The course provides an introduction to macroeconomics.
Previous experience
Students come from diverse backgrounds and many have no prior training in macroeconomics. The course is relatively challenging and will appeal to those with a genuine interest in contemporary economic issues, with an analytical mind and a willingness to engage with sometimes complex concepts and tools. To do justice to the subject and make it interesting in a short time, a large amount of material is covered. The aim is to introduce students to the topic so that they are in a position to go away and deepen their knowledge through further study. The course is pitched at the level of undergraduate economics.
Coursework: Students are required to deliver a group presentation on the final day of the course. The aim of the presentation is to provide a review of a major global economy, identifying the key macroeconomic issues, risks and policy priorities, drawing on the knowledge and tools developed during the course. Five presentations will review, in turn, the United States, China, Germany, Spain and India, illustrating the spectrum of macro challenges.
Students will be assigned to one group of approximately five, and each group will review one country. As far as possible, students will be assigned to a country of their choice, to the country of their origin or a country with economic characteristics relevant to the country of the students’ origin.
Students will work in their groups and deliver a PowerPoint presentation of approximately ten minutes, with five minutes for questions and discussion. The group should assign one member to manage this discussion, to ensure questions are answered and time is managed well.
Every year the International Monetary Fund undertakes reviews of macroeconomic conditions at a country level, known as the Article IV Consultation – Staff Report. These are available for all countries on www.imf.org/external/country/index.htm. Students should make use of these as well as any other relevant resources.
The course is short and intensive. To help students manage pressures on time and enjoy the full Cambridge experience, it is recommended that they make advance preparations for the presentations. Students would benefit from downloading the Article IV reports, reading the key issues’ summaries at the front, and becoming familiar with the structure and key conclusions of the reports, and familiarising themselves with the Aggregate Demand and Supply model. This model underpins all macro analysis.
For those choosing to be evaluated, one option is to write your essay on a topic related to your presentation. The option provides a further opportunity to focus your studies, work on a topic of your choice, and manage the pressures on your time.
Teaching methods: This course employs a range of learning methods, many of which request that students actively engage in the class in different ways. For example, the first half of the class may take the form of a traditional lecture, often supported by PowerPoint slides, with the lecturer developing analytical tools, explaining concepts and theories, and presenting data. The second half of the class will also involve interactive discussions, involving the lecturer and students, raising and responding to questions, and exercises focussed on students to be completed in groups or as individuals, in and out of the class. These exercises provide opportunities to work through concepts and deepen understanding.
