This is an intermediate Macroeconomics course whose students are largely drawn from those wishing to prepare for Honours in Economics. The course comprises intermediate Macroeconomics.

Lectures: Monday, Tuesday, Thursday and Friday 13:00-14:00 for 10 weeks (teaching weeks 1-5, 7-11). Week 11 is a revision week.

These lectures will also be delivered at 12.00-13.00. In the event that attendance does not require double-teaching, the 12.00 class will be cancelled. All students, regardless of choice of lecture time, must ensure that they do not schedule other classes at 13.00.

Tutorials: 8x1 hour.

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ILO

The main aims of this course are:

■ to present macroeconomic theory at an intermediate level.

■ to equip students with basic versions of theoretical models to analyse the conduct of macroeconomic policy in closed and open economies.

■ to present the different lines of research in the post-WW II history of macroeconomics.

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

■ analyse macroeconomic implications of monetary and fiscal policies and shocks

■ analyse and discuss the role of expectations in macroeconomic theory

■ analyse the relationships among major macroeconomic variables, such as the aggregate output, unemployment, inflation rate, interest rate, exchange rate

■ apply economic theories to the discussion of macroeconomic issues such as high inflation and high unemployment, financial crises, contemporary issues like Brexit etc. in a coherent manner, based on scholarly literature and policy papers

■ apply a range of macroeconomic models to the analysis of historical episodes such as severe recessions and financial crises

■ outline the main directions of research, how economic models were developed and main debates around their assumptions in macroeconomics in post-WW II history

■ communicate contemporary issues in macroeconomics using appropriate theories to specialists as well as non-specialists, by writing clearly and concisely.

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