Topics in Macroeconomic Theory I

Module description

This module will cover topics in advanced macroeconomics with emphasis on fundamentals and
applications to recent theoretical advances.

Full module specification

Module title:Topics in Macroeconomic Theory I
Module code:BEEM145
Module level:M
Academic year:2020/1
Module lecturers:
Module credit:15
ECTS value:



Only available to MRes Economics PhD pathways students



Duration of module: Duration (weeks) - term 1:


Module aims

The module explores burgeoning areas of modern macroeconomics, with the aim of enabling students to
write independent research in macroeconomics at the research frontier.

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 ActivitiesGuided independent studyPlacement / study abroad

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled Learning and Teaching33 (3 per week)Lectures
Independent Study117Independent study

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
10 Assignments1001-4 Problems or Research-Paper-Based Exercises each1-6Oral/Written

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
AssignmentsAssignments 100%1-6August examination period

Syllabus plan

Topics of current macroeconomics research interest, which vary but may include:
i. Economic growth: Neoclassical Growth Model, Optimizing Behaviour in Dynamic Models , Endogenous Technological Change, Imitation and Convergence, Growth and Development Accounting, Appropriate Technology, Political Economy
ii. Heterogeneous Agents and Firms: Firm Dynamics, Income Distribution.
iii. Fiscal Policy: Taxation, Unemployment Insurance, Social Insurance Design
iii. Monetary Economics: models with credit frictions, sticky prices, search.

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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