Module description


By the end of the module you should be able to manipulate a number of theoretical models to analyse key contemporary macroeconomic issues, such as how exchange rates are determined, what influences inflation and the business cycle, and how macroeconomic policy can improve welfare.

Additional Information: Sustainability

All of the problem sets can be downloaded from the ELE (Exeter Learning Environment).


Previous students have successfully found jobs in centres that deal with current trends in economic activity and government institutions, such as central banks. It is also a necessary module for anyone who wish to continue education and get a PhD degree from a good university.

Full module specification

Module title:Macroeconomics
Module code:BEEM100
Module level:M
Academic year:2021/2
Module lecturers:
  • Sebastian Merkel - Convenor
Module credit:15
ECTS value:






Duration of module: Duration (weeks) - term 2:


Module aims

The module explores the core areas of modern macroeconomics.  The aim is to develop understanding of macroeconomic models from microfoundations, as it becomes increasingly necessary in contemporary approach.  The emphasis will be on learning theoretical concepts and analytical techniques, as an aide to understanding contemporary macroeconomic problems.

ILO: Module-specific skills

  • 1. the ability to manipulate a number of theoretical models to analyse macroeconomic issues, with national and global applications.
  • 2. the ability to understand macroeconomic articles in academic journals.

ILO: Discipline-specific skills

  • 3. an ability, appropriate to master's level, to formulate and manipulate economic models of any kind
  • 4. an ability to place an economic problem in its broader social and political context
  • 5. an understanding of the sources and content of economic data and evidence and of those methods that might be applied appropriately to the analysis of such data

ILO: Personal and key skills

  • 6. confidence in identifying, tackling and solving research problems
  • 7. development of logical thinking and analytical rigor
  • 8. inductive and deductive reasoning skills
  • 9. the ability to work independently

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Contact hours22Lectures

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Additional problem set will be given for homework1-4 problems per seminar1-9 Oral, in seminars

Summative assessment (% of credit)

CourseworkWritten examsPractical exams

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Written Examination803 hours1-9Written feedback
Coursework20Problem set1-9Written feedback

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Coursework (Problem Set)Problem Set (20%) 1-4 questions approx1-9July/August
Written ExaminationWritten Examination (80%) 3 hours1-9August

Syllabus plan

The module covers the following topics:

1. Consumption-savings Choice under Certainty and Determination of the Interest Rate

2. Consumption-savings-portfolio Choice under Uncertainty and Asset Pricing

3. Capital Accumulation and Growth

4. Labor Supply and Real Business Cycle Theory

5. [optional, as time permits] Money, Prices, and Nominal Assets

6. [optional, as time permits] Nominal Rigidity and New-Keynesian Economics

Indicative learning resources - Basic reading

This module does not closely follow a single textbook. Main readings are selected chapters from the following two textbooks:

1. Sargent, T. and L. Ljungqvist (2018) Recursive Macroeconomic Theory, 4th Edition, MIT Press

2. Romer, D. (2019) Advanced Macroeconomics, 5th Edition, McGraw Hill

Where the textbooks are unsuitable, additional reading materials will be distributed to course participants.

Module has an active ELE page?


Origin date


Last revision date