Advanced Macroeconomics

Module code: EC3001
Module co-ordinator: Dr Dimitrios Varvarigos

Macroeconomics is the branch of economics that concentrates on the behaviour of the economy as a whole (i.e., aggregate consumption, total production, aggregate employment) and evaluates its overall performance in terms of inflation, growth rate of per capita GDP, and unemployment. In this module we will focus on the issue of economic growth, identifying the underlying forces that can support ever-increasing levels of per capita GDP.

This knowledge is important because it provides an insight into the fundamental characteristics that cause significant differences in prosperity among nations. It enables us to design and evaluate policies targeted at achieving higher GDP growth in less-developed countries, mitigating the inequalities between rich and poor nations. An example of a policy-relevant question that can be addressed using the ideas covered in this module would be: “In a poor country with only 3% of US per capita GDP, which policies can facilitate a steady increase of income per capita to reach 50% of US GDP after some years?”

Topics covered

  • Basic economic models of capital accumulation and growth
  • Economic growth through technological progress
  • Endogenous growth theory, with emphasis on human capital and innovation through R&D
  • Economic growth and environmental quality
  • The overlapping generations model


  • 20 one-hour lectures
  • 5 one-hour seminars


  • Coursework (20%)
  • Exam, 2 hours (80%)
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