This module builds on PP5403 (Economic Foundations for Public Policy) and serves as a gateway module for candidates intending to specialize in the Economics stream.
We begin by reviewing the microeconomics content of PP5403 and extend the discussion on selected topics to an advanced level. We devote the remainder of the module to explore the study of macroeconomic policy analysis. The microeconomics content helps us develop the theme micro foundations of macroeconomics.
Traditionally, macroeconomists have been concerned with the policy goal of stabilization. In the long-term, this goal seeks the maintenance of a steady rate of economic growth and employment in the context of an increasing population and other changes. In the short-term, the goal of stabilization is regarded as one that deals with cyclical changes of booms and busts. In this course, we will critically evaluate the pursuit of this goal (in both the short run and the long run) and attempt to assess the performance of specific economies.