Aims: To cover recent developments in macroeconomic theory at an advanced level. It will help students to achieve a critical understanding of recent macroeconomic research.
Learning Outcomes:
Students would be able to evaluate the macroeconomic literature, in particular academic journals, and policy research carried out by government and independent economists. By the end of the unit students will be sufficiently competent to pursue doctoral research and policy-oriented work.
Skills:
Ability to develop rigorous arguments through precise use of concepts and mathematical models (Taught/Facilitated/Assessed).
Ability to select, summarise and synthesis written information from multiple sources (T/F/A).
Ability to select and use appropriate ideas to produce a coherent response to a pre-set question (T/F/A).
Comprehensive and scholarly written communication (T/F/A).
Concise and effective written communication (e.g. briefings / written exams) (T/F/A).
Effective oral communication (e.g. lecture question and answer) (F).
Content:
Overlapping-Generations Models. New Keynesian Economics. Microfoundations of Macreconomics Theory, Nominal Rigidities and Adjustment. Theories of Unemployment. Inflation and Monetary Policy. Real Business Cycle. Expectations Formation and Multiple Equilibria, Consumption Behaviour and Fiscal Policy and Budget Deficits.
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