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DEGREE REGULATIONS & PROGRAMMES OF STUDY 2022/2023

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DRPS : Course Catalogue : School of Economics : Economics

Undergraduate Course: Topics in Macroeconomics (ECNM10069)

Course Outline
SchoolSchool of Economics CollegeCollege of Arts, Humanities and Social Sciences
Credit level (Normal year taken)SCQF Level 10 (Year 3 Undergraduate) AvailabilityAvailable to all students
SCQF Credits20 ECTS Credits10
SummaryThis course is designed to provide a coherent development of some important topics in macroeconomic analysis at a more advanced level than that of standard intermediate courses. It thus extends and deepens the work of Economics 1 and Economics 2, bridging the gap between intermediate and graduate level courses in economics, and providing insight into some recent areas of economic research activity. Throughout there is an emphasis on the application of economic principles.

The course has a mathematical content and knowledge of calculus is assumed.
Course description The first block is concerned with the determinants of long-run economic growth and income levels. Here we investigate the extent to which the exogenous and endogenous accumulation of physical and human capital as well as technology explain differences in GDP per worker across the world. If time permits, we will also briefly study how cross-country income differences are related to the topics of fertility and/or sectoral structural transformation.

The aim of the second block is to provide an overview of the economics of the aggregate labour market. Central issues that will be covered are the determination of aggregate employment, unemployment and wages. Topics will include the classical theory of labour supply and demand, efficiency wages, unions, and search models of unemployment.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Economics 2 (ECNM08006)
Co-requisites
Prohibited Combinations Other requirements Economics Honours entry or permission of the course organiser.
Information for Visiting Students
Pre-requisitesVisiting students must have an equivalent of at least 4 semester-long Economics courses at grade B or above for entry to this course. This MUST INCLUDE courses in Intermediate Macroeconomics (with calculus); Intermediate Microeconomics (with calculus); and Probability and Statistics. If macroeconomics and microeconomics courses are not calculus-based, then, in addition, Calculus (or Mathematics for Economics) is required.
High Demand Course? Yes
Course Delivery Information
Academic year 2022/23, Available to all students (SV1) Quota:  None
Course Start Semester 2
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 200 ( Lecture Hours 20, Seminar/Tutorial Hours 13.5, Summative Assessment Hours 4, Programme Level Learning and Teaching Hours 4, Directed Learning and Independent Learning Hours 158 )
Assessment (Further Info) Written Exam 100 %, Coursework 0 %, Practical Exam 0 %
Additional Information (Assessment) Mid-course online assessment: 20%
Degree Exam: 80%

Final mark for visiting students as above.
Feedback Marks and generic feedback will be available on the mid-course online assessment within 15 working days of submission.
Exam Information
Exam Diet Paper Name Hours & Minutes
Main Exam Diet S2 (April/May)2:00
Learning Outcomes
On completion of this course, the student will be able to:
  1. A knowledge and understanding of principles and models used in macroeconomic analysis and associated mathematical and statistical techniques, along with applications and policy implications of those models.
  2. Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
  3. Communication skills in order to critique, create and communicate understanding.
  4. Personal effectiveness through task-management, time-management, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
  5. Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis and general IT literacy.
Reading List
For the first part of the course there is no single textbook. Much of the material, however, can also be found in the following references:
Francesco Caselli, 'Accounting for Cross-Country Income Differences,' in Handbook of Economic Growth, Vol. 1A, ed. Philippe Aghion and Steven Durlauf, 679-741, North Holland, 2005.
Charles Jones and Dietrich Vollrath, 'Introduction to Economic Growth,' W.W. Norton, 2013 Third Edition.
David Romer, 'Advanced Macroeconomics,' McGraw Hill, 2010, Fourth Edition.

For the second part of the course there is no single textbook that covers this material at the undergraduate level. Having said that, students might find parts of the following books helpful for wider reading:
George Borjas, Labor Economics, McGraw-Hill. Any edition since the 3rd (2005) is fine. This is a basic undergraduate labour economics text.
Richard Layard, Stephen Nickell, and Richard Jackman, The Unemployment Crisis, Oxford University Press, (1994). An introduction to the analysis of the European unemployment problem that arose in the 1980s.
Christopher Pissarides, Equilibrium Unemployment Theory, MIT Press, (2000). For students who want to preview a graduate-level treatment of search and matching models.
Additional Information
Graduate Attributes and Skills See Learning Outcomes
Additional Class Delivery Information One 2 hour lecture per week, 9 weekly tutorials lasting 1.5 hours to be arranged in addition.
KeywordsTiMacro
Contacts
Course organiserMr Rafael Lopes De Melo
Tel: (0131 6)51 5937
Email: Rafael.Lopes@ed.ac.uk
Course secretaryMiss Becky Guthrie
Tel:
Email: becky.guthrie@ed.ac.uk
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