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Macroeconomics II
Part A: Monetary Economics
Part B: International Macroeconomics

Module Code: EC7006

  • ECTS Credit: 10
  • Mandatory/Optional: Mandatory
  • Module Coordinator: Dr Luca Onorante and Professor Vahagn Galstyan

Module Delivery

The module will be delivered through a combination of lectures (18 hours) and tutorials (9 hours). A major element of the course is a set of graded weekly problem sets, such that continuous assessment is an essential feature.

Learning Outcomes

On completion of the course, 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;
  3. simulate technological and monetary shocks to an economy and responses of main macroeconomic variables using Matlab;
  4. elucidate the role of money in explaining business cycles under different modelling strategies.


Part A: Monetary Economics

Part one is on Monetary Economics. The section covers central bank targets, time inconsistency and optimal monetary policy. We will look at Taylor rules and studay a classical monetary model that bases macroeconomic dynamics on microeconomic foundations. We will also discuss a simple New Kenyesian model and review the strengths and weaknesses of this type of model.

Part B: International Macroeconomics

Part two is on International Macroeconomics. This section will cover the building blocks of international macroeconomics (exchange rates, current account economics, international risk sharing). It will analyze traditional and new approaches to the modelling of open economies and apply the models to topics such as global imbalances.


Assessment for the module is based on a combination of coursework and a 3 hour examination.