Topics in Macroeconomic Theory I
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|
Only available to MRes Economics PhD pathways students
|Duration of module:||
Duration (weeks) - term 1: |
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 Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning and Teaching||33 (3 per week)||Lectures|
|Independent Study||117||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% (1-4 problems)||1-6||August examination period|
i. Economic growth: Neoclassical Growth Model, Optimizing Behaviour in dynamic models under
certainty, Endogenous Technological Change, Imitation and Convergence, Growth and Development
Accounting, Appropriate Technology, Political Economy
ii. Heterogeneous Agents and Firms: Firm Dynamics, Income Distribution, Fiscal policy Analysis.
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
- 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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