ADVANCED MACROECONOMICS 1 - 2021/2
Module code: ECOM060
Module Overview
This course gives the students a systematic way of thinking about macroeconomic issues. The course will present the methodology and tools to study dynamic macroeconomic problems and will cover a broad range of macroeconomic theories of business cycle.
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
Overall student workload
Workshop Hours: 11
Independent Learning Hours: 117
Captured Content: 22
Module Availability
Semester 1
Prerequisites / Co-requisites
None.
Module content
Indicative content includes:
- Deterministic Difference Equations
- Stochastic Difference Equations
- Introduction to Matlab and programming in Dynare
- Neoclassical Growth Models and different market structures
- Real Business Cycle theory
- Fiscal Policy
- The New Keynerian Model: Sticky Prices and Sticky Wages
- Medium Scale DSGE Models
- Dynamic Programming
- LQ model and Optimal Policy
Assessment pattern
| Assessment type | Unit of assessment | Weighting |
|---|---|---|
| Coursework | Take Home Problem Set 1 | 6 |
| Coursework | Take Home Problem Set 2 | 15 |
| Coursework | Take Home Problem Set 3 | 9 |
| Examination Online | Final Examination (2 Hours) | 70 |
Alternative Assessment
None.
Assessment Strategy
The assessment strategy is designed to provide students with the opportunity to demonstrate their technical skills relating to, and understanding of, economic problems involving game theory.
Thus, the summative assessment for this module consists of:
- A two-hour exam worth 70% of the final mark.
- 2 ‘take home’ problem sets worth 15% of the final mark each typically submitted in week 7 and 12.
Formative assessment
Informal discussions during and outside of lectures.
Feedback
Students will receive verbal feedback during the lectures through direct interaction. Moreover, they will receive their problems sets back with written comments.
Module aims
- • Provide students with a thorough understanding of key macroeconomics models, concepts and results.
- • Enable students to prepare for research in this field.
- • Enable students to develop the skills to work independently.
Learning outcomes
| Attributes Developed | ||
| 001 | To develop the understanding of macroeconomic theory and the theory of macroeconomic policy at a level propedeutic for the pursuing of a research career (ie. PhD in Economics) (C,K) | CK |
| 002 | Understand and interpret economic models based on rational inter-temporal optimizing behaviour of all agents (C,K,T,P) | CKPT |
| 003 | Introduction to solving and simulating DSGE models, and use them for policy analysis (C,K,T,P) | CKPT |
| 004 | Read and interpret state-of-the-art papers and books related to the material covered (K,T) | KT |
| 005 | Apply the concepts, tools and results to economic problems (C,K,P) | CKP |
Attributes Developed
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: develop students’ independent research skills, by training them to do critical analysis of papers in scientific journals and do two 'take home' problem sets, making sure concepts and methods are mastered.
The learning and teaching methods include:
- Interactive lectures and discussion of cases within these.
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: ECOM060
Other information
None.
Programmes this module appears in
| Programme | Semester | Classification | Qualifying conditions |
|---|---|---|---|
| Economics MRes | 1 | Compulsory | A weighted aggregate mark of 50% is required to pass the module |
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.