ADVANCED MACROECONOMICS - 2017/8

Module code: ECOM047

Module provider

Economics

Module Leader

LEVINE PL Prof (Economics)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 7

JACs code

L130

Module cap (Maximum number of students)

N/A

Module Availability

Semester 2

Overall student workload

Independent Study Hours: 128

Lecture Hours: 22

Laboratory Hours: 5

Assessment pattern

Assessment type Unit of assessment Weighting
Coursework COURSEWORK - WRITTEN ASSIGNMENT COMBINING COMPUTATION AND 1500 WORD ESSAY 30
Examination EXAMINATION - 2 HOURS 70

Alternative Assessment

Not applicable.

Prerequisites / Co-requisites

None

Module overview

The module approaches macro-economic modelling from micro-foundations. It aims to introduce dynamic stochastic general equilibrium (DSGE) modelling along with related numerical applications. At every stage, the theories will be illustrated in the context of some macroeconomic application.

Module aims

 apply key microeconomic mathematical techniques in a macroeconomic context

 explain and discuss the construction and estimation of DSGE models

 apply these models to macroeconomics problems

 introduce  some of the strengths and weaknesses of DSGE modelling

 enable the students to follow the relevant literature

Learning outcomes

Attributes Developed
Understand the mathematical techniques used to construct and estimate DSGE models  
Be able to use DSGE models to address macroeconomic problems
Understand some of the strengths and weaknesses of DSGE modelling, and the direction in which they are developing
Be able to follow the literature in macroeconomics using DSGE models

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:


Overview of modern macroeconomic theory
Foundations of dynamic stochastic general equilibrium (DSGE) models
Applications of dynamic optimisation
Basics of Dynare and Matlab
The Real Business Cycle model
New Keynesian theory
Bayesian Estimation
Monetary policy
Alternatives to and developments of DSGE models

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

combine lectures on theory with practical hand-on lab sessions running the models in Dynare

The learning and teaching methods include:


2 hour lectures/lab sessions combined per week x 11 weeks

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate

Learning outcomes above

Thus, the summative assessment for this module consists of:


A practical computing and essay assignment due typically in Week 8

2 hour examination with essay-style exam questions, scheduled in Weeks 13-15.



Formative assessment and feedback

Individual comments on scripts together with a common set of solutions and general comments

Reading list

Reading list for ADVANCED MACROECONOMICS : http://aspire.surrey.ac.uk/modules/ecom047

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Economics MSc 2 Compulsory A weighted aggregate mark of 50% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.