The main objective of this module is to provide analytical understanding of how economic policy affects macroeconomic outcomes. The main macroeconomic outcome that we will look at is output (what we usually measure as GDP). We will approach the study of the evolution of output from two very different time horizons. First, we will look at the long-run trend of output, that is, we will study why economies grow and which policies might help promote growth. Secondly, we will look at the short-run fluctuations of output. We will try to understand the patterns behind economic booms and busts and we will study which are the effects of different fiscal and monetary policies.
Pre-requisite for ECON3008
Pre-requisites: ECON1002 and (ECON1005 or ECON1008) and ECON1007
Aims and Objectives
Having successfully completed this module you will be able to:
- Demonstrate knowledge and understanding of how economic policy affects macroeconomic outcomes
Part 1: The Economy in the Long Run
1. Determinants and Distribution of National Income
2. Money and Inflation
3. Basic Explanations for Unemployment
Part 2: Growth Theory, The Very Long Run
4. The Solow Model
5. More on Growth
Part 3: The Economy in the Short Run
6. Economic Fluctuations
7. The IS-LM Model
8. Macroeconomic Policy using the IS-LM Model
9. Aggregate Supply
Part 4: More on Macroeconomic Policy
10. New Perspectives on Stabilisation Policies
11. New Perspectives on Public Debt and Deficits
Learning and Teaching
Teaching and learning methods
Lectures and classes.
|Total study time||150|
Resources & Reading list
The final mark for the course will be determined on the basis of a take-home assignment at the end of the semester (70%), two problem sets (20%) and successful participation in class. During the semester, all problem sets will be discussed in tutorial sessions. These problem sets are designed to help you put in practice the concepts covered in lectures, and also aid your preparation for the final examination.
In the event of you having to resit this unit, your coursework marks will not be carried forward.
Summative assessment description
Referral assessment description
Repeat assessment description
Repeat type: Internal & External