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This subject is an introduction to advanced study of macroeconomics. An integrated theoretical framework – a simple life cycle model – is used to explore the central issues of macroeconomics. Major topics to be covered include: income determination and economic growth, economic fluctuations and business cycle, fiscal and monetary policy, open economy and international trade. The overall objective of this subject is to provide students with an integrated neoclassical approach to address substantive macroeconomic questions so as to improve their critical thinking and analytical skills and enhance their understanding of aggregate economic behaviour.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Understand the development of macroeconomic thought and major macroeconomic theories
- Use the life cycle model to explain economic growth and identify important factors that lead to income differences across countries
- Analyse and simulate the dynamic responses of economic aggregates following changes in productivity, population, economic policies, and so on
- Extend the life cycle model to include fiscal policy and money to analyse the short-run and long-run economic effects of certain fiscal and monetary policy
- Use a two-country life cycle model to analyse important questions related to international trade and open economy
High level of development: problem solving; application of theory to practice; interpretation and analysis; critical thinking.
Moderate level of development: oral communication; written communication; collaborative learning; statistical reasoning; synthesis of data and other information; evaluation of data and other information; receptiveness to alternative ideas.
Some level of development: team work; use of computer software; accessing data and other information from a range of sources.
Last updated: 5 June 2020