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- Full Year
The aim of the course is to provide a critical overview of various contributions to mainstream macroeconomic theory. It aims to shed light on how debates have evolved in the context of an analysis of short-run fluctuations, the analysis of growth, and the analysis of the open economy. It also seeks to introduce students to alternative macroeconomic theories, broadly classed together as heterodox macroeconomics propositions.
Objectives and learning outcomes of the course
On successful completion of the course, a student should be able to demonstrate the ability to:
- have a basic understanding core contributions to mainstream macroeconomic theory, both for short- and long-run analyses of macroeconomic processes.
- summarize major contributions to mainstream macroeconomic theory with sufficient technical proficiency.
- have a basic critical awareness of the distinct nature of heterodox alternatives to mainstream macroeconomic analyses.
- have a critical understanding of the core assumptions underlying competing approaches to macroeconomic modelling, such as Neoclassical, Monetarist, New Keynesian, Post Keynesian and Marxist approaches.
- understand and critically evaluate the policy implications of competing theoretical models of the macroeconomy.
- critically comment on current macroeconomic policy debates.
Method of assessment
Assessment weighting: Exam 80% / Coursework 20%. Resubmission of coursework regulations do not apply to this course.