Advanced Macroeconomics 2400-QFU2AMA
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]
Type of course
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
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.
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.
 Lecture notes.
 Romer, D. (2012): Advanced Macroeconomics. McGraw-Hill/Irwin, 4th ed.
 Wickens, M. (2008): Macroeconomic Theory. A Dynamic General Equilibrium Approach. Princeton University Press, 1st ed.
 Barro, R. (1997): Macroeconomics. The MIT Press, 5th ed.
 Jones, C. I. and Vollrath, D. (2013): Introduction to Economic Growth. W. W. Norton & Company, 3rd ed.
 Walsh, C. (2010): Monetary theory and policy. The MIT Press, 3rd ed.
 Hansen, G. D. (1985): Indivisible labor and the business cycle, Journal of Monetary Economics, 16(3), 309–327.
 King, R. G. and S. T. Rebelo (2000): Resuscitating Real Business Cycles, NBER Working Papers 7534, National
Bureau of Economic Research, Inc.
 Rogerson, R. (1988): Indivisible labor, lotteries and equilibrium, Journal of Monetary Economics, 21(1), 3–16.
Information on level of this course, year of study and semester when the course unit is delivered, types and amount of class hours - can be found in course structure diagrams of apropriate study programmes. This course is related to the following study programmes:
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: