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Advanced Macroeconomics

General data

Course ID: 2400-QFU2AMA
Erasmus code / ISCED: 14.3 Kod klasyfikacyjny przedmiotu składa się z trzech do pięciu cyfr, przy czym trzy pierwsze oznaczają klasyfikację dziedziny wg. Listy kodów dziedzin obowiązującej w programie Socrates/Erasmus, czwarta (dotąd na ogół 0) – ewentualne uszczegółowienie informacji o dyscyplinie, piąta – stopień zaawansowania przedmiotu ustalony na podstawie roku studiów, dla którego przedmiot jest przeznaczony. / (0311) Economics The ISCED (International Standard Classification of Education) code has been designed by UNESCO.
Course title: Advanced Macroeconomics
Name in Polish: Advanced Macroeconomics
Organizational unit: Faculty of Economic Sciences
Course groups: (in Polish) Przedmioty obowiązkowe dla II roku Quantitative Finance
English-language course offering of the Faculty of Economics
ECTS credit allocation (and other scores): 3.00 Basic information on ECTS credits allocation principles:
  • the annual hourly workload of the student’s work required to achieve the expected learning outcomes for a given stage is 1500-1800h, corresponding to 60 ECTS;
  • the student’s weekly hourly workload is 45 h;
  • 1 ECTS point corresponds to 25-30 hours of student work needed to achieve the assumed learning outcomes;
  • weekly student workload necessary to achieve the assumed learning outcomes allows to obtain 1.5 ECTS;
  • work required to pass the course, which has been assigned 3 ECTS, constitutes 10% of the semester student load.
Language: English
Type of course:

obligatory courses

Short description:

The aim of this 30-hours lecture is to present modern macroeconomic methods and models used both by researchers and analysts to understand and predict macroeconomic phenomena. Upon completion students will be able to use acquired tools to explain and interpret the workings of the macroeconomy at an advanced level.

The course is composed of three parts. The first part is devoted to the microfoundations of modern macroeconomic models. The second part covers core growth facts and theories. The third part is devoted to analyzing and modeling business cycles phenomena

Full description:

Part I: Microfoundations

1. Introduction to dynamic macroeconomics [Wickens (2008): 1]

2. Consumption and labor supply choice [Barro (1997): 2]

3. Q-theory of investment [Wickens (2008): 2.7, Romer (2012): 9]

Part II: Neoclassical Growth

4. Growth facts. Solow model [Wickens (2008): 3, Romer (2012): 1, Jones and Vollrath (2013)]

5. Ramsey-Cass-Koopmans model [Wickens (2008): 4, Romer (2012): 2]

6. Optimal taxation [Wickens (2008): 5–6, Romer (2012): 2, 13]

Part III: Business Cycles:

7. Introduction to business cycles modeling [Wickens (2008): 14, Romer (2012): 5]

8. Real business cycles model [Wickens (2008): 14, Romer (2012): 5]

9. Extensions to RBC model [Hansen (1985), Rogerson (1988), King and Rebelo (2000)]

10. Unemployment in RBC model [Romer (2012): 10.6]

11. Monetary models [Wickens (2008): 8, Walsh (2010): 2–3]

12. New Keynesian model [Wickens (2008): 9, Walsh (2010): 6, 8, Romer (2012): 7]

13. Monetary policy design [Wickens (2008): 13, Walsh (2010): 7–8, Romer (2012): 11]

14. Financial frictions [Walsh (2010): 10.5]

Bibliography:

Required information is covered by the lecture notes. Most often referenced book is Wickens (2008), although the notation in the book is different from the one used in the course. Supplementary readings come from various textbooks and articles.

Required readings:

[1] Lecture notes.

[2] Romer, D. (2012): Advanced Macroeconomics. McGraw-Hill/Irwin, 4th ed.

[3] Wickens, M. (2008): Macroeconomic Theory. A Dynamic General Equilibrium Approach. Princeton University Press, 1st ed.

Additional readings:

[1] Barro, R. (1997): Macroeconomics. The MIT Press, 5th ed.

[2] Jones, C. I. and Vollrath, D. (2013): Introduction to Economic Growth. W. W. Norton & Company, 3rd ed.

[3] Walsh, C. (2010): Monetary theory and policy. The MIT Press, 3rd ed.

[4] Hansen, G. D. (1985): Indivisible labor and the business cycle, Journal of Monetary Economics, 16(3), 309–327.

[5] King, R. G. and S. T. Rebelo (2000): Resuscitating Real Business Cycles, NBER Working Papers 7534, National

Bureau of Economic Research, Inc.

[6] Rogerson, R. (1988): Indivisible labor, lotteries and equilibrium, Journal of Monetary Economics, 21(1), 3–16.

Learning outcomes:

KNOWLEDGE / WIEDZA

Students know the main macroeconomic models in the fields of economic growth and business cycles and their implications for economic policy.

SKILLS / UMIEJĘTNOŚCI

Upon completion of the course students will be able to:

• Formulate simple general equilibrium models

• Understand the logic behind macroeconomic statics and dynamics

• Understand processes behind economic growth and business cycles

• Evaluate the effects of changes in macroeconomic policy

KU01, KS03, KS02

Assessment methods and assessment criteria:

Evaluation is based on the final exam (70%), as well as homework assignments (30%). The points from the exam and homework add up to the final grade.

Classes in period "Winter semester 2023/24" (past)

Time span: 2023-10-01 - 2024-01-28
Selected timetable range:
Navigate to timetable
Type of class:
Lecture, 30 hours more information
Coordinators: Marcin Bielecki, Mehmet Burak Turgut
Group instructors: Marcin Bielecki, Mehmet Burak Turgut
Students list: (inaccessible to you)
Examination: Course - Examination
Lecture - Examination
Course descriptions are protected by copyright.
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00-927 Warszawa
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