An intensive summer programme designed to provide students aged 19+ with a deeper understanding of Macroeconomics.
A one-week programme, residential in a college of the University of Oxford.Apply Now
Unlike microeconomics, which focuses on firms, individuals and the interaction with government policies, macroeconomics takes a ‘big-picture’ view of an economy and examines the relationships between households, companies and governments and different types of markets such as the financial and labour markets.
Whilst this course is an introduction, and aims to rigorously instill a strong macroeconomic mind-set in students through the most widely used and influential macro-economic models, it will place these theories into the context of debates taking place today. Thus students will critically discuss up to date issues and challenges concerning deficits, debts and default in a time of already high public debt in economies around the world and drops in household income. They will consider such challenges as those posed by the ‘demographic time bomb’ in advanced economies as well the threat of deflation due to large lags and ‘economic shocks’ in product and labour markets.
The course will combine an historical perspective with a detailed consideration of current day events and will encourage students to adopt a future oriented approach to modern day issues, challenges and problems in contemporary macroeconomic theory and practice.
By the end of the course students will understand:
|Monday||Lecture 1: Macroeconomic issues and measurement- key concepts and contemporary global challenges|
|Seminar 1: Applying the circular flow of income, output and spending to a real world macroeconomic case study|
|Tuesday||Lecture 2: Aggregate Supply and Demand and the link to Gross Domestic Product (GDP)- the impact of demand, supply and financial shocks|
|Seminar 2: Money and monetary institutions-how banks control the money supply to ensure price stability, full employment and growth- practical team challenge|
|Wednesday||Lecture 3: The macro-economic problem- current challenges and problems in unemployment and inflation theories|
|Seminar 3: Government macroeconomic policies for economic stability- using fiscal and monetary tools to manage government revenue generation and expenditure|
|Thursday||Lecture 4: Economic growth and sustainability in challenging times|
|Seminar 4: Critical assessment and practical application of economic growth models|
|Friday||Lecture 5: International trade and balance of payments theory|
|Seminar 5: Presentations, course review and action planning|
1 x Written Assignment (500-750 words)
1 x Group Presentation
An intensive summer programme designed to introduce students aged 19+ to the principles of Microeconomics.