Unit name | Macroeconomic Analysis |
---|---|
Unit code | EFIM20037 |
Credit points | 20 |
Level of study | I/5 |
Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
Unit director | Dr. Marion Prat |
Open unit status | Not open |
Pre-requisites |
In 2019/20: Economic Principles 1 (EFIM10010) and Economic Principles 2 (EFIM10019) as well as Mathematical and Statistical Methods (1) (EFIM10008) From 2020/21: The Economy (EXIMxxxx) and Mathematical and Statistical Methods (1) (EFIM10008) |
Co-requisites |
None |
School/department | School of Economics |
Faculty | Faculty of Social Sciences and Law |
The unit will take a modern look at the macroeconomy, incorporating both recent insights into how the economy works and also pedagogical concerns that macroeconomics has become too mathematical. Students will understand both that (i) macroeconomic models are simplifications of a complicated economy and also; (ii) that such models are only provisionally correct, since they are dependent on empirical verification.
The main topics to be studied will be:
(i) the determinants of long-run economic growth and productivity and income differences between countries;
(ii) the components of aggregate demand - investment and consumers’ expenditure;
(iii) the consequence of market failures in credit and labour markets for macroeconomic behaviour;
(iv) the operation and efficacy of fiscal and monetary policy in developed economies.
(v) the workings of the international monetary system and the organisation of trade
Students will be able:
The course is taught using large group lectures as well as classes. There will be 36 hours of large group lectures (or exercise lectures) and 9 hours of small group classes.
Summative assessment:
[1] 25% Essay (1500-2000 words), which assesses all learning outcomes.
[2] 75% 2 hour Final Exam in January Exam Period, which assesses all learning outcomes.
Carline and Soskice (2014): Macroeconomics: Institutions, Instability, And The Financial System
Dani Rodrik (2015): Economic rules. The rights and wrongs of the dismal science.