Unit information: Macroeconomics in 2018/19

Unit name	Macroeconomics
Unit code	ECONM1011
Credit points	15
Level of study	M/7
Teaching block(s)	Teaching Block 1 (weeks 1 - 12)
Unit director	Professor. Hu
Open unit status	Not open
Pre-requisites	None
Co-requisites	ECONM1010
School/department	School of Economics
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

This unit provides an introduction to modern macroeconomic theory and analysis.

Macroeconomics is concerned with aggregate economic outcomes such as GDP, consumption, and unemployment. It requires an understanding of the behaviour of individuals and firms, and how their decisions influence (and are influenced by) aggregate outcomes. For the analysis of macroeconomic policy decisions, it is important to recognise the constraints on policy-makers, and the important role played by expectations.

The unit provides an introduction to the relevant models and methods, but also emphasizes the importance of an intuitive understanding of the key ideas.

Intended Learning Outcomes

By the end of the unit:

1. Students will be able to solve economic problems using the theoretical techniques and models mentioned in the unit description.
2. Students will be able to describe the important features of economic models and discuss the models' strengths and weaknesses.
3. Students will be able to use these models to explain and interpret economic developments and policies.

Teaching Information

Weekly two-hour lectures (sixteen hours in total), fortnightly small group tutorials (four hours in total) and two exercise lectures (four hours in total).

Assessment Information

Formative assessment:

An essay assignment. Word length: 1400 words.

Summative assessment:

100% by 3-hour closed-book written exam. The exam is divided into two sections A and B. It is compulsory to answer one question from Section A and two questions from Section B. Section A comprises technical questions. Section B provides a choice of essay questions. The exam as a whole will test both the extent of understanding and the analytical and technical abilities of the students, and their ability to evaluate the strengths and weaknesses of different approaches. In relation to the learning outcomes, ILO 1 is primarily tested by Section A of the exam and ILOs 2 and 3 are primarily tested by Section B.

Reading and References

David Romer (2012). Advanced Macroeconomics (fourth edition). McGraw-Hill, New York.

Bagliano, Fabio-Cesare and Bertola, Giuseppe (2004). Models for Dynamic Macroeconomics. Oxford University Press, Oxford.

Various journal articles, updated each year.