EC413
Macroeconomics
This information is for the 2020/21 session.
Teacher responsible
Prof Wouter Den Haan 32L.1.08A and Prof Alwyn Young 32L. 2.20
Availability
This course is compulsory on the MSc in Economics and MSc in Economics (2 Year Programme). This course is available on the MPA in International Development, MPA in Public Policy and Management, MPA in Public and Economic Policy, MPA in Public and Social Policy, MPA in Social Impact, MRes/PhD in Quantitative Economic History, MSc in Economics and Philosophy, MSc in Finance and Economics, MSc in Finance and Economics (Work Placement Pathway) and MSc in Quantitative Economic History. This course is available with permission as an outside option to students on other programmes where regulations permit.
Pre-requisites
Students must have completed Introductory Course in Mathematics and Statistics (EC400).
In exceptional circumstances, students may take this course without EC400 provided they meet the necessary requirements and have received approval from the course conveners, the MSc Economics Programme Director and their own Programme Director. Contact the Department of Economics for more information (econ.msc@lse.ac.uk) regarding entry to this course.
Course content
The aim of the course is to give a wide-ranging overview of modern macroeconomics.
Economic growth (Michaelmas)
The Michaelmas term of EC413 is an introduction to the techniques needed to critically read and evaluate academic research in economic growth. Topics are facts about growth, the Solow growth model (theory and empirics), the Neoclassical Growth model (growth with dynamic optimization), and endogenous technical change.
Business Cycles (Lent)
During the Lent part of EC413 you will learn the main characteristics of business cycle fluctuations with a special emphasis on what happens during severe economic crises. We will consider a range of different macroeconomic models to study business cycles. The course covers the Real Business Cycle model, the New-Keynesian model, models with frictions in labour and financial markets, agent-based models, the role of money, self-fulfilling believes, the role of monetary and fiscal policy (and in particular non-conventional monetary policy), and (un)sustainable sovereign debt. These models and policy studies will highlight important economic mechanisms that are relevant to analyse a range of past and current economic phenomena.
Teaching
20 hours of lectures and 10 hours of seminars in the MT. 20 hours of lectures and 10 hours of seminars in the LT.
This year at least for Michaelmas Term, some or all of this teaching may have to be delivered through a combination of virtual webinars, online videos, and virtual classes.
Formative coursework
Two marked assignments per term. Exercises are discussed in each class.
Indicative reading
Primary reading will be journal articles and a few chapters from Daron Acemoglu, Introduction to Modern Economic Growth. A full list will be available at the start of each term.
Assessment
Exam (50%, duration: 2 hours, reading time: 15 minutes) in the January exam period.
Exam (50%, duration: 2 hours, reading time: 15 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: 163
Average class size 2019/20: 19
Controlled access 2019/20: Yes
Value: One Unit
