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Intermediate macroeconomic analysis develops the tools, skills and knowledge base necessary to operate as a practicing macroeconomist. These may include: models of long run economic growth; an assessment of the evidence on economic growth and its implications; the flexible-price macroeconomic model in which markets continuously clear; an assessment of the evidence regarding whether prices and wages are flexible or sticky; the sticky price macroeconomic model in which markets do not always clear; assessment of the flexible and sticky price models; the analysis of macroeconomic policy making.
Intended learning outcomes
On completion of this subject students should be able to:
- Develop the IS-LM model to explain short-run economic fluctuations;
- Apply the IS-LM model to examine the effects of monetary policy and fiscal policy;
- Describe and discuss labour market dynamics;
- Develop the dynamic aggregate supply/aggregate demand (DAS-DAD) model;
- Apply the DAS-DAD model to analyse the impact effects and the dynamic effects as an economy responds to shocks;
- Explain the key economic growth facts;
- Develop the basic Solow growth model and the endogenous growth model;
- Describe a model of exchange rate determination and discuss different exchange rate regimes.
High level of development: written communication; collaborative learning; problem solving; team work; application of theory to practice; critical thinking; synthesis of data and other information; evaluation of data and other information.
Moderate level of development: oral communication; interpretation and analysis; accessing data and other information from a range of sources; receptiveness to alternative ideas.
Some level of development: statistical reasoning; use of computer software.
Last updated: 5 June 2022