ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title Advanced Topics in Macroeconomics
Code ULMR805
Coordinator Dr Y Arslan
Economics
Yavuz.Arslan@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2023-24 Level 8 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours           18

 18
Timetable (if known)              
Private Study 132
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
             
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Individual referee report Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment: Yes  0    30       
Individual computational exercise Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment: Yes  0    40       
Individual presentation Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment: No  30    30       

Aims

This module aims to:

Introduce theoretical methods essential for PhD students to conduct research in macroeconomics;

Provide students with an advanced understanding of the most relevant models, both traditional and more recent, in macroeconomics and enable them to choose the most appropriate one for specific questions;

Prepare students to solve calibrated versions of such models;

Develop students’ presentation and writing skills;

Prepare students to critically evaluate and communicate current research results.

Learning Outcomes

(LO1) Students will be able to build theoretical models to approach research questions.

(LO2) Students will be able to numerically compute simple models.

(LO3) Students will be able to improve their understating through working on theoretical models.

(LO4) Students will be aware some of the latest approaches to macroeconomic modelling.

(LO5) Students will be able to identify a suitable macroeconomic model for a specific question.

(LO6) Students will be able to critically evaluate research papers in macroeconomics.

(LO7) Students will be aware of recent empirical approaches in macroeconomics.

(S1) Research skills.
Students will develop research skills during lectures and reading journal articles.

(S2) Problem solving.
Students will develop problem solving skills through their assessments.

(S3) IT skills.
Students will develop IT skills through learning numerical methods programming.

(S4) Numeracy.
Students will develop numeracy through computation in the coursework assignment.

(S5) Organisation and ability to work under pressure.
Students will develop this skill during the assessments.

Teaching and Learning Strategies

Workshops x 18 hours (90 minutes per week).
During workshops students will present a paper of their choice, this will form part of the module's assessment. Materials for all the sessions are available online. Workshops will be recorded.

Self-directed learning x 132 hours
Students should make use of their self-directed learning time to read the module textbooks and journal articles, work through examples, solve problems, work on the assessments, and complete exercises in addition to those covered in learning materials.

Syllabus
 

Indicative syllabus:

The module will cover a selection of the following topics:

Economic Growth

Households: Consumption and Saving Decisions:
Perfect foresight model
Permanent income hypothesis
Habits
Risk and precautionary motive

Competitive Equilibrium with Complete Markets

Asset Pricing in Endowment Economies

Recursive Methods and Dynamic Programming

Competitive Equilibrium with Incomplete Markets

Firms: Production and Investment

Business Cycles

Monetary Policy

Overlapping Generation Models:
Age consumption/income profiles in data and theory

Recent Advances:
Banks
Heterogeneity
Housing and Mortgages

The drivers of the 2008 crises

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.