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ES50101: Macroeconomic theory

[Page last updated: 15 October 2020]

Follow this link for further information on academic years Academic Year: 2020/1
Further information on owning departmentsOwning Department/School: Department of Economics
Further information on credits Credits: 6      [equivalent to 12 CATS credits]
Further information on notional study hours Notional Study Hours: 120
Further information on unit levels Level: Masters UG & PG (FHEQ level 7)
Further information on teaching periods Period:
Semester 1
Further information on unit assessment Assessment Summary: CW 100%
Further information on unit assessment Assessment Detail:
  • Coursework 1 (CW 30%)
  • Coursework 2 (CW 70%)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites:
Description: Aims:
The unit aims to introduce students to the modern macroeconomics research paradigm of dynamic stochastic general equilibrium, focussing on the theoretical structure underlying this approach and its application to the latest macroeconomic issues.

Learning Outcomes:
At the end of the unit students will be expected to be able to:
* Understand advanced techniques of dynamic general equilibrium modelling;
* Evaluate analytically a wide range of dynamic stochastic general equilibrium models and their implications for macroeconomic policy;
* Apply independently advanced techniques of dynamic general equilibrium modelling to the analysis of current macroeconomic research questions.


* Develop rigorous arguments through precise use of concepts and mathematical models (Taught/Facilitated/Assessed);
* Employ advanced analytical tools for solving dynamic general equilibrium models (T/F/A);
* Build and solve a wide range of dynamic stochastic general equilibrium models.


* Microfoundations of Macroeconomic Theory;
* Real Business Cycle Models;
* Nominal Rigidities and Monopolistic Competition;
* New Keynesian Models;
* Financial Intermediation;
* Open Economies;
* Fiscal Policy and Budget Deficit;
* Monetary Policy and Inflation;
* Overlapping-Generation Models.
Further information on programme availabilityProgramme availability:

ES50101 is a Designated Essential Unit on the following programmes:

Department of Economics


  • This unit catalogue is applicable for the 2020/21 academic year only. Students continuing their studies into 2021/22 and beyond should not assume that this unit will be available in future years in the format displayed here for 2020/21.
  • Programmes and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
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