ADVANCED MACROECONOMICS - 2021/2

Module Overview

The module approaches macro-economic modelling from micro-foundations. It aims to introduce dynamic stochastic general equilibrium (DSGE) modelling along with related numerical applications. At every stage, the theories will be illustrated in the context of some macroeconomic application.

Module provider

Economics

Module Leader

LEVINE Paul (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

Module cap (Maximum number of students): N/A

Module Availability

Semester 2

Prerequisites / Co-requisites

None

Module content

Indicative content includes:

• Overview of modern macroeconomic theory


• Foundations of dynamic stochastic general equilibrium (DSGE) models


• Applications of dynamic optimisation


• Basics of Dynare and Matlab


• The Real Business Cycle model


• New Keynesian theory


• Bayesian Estimation


• Monetary policy


• Alternatives to and developments of DSGE models

Assessment pattern

Alternative Assessment

Not applicable.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate

Learning outcomes above

Thus, the summative assessment for this module consists of:

• A practical computing and essay assignment due typically in Week 8


• 
  2 hour examination with essay-style exam questions, scheduled in Weeks 13-15.
  

Module aims

•  apply key microeconomic mathematical techniques in a macroeconomic context
•  explain and discuss the construction and estimation of DSGE models
•  apply these models to macroeconomics problems
•  introduce  some of the strengths and weaknesses of DSGE modelling
•  enable the students to follow the relevant literature

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

combine lectures on theory with practical hand-on lab sessions running the models in Dynare

The learning and teaching methods include:

• 2 hour lectures/lab sessions combined per week x 11 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.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECOM047

Programmes this module appears in

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.