Mathematical Models in Macroeconomics 1000-1M11MMM
Macroeconomics is a branch of economics describing operation of economy using macroscopic description. It works with concepts like gross national/
domestic product, inflation, unemploynment, money supply, bugdet deficit... and formulates numerous mathematical models describing relations
between variables considered.
Lecture encompasses both introduction to macroeconomics and presentation of models describing various phenomena in economy:
— Solow model of economic growth and its modifications.
— Microeconomic foundations of macroeconomics – life-cycle optimization.
— Nonlinear IS-LM model of equilibrium.
— Nonlinear AS-AD models of equilibrium with various assumptions.
— Models describing employment and unemployment.
— Models describing results of various types of government policy (including Laffer curve, Ricardian equivalence and Sargent-Wallace unefectiveness of policy proposition).
— Models describing inflation and hyperinflation, including influence of private sector’s expectations and government policy (models of Cagan and
Sargent-Wallace and the concept of time-inconsistency).
Besides theoretical knowledge, students will learn to draw conclusions from existing models, as well as modifying them and building their own
models describing not analysed before aspects of observed phemnomena.
Type of course
Bibliography
R.J. Barro, Macroeconomics
D. Romer, Advanced Macroeconomics
Other bibligraphical sources will appear during the lecture.
Additional information
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:
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