Macroeconomic Policy Paradigms in the UK
Explore the theoretical foundations of macroeconomic policy in the UK from a historical perspective. Delve into various model paradigms, such as Classical, Neo-classical, Keynesian, Monetarism, and more. Address key policy questions related to unemployment, inflation, fiscal deficits, and monetary policy. Teaching methods include lectures, workshops, tutorials, and consultations for in-depth learning.
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Presentation Transcript
Lecture programme Examines the theoretical underpinnings of macroeconomic policy in the UK, in an historical context. The focuses is on the relationship between macroeconomic theory and policy through an analysis of specific model paradigms, such as The Classical Method The Neo-classical Approach Keynes & The General Theory The Keynesian Neoclassical Synthesis Approach Monetarism New Classical and New Keynesian Schools The New Consensus Macroeconomic Model
Examples of Some Key Policy Questions Is wage rigidity a cause of unemployment? Is there a Phillips curve or a natural rate of unemployment? Are fiscal deficit and debt targets sensible? Do economist s have a credible theory of inflation? Is monetary policy an effective instrument of macroeconomic management? Why are there booms and busts and should policy- makers try to alleviate them?
Teaching Methods 22 Lectures based around my new textbook Developments in Macroeconomics (Oxford University Press, 2019). Some parts of the text will be made available on Learn, including some of the policy case studies 8 workshops interactive, student-led sessions where you are invited to lead the discussion of either a seminal paper from the literature or a policy-case study 2 Tutorials will be used to prepare for the mid-term test and to provide feedback on the test Weekly consultation hour - for one-to-one help with any aspect of the module
