This course aims to give students a thorough grounding in undergraduate macroeconomic theory and includes theories of how consumption, unemployment, and inflation behave over the business cycle, and the conduct of monetary policy. In addition, the course contains coverage of long run growth and theories of economic convergence, viewed through the lens of exogenous and endogenous growth models.

Lectures: 10 x 2-hour lectures

Tutorials: 9 x 1-hour tutorials

Additional 2 hours revision lecture outside normal hours

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Intended Learning Outcomes

Reassessments are normally available for all courses, except those which contribute to the Honours classification. For non Honours courses, students are offered reassessment in all or any of the components of assessment if the satisfactory (threshold) grade for the overall course is not achieved at the first attempt. This is normally grade D3 for undergraduate students and grade C3 for postgraduate students. Exceptionally it may not be possible to offer reassessment of some coursework items, in which case the mark achieved at the first attempt will be counted towards the final course grade. Any such exceptions for this course are described below. 

The main aims of this course are:

■ To provide students with a thorough grounding in advanced undergraduate macroeconomic theory.

■ To expose students to modern debates in economic theory in topical fields such as inflation, unemployment and growth theory.

■ To provide students with the background in economic theory to enable them to take advanced courses in the theory of economic policy and contemporary economic policy.

■ To develop skills in manipulating basic economic models for policy applications.

By the end of this course students should be able to:

1. Apply the economic theory models taught in course to address contemporary questions in economic policy.

2. Effectively use analytical skills to manipulate formal macroeconomic models.

3. Effectively communicate using non-technical language the key implications of theoretical models and their relevance for modern debates in economic policy.

4. Critically evaluate how well the models taught in course can explain the "stylised facts" relating to economic growth and business cycles.

5. Identify and explain the central mechanisms driving the models' economic implications and/or predictions. 

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