| Unit name | Macroeconomics |
|---|---|
| Unit code | ECONM1011 |
| Credit points | 15 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Dr. Kara |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
ECONM1010 |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
This unit covers the main theoretical tools used in Macroeconomics and provides selective applications and empirical evidence. The unit starts with a review of the basic Solow-Swan model and a discussion of structural models. This is followed by the topic of utility maximisation and its consequences for aggregate consumption and finance. These two topics are then combined in OLG models to look at the resulting general equilibrium model in the long run. The course concludes with a survey of business cycle models, and then proceeding to New Keynesian models and monetary and fiscal policy.
By the end of the unit:
Weekly lectures and fortnightly small group tutorials
Formative assessment:
An essay assignment. Word length: 1000 words.
Summative assessment:
100% by 3-hour closed-book written exam. The exam is divided into two sections A and B. It is compulsory to answer one question from Section A and two questions from Section B. Section A comprises technical questions. Section B provides a choice of essay questions. The exam as a whole will test both the extent of understanding and the analytical and technical abilities of the students, and their ability to evaluate the strengths and weaknesses of different approaches.
