Module code: ECN202
The purpose of this module is to provide students with a thorough analysis of the intermediate macroeconomic theory concerning aggregate expenditure functions, expectations, inflation, economic growth and open-economy macroeconomics.
Aims of the module
The aims of the module are:
On completion of the course students will have:
Basics: IS-LM model, labour market, AS-AD model
Inflation and unemployment: natural rate of unemployment, the Phillips curve
Expectations: how are the expectations formed, role of expectations – in the financial markets, in the goods market (consumption and investment), and in policy
Open economy: openness in the goods market and the money market; exchange rates: nominal and real; balance of payments; Marshall-Lerner conditions; policy in open economy; Mundell-Fleming model; exchange rate regimes
Growth – economics of long run: what is growth?; facts about growth; the Solow (neo-classical) growth model; technological progress and growth
Policy: monetary policy rules, inflation targeting, intertemporal budget constraints
One (one-hour) lecture per week throughout the academic year; four workshops and three tutorials every semester
Unseen three-hour examination worth 100% of the total mark which takes place at the end of semester two
We advise you not to buy books before the module begins, as the reading list may change. If you wish to read in advance, look for this text in the University library
Williamson, S. Macroeconomics, Global Edition, 6th Edition, Pearson.