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Advanced Macroeconomics I - ECO00001M

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  • Department: Economics and Related Studies
  • Module co-ordinator: Prof. Neil Rankin
  • Credit value: 10 credits
  • Credit level: M
  • Academic year of delivery: 2022-23
    • See module specification for other years: 2021-22

Module summary

This module aims to give you a solid grounding in modern macroeconomic theory at the graduate level. The focus will be on closed-economy issues. Open-economy issues are the subject of the module Advanced Macroeconomics 2: International Trade and Finance (ECO00028M), which is a good complement to Advanced Macroeconomics 1.

Module will run

Occurrence Teaching period
A Autumn Term 2022-23

Module aims

To equip students with a thorough knowledge of modern macroeconomic theory and its applications.

Concepts such as rational expectations and dynamic general equilibrium will be widely used. It will generally include analysis of both the short run, or business-cycle, behaviour of a macroeconomy; and of the long-run, or growth, behaviour.

The determination of real variables such as output and employment, and of nominal variables such as inflation and the nominal interest rate, will be studied, as will their interaction. In general the module will draw on more than one school of thought, such as Classical ideas and Keynesian ideas and their modern variants.

Macroeconomic policy and its potential for improving the operation of the economy will also receive substantial attention.

Module learning outcomes

On completing the module a student will be able to:

· understand, explain and constructively criticise well-known macroeconomic models

· evaluate the extent to which well-known macroeconomic models can explain real-world data and macroeconomic experiences

· use well-known macroeconomic models to illuminate current debates about macroeconomic policy

· read and understand original research articles about macroeconomics in academic journals


Task Length % of module mark
Closed/in-person Exam (Centrally scheduled)
Closed exam : Advanced Macroeconomics I
2 hours 100

Special assessment rules



Task Length % of module mark
Closed/in-person Exam (Centrally scheduled)
Closed exam : Advanced Macroeconomics I
2 hours 100

Module feedback

Students will receive feedback on their closed exam within the University's Policy on Assessment Feedback Turnaround Time (20 working days). Following the release of their marks, cohort feedback will also be published on the Departmental website and student will have the opportunity to view their exam scripts at supervised Feedback Sessions.

Indicative reading

The module will not closely follow any single textbook. In your reading you should consult a number of sources, including journal articles. The following textbooks are the ones likely to be most useful:

Blanchard, O. and Fischer, S., Lectures on Macroeconomics, MIT Press, 1989.

Romer, D., Advanced Macroeconomics (4th edition), McGraw-Hill Irwin, 2012.

Wickens, M., Macroeconomic Theory: A Dynamic General Equilibrium Approach (2nd edition), Princeton University Press, 2011

Additional references:

GALE, D. (1973) “Pure Exchange Equilibrium of Dynamic Economic Models,” Journal of Economic Theory, 6, 12-36.

GEANAKOPLOS, J.D. (1987) “Overlapping Generations” in the The New Palgrave Dictionary of Economics—General Equilibrium. Edited by J. Eatwell, M. Milgate, and P. Newman. London, Macmillan.

KIYOTAKI, N., AND J. MOORE (1997) “Credit Cycles,” Journal of Political Economy, 105, 211-248.

SHELL, K. (1971) “Notes on the Economics of Infinity,”Journal of Political Economy, 79, 1002-1011.

The information on this page is indicative of the module that is currently on offer. The University is constantly exploring ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary by the University. Where appropriate, the University will notify and consult with affected students in advance about any changes that are required in line with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.