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ECO442Social Sciences2 Unitsintermediate

Advanced Macro Economics

This course provides an in-depth exploration of advanced macroeconomic theories and models. It covers macroeconomic modeling in closed and open economies, consumption, saving, and income determination. Students will analyze investment functions, the IS-LM framework, and the dynamics of inflation and unemployment. The course also delves into economic growth analysis and various growth theories, equipping students with analytical skills for careers in both public and private sectors.

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30h
Study Time
13
Weeks
2h
Per Week
intermediate
Math Level
Course Keywords
MacroeconomicsIS-LM FrameworkEconomic GrowthInflationUnemployment

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
📊
Math Level
Moderate Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

National Income Accounting

2

Consumption and Savings

3

Investment Function

4

IS-LM Framework

5

Inflation

6

Unemployment

7

Economic Growth Theories

Total Topics7 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Policy Advisor

Apply your skills in this growing field

Market Research Analyst

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingFinanceGovernmentConsulting

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Macroeconomic Measurements/macroeconomic modelling in closed and open Economy

2h

Unit 1: National income accounting: Two-sector economy

2 study hours
  • •Define national income and its components.
  • •Explain the circular flow of income in a two-sector economy.
  • •Differentiate between GDP, GNP, NNP, and NI.
Week
2

Module 1: Macroeconomic Measurements/macroeconomic modelling in closed and open Economy

2h

Unit 2: National income accounting: Three-sector economy

2 study hours
  • •Analyze the circular flow of income in a three-sector economy.
  • •Discuss the role of government receipts and expenditures.
  • •Examine the fundamental identity and budget in a three-sector economy.
Week
3

Module 1: Macroeconomic Measurements/macroeconomic modelling in closed and open Economy

2h

Unit 3: National income accounting: Four-sector economy

2 study hours
  • •Describe the circular flow of income in a four-sector economy.
  • •Explain the fundamental identity in a four-sector model.
  • •Discuss the importance of the circular flow of income.
Week
4

Module 2: Consumption, Saving and Income Determination

2h

Unit 1: Concepts of Consumption and Savings

2 study hours
  • •Define consumption and savings.
  • •Explain personal disposable income as a determinant of consumption and savings.
  • •Differentiate between MPC, APC, MPS, and APS.
Week
5

Module 2: Consumption, Saving and Income Determination

2h

Unit 2: The basic consumption and saving functions

2 study hours
  • •Explain the basic consumption function.
  • •Describe the consumption function algebraically and graphically.
  • •Explain the consumption hypothesis, including short-run and long-run functions.
Week
6

Module 2: Consumption, Saving and Income Determination

2h

Unit 3: Theories/hypotheses of consumption

2 study hours
  • •Explain the Absolute Income Hypothesis (AIH).
  • •Discuss the Relative Income Hypothesis (RIH).
  • •Analyze the Permanent Income Hypothesis (PIH).
  • •Evaluate the Life Cycle Income Hypothesis (LCIH).
Week
7

Module 3: Investment Function

2h

Unit 1: Investment and Capital

2 study hours
  • •Define investment and capital.
  • •Distinguish between capital and investment.
  • •Explain the relationship between capital and investment.
  • •Describe the types of investment.
Week
8

Module 3: Investment Function

2h

Unit 2: Theories of investment

2 study hours
  • •Explain the accelerator theory of investment.
  • •Describe the marginal efficiency hypothesis.
  • •Discuss the relationships between MEC and MEI.
Week
9

Module 3: Investment Function

2h

Unit 3: Investment demand: The rate of interest and the role of finance

2 study hours
  • •Explain the determinants of the elasticity of the MEC schedule.
  • •Describe the role of finance beyond the rate of interest.
  • •Discuss factors other than the interest rate affecting inducement to invest.
Week
10

Module 4: IS-LM Framework

2h

Unit 1: The product market equilibrium and the IS curve

2 study hours
  • •Explain equilibrium in the goods or product market.
  • •Discuss the equality of savings and investment.
  • •Describe algebraically and graphically the IS curve.
  • •Explain the slope of the IS curve and shifts in the IS curve.
Week
11

Module 4: IS-LM Framework

2h

Unit 2: The money market equilibrium and the LM curve

2 study hours
  • •Explain equilibrium in the money market.
  • •Analyze the equality of demand for and supply of money.
  • •Illustrate both graphically and algebraically the LM function.
  • •Explain the slope and shift in the LM curve.
Week
12

Module 4: IS-LM Framework

2h

Unit 3: General equilibrium analysis of product and money markets

2 study hours
  • •Define the general equilibrium or the IS-LM framework.
  • •Explain changes in general equilibrium due to changes in fiscal policy and monetary policy.
  • •Discuss the simultaneous change in both policies and the effects on income and interest rate.
  • •Describe the IS–LM elasticity and monetary & fiscal policies.
Week
13

Module 5: Inflation and Unemployment

2h

Unit 1: Inflation

2 study hours
  • •Explain the meaning of inflation.
  • •Enumerate and analyze the different types of inflation.
  • •Analyze the measurements, causes, and effects of inflation with reference to the Nigerian economy.
  • •Mention policy measures to fight inflation.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review national income accounting methods (Units 1-3) and practice calculating GDP, GNP, and NNP.

2

Create concept maps linking consumption theories (Module 2) to real-world economic behavior.

3

Master the IS-LM model (Module 4) by solving numerical problems and analyzing policy scenarios.

4

Compare and contrast Keynesian and Monetarist views on inflation (Unit 1, Module 5).

5

Understand the trade-offs between inflation and unemployment using the Phillips curve (Unit 3, Module 5).

6

Focus on the assumptions and limitations of each economic growth theory (Module 6).

7

Practice applying economic models to analyze current economic issues in Nigeria.

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