Unit name | Intermediate Macroeconomics |
---|---|
Unit code | ECON22134 |
Credit points | 20 |
Level of study | I/5 |
Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
Unit director | Dr. Correia |
Open unit status | Not open |
Pre-requisites |
ECON10011 Introduction to Macroeconomics, ECON11122 & ECON12122 or equivalent |
Co-requisites |
None |
School/department | School of Economics |
Faculty | Faculty of Social Sciences and Law |
The unit covers six topics in macroeconomics. The first two concern long-run macroeconomics: the theory of economic growth and long-run fiscal policy. The next two explore the theories that explain the short-run behaviour of two key components of aggregate demand: consumption and investment. Topic five develops the new Keynesian 3-equation model and explores its implications for monetary policy. The final topic studies theories of unemployment.
Students should appreciate the determinants of long-run economic growth and the associated empirical evidence on convergence; They should understand the long-run implications of different fiscal policies, of debt and of different social security systems. They should discover recent developments in modelling aggregate consumption and investment. They should understand how monetary policy works and have a good grasp of modern theories of unemployment.
Lectures (27), supplemented by Exercise Lectures (18) and small-group classes (9).
Formative assessment: 6 assignments (one per topic) + 2 1000-word essays.
Summative assessment: January in-class test 10%; June exam 90%
All intended learning outcomes will be assessed in both the summative and formative assignments
The course is not textbook based. Lecture notes are available in a course pack, which may be obtained from the Information Office. The pack contains lecture notes for each of the topics covered in the course together with associated worked exercises. As preparatory reading students are advised to read relevant chapters in Olivier Blanchard, Macroeconomics (Prentice Hall).