This is a module in Macroeconomic theory and policy. It develops the theory of the determinants of unemployment, inflation and growth and uses this theory to explain important recent developments in the world economy. For example, we will discuss the origins of the 2008 financial crisis, the continuing Euro crisis and the current fear of deflation, the global imbalances that preceded the financial crisis and the experience of growth in the world economy over the last 40 years, including the contemporary concern over secular stagnation. The policy debates relate to questions of ‘rules versus discretion’ in demand management, the role of structural reform and the scope for institutional change.
The course will be broadly separated into two parts: the short run and the long run analysis.
Please note that module information is indicative and may change year to year
2-hour lecture & 1-hour seminar every two weeks
Module assessment - more information
3-hour examination (65%), group research project (25%) & participation (10%)