| Unit name | MRes Macroeconomics 1 |
|---|---|
| Unit code | EFIMM0020 |
| Credit points | 15 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Dr. Lale |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
MRes Mathematics for Economics |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
This unit aims to broaden and deepen knowledge and understanding of selected topics in macroeconomics. These topics will include dynamic optimization, and the application of dynamic models to consumption, investment and growth in continuous time. The unit aims to build in students the ability to know, understand and evaluate these tools and to apply them when undertaking novel research. To help in this, the material will include some empirical work which will highlight the scope and limitations of these tools.
This unit provides a thorough and in-depth treatment of the basic concepts in macroeconomics and introduces fundamental analytic paradigms rigorously, with a view to equip the students with sufficient foundational understanding of the discipline to be able to access the journal articles first-hand, to evaluate them critically and to start independent research projects at basic levels. Students will also learn to the application of computational software such as MATLAB to these tools, its scope and limitations.
There are two lectures and one exercise class per week. Coursework will consist of weekly exercises which will be used for course assessment.
Lectures will introduce and explain the different concepts and methods as well as their application and limitation whereas exercise classes will provide the opportunity to practice the selection and use of these methods as well as the application, scope and limitation of computational software such as MATLAB to these methods.
Contact Hours Per Week 3
Student Input
20 hours lectures
10 hours tutorials
15 hours preparation of weekly exercises for assessment
3 hours final exam
102 hours individual study
Summative assessment: 3-hour written exam (85%), weekly exercises on the various topics (15%). The exam will test the knowledge, selection, application and evaluation of tools and methods, whereas the exercises will incentivize the students to learn to use, apply and evaluate these methods as well as computational software while getting feedback on their progress.
Formative assessment: class participation and discussion in tutorials. These will provide further opportunities for feedback on the students’ progress.
Bagliano, F.-C. and Bertola, G. Models for Dynamic Macroeconomics, OUP
Barro, R. J. and Sala-i-Martin, X. Economic Growth, MIT Press
Chiang, A. C. Elements of Dynamic Optimization, McGraw-Hill
Romer, D. Advanced Macroeconomics, (Fourth Ed.), McGraw-Hill
