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ECON42550

Academic Year 2024/2025

Macroeconomics (ECON42550)

Subject:
Economics
College:
Social Sciences & Law
School:
Economics
Level:
4 (Masters)
Credits:
5
Module Coordinator:
Dr Oana Peia
Trimester:
Autumn
Mode of Delivery:
On Campus
Internship Module:
No
How will I be graded?
Letter grades

Curricular information is subject to change.

This module provides a graduate-level introduction to the basic models and analytical tools that macroeconomists use to study how the economy fluctuates in the short-run, as well as how it grows over the long-run. The module has three main parts. The first part provides a review of Keynesian short-run macroeconomics using a simple model that will allow us to explain the business cycle. We will study how the economy adjusts to different supply and demand-side shocks and what is the best policy response to them. It also discusses recent topics in macroeconomics research and policy such as inflation dynamics, zero lower bound, financial cycles and the role of banks in macroeconomics.

The second part describes some of the building blocks of short-run macroeconomic models such as investment and consumption theories. We will describe various theories to model the behaviour of agents in the economy and discuss empirical evidence that tests these theories.

The last part deals with long-run growth. We will discuss both exogenous and endogenous growth models, as well as empirical work testing these models.

About this Module

Learning Outcomes:

The learning outcomes are (1) developing an understanding of basic macroeconomic analysis using graduate-level tools and methods; (2) the ability to evaluate the impact of various economic policies through the tools and models developed in class.

Indicative Module Content:

Course Materials and Plan

The course content draws from several sources:

- The first part of the course uses Karl Whelan's Lecture Notes on Macroeconomics available here:
http://www.karlwhelan.com/Macro2/Whelan-Lecture-Notes.pdf

- In the second and third part, various chapters from:
- Introducing Advanced Macroeconomics: Growth and Business Cycles by Hans Jorgen Whitta-Jacobsen and Peter Birch So rensen, McGraw-Hill Education, 2 edition, 2010
- Introduction to Modern Economic Growth by Daron Acemoglu, Princeton University Press, 2009.

Other sources: Journal articles that will be provided via Brightspace

A rough outline of the topics that will be covered in the course is as follows.

Part I: Review of basic Keynesian macroeconomics: what drives short-run fluctuations
(About four lectures).

Part II: Building blocks of New Keynesian theory (About four lectures).

Part III: Long-run economic growth: exogenous and endogenous growth theories and the role of institutions in economic growth
(About four lectures).

Student Effort Hours:
Student Effort Type Hours
Lectures

30
Tutorial

5
Autonomous Student Learning

100
Total

135

Approaches to Teaching and Learning:
Lectures, enquiry & problem-based learning


Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Not applicable to this module.
 

Assessment Strategy  
Description Timing Component Scale Must Pass Component % of Final Grade In Module Component Repeat Offered
Exam (In-person): 2h exam at the end of semester End of trimester
Duration:
2 hr(s)
 Alternative linear conversion grade scale 40% No

40

 Yes
Assignment(Including Essay): Continuous assignment: problem sets and project Week 3, Week 6, Week 10, Week 12 Alternative linear conversion grade scale 40% No

30

 Yes
Exam (In-person): Midterm exam Week 6 Alternative linear conversion grade scale 40% No

30

 Yes

Carry forward of passed components
No
 

Remediation Type Remediation Timing
In-Module Resit Prior to relevant Programme Exam Board
Please see Student Jargon Buster for more information about remediation types and timing. 

Feedback Strategy/Strategies

• Feedback individually to students, on an activity or draft prior to summative assessment

How will my Feedback be Delivered?

Solutions to problem sets will be provided during tutorials. Midterm and continuous assessment grades will be distributed before the final exam.

Name Role
Robert Goodhead Lecturer / Co-Lecturer
Sam Deegan Tutor
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