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A modern approach to macroeconomic theory with an emphasis on the microeconomic foundation of macroeconomic models.
This paper covers advanced macroeconomic models of the business cycle with an emphasis on those based on microeconomic foundations. By the end of the paper you should have enhanced your ability to understand and critically assess contemporary advanced economic theory across a range of macroeconomic topics.
|Paper title||Advanced Macroeconomic Theory|
|Teaching period||Semester 1 (On campus)|
|Domestic Tuition Fees (NZD)||$1,132.73|
|International Tuition Fees||Tuition Fees for international students are elsewhere on this website.|
- ECON 377 or (ECON 270 and ECON 376)
- ECON 401
- Teaching staff
- Readings will consist mostly of journal articles.
- Graduate Attributes Emphasised
- Interdisciplinary perspective, Scholarship, Communication, Critical thinking.
View more information about Otago's graduate attributes.
- Learning Outcomes
Students who successfully complete this paper should be able to
- Understand the reasons behind developments in mainstream macroeconomic modelling since the 1970s with its strengths and weaknesses
- Understand the role of money in the economy, how to model it based on micro-foundations, and learn about theoretical and empirical models that are useful for monetary policy
- Construct and solve mathematically macroeconomic models based on microeconomic fundamentals (i.e. representative-agent and general equilibrium models)
- Demonstrate an understanding of and an ability to analyse the underlying economic forces that drive unemployment, growth, inflation, savings, short-run fluctuations in consumption and investment, and the stability of the financial system
- Summarise and critique the current macroeconomic literature and explain the place of theoretical models in that literature using written English