BSc Global Development

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Macroeconomics concerns the functioning of the economy as a whole. Usually “the economy” is understood as that of a nation state, but ideas in macroeconomics can also be applied to smaller units (for example, an Indian state) or to larger ones (for example, the West African Economic and Monetary Union). There is also a macroeconomic element to the study of economic connections between nation states. Many macroeconomic concepts are applicable both to the Global North and to the Global South, but this course unit focuses on the application of these concepts to the South. 

The unit aims to provide students with a grounding in macroeconomic theory and its application to developing countries, equipping them to combine theory and data to analyse macroeconomic policy questions.

Week 1: Economic growth in the theory of Smith and Lewis

Week 2: The Neoclassical growth model

Week 3: Some things missing from the Neoclassical model

Week 4: Evidence on the determinants of economic growth

Week 5: Analysing growth policies

Week 6: An integrated short-run model of output, employment, prices and exchange rates (1)

Week 7: Guest Lecture 

Week 8: Non-Neoclassical theories of growth (1) 

Week 9: Non-Neoclassical theories of growth (2)

Week 10: Macroeconomic stabilization policy – theory and evidence (1)

Teaching and learning will be based on lectures (twice per week) and tutorials (once per week). Lectures will combine presentation of the learning material with some interactive discussion. Reading lists, lecture slides and tutorial questions will be posted on the VLE. Tutorials will provide students with the opportunity to engage critically with the learning material through group discussions and presentations. Advice on how to prepare for each tutorial will be posted on the VLE.

• Distinguish between different theories of long-run economic growth
• Describe how economic theory can be used to explain variation in output, employment and prices

• Evaluate the predictions of a macroeconomic model using appropriate data sources
• Compare the characteristics of different macroeconomic models
• Critically analyse macroeconomic policy choices using appropriate theory and data

Find, interpret and correctly reference published research

Present and analyse alternative arguments involving theory and evidence

Manage datasets using Excel and 'R'

• Develop a critical and analytical argument, making use of appropriate evidence
• Communicate ideas in writing in a form appropriate for the academic community and the policy-making community

First draft of a written assignment based on analysis of a macro-economic dataset (minus Introduction and Conclusion) (1,000 words) (Formative)

(Students will revise their draft assignments for summative assessment.)

• Second draft of a written assignment based on analysis of a macroeconomic dataset. (1,500 words) (50%)

Written comments via the VLE.

Pierre-Richard Agénor and Peter J. Montiel (2015) Development Macroeconomics (4th edition), Princeton University Press: Princeton, NJ.

Nancy Birdsall (1988) "Economic approaches to population growth," Handbook of Development Economics 1: 477-542.

W. Arthur Lewis (2007) The Theory of Economic Growth, Routledge: London, UK.

Gérard Roland (2016) Development Economics, Routledge: London, UK.

Eduardo Levy Yeyati and Federico Sturzenegger (2010) “Monetary and exchange rate policies,” Handbook of Development Economics 5: 4215-4281.