The objective of this module is to bring students ability in macroeconomic theory up to the standard required for independent research. It builds on the macroeconomics that would be covered in a standard MSc program. Concepts that a student should be familiar with such as optimization and competitive equilibrium will be covered in more depth. Students will also be exposed to concepts that are at the forefront of modern research but not typically covered at the MSc level such as dynamic programming and structural estimation. Specific topics will include:
• Value function iteration
• Balanced growth path.
• Linear solution methods.
• Bayesian estimation.
• Real business cycle model.
• New Keynesian business cycle model.
Total contact hours: 19
Private study hours: 131
Total study hours: 150
All students on PhD Economics and PhD Agri-environmental Economics.
Method of assessment
• Presentation (30 minutes) 50%
• Weekly Problem Sets (50%)
Reassessment Instrument: 100% coursework
A detailed reading list will be given in the module outline. The reading list will primarily refer to journal articles with a focus on very recent publications. But, books that will be core reading include:
* McCandeles, G., 2008, The ABCs of RBCs, Harvard University Press.
* Ljunqvist, L. and T. Sargent, 2012, Recursive Macroeconomic Theory, 3rd edition, MIT Press.
See the library reading list for this module (Canterbury)
On successfully completing the module students will be able to:
8.1. Comprehensively understand and explain dynamic stochastic general equilibrium theory.
8.2. Comprehensively understand mathematical intuition behind quantitative methods.
8.3. Replicate in full the results of existing macroeconomic research using numerical solution methods.
8.4. Handle macroeconomic data with confidence.
8.5. Critically analyze cutting edge macroeconomic research.
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Credit level 7. Undergraduate or postgraduate masters level module.
- ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
- The named convenor is the convenor for the current academic session.
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