The International Macroeconomics module provides a rigorous treatment of real-world international macroeconomic problems using a microfounded, dynamic general equilibrium approach that aligns with modern economic research. The module applies core theoretical frameworks to fundamental questions including the determinants of the current account, adjustment processes to shocks, real exchange rate dynamics, the role of fixed versus flexible exchange rates under nominal rigidities, and monetary-fiscal policy interactions. Students develop analytical tools to address critical policy issues such as trade deficit sustainability, capital controls under financial frictions, and balance-of-payments crises. By confronting theoretical predictions with actual data, the module highlights both the power and limits of economic theories, encouraging critical thinking essential for careers in policy institutions, central banking, international finance, and academia within today's interconnected global economy.

Global Imbalances and Current Account; Open Economy Dynamics; International Capital Markets; Exchange Rate Policy and Crises  and Development Economics.

On successful completion of this module, students will be able to: Explain key theories of open economy macroeconomics, including intertemporal current account models, exchange rate dynamics, and global imbalances. Apply dynamic general equilibrium frameworks to analyse the macroeconomic effects of fiscal, monetary, and exchange rate policies. Interpret empirical data to assess current account sustainability, external adjustment processes, and international capital market integration. Evaluate the effectiveness of alternative policy regimes—such as fixed versus flexible exchange rates—under nominal rigidities and financial frictions. Integrate theoretical and empirical insights to formulate evidence-based policy recommendations for international macroeconomic stability.

On successful completion of this module, students will be able to: Demonstrate an appreciation of the ethical, social, and policy implications of international macroeconomic decisions in shaping global economic stability and development. Exhibit a reflective and critical attitude toward economic theories and empirical evidence, valuing openness, intellectual curiosity, and evidence-based reasoning in policy analysis.

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The module is delivered through a series of lectures and tutorials. Students must complete a set of problems which enables them to gain significant knowledge around the importance of international macroeconomics as a tool for influencing economic activity, and an appreciation of the necessary conditions for policy effectiveness. Class discussions around the debate on a passive versus a more active role for policy develop students' sense of responsibility towards maintaining sustainable economic policies.