Macroeconomics

This course introduces advanced macroeconomic modelling techniques and their application to the the analysis of business cycle fluctuations. We cover the approaches to macroeconomic modelling and analysis, analyse the interrelationships between macroeconomic variables using vector autoregression, and examine the standard theoretical macroeconomic models with an emphasis on business cycles, inflation, monetary and fiscal policy.

 

Various macroeconomic cycle estimates for the United States

 

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Course overview

This course introduces advanced macroeconomic modelling techniques and their application to the the analysis of business cycle fluctuations. The course has three main parts. We cover:

1. the approaches to macroeconomic modelling and analysis;
2. the empirical properties and modelling of macroeconomic variables, and analyse their interrelationships using vector autoregression and other econometric methods in the software language R;
3. the standard theoretical macroeconomic models with an emphasis on business cycles, inflation, monetary and fiscal policy.

Course Objectives

1. familiar with standard frameworks for macroeconomic modelling and analysis;
2. able to understand, model (using R) and interpret the empirical behaviour of important macroeconomic variables;
3. conversant with the mathematical structure and solution of the macroeconomic models covered in the course and familiar with the simulation of macroeconomic models in R;
4. capable of analysing and interpreting the impact of changes in important variables on the macroeconomy, including the impacts of fiscal and monetary policy.