Topics in Macroeconomic Theory II

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 II
Module code:BEEM148
Module level:M
Academic year:2020/1
Module lecturers:
Module credit:15
ECTS value:



Only available to MRes Economics PhD pathway students



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


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. 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 Teaching33Lectures (3 per week)
Guided Independent Study117Reading, research, reflection; preparation for lectures and assessments.

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
Final Paper552,000 words1-6Verbal/Written
3 Problem Sets451-4 Problems each1-6Verbal/Written

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

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Final Paper (55%)1 written assignment (2,000 words, 55%)1-6August/September Reassessment Period
Problem Sets (45%)Problem Sets (1-4 problems, 45%)1-6August/September Reassessment Period

Syllabus plan

i. Fiscal Policy and Ricardian Equivalence
ii. Search and Matching: The Matching Model, Efficiency Wages, Growth and Unemployment.
iii. Monetary Economics: models with credit frictions, sticky prices, search.
iv. Insurance vs Incentives.

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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