Department of Economics & International Development, Unit Catalogue 2007/08 |
EC20170 Intermediate macroeconomics 2 |
| Credits: 6 |
| Level: Intermediate |
| Semester: 2 |
| Assessment: CW 30%, EX 70% |
| Requisites: |
| Before taking this unit you must take EC20011 |
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Aims:
* To develop further students' understanding of macroeconomic theory. * To use macroeconomic models to interpret policy problems and questions. * To be aware of the main contributions of the leading schools of macroeconomic thought. * To appreciate the policy context of macroeconomics, given current topical issues, such as EMU, central bank independence etc.. * To use the knowledge gained to study Macroeconomics at an advanced level. Learning Outcomes: At the end of the course unit, students should be able to: * Understand, manipulate and use for policy analysis a series of small general equilibrium models. * Use their knowledge of theory to interpret problems in macroeconomic policy making. * Solve problems under exam conditions from the material taught in the lectures and classes. Skills: Use and analysis of economic data; problem-solving; expressing understanding of macroeconomic theory and policy in written form through an end-of-semester examination and coursework. Content: Economic growth; the consumption function - theory and empirical evidence; determinants of investment spending; theories of liquidity preference; control of the money supply and the monetary transmission mechanism; the term structure of interest rates; Optimal Currency Areas; European Economic and Monetary Union - From EMS to A Currency Union; the Stability and Growth Pact; central bank independence in the context of the ECB and the Bank of England; Key text: Grtner, M. (2003), Macroeconomics, Financial Times PrenticeHall. |