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Unit information: Macroeconomics in 2015/16

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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 Dr. Kara
Open unit status Not open
Pre-requisites

None

Co-requisites

ECONM1010

School/department School of Economics
Faculty Faculty of Social Sciences and Law

Description

This unit covers the main theoretical tools used in Macroeconomics and provides selective applications and empirical evidence. The unit starts with a review of the basic Solow-Swan model and a discussion of structural models. This is followed by the topic of utility maximisation and its consequences for aggregate consumption and finance. These two topics are then combined in OLG models to look at the resulting general equilibrium model in the long run. The course concludes with a survey of business cycle models, and then proceeding to New Keynesian models and monetary and fiscal policy.

Intended learning outcomes

By the end of the unit:

  • Students will be able to solve simple economic problems using the theoretical techniques and models mentioned in the unit description.
  • Students will be able to describe the important features of economic models and discuss the models' strengths and weaknesses.
  • Students will be able to use these models to explain economic experience.

Teaching details

Weekly lectures and fortnightly small group tutorials

Assessment Details

Formative assessment:

An essay assignment. Word length: 1000 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.

Reading and References

  • David Romer: Advanced Macroeconomics, 3rd ed, McGraw-Hill, 2006.
  • Carl Walsh: Monetary Theory and Policy, 3rd ed, MIT press, 2010.
  • Various journal articles

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