Macroeconomic Theory I

Module title	Macroeconomic Theory I
Module code	BEEM138
Academic year	2024/5
Credits	15
Module staff	Dr Julian Neira Sanchez (Convenor)

Duration: Term	1	2	3
Duration: Weeks	11	0	0

Number students taking module (anticipated)	10

Module description

The module covers topics in modern macroeconomics with an emphasis on tools necessary to pursue
research in macroeconomics.

Module aims - intentions of the module

The module explores core areas of modern macroeconomics with the aim to develop an understanding of
macroeconomic models that enables students to use them to tackle macroeconomic questions. The
emphasis will thus be on learning theoretical concepts and analytical techniques by using them in the
process of discussing relevant modern macroeconomic topics.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

1. Address complex questions at the frontier of macroeconomic research systematically and creatively
2. Make sound judgements and communicate their conclusions to specialists and non-specialists

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

3. Demonstrate self-direction and originality in tackling and solving macroeconomics problems
4. Continue to advance their knowledge and understanding, and to develop new skills to a high level

ILO: Personal and key skills

On successfully completing the module you will be able to...

5. Identify, tackle and solve relevant research problems in macroeconomics
6. Work independently and responsibly on complex research problems

Syllabus plan

Dynamic Programming Methods:

Recursive Representations
Value Function Iteration
Markov Chains
Stationary Distributions
Policy Function Iteration

Dynamic Programming Applications:

Neoclassical Growth Model
Heterogeneous Firm Models
Job Search Models

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching Activities	Guided independent study	Placement / study abroad
33	117	0

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled learning and teaching	33	11 x 3 hour Lectures
Guided independent study	117	Reading, reflection, preparation for lectures and exams

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Practice problems	Varies	1-6	Oral/Written

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
50	50	0

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Exam	50	3 hours	1-6	Oral/Written
5 problem sets	50	1-4 problems each	1-6	Oral/Written

Details of re-assessment (where required by referral or deferral)

Original form of assessment	Form of re-assessment	ILOs re-assessed	Timescale for re-assessment
Examination	Examination 50% (3 hours)	1-6	Referral/Deferral period
Problem sets	Problem set 50% (1-8 problems)	1-6	Referral/Deferral period

Indicative learning resources - Basic reading

Ljungqvist and Sargent, Recursive Macroeconomic Theory, MIT Press, 2018
Stokey and Lucas, with Prescott, Recursive Methods in Economic Dynamics, Harvard University Press, 1989
D. Acemoglu, Introduction to Modern Economic Growth, Princeton University Press, 2009
Miranda and Fackler, Applied Computational Economics and Finance. MIT Press, 2002

Indicative learning resources - Web based and electronic resources

None

Indicative learning resources - Other resources

None

Key words search

Credit value	15
Module ECTS	7.5
Module pre-requisites	None. Only available to students on the MRes Economics and MRES Economics (PHD Pathway) programmes.
Module co-requisites	None
NQF level (module)	7
Available as distance learning?	No
Origin date	29/02/2016
Last revision date	03/05/2023