This course is designed to provide general understanding of four sectors
and three markets which cover central elements of macroeconomics. These
four sectors include firms, business, government and foreign while the
three markets include commodity or goods, factor or resource, and financial.
Essential theories and issues of current macroeconomics with real world
application will be discussed in order to provide learning partners with
theoretical understanding and empirical evidence. Students are also encouraged
to familiarise with their own countries data and to examine them in order
to understand the impact of macroeconomic policies and behaviour of the
economy. No prior knowledge in economics is required for this course but
strong desire and genuine effort to learn are prerequisites.
of Developing Economies
Macroeconometric models have become one of the most important tools for
policy makers of the day in quantifying the impacts of various policies
on their economies and for forecasting. Nevertheless, policy makers in
developing nations (including centrally planned and transition economies)
who are applying those models for various purposes have to overcome various
problems that do not exist in developed economies. One of the frequently
observed problems is the lack of data. This fact not only restricts the
scope of econometric analysis but also requires highly developed skills
for extracting meaningful quantitative information from the limited available
data. Another problem is related to the behaviour of macroeconomic variables,
particularly financial variables such as interest rates and exchange rates,
which are highly regulated and are subject to the influence of non-economic
forces that play minor roles in developed countries.
Given this background, this course
will explore various econometric methods to overcome the above-mentioned
problems and attempt to construct representative models for developing
economies. These models can be useful for policy makers in their deliberation
to achieve high standards of living for their nation.
This course is also designed to
provide a clear understanding of the salient features, challenges and
opportunities of the participantsf own economies. They will also learn
to use econometric models to quantify the effectiveness of various government
policies on the economy. A prior knowledge of basic statistics, applied
econometrics and macroeconomics is useful. Furthermore, the course will
use Excel and Eviews and learning partners are supposed to know how to
use them in advance. This course is highly recommended for students who
intend to do quantitative analysis in their thesis writing.
Growth and Development
Nothing matters more to the long-term living condition of a country than
its growth and development. Theoretical and empirical research on economic
growth has highlighted the correlation between growth and a variety of
variables which determine the growth. The developing countries should
develop further is almost universally desired by their people and governments.
And policy makers in those countries have attempted to improve living
conditions through various economic policies. Nevertheless, it is a known
fact that there are large differences in income across countries and over
time. Therefore, it is worth understanding and analysing the factors that
determine the growth and convergence using old and new theories of growth.
Also, currently available long-term data pave the way to understand the
links between theory and empirics. This in our view sheds some light on
the policy-making process in developing countries that are struggling
to achieve high growth. Understanding theories of growth and development
and their applications with relative effectiveness in the real world plays
a vital role in any policy-making process.
ODA and Poverty Eradication
(New course to be introduced)