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ECON30120

Academic Year 2024/2025

Advanced Macroeconomics (ECON30120)

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

Curricular information is subject to change.

This module will focus on a range of different topics in macroeconomics and it is taught in three parts. The first part will cover the dynamics of the business cycle. We will develop a model that will allow us to discuss how the economy and key macroeconomic variables (such as prices or interest rates) fluctuate. We will expand on traditional IS-LM analysis (that you studied in intermediate macro) to cover monetary policy rules, inflation expectations and the possibility of inflationary spirals or liquidity traps. This part of the class will be taught using a combination of mathematical models, graphical analysis and simulation exercises.

The second part will describe how agents in the macroeconomy make consumption, investment or savings decisions through the lens of the theory of rational expectations. This tool will allow us to discuss how different asset prices move, whether financial markets price assets accurately or whether they are excessively volatile, how people react to tax cuts and what drives movements in exchange rates. We will also review empirical evidence that tests this theory.

The final part will cover the drivers of long-run economic growth. We will examine how and why economies grow over the long run, what explains differences in economic development across countries, how economies behaved before the emergence of sustained growth in the Industrial Revolution and how innovation drives sustained economic growth.

About this Module

Learning Outcomes:

Following completion of the course and its predecessors, students will be familiar with most of the key concepts relating to macroeconomic dynamics over the short and long run. They will be in a position to understand and comment critically on a wide range of current macroeconomic issues. They will have expertise in modern Keynesian macroeconomics, in the issues raised by models based on rational expectations and the determinants of long-run economic growth. Students will be capable of interpreting macroeconomic models using both graphical and algebraic techniques as well as simulation exercises.

Student Effort Hours:
Student Effort Type Hours
Autonomous Student Learning

80
Lectures

22
Total

102

Approaches to Teaching and Learning:
The module is based on lectures given by the module coordinator. Lecture notes are provided based on an online textbook. This is supplemented by a wide variety of articles and readings which give students the chance to dig deeply into each of the topics covered.

Continuous assessment will be based on both online and in-person tests (MCQ and simulations). Final exam is a closed booked exam.

Policy on the use of Generative AI: Generative AI, such as ChatGPT, may be used in this module in the following ways:

• To understand main concepts/theories and find definitions.
• To correct grammar and improve the writing style of your own work.
• For technical assistance, such as instructions on how to use a statistical software.

Please note the following:
1. The use of AI-generated content without explicit permission and attribution is a form of academic misconduct. Plagiarism risk is high when using AI, and it is not acceptable to submit AI-generated content as it is. If you copy and paste entire AI-generated answers, it will be considered plagiarism. Even AI co-created work is considered collusion if you present it all as your own.

2. You are therefore required to explicitly state whether AI was used in the assignment and how.

3. You should also check all information provided by AI for accuracy. Be sure that you can verify all generated text, again, do NOT simply copy/paste the AI-generated information into your assignments.

4. If academic misconduct is suspected, you may be asked to discuss or explain (verbally and without prior notice) components of your assignment to determine the authenticity of the work.

Requirements, Exclusions and Recommendations
Learning Recommendations:

Students are strongly recommended to have taken the Intermediate Macroeconomics Course (Macroeconomics I) before registering for this module.


Module Requisites and Incompatibles
Incompatibles:
ECON3027J - Advanced Macroeconomics


 

Assessment Strategy
Description Timing Component Scale Must Pass Component % of Final Grade In Module Component Repeat Offered
Quizzes/Short Exercises: Two in-semester tests Week 7, Week 10 Alternative linear conversion grade scale 40% No
50
 No
Exam (In-person): Final Exam End of trimester
Duration:
2 hr(s)
 Alternative linear conversion grade scale 40% No
50
 No

Carry forward of passed components
Yes
 

Resit In Terminal Exam
Summer Yes - 2 Hour
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
• Feedback individually to students, post-assessment
• Online automated feedback

How will my Feedback be Delivered?

Office hours are held throughout the term so that students can discuss the module's material and their preparations for the final exam. After each exam, students are entitled to request a meeting with the module coordinator to discuss their exam script.

Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
Spring Lecture Offering 1 Week(s) - 20, 21, 23, 24, 25, 26, 29, 30, 31, 32 Mon 15:00 - 15:50
Spring Lecture Offering 1 Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 Wed 12:00 - 12:50
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