Topics in Macroeconomics

Learning Outcomes

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• apply macroeconomic theory and reasoning to evaluate the implications of monetary policy for macroeconomic stabilisation and welfare.
• apply adequate dynamic macroeconomic methods to analyse monetary policy and other monetary events;

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• Communicate complex theoretical and quantitative reasoning in written form

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• adequate analytical methods to examine monetary policy and its consequences
• the role of monetary policy in macroeconomic context, and of how monetary policy affects real variables

The module builds on dynamic stochastic general equilibrium models with nominal rigidities and emphasises the role of forward-looking rational agents. Topics include general equilibrium models such as real business cycle models, and models with sticky prices. The design of optimal monetary policy and the welfare effects of simple monetary policy rules are also analysed.

The topics covered include:

The Classical Monetary Model

The Basic New Keynesian Model

The Design of Monetary Policy

Extensions.

Teaching and learning methods

Lectures and masterclasses

Resources & Reading list

General Resources

Other course information available via blackboard.

Textbooks

(2015). Monetary Policy, Inflation and the Business Cycle. Princeton: Princeton University Press.

Assessment strategy

Assessment in this module is through two pieces of coursework (each worth 10%) and an end of module assessment (80%). The coursework assignments are due on the specified dates, before the lecture starts. This is supported by continuous formative assessment. This is the same for internal repeat. Assessment for external repeat and referral is through 100% end of module assessment.

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.