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Macroeconomics

Macroeconomics

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.

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Course Summary

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.

Course Outcomes

By the end of the course students will understand:

  • In more detail, how households, companies and governments behave under different market conditions and use this knowledge and understanding to forecast potential future changes
  • How to Use the tools of macro-economic analysis to further investigate aggregate supply and demand conditions, high level market structures and government policies across a broader range of industries and countries
  • How household and company is changing and be able to track changes in government macroeconomic policy thinking
  • How to use the information and data provided on the course to make more accurate predictions about future of macro-economic trends and developments

Course Outcomes

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

 

Assessment Methods

1 x Written Assignment (500-750 words)

1 x Group Presentation

Campuses

Oxford College Accommodation

  • Location Oxford
  • Ages Ages: 12+, 13-15, 16-18, 19+
  • Bedroom Type Single and twin
  • Bathroom Type En-suite & Shared (single gender)
  • Year Built Founded in 1096 (University of Oxford)

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