Durham University
Programme and Module Handbook

Undergraduate Programme and Module Handbook 2005-2006 (archived)




Type Open Level 3 Credits 20 Availability Available in 2005/06 Module Cap None. Location Durham


  • Economic Principles I: Macroeconomics (ECON2011).


  • None.

Excluded Combination of Modules

  • None.


  • This module builds up on the knowledge that students have acquired in Macroeconomics. The module aims at providing students with the instruments for analysing monetary issues in a range of theoretical models and for analysing the theory and practice of monetary policy in modern industrialised economies.


  • Central Bank Independence.
  • Background to Monetary Policy .
  • Credibility and Time-Inconsistency in Monetary Policy.
  • International Monetary Policy Co-ordination.
  • The Demand for and supply of Money.
  • The Monetary Transmission Mechanism.
  • Monetary Policy in Practice.
  • Exchange Rates and External Arrangements.

Learning Outcomes

Subject-specific Knowledge:
  • Students should develop their appreciation of the importance of monetary factors as opposed to non-monetary ones in determining output and inflation.
  • and they should develop a critical understanding of the economic arguments that relate to rival monetary policy options.
Subject-specific Skills:
  • Upon completion of the module, students should be able to apply the tools and models learned to key issues of modern monetary policy.
Key Skills:
  • Written Communication - through summative assessment.
  • Planning and Organising e.g. by preparing for the examination
  • Initiative e.g. by searching relevant literature and information in preparation for summative assessment
  • Numeracy e.g. by applying core mathematical and statistical skills to answer examination questions

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

  • Teaching is by lectures, tutorials and support for student-centred learning. Learning takes place through attendance at lectures, preparation for and participation in tutorial classes and private study (inlcuding student-centred learning). Formative assessment is by means of one essay of 1500 words. Summative assessment is by means of an unseen written examination of two and a quarter hours duration.

Teaching Methods and Learning Hours

Activity Number Frequency Duration Total/Hours
Lectures 22 1 per week 1 hour 22
Tutorials 8 Fortnightly 1 hour 8
Student centred learning 4 1 hour 4
Preparation and Reading 166
Total 200

Summative Assessment

Component: Examination Component Weighting: 100%
Element Length / duration Element Weighting Resit Opportunity
one two-and-a-quarter-hour written examination 100%

Formative Assessment:

1 test in the Epiphany term

Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University