Macroeconomic Theory I
| Module title | Macroeconomic Theory I |
|---|---|
| Module code | BEEM138 |
| Academic year | 2020/1 |
| Credits | 15 |
| Module staff | Dr Julian Neira Sanchez (Lecturer) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 11 |
| Number students taking module (anticipated) | 10 |
|---|
Module description
The module covers topics in modern macroeconomics with an emphasis on tools necessary to pursue
research in macroeconomics.
Module aims - intentions of the module
The module explores core areas of modern macroeconomics with the aim to develop an understanding of
macroeconomic models that enables students to use them to tackle macroeconomic questions. The
emphasis will thus be on learning theoretical concepts and analytical techniques by using them in the
process of discussing relevant modern macroeconomic topics.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. address complex questions at the frontier of macroeconomic research systematically and creatively.
- 2. make sound judgements and communicate their conclusions to specialists and non-specialists.
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 3. demonstrate self-direction and originality in tackling and solving macroeconomics problems.
- 4. continue to advance their knowledge and understanding, and to develop new skills to a high level.
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 5. identify, tackle and solve relevant research problems in macroeconomics
- 6. work independently and responsibly on complex research problems.
Syllabus plan
Dynamic Programming Methods:
- Recursive Representations
- Value Function Iteration
- Markov Chains
- Stationary Distributions
- Policy Function Iteration
Dynamic Programming Applications:
- Neoclassical Growth Model
- Heterogeneous Firm Models
- Schumpeterian Growth Model
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 33 | 117 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning and Teaching | 33 | 1 x 3 hour Lectures |
| Guided Independent Study | 117 | Reading, reflection, preparation for lectures and exams |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Practice Problems | Varies | 1-6 | Oral/Written |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 45 | 55 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Exam | 55 | 3 hours | 1-6 | Oral/Written |
| 3 Problem Sets | 45 | 1-4 Problems each | 1-6 | Oral/Written |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Examination | Examination 55% (3 hours) | 1-6 | Referral/Deferral period |
| Problem Sets | Problem set 45% (1-8 problems) | 1-6 | Referral/Deferral period |
Indicative learning resources - Basic reading
Ljungqvist and Sargent, Recursive Macroeconomic Theory, MIT Press, 2004.
Stokey and Lucas, with Prescott, Recursive Methods in Economic Dynamics, Harvard
University Press, 1989.
D. Acemoglu, Introduction to Modern Economic Growth, Princeton University Press, 2009.
Miranda and Fackler, Applied Computational Economics and Finance. MIT Press, 2002
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| Module pre-requisites | None |
| Module co-requisites | None |
| NQF level (module) | 7 |
| Available as distance learning? | No |
| Origin date | 29/02/2016 |
| Last revision date | 27/02/2020 |
