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Macroeconomics I
Macroeconomic Theory

Module Code: EC7005

  • ECTS Credit : 10
  • Mandatory/ Optional : Mandatory
  • Module Coordinator : Prof Davide Romelli and Prof. Vahagn Galstyan

Aims of Module

The first part of this module presents consumption and investment theory. Empirical evidence and applications to fiscal policy are reviewed. Following this, the module examines the implications of macroeconomic theory for explaining financial returns. The second part of the module considers models of economic growth and their empirical relevance to explaining long-term growth rates and international growth rate differentials.

Module Delivery

The module will be delivered through a combination of lectures (18 hours) and tutorials (8 hours). Problems are circulated at the lectures or made available online and should be submitted prior to the relevant tutorial.

Learning Outcomes

On completion of the module, students will be able to:

  1. exposit and critically appraise modern theoretical models of the determination of the major macroeconomic variables in light of empirical evidence;
  2. use appropriately the main techniques and methodologies employed in macroeconomic theory;

Syllabus

Topics covered in this module include:

  1. Consumption Theory and Applications
  2. Macroeconomics and Finance
  3. The Overlapping Generations Model
  4. Investment Theory
  5. The Solow Model of Economic Growth
  6. The Ramsey Model of Economic Growth
  7. The AK and Romer Models of Endogenous Growth
  8. The Schumpeterian Model of Growth

Assessment

Assessment for the module is based on a combination of weekly problem sheets and a 3-hour examination. The 3-hour examination is the most adequate way to assess the main learning outcomes (1) and (2).In addition, continuous assessment provided by the weekly problem sets complements assessment of all learning outcomes and particularly provides close assessment for learning outcome (2)