Advanced Macroeconomic Theory and Policy
- Module Code:
- Taught in:
- Term 2
This module is one of the core advanced theory modules of the MSc in Economics programme. It builds and expands on the standard Macroeconomics course. It provides a critical overview and in-depth analysis of advanced contemporary macroeconomic theories, methods and policy debates. Building on the political economy and pluralist approaches, it focuses on topical issues in policy and their theoretical foundations. In this module, particular emphasis is on the following areas: orthodox and heterodox approaches to business cycles theories and their corresponding macro policy presciptions; role of money and finance in theory and practice; financialisation and inequality and their policy challenges/underpinnings; conceptualisation of labour markets and unemployment; fiscal policy, sustainability and public debt issues.
Students pursuing a degree external to the Department of Economics should contact the convenor for approval to take this module.
Objectives and learning outcomes of the module
On successful completion of this module, students will be expected to:
- understand the historical, social and international context of contemporary macroeconomic theories and their policy prescriptions
- understand and evaluate macreoeconomic principles and their distinct methodological underpinnings
- recognise and critically analyse competing perspectives on economic policy debates, their intellectual origins and theoretical foundations
- understand the consequences of mainstream analytical underpinnings and explore heterodox alternatives.
Method of assessment
Assessment weighting: Exam 70% / Coursework 30% (1 essay). All coursework is resubmittable.
This preliminary reading list provides a choice of introductory and more advanced readings. Further guidance on reading, and an extended list of articales, will be provided in lectures.
Fine, B., Dimakou, O., 2016. Macroeconomics. A critical companion. London: Pluto Press
Taylor, L., 2004. Reconstructing macroeconomics: Structuralist proposals and critiques of the mainstream. Cambridge, MA: Havard University Press
Harcourt, C.G. 2006. The Structure of Post-Keynesian Economics. The Core Contribution of the Pioneers. Cambridge: Cambridge University Press
Epstain, G.G., 2005. Financialization and the world economy. Cheltenham: Edward Elgar