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Advanced Macroeconomics II

Module description

The module covers topics in modern macroeconomics with an emphasis on tools necessary to pursue research in macroeconomics. The focus will be on models of business cycles, labour markets, and financial markets.

Full module specification

Module title:Advanced Macroeconomics II
Module code:BEEM131
Module level:M
Academic year:2021/2
Module lecturers:
  • Dr Elisa Keller - Convenor
Module credit:15
ECTS value:





Advanced Macroeconomics I.

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


Module aims

The module explores the core areas of modern macroeconomics with the aim to develop an understanding of macroeconomic models that enables students to use them to tackle macroeconomic questions. The emphasis will thus be on learning theoretical concepts and analytical techniques by using them in the process of discussing relevant modern macroeconomic topics.

ILO: Module-specific skills

  • 1. Address complex questions at the frontier of macroeconomic research systematically and creatively.
  • 2. Make sound judgments and communicate their conclusions to specialists and non-specialists.

ILO: Discipline-specific skills

  • 3. Demonstrate self-direction and originality in tackling and solving macroeconomics problems.
  • 4. Continue to advance their knowledge and understanding, and to develop new skills to a high level.

ILO: Personal and key skills

  • 5. Identify, tackle and solve relevant research problems in macroeconomics.
  • 6. Work independently and responsibly on complex research problems.

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

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
33117 hours

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Schedules learning and teaching33 (3 per week)Lectures
Guided Independent Study55 (5 per week)Reading
Guided Independent Study62 (approx. 6 hours per week)Preparing problem set answers and working on assignments

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Practice ProblemsVaries1-6Oral/written

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
Exam1003 hrs1-6Oral/written

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
ExaminationExamination 100% (3 hours)1-6August examination period

Re-assessment notes


Syllabus plan

The course will spend 3-5 weeks on each of the three major topic areas. Depending on the lecturers' expertise, topics  include

1.)  Business Cycles: Real Business Cycles, Nominal Rigidities, Monetary Policy

2.)  Labour Markets: Search and Matching, Labour Market Policy, Efficiency Wages, Growth and Unemployment.

3.)  Financial Markets: Asset Pricing, Incomplete Markets, Banking and Credit, Financial Frictions.

Indicative learning resources - Basic reading

-       Romer, Advanced Macroeconomics, McGraw-Hill Advanced Series in Economics, New York, 2012.

-       Ljungqvist and Sargent, Recursive Macroeconomic Theory, MIT Press, 2004.

-       Stokey and Lucas, with Prescott, Recursive Methods in Economic Dynamics, Harvard University Press, 1989.

-       D. Acemoglu, Introduction to Modern Economic Growth, Princeton University Press, 2009.

-       Barro and Sala-i-Martin, Economic Growth, McGraw-Hill, 1997.

-       Obstfeld and Rogoff, Foundations of International Macroeconomics, MIT Press, 2000.

-       Aghion and Howitt, Endogenous Growth Theory, MIT Press 1998.

-       Pissarides, Equilibrium Unemployment Theory, MIT Press 2000.

-       Walsh, Monetary Theory and Policy, MIT Press, 2010.

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