Not available in 2020/21
EC2B3      Half Unit
Macroeconomics II

This information is for the 2020/21 session.

Teacher responsible



This course is compulsory on the BSc in Economic History with Economics, BSc in Economics and Economic History, BSc in International Social and Public Policy and Economics, BSc in Mathematics and Economics, BSc in Mathematics with Economics, BSc in Philosophy and Economics, BSc in Philosophy, Politics and Economics and BSc in Politics and Economics. This course is available on the BSc in Accounting and Finance, BSc in Environment and Development, BSc in Environmental Policy with Economics, BSc in Geography with Economics, BSc in Management, BSc in Mathematics, Statistics and Business and Diploma in Accounting and Finance. This course is available as an outside option to students on other programmes where regulations permit. This course is available with permission to General Course students.


Students must have completed Microeconomics I (EC1A3) and Macroeconomics I (EC1B3).

Course content

The is an intermediate-level course in macroeconomics that builds on the material you learned in EC1B3. We will use a set of established frameworks and different approaches to analyse and discuss observed behaviour of macroeconomic activity across time and across countries. We will apply the tools developed in the course to historical and contemporary events. Topics include: Economic growth: facts and accounting, economic convergence: the Solow model, endogenous growth models, the roles of human capital and R&D, consumption and savings: the forward-looking consumer, Ricardian equivalence, credit market imperfections, unemployment: search model and the Beveridge curve, inflation and monetary policy: what is a central bank, how does it control inflation, and seignorage-driven hyper-inflations. financial systems and financial crises: bank runs, multiple equilibria, solvency and liquidity, link banks-sovereigns, exchange rates: PPP, UIP, the trilemma, pegs and floats, business cycles and fiscal stimulus: the role of aggregate demand, fiscal multipliers, the Phillips curve, expectations and the conflict between rules and discretion applied to monetary policy.


20 hours of lectures and 10 hours of classes in the LT.

Formative coursework

Students will be expected to produce 10 pieces of coursework in the LT.

Indicative reading

• Macroeconomics, Williamson.

• Economic growth, Weil.

• Macroeconomics, Blanchard and Johnson.

• Macroeconomics, Gregory Mankiw.


Exam (100%, duration: 2 minutes) in the summer exam period.

Important information in response to COVID-19

Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.

Key facts

Department: Economics

Total students 2019/20: Unavailable

Average class size 2019/20: Unavailable

Capped 2019/20: No

Value: Half Unit

Guidelines for interpreting course guide information

Personal development skills

  • Self-management
  • Team working
  • Problem solving
  • Communication