely have to present multiple times to get ahead.
Assessment:
20%: Tutorial attendance and participation
30%: Midterm Exam
50%: Final Exam
The bell curve for this module is not as steep as EC2101 (Microeconomic Analysis I), but it is not that much better. As I mentioned previously, tutorial participation can be quite competitive. As for the Midterm and Final Exam, do note that doing well for one does not mean doing well for the other. The Midterm exam tests the first half of the syllabus, which is mostly Math, while the Final exam tests almost exclusively on the second half, which means essay writing. Therefore, to do well in this module, you will have to master both the manipulation of numbers and the ideas encoded in language. Also, you will almost certainly not have enough time to complete either paper if you write very slowly. Hence, the three skills you will need for this module is accuracy, clarity and speed.
Workload:
2-1-0-2-5 Workload
Components : A-B-C-D-E
A: no. of lecture hours per week
B: no. of tutorial hours per week
C: no. of lab hours per week
D: no. of hours for projects, assignments, fieldwork etc per week
E: no. of hours for preparatory work by a student per week
Source
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