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Advanced Macroeconomics

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
6
Кредиты
Статус:
Курс обязательный
Когда читается:
1-й курс, 1, 2 модуль

Преподаватели

Course Syllabus

Abstract

Macroeconomics is the study of economic growth and business cycles. It aims to explain observed aggregate time series for economic variables like GDP, consumption, investment, prices and wages, and the rate of unemployment. In this course we will concentrate on the study of business cycles, or economic phenomena in the short run. Study of economic growth is mostly relegated to the Macroeconomics II course. In the short run an economy experiences nominal rigidities (sticky prices and wages) and expectational errors (prices that are different from what was expected). Rigidities and expectations make nominal aggregate demand, which could fluctuate because of some shock, affect real economic activity such as output and unemployment. Therefore, it is necessary to engage in aggregate demand management in order to stabilize the economy. We will study such stabilization policies (mostly fiscal and monetary) and the most efficient ways of performing them. The global financial and economic crisis of 2008–2011 and slow recovery from it is a topic that will concern us throughout the course. We will attempt to look at it from a macroeconomist’s point of view and evaluate different economic policies enacted around the world. We will dive into the world of macroeconomic data and the economic blogosphere, which debates current events.
Learning Objectives

Learning Objectives

  • attempt to look at it from a macroeconomist’s point of view and evaluate different economic policies enacted around the world.
  • dive into the world of macroeconomic data and the economic blogosphere, which debates current events.
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand the main mechanisms operating in the economy
  • Know the basic building blocks of short-run macroeconomic theory
  • Be able to describe the process of the economy’s adjustment towards equilibrium after a shock
  • Have an understanding of the monetary policy conducted under Taylor Rule
  • Be able to derive consumption and investment functions in simple settings, as well as understand the concept of the optimal monetary policy
  • Understand the need for stabilization policy, and the methods it is conducted by the government (fiscal policy) and the Central Bank (monetary policy)
Course Contents

Course Contents

  • What is macroeconomics? Macro for short and long run.
  • Business cycles facts.
  • Short run model of the economy: building blocks.
  • Short run model of the economy and policy: closed economy.
  • Short run model of the economy and policy: open economy.
Assessment Elements

Assessment Elements

  • non-blocking in-class tests
  • non-blocking class participation
  • non-blocking final exam
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.1 * class participation + 0.6 * final exam + 0.3 * in-class tests
Bibliography

Bibliography

Recommended Core Bibliography

  • Homburg, S. (2017). A Study in Monetary Macroeconomics. Corby: OUP Oxford. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1546730

Recommended Additional Bibliography

  • Richard Barwell. (2017). Macroeconomic Policy after the Crash. Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.spr.sprbok.978.3.319.40463.9