TBC

This course is compulsory on the BSc in Economic History with Economics, BSc in Economics and Economic History, BSc in International Social and Public Policy and Economics, BSc in Mathematics and Economics, BSc in Mathematics with Economics, BSc in Philosophy and Economics, BSc in Philosophy, Politics and Economics and BSc in Politics and Economics. This course is available on the BSc in Accounting and Finance, BSc in Environment and Development, BSc in Environmental Policy with Economics, BSc in Geography with Economics, BSc in Management, BSc in Mathematics, Statistics and Business and Diploma in Accounting and Finance. This course is available as an outside option to students on other programmes where regulations permit. This course is available with permission to General Course students.

Students must have completed Microeconomics I (EC1A3) and Macroeconomics I (EC1B3).

The is an intermediate-level course in macroeconomics that builds on the material you learned in EC1B3. We will use a set of established frameworks and different approaches to analyse and discuss observed behaviour of macroeconomic activity across time and across countries. We will apply the tools developed in the course to historical and contemporary events. Topics include: Economic growth: facts and accounting, economic convergence: the Solow model, endogenous growth models, the roles of human capital and R&D, consumption and savings: the forward-looking consumer, Ricardian equivalence, credit market imperfections, unemployment: search model and the Beveridge curve, inflation and monetary policy: what is a central bank, how does it control inflation, and seignorage-driven hyper-inflations. financial systems and financial crises: bank runs, multiple equilibria, solvency and liquidity, link banks-sovereigns, exchange rates: PPP, UIP, the trilemma, pegs and floats, business cycles and fiscal stimulus: the role of aggregate demand, fiscal multipliers, the Phillips curve, expectations and the conflict between rules and discretion applied to monetary policy.

20 hours of lectures and 10 hours of classes in the LT.

Students will be expected to produce 10 pieces of coursework in the LT.

• Macroeconomics, Williamson.

• Economic growth, Weil.

• Macroeconomics, Blanchard and Johnson.

• Macroeconomics, Gregory Mankiw.

Exam (100%, duration: 2 minutes) in the summer exam period.

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.