EC334      Half Unit
Advanced Macroeconomics

This information is for the 2025/26 session.

Course Convenor

Dr Maarten De Ridder

Dr Joe Hazell

Availability

This course is available on the BSc in Econometrics and Mathematical Economics, BSc in Economics, BSc in Economics and Economic History, BSc in International Social and Public Policy with Economics, BSc in Mathematics and Economics, BSc in Mathematics with Economics, BSc in Philosophy and Economics, BSc in Philosophy, Politics and Economics, BSc in Politics and Economics, Erasmus Reciprocal Programme of Study and Exchange Programme for Students from University of California, Berkeley. This course is freely available as an outside option to students on other programmes where regulations permit. It does not require permission. This course is available with permission to General Course students.

Requisites

Pre-requisites:

Before taking this course, students must have completed: (EC2B3 or FM201) and (EC2B1 or EC1B3) and (EC2C3 and EC2C4)

Additional requisites:

Students should have completed Macroeconomics II (EC2B1) or Macroeconomics I (EC1B3) combined with either Macroeconomics II (EC2B3) or Macro-Finance (FM201), or equivalent.  

Students should also have completed Econometrics I (EC2C3) and Econometrics II (EC2C4), or otherwise show a capacity to read and understand applied research methods. 

Students who have thoroughly mastered mathematics to the level of Quantitative Methods (Mathematics) (MA107) should be able to follow the course but would find it difficult. Mathematical Methods (MA100) or Methods in Calculus and Linear Algebra (MA108) would give a better grounding.  

Course content

The course is split into a few segments where, in each one, an advanced model in macroeconomics is covered, and its empirical implications are drawn out and taken to the data. The topics will be varied, but few, and depth will be privileged over breadth. The goal is to confront some key questions in macroeconomics: Why are some countries richer than others? Why does economic activity fluctuate? Why is inflation high? Why are exchange rates so volatile? The precise questions that will be covered every year will be connected to challenges at the time of the course. The emphasis is on introducing students to advanced tools that they can use broadly to answer macroeconomic questions.

Teaching

15 hours of lectures and 10 hours of classes in the Autumn Term.

Formative assessment

Students will submit and receive feedback on two pieces of formative work during the term.

 

Indicative reading

The course is mainly based on lecture notes and journal articles. As an example of the level and content of the reading in economics articles, students may wish to look at the following:

  • Hazell, J., J. Herreno, J, E Nakamura, J. Steinsson 2022. “The Slope of the Phillips Curve: Evidence from US States” Quarterly Journal of Economics, 137: 1299-1344.
  • De Ridder, M., B. Grassi, G. Morzenti (2022). “The Hitchhiker’s Guide to Markup Estimation” CEPR discussion paper 17532
  • Itskhoki, O. and D. Mukhin (2021). “Exchange Rate Disconnect in General Equilibrium” Journal of Political Economy, 2021, 129, 2183-2232

Assessment

Project (100%, 5000 words)


Key facts

Department: Economics

Course Study Period: Autumn Term

Unit value: Half unit

FHEQ Level: Level 6

CEFR Level: Null

Total students 2024/25: 49

Average class size 2024/25: 16

Capped 2024/25: No
Guidelines for interpreting course guide information

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Personal development skills

  • Self-management
  • Problem solving
  • Application of numeracy skills