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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 |
75
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| Coursework |
25
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Qualifying Condition(s)
A weighted aggregated mark of 50% is required to pass the module |
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| Module Overview |
The module is composed of a collection of advanced micro - and macro - economic topics. The microeconomics topics aim to familiarise with basic tools of non co-operative game theory. The macroeconomics aims to introduce dynamic general equillibrium (DGE) modelling along with related numerical applications. At every stage, the theories will be illustrated in the context of some economic application. |
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| Prerequisites/Co-requisites |
ECOM011 Preliminary Quantitative Methods, ECOM020 Microeconomics and ECOM021 Macroeconomics |
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| Module Aims |
| This module aims to familiarise students with advanced conceptual and appropriate mathematical tools in macro and micreconomic theory
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| Learning Outcomes |
By the end of the module the student will:-
Be able to use several key mathematical techniques common in non co-operative game theory
Be able to explain and discuss an advance treatment of DGE models
Have experience in applying these techniques to economics problems
Have been introduced to some of the strengths and weaknesses of using formal methods to analyse economic problems
Have sufficient familiarity with the above tools and principles that they can begin to follow the literature
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| Module Content |
The following is an indication of the likely topics to be covered:
Overview of modern economic theory
Static optimisation problems
Duality, competitive markets and exchange
Time, intertemporal preferences and optimisation, and general equilibrium
Value function iteration
Foundations of dynamic general equilibirum (DGE)
Applications of dynamic optimisation
Solving systems of linear expectations equations
Real business cycles
Monetary policy
New Keynesian theory
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| Methods of Teaching/Learning |
Lectures (20 hrs)
Readings using lecturers guidance
Preparing exercises
Responding to questions in class
Preparing and taking part in the class test
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| Selected Texts/Journals |
Hoy, Michael et al. (2001), Mathematics for Economics, MIT Press
Varian, H. (1992), Microeconomic Analysis, 3rd ed. W. W. Norton, London
Wickens, Michael (2008), Macroeconomic Theory, Princeton
Gali, jordi (2008), Monetary Policy, Inflation, and the Busienss Cycle, Princeton
Adda J, and Russell Cooper (2003), Dynamic Economics, MIT Press
Jehle and Reny (1998), Advanced Economic Theory, Addison-Wesley |
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| Last Updated |
10 March 2011 |
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