Advanced Macroeconomics
General data
Course ID: | 2400-QFU2AMA |
Erasmus code / ISCED: |
14.3
|
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
|
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 |
Navigate to timetable
MO TU W WYK
TH FR |
Type of class: |
Lecture, 30 hours
|
|
Coordinators: | Marcin Bielecki, Mehmet Burak Turgut | |
Group instructors: | Marcin Bielecki, Mehmet Burak Turgut | |
Students list: | (inaccessible to you) | |
Examination: |
Course -
Examination
Lecture - Examination |
Copyright by University of Warsaw.