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Магистратура 2018/2019

Макроэкономика I (продвинутый уровень)

Статус: Курс обязательный (Финансовая экономика)
Направление: 38.04.01. Экономика
Когда читается: 1-й курс, 1 семестр
Формат изучения: Full time
Прогр. обучения: Финансовая экономика
Язык: английский
Кредиты: 5

Course Syllabus

Abstract

Macroeconomics I puts emphasis on analytical tools of modern dynamic macroeconomics and on the long-run issues, such as the economic growth. Students will learn standard ‘workhorse’ models of modern macroeconomics, including the infinitely-lived representative agent framework and the overlapping-generations framework, as well as some of the standard applications to fiscal policy and social security. Students will be also familiarized with the main ideas of endogenous growth theory, ways to introduce money in dynamic optimizing macroeconomic models and some of the long-run findings from these models, including the optimum quantity of money (the Friedman rule).
Learning Objectives

Learning Objectives

  • To give a broad overview of substantive issues of modern macroeconomics;
  • To teach analytical tools and methods of macroeconomic analysis to enable students to continue their education at a Ph.D. level and to read research papers in the area;
  • To enable students to conduct applied analysis of macroeconomic policy while working for government agencies, think tanks, central banks or the private sector;
  • To give students the essential knowledge for applied courses, including financial economics.
Expected Learning Outcomes

Expected Learning Outcomes

  • explain the stylized facts of economic growth
  • explain why modern microeconomic models must have microeconomic foundations
  • outline the main approaches to modeling optimizing agents in macroeconomic models, including the ways to solve the models
  • list and explain basic microfounded models of endogenous growth
  • be eble to add money to the micro-founded macroeconomic models
  • assess the impact of social infrastructure on economic growth and other macroeconomic outcomes.
Course Contents

Course Contents

  • Introduction to economic growth. Solow model with endogenous growth, extensions and applications. Empirical tests
  • Lucas critique and its impact on macroeconomic modeling
  • Dynamic optimizing macroeconomic models: an introduction and applications
    3.1. Two-period model. The Euler equation. Application to the current account in an open economy. 3.2. Infinitely-lived representative agent framework. Cass-Koopmans optimal growth model in continuous time. 3.3. Overlapping-generations framework and the Diamond model. Applications to fiscal policy and social security. 3.4. Ricardian equivalence: theory and evidence
  • Endogenous growth. Advanced topics.
  • Money in dynamic optimizing macroeconomic models.
    5.1. Sidrauski model. Superneutrality, Tobin effect and the Friedman rule.
  • Social infrastructure, predation and protection in macroeconomic models
Assessment Elements

Assessment Elements

  • non-blocking homework assignments
  • non-blocking course participation
  • non-blocking midterm test
  • blocking exam
Interim Assessment

Interim Assessment

  • Interim assessment (1 semester)
    0.05 * course participation + 0.6 * exam + 0.1 * homework assignments + 0.25 * midterm test
Bibliography

Bibliography

Recommended Core Bibliography

  • Advanced macroeconomics, Romer D., 2001

Recommended Additional Bibliography

  • Blanchard, O., & Fischer, S. (1989). Lectures on Macroeconomics. Cambridge, Mass: The MIT Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=11345
  • Economic growth, Barro R. J., Sala-i-Martin X., 2004
  • Foundations of international macroeconomics, Obstfeld M., Rogoff K., 1996
  • Introduction to economic growth, Jones C. I., 2002