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| Module Availability |
| Spring |
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| Assessment Pattern |
| Unit(s) of Assessment |
Weighting Towards Module
Mark (%)
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| 2 hour Examination |
70
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| Coursework |
30
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Qualifying Condition(s)
A weighted aggregated mark of 40% is required to pass the module |
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| Module Overview |
| The module mainly consists of two themes. i) The first theme develops a micro-founded dynamic macro-economy by combining agents and firms in a formal utility mazimizing RBC framework. This will demonstrate the art of modern formal modelling in macroeconomics. Thinking in a structured framework and the importance of rigorous arguments will be highlighted. ii) The second theme focuses on economic growth. The aim is to survey the main models that are currently used to describe the determinants of economic growth. We then turn to testing the main implications of these models. We also introduce endogenous growth models |
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| Prerequisites/Co-requisites |
This course uses algebra, calculus, optimisation and differential equations based on material covered in levels 1 and 2 |
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| Module Aims |
The aim of the module is to familiarise students with conceptual and appropriate mathematical tools in macroeconomic theory and also to present macroeconomic models that explain economic growth |
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| Learning Outcomes |
On successful completion of this module, students should be able to:-
- apply static and dynamic optimization
- understand the micro-foundations of modern macroeconomics
- appreciate the insights and applications of the Real Business Cycle model
- explain various sources of economic growth
- discuss the issue of convergence
- discuss intuitively and technically the mainmodels of economic growth
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| Module Content |
- Time, intertemporal preferences
- dynamic optimisation and general equilibrium
- the RBC model and applications
- The Solow model and important variations
- empirical applications of the neoclassical growth models
- endogenous models
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| Methods of Teaching/Learning |
| Lectures (11) and Tutorials (5) |
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| Selected Texts/Journals |
Wickens, Michael, 208, Macroeconomic Theory, Princeton (Main text)
Hoy, Michael et al, 2001, Mathematics for Economics, MIT Press
Varian, H.R, 2006, Intermediate Microeconomics, 7th edition, WWW Norton & Company
Jones, Charles l, 2001, Introduction to Economic Growth, 2nd edition, W.W. Norton & Company
Weil, D, 2009, Economic Growth, 2nd edition, Addison-Wesley
Barro, Robert, J and Xavier Sala-l-Martin, 2003, Economic Growth, 2nd edition, McGraw-Hill |
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| Last Updated |
10 March 2011 |
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