EC5201 Macroeconomics

Academic year

2023 to 2024 Semester 1

Further information on which modules are specific to your programme.

Key module information

SCOTCAT credits

20

The Scottish Credit Accumulation and Transfer (SCOTCAT) system allows credits gained in Scotland to be transferred between institutions. The number of credits associated with a module gives an indication of the amount of learning effort required by the learner. European Credit Transfer System (ECTS) credits are half the value of SCOTCAT credits.

SCQF level

SCQF level 11

The Scottish Credit and Qualifications Framework (SCQF) provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.

Availability restrictions

Undergraduate Students: available with the permission of the Director of Teaching only to students in the second year of the Honours programme who have achieved at least 17.5 in EC3303 or EC3306.

Planned timetable

To be arranged.

This information is given as indicative. Timetable may change at short notice depending on room availability.

Module coordinator

Dr N Chernyshev

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module Staff

Dr Nikolay Chernyshev

This information is given as indicative. Staff involved in a module may change at short notice depending on availability and circumstances.

Module description

The module will provide a thorough advanced treatment of the core models and concepts used in modern macroeconomics; for example the infinite horison Ramsey model and finite horizon overlapping generations model and models that have been used to characterise short term fluctuations, such as the real business cycle approach and the New Keynesian approach. Among other things, the module will seek to explain the development of microbased macroeconomic theory, use models to predict the impact of policy changes on endogenous variables and critique modelling assumptions, especially in the context of policy analysis. Students are expected to have a strong undergraduate level training in macroeconomics, microeconomics and relevant mathematical and statistical techniques. Before commencement of the module, supplementary lectures will be given on the relevant mathematical methods.

Relationship to other modules

Pre-requisites

UNDERGRADUATE STUDENTS MUST BE IN THE SECOND YEAR OF AN HONOURS PROGRAMME, HAVE SCORED 17.5 OR GREATER IN EC3303 OR EC3306 AND HAVE THE PERMISSION OF THE DIRECTOR OF TEACHING.

Assessment pattern

3-hour Written Examination = 60%, Coursework (including class test 15%) = 40%

Re-assessment

3-hour Written Examination = 100%

Learning and teaching methods and delivery

Weekly contact

20 hours of lectures over 10 weeks, 1-hour tutorial (x 10 weeks).

Scheduled learning hours

30

The number of compulsory student:staff contact hours over the period of the module.

Guided independent study hours

170

The number of hours that students are expected to invest in independent study over the period of the module.

Intended learning outcomes

  • Have a sound grasp of the core models and concepts used in modern macroeconomics such as the Ramsey model, real business cycle models and New Keynesian models
  • Familiarise students with the technical details of key macroeconomic models
  • For students to have a good overall understanding of the debates relating to the empirical performance of each key macroeconomic modelling approach
  • Familiarise students with a good understanding of the policy debates relating to the different modelling approaches
  • Gain understanding of how models and their applications can be adapted to have more realistic features of key markets, incorporating frictions and imperfections in the functioning of goods, labour and financial markets