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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.

    About this paper

    Paper title Advanced Macroeconomic Theory
    Subject Economics
    EFTS 0.1667
    Points 20 points
    Teaching period Semester 1 (On campus)
    Domestic Tuition Fees ( NZD ) $1,196.41
    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

    Alfred Haug
    Dennis Wesselbaum

    Readings will consist mostly of journal articles.
    Course outline

    View the course outline for ECON 411

    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:

    1. Understand the reasons behind developments in mainstream macroeconomic modelling since the 1970s with its strengths and weaknesses
    2. 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
    3. Construct and solve mathematically macroeconomic models based on microeconomic fundamentals (i.e. representative-agent and general equilibrium models)
    4. 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
    5. Summarise and critique the current macroeconomic literature and explain the place of theoretical models in that literature using written English


    Semester 1

    Teaching method
    This paper is taught On Campus
    Learning management system


    Stream Days Times Weeks
    A1 Monday 10:00-11:50 9-13, 15-22
    Tuesday 14:00-14:50 9-13, 15-22
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