View Larger Image. This is Brand New. Bookseller Inventory Oxford Synopsis: Macroeconomics provides a comprehensive analsysis of contemporary macroeconomics. It analyses different theoretical approaches and contextualises theory with up-to-date monetary policy examples.
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These webpages will be updated from time to time during term. Be sure to refresh your browser so it doesn't continue to show you an out-of-date cached version. Brian A'Hearn Nick Horsewood. Brian's groups meet in his room, Staircase 1. Assignment Topic 1 Economic Growth 2 Growth and technical progress 3 The labour market; money and inflation 4 Building blocks of aggregate demand: consumption and investment 5 A model for the short run: IS-LM 6 The supply side, the Phillips Curve 7 The open economy click week number to jump to detailed information Teaching.
Lectures The Economics Department puts on a series of lectures that you must attend. Examinations The Department sets and marks the Preliminary Examination in economics, which you will sit in June, and which you must pass before continuing on to your second year. There are re-sits are in September for any who fail the June exam. The University thus does lecturing and examining. A collection normally happens at the beginning of the term after you have studied a subject, i. Your college tutors will cover most of the same material as the Departmental lectures, but not necessarily in the same way, at the same pace, or in the same sequence.
Tutors have almost complete autonomy about how and what they teach. With only a small number of sessions together, we cannot possibly cover everything in tutorials. The point cannot be emphasised too much that your studies at Oxford will be mostly self-directed and independent. You will teach yourselves and each other, rather than us teaching you.
Part of our job is to help prepare you for the prelims exam. But our real goal is to help you become good economists.
We do not teach with one eye fixed on the exams. Do not expect feedback of the form "you could earn two more marks here if In fact, do not expect numerical marks at all, as we won't give them for tutorial and class work.
Collections are different. We want your focus to be on asking questions, articulating answers, and learning economics, not on earning marks. You will receive a lot of feedback in tutorial and class discussions, so use them wisely, and actively. Tutorials will be an opportunity for in-depth discussions of work that you have prepared: a mix of essays, shorter questions, and mathematical or graphical problems. You should be doing most of the talking in a tutorial.
A colleague of mine once told me "After a few years our students will remember almost nothing that we say, but they will remember what they say. Essays You will be asked to write essays in most weeks. These should not exceed words in length, should have a bibliography listing any sources used, and should be submitted by on the day before your tutorial both by e-mail and in paper format to your tutor's mailbox, via the porters.
Do not copy text from your sources without attribution: that is plagiarism. Copying many two-sentence passages from several different sources is plagiarism. Copying three sentences, in which you change just one or two words is plagiarism. This sort of thing is picked up by the software we use to check. The essays are about both substance and style - style in the sense of crafting a persuasive argument, not in the sense of ornament.
A good essay will display lucid economic reasoning, will make use of tools like diagrams as appropriate, and will bring relevant evidence to bear. Feel free to start your research with websites and journalistic sources, but to do good job try to consult a few sources authored by professional researchers and published in academic journals or working papers or policy reports.
Problem sets Most weeks you will also be set some economics problems to solve. Unlike the essays, problem sets do not need to be submitted in advance; bring your written solutions to your tutorial. Please attach a cover sheet on which you indicate any problems you have had difficulty with. The textbook for the course, which lectures can be expected to follow fairly closely is: Jones, Charles.
Macroeconomics , 3 rd ed. New York: Norton, There is also a newer 4 th edition, which is fine. You should check older editions to ensure the contents are the same. Another popular and useful textbook is Mankiw and Taylor, but have a look at others too for alternative perspectives on the issues, or simply different ways of presenting the same material.
This week our focus is on the Solow model of economic growth. Exogenous technical progress is the difference relative to how the Solow model is presented in the Departmental lecture slides and the Jones text. Textbook readings: N. Taylor, Macroeconomics. European Edition. You will also find the Solow model with exogenous technical progress in many other textbooks, including C. Jones, Introduction to Economic Growth , Ch. Burda and C. Wyplosz, Macroeconomics.
A European Text. Blanchard, A. Amighini, and F. Giavazzi, Macroeconomics. A European Perspective , Chs. Problems for this week: here. Essay topic: pick one of the following. Does it predict the poor will catch up with the rich? Population growth is considered a major threat to prosperity in poorer countries. China famously adopted a one-child policy to reduce population growth. This last topic is potentially difficult.
You will quickly find many reviews of Piketty's book, which could be good starting places, for example Robert Solow's "Thomas Piketty Is Right. Or then MIT graduate student M. Rognlie's critique "A note on Piketty and diminishing returns to capital". Piketty has an article in the Journal of Economic Perspectives , vol. This week we continue to discuss economic growth, now considering technical change in greater detail. Textbook readings: as last week. Consider also C. Some of it is too technical for our purposes, but it does have a chapter on natural resources, for example.
Essay topic: Can "secular stagnation" occur in the Solow model with exogenous technical progress? Is it in fact a practical problem facing us today?
There is more on Summers' website. Material from last term's essay on GDP could be useful here too. This week's focus is unemployment and inflation. We will consider the labour market and unemployment in somewhat greater detail, in particular the "competing claims" model of real wages and employment.
This will serve you well for the second year macro course, which builds on this foundation, and should be familiar after last term's new and improved micro course.
Readings: The labour market The Core Team. The Economy. Economics for a Changing World. Oxford: OUP, , Ch. Both these textbook chapters provide a useful overview on data, definitions, and theories of unemployment.
Jones, Ch. Core Team, Chs. The Economy offers extra detail on bank lending Ch. The Phillips curve and aggregate supply are what we are building up to here. Essay topic: Do economies have a "natural" rate of unemployment? This question has both a theoretical and an empirical aspect. You will probably want to say at least a little bit about both.
The textbooks are the right place to start. Heckman has a comment on the paper in the same issue. There are a number of useful, accessible articles in the Journal of Economic Perspectives. The Winter vol. The Autumn issue of the same year has a symposium on European unemployment.
In the Winter vol. This week's lectures lay some foundations for a theory of how changes in demand can affect output and employment. They examine the microeconomics of consumption and investment, which are the biggest and the most volatile components of aggregate demand, respectively.
Macroeconomics: A European Text
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MACROECONOMICS: A EUROPEAN TEXT 6E