Macroeconomics
Dr Michael Lee
7 points
* Two 1.5-hour lectures per week
* Second semester
*
Clayton
Objectives On completion of this subject students should have a basic understanding of the concepts and techniques of macroeconomic forecasting using an applied general equilibrium (AGE) model; be aware of the major developments in the field of macroeconomics in the last ten years; be familiar with different macroeconomic models used for policy making and their points of emphasis; be able to make judicious policy predictions and undertake independent research studies in the subject.
Synopsis An overview of the Keynesian macroeconomics and the perspective behind the macroeconomic policy debates in the 1970s; disequilibrium macro models of Barro-Grossman variety; reinterpretation of Keynes in terms of Walrasian models; co-movements of macro variables and macroeconomic forecasting; rational expectation macroeconomics and policy ineffectiveness debate; Lucasian business cycle models; new Keynesian macroeconomics and sticky price theories; a simple introduction to the neoclassical theories of economic growth; open economy macroeconomic issues.
Assessment Written (3000-word essay): 30%
* Oral presentation: 10%
* Examination (2 hours): 60%
Preliminary reading
Dornbusch R and Fischer R Macroeconomic 5th edn, McGraw Hill, 1990
Gordon R Macroeconomics 6th edn, Harper Collins, 1993
Prescribed texts
Barro R Macroeconomics 4th edn, Wiley, 1993
Branson W Macroeconomic theory and policy 3rd edn, Harper Collins, 1989
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