TOPICS IN MACROECONOMICS - 2021/2
Module code: ECO3043
The module mainly consists of two themes. i) The first theme develops a micro-founded dynamic macro-economy by combining agents and firms in a formal utility maximizing RBC framework. This will demonstrate the art of modern formal modelling in macroeconomics. Thinking in a structured framework and the importance of rigorous arguments will be highlighted. iii) The second theme focuses on economic growth. The aim is to survey the main models that are currently used to describe the determinants of economic growth. This includes both exogenous and endogenous growth models.
KARANTOUNIAS Anastasios (Economics)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 6
JACs code: L130
Module cap (Maximum number of students): N/A
Overall student workload
Workshop Hours: 17
Independent Learning Hours: 94
Guided Learning: 22
Captured Content: 17
Prerequisites / Co-requisites
ECO2046 Intermediate Macroeconomics II. This course uses algebra, calculus, optimisation and differential equations based on material covered in levels 1 and 2.
Indicative content includes:
- Time, intertemporal preferences, Dynamic optimisation and general equilibrium
- The RBC model and applications, The Solow model and important variations
- Empirical applications of the neoclassical growth models, Endogenous growth models
|Assessment type||Unit of assessment||Weighting|
|Online Scheduled Summative Class Test||ONLINE (OPEN BOOK) IN-DEPTH TECHNICAL AND ESSAY QUESTIONS TEST WITHIN 24HR WINDOW (TIMED)||30|
|Examination Online||ONLINE (OPEN BOOK) IN-DEPTH AND ANALYTICAL AND DISCUSSION ASPECTS EXAM WITHIN 24HR WINDOW||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate:
Their technical skills relating to, and understanding of, Dynamic optimisation problems, the basic Real Business Cycle model, and exogenous and endogenous growth models, as well as some of their empirical applications.
Thus, the summative assessment for this module consists of:
- One 60 minutes coursework test, covering the material of weeks 1-5 and normally held in week 7 or 8. This consists of two in-depth technical / essay questions.
- A two-hour long final exam, covering the entire material with a slightly stronger focus on the material of weeks 6-11. Questions are again in-depth and include both analytical and discussion aspects.
- The mixture between technical analysis and discussion / interpretation ensures that students are able to demonstrate that they have the skills necessary to apply some of the workhorse models of modern Macroeconomics to important problems, as well as showing their understanding of the real-world applications of these models.
Formative assessment and feedback:
Students receive verbal feedback during both lectures and tutorials. During lectures, smaller practice exercises are solved and discussed (encouraging students also to work in small groups), while the problems discussed in tutorials are more substantial. Guideline solutions are posted online after tutorials have taken place. Feedback relating to the coursework test is predominantly given individually and in detail on the scripts of students, and main issues are discussed further in a lecture.
- familiarize students with conceptual and appropriate mathematical tools in macroeconomic theory and also to present macroeconomic models that explain economic growth.
|1||Apply static and dynamic optimization||KC|
|2||Understand the micro-foundations of modern macroeconomics||KCT|
|3||Appreciate the insights and applications of the Real Business Cycle model||KCT|
|4||Explain various sources of economic growth||KT|
|5||Discuss the issue of convergence in living standards across countries||KC|
|6||Discuss intuitively and technically the main models of economic growth||KCT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
- Enhance student’s analytic skills, and appreciation of complex real-world issues through analytic tools, as well as enhance their skills in presenting their findings in verbal and written format (through discussions in lectures and tutorials as well as written answers to exercises).
- Apply appropriate economic tools and principles to complex, important, and intertemporal, problems.
The learning and teaching methods include:
- 2 hour lecture per week x 11 weeks
- 1 hour tutorial per week x 5 weeks
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Upon accessing the reading list, please search for the module using the module code: ECO3043
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2021/2 academic year.