Postgraduate Course: Analytical Techniques in Macroeconomics (ECNM11093)
Course Outline
School | School of Economics |
College | College of Arts, Humanities and Social Sciences |
Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Not available to visiting students |
SCQF Credits | 10 |
ECTS Credits | 5 |
Summary | This course helps students understand the key macroeconomic framework, i.e., the rational expectation equilibrium model and the dynamic stochastic general equilibrium (DSGE) model, and applies the dynamic programming techniques to analyse classical macroeconomic models such as the real-business cycle model, the new Keynesian model, the matching frictions in the labour market, and/or credit market imperfections. These topics are treated in a mathematical way and may vary from year to year.
During this course, students would learn how to obtain economic intuitions by analysing the derived equilibrium conditions qualitatively using pen and paper and how to analyse macroeconomic models quantitatively using some of the commonly used numerical methods such as value function iteration and first order perturbation.
Students are recommended to take Mathematical Microeconomics 1 or Microeconomics 1 in Semester 1 to strengthen their mathematical background. |
Course description |
This course is designed to deepen the understanding of the key macroeconomic framework and to teach students the key analytical techniques used in macroeconomic analysis. Specifically, students would learn what rational expectation equilibrium is, what dynamic programming is, how to apply dynamic programming to find the equilibrium conditions, and how to analyse the equilibrium conditions qualitatively and quantitatively.
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Entry Requirements (not applicable to Visiting Students)
Pre-requisites |
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Co-requisites | |
Prohibited Combinations | |
Other requirements | Students should be enrolled on MSc Economics, MSc Economics (Econometrics), MSc Economics (Finance) or MSc Mathematical Economics and Econometrics.
Any other students must email sgpe@ed.ac.uk in advance to request permission.
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Course Delivery Information
Not being delivered |
Learning Outcomes
On completion of this course, students will be able to demonstrate detailed knowledge and understanding of the key macroeconomic framework and the key analytical techniques used in macroeconomics. They will be familiar with how macroeconomic models are solved and interpreted. These skills would be of great help for students who want to be able to read and understand academic papers on macroeconomics, and/or study further in macroeconomics.
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Reading List
Lecture Notes and Class Notes
Recursive Methods in Macroeconomics by Stokey and Lucas |
Additional Information
Graduate Attributes and Skills |
Not entered |
Keywords | macroeconomics,equilibrium,dsge |
Contacts
Course organiser | Mr Tiancheng Sun
Tel:
Email: T.Sun@ed.ac.uk |
Course secretary | Ms Grace Oliver
Tel:
Email: grace.oliver@ed.ac.uk |
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