Macroeconomic Theory I
The module covers topics in modern macroeconomics with an emphasis on tools necessary to pursue
research in macroeconomics.
Full module specification
|Module title:||Macroeconomic Theory I|
Only available to MRes Economics PhD pathway students
|Duration of module:||
Duration (weeks) - term 1: |
The module explores 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 judgements 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 Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Schedules learning and teaching||22||Lectures|
|Schedules learning and teaching||10||Tutorials|
|Independent Study||118||Independent study|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|3 Problem Sets||45||1-4 Problems each||1-6||Oral/Written|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Examination||Examination 55% (3 hours)||1-6||August examination period|
|Problem Sets||Problem set 45% (1-8 problems)||1-6||August examination period|
1. Dynamic Programming: Recursive Representations, Value Function Iteration, Markov Chains,
Stationary Distributions, Policy Function Iteration
2. Equilibrium with Complete Markets: Arrow-Debreu securities, Welfare Theorems, Recursive
3. Overlapping Generations Models: Dynamic Inefficiency, Overaccumulation, Pareto Suboptimal
Indicative learning resources - Basic reading
- Romer, Advanced Macroeconomics, McGraw-Hill Advanced Series in Economics, New
- 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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Last revision date