Economics

Advanced Macroeconomics

Module code: L1059
Level 5
15 credits in spring semester
Teaching method: Seminar, Lecture
Assessment modes: Coursework, Computer based exam

The module completes the macroeconomics sequence, starting with a consideration of the policy implications of rational expectations. The macroeconomy is then opened up to international trade and capital movements: the operation of monetary and fiscal policies and the international transmission of disturbances under fixed and flexible exchange rates are contrasted, and the issues bearing on the choice of exchange-rate regime are explored. The major macroeconomic problems of hyperinflation, persistent unemployment and exchange-rate crises are examined. The module concludes by drawing together the implications of the analysis for the design and operation of macroeconomic policy.

Module learning outcomes

• Have demonstrated systematic understanding of the principles at the forefront of economics
• Be able to use the power of abstraction to focus upon the essential features of an economic problem and to provide a systematic framework for the coherent and critical evaluation of the effects of policy or other exogenous events.
• Be able to analyse an economic problem or issue using an appropriate theoretical framework, recognise its limitations and appreciate uncertainties around such analyses.
• Have learned to understand the importance of, and be able to construct, rigorous argument to help evaluate ideas, including those at the forefront of research.