EC324-6-AU-CO:
Macroeconomics (Advanced)
2024/25
Economics
Colchester Campus
Autumn
Undergraduate: Level 6
Current
Thursday 03 October 2024
Friday 13 December 2024
15
20 August 2024
Requisites for this module
EC201
(none)
(none)
(none)
(none)
This module complements and extends the material covered in intermediate macroeconomics. It aims to give students an understanding of the context and methods of modern macroeconomic analysis. There is a particular focus on the core methodological principles – the microfoundations of macroeconomics – and their implications for analysis of aggregate economic data. We will emphasize the dynamics – long, medium, and short run – and uncertainty inherent in aggregate output, prices, wages, unemployment and inequality. We will discuss difficulties in building a coherent yet practical conceptual framework used to evaluate alternative macroeconomic theories. Key ideas in the module will be illustrated with reference to recent events and current policy debates.
The aim of this module is:
- To give students an understanding of macroeconomic data and the way in which modern macroeconomics interprets these observations.
By the end of this module, students will be expected to be able to:
- Approach macroeconomics critically.
- Evaluate the strength of empirical evidence for macroeconomic theories and macroeconomic policy positions.
Transferable Skills
Students completing the module will have :
- Developed their analytical reasoning and conceptualization skills.
- Gained facility with the interpretation of mathematics and statistics.
- Gained further experience with the world wide web, as well as in surveying and summarising scientific literature, and in the written presentation of material.
They may also work together in teams to complete the problem sets.
No additional information available.
The module will be delivered via:
- Two 1-hour lectures per week.
- One 1-hour class per week.
Feedback for this module will occur through class meetings where we will go over the answers to problem sets and where you will be able to ask questions about your own method of solution; answers that will be posted on moodle that will give you written guidance on the appropriate method to approach the problems on the problem sets, midterm tests and mock final; and academic support hours where any additional questions can be addressed. You should be sure that you use these methods to understand how to improve your own performance.
Lecture notes, problem sets, mock final and feedback (including solutions) are made available online via Moodle.
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Angus C. Chu (2020c) ‘Advanced Macroeconomics for Undergraduates’. University of Liverpool. Available at:
https://mpra.ub.uni-muenchen.de/98249/.
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Garin, Lester, and Sims (2021e) ‘Intermediate Macroeconomics’. Available at:
https://juliogarin.com/files/textbook/GLS_Intermediate_Macro.pdf.
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Federal Reserve Economic Data (no date). Available at:
https://fred.stlouisfed.org/.
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Federal Reserve Economic Data | FRED (no date). Available at:
https://fred.stlouisfed.org/.
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Jones, C.I. and Romer, P.M. (no date) ‘The New Kaldor Facts: Ideas Institutions, Population and Human Capital’,
NBER Working Papers [Preprint]. Available at:
https://www.nber.org/papers/w15094.
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Alvaredo, F et al (no date) ‘World Inequality Report 2018’. World Inequality Lab. Available at:
https://wir2018.wid.world/download.html.
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David Andolfatto, Eric Smith (2001) ‘Distributional Dynamics Following a Technological Revolution’,
The Canadian Journal of Economics / Revue canadienne d’Economique, 34(3), pp. 739–759. Available at:
https://www.jstor.org/stable/3131893.
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Cecilia García-Peñalosa (no date) ‘Inequality in Macroeconomic Models’,
Revue de l’OFCE, 157(3), pp. 93–115. Available at:
https://www.cairn.info/revue-de-l-ofce-2018-3-page-93.htm.
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Stiglitz, J. and Kanbur, R. (2015) ‘Wealth and income distribution: New theories needed for a new era’. Available at:
https://cepr.org/voxeu/columns/wealth-and-income-distribution-new-theories-needed-new-era.
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Mankiw, N. Gregory (no date) ‘Yes, r > g. So What?’,
American Economic Review, 105(5), pp. 43–47. Available at:
https://doi.org/10.1257/aer.p20151059.
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Piketty, Thomas (no date) ‘About Capital in the Twenty-First Century’,
American Economic Review, 105(5), pp. 48–53. Available at:
https://doi.org/10.1257/aer.p20151060.
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Eric Smith (2010) ‘Sector-Specific Human Capital and the Distribution of Earnings’,
Journal of Human Capital, 4(1), pp. 35–61. Available at:
https://www.jstor.org/stable/10.1086/655467.
The above list is indicative of the essential reading for the course.
The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students.
Further reading can be obtained from this module's
reading list.
Assessment items, weightings and deadlines
| Coursework / exam |
Description |
Deadline |
Coursework weighting |
| Coursework |
EC324 Midterm Test |
26/11/2024 |
|
| Exam |
Main exam: In-Person, Open Book, 120 minutes during Summer (Main Period)
|
| Exam |
Reassessment Main exam: In-Person, Open Book, 120 minutes during September (Reassessment Period)
|
Exam format definitions
- Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
- In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
- In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
- In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary,
for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.
Your department will provide further guidance before your exams.
Overall assessment
Reassessment
Module supervisor and teaching staff
Prof Eric Smith, email: esmith@essex.ac.uk.
Lectures and Classes: Professor Eric Smith
For further information, send an email message to fineco@essex.ac.uk.
Yes
Yes
No
Available via Moodle
Of 50 hours, 46 (92%) hours available to students:
2 hours not recorded due to service coverage or fault;
2 hours not recorded due to opt-out by lecturer(s), module, or event type.
Economics
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