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Macroeconomics II

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
4
Кредиты
Статус:
Курс по выбору
Когда читается:
1-й курс, 4 модуль

Преподаватель


Газизова Галия Маратовна

Course Syllabus

Abstract

Macroeconomics is the study of economic growth and business cycles. This Macroeconomics II course is the second in graduate Macroeconomics courses sequence and is devoted to the study of economic growth. Schumpeterian theory focuses on industrial innovations arising from R&D as the mainspring of economic growth. It integrates the microeconomic theory of R&D into a macroeconomic growth model, making clear who gains and who loses from technological change, and showing how long-run growth is determined by the competitive process of creative destruction. The course will cover the details of model building and will also survey some of the literature confronting the theory with empirical evidence. We will consider the most recent contributions and debates on growth: in particular, the literature on directed technical change and its applications to wage inequality; simple presentations of recent models of industrialization and the transition to modern economic growth; simple models of trade, competition, and growth with firm heterogeneity; the relationships between growth and finance, the recent debates on institutions versus human capital as determinants of growth. For each topic, we will have a brief empirical motivation with a discussion of some of the most influential papers in the recent literature. The final part of the course will focus on policy implications, including the effects of competition on growth, the effects of trade liberalization, the interaction between redistributive policies and incentives to innovate, migration and growth, between growth and education, and how to make economic growth compatible with environmental conservation.
Learning Objectives

Learning Objectives

  • To bring a student to date on the frontiers of the subject, the course introduces all the major growth paradigms (neoclassical, AK, product-variety, and Schumpeterian), with a focus on innovation-based, or “Schumpeterian” growth theory, and then shows how these paradigms can be used to analyze various aspects of the growth process and to think about the design of growth policy.
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand the principles of growth model building
  • Know basic neoclassical and endogenous growth models, growth “stylized facts” and puzzles, four growth paradigms.
  • Know the most recent contributions and debates on growth.
  • Be able to modify basic growth models.
  • Be able to analyze, evaluate and estimate policy implications.
Course Contents

Course Contents

  • The data and neoclassical growth
    a. Introduction to the growth theory b. Neoclassical growth models
  • Models of endogenous technological change
    a. The first wave of (AK) endogenous growth models b. The second wave of endogenous (innovation-based) growth theory i. Horizontal innovations ii. Vertical innovations. The Shumpeterian model
  • Evaluating growth models
  • Finance and growth
  • Technology transfer and cross-country convergence
  • Growth, technology and inequality
  • Growth and development
    a. Stages of growth b. Institutions and nonconvergence traps
  • Policy lessons
    a. Competition policy and growth b. Investing in education c. Liberalizing trade d. Growth in space and migration e. Redistributive institutions and innovation f. Growth and environment policy
Assessment Elements

Assessment Elements

  • non-blocking In-class tests and class participation
  • non-blocking Home assignment
  • non-blocking 2-hour written test
    The duration of the final exam is two academic hours. The examination is conducted in writing using synchronous proctoring. The exam is conducted on the online HSE Moodle platform (https://hse.student.examus.net). You must connect to the exam 15 minutes before the start. On the Examus platform, system testing is available. Student's computer must meet the requirements: (https://elearning.hse.ru/data/2020/05/07/1544135594/Технические%20требования%20к%20ПК%20студента.pdf) To participate in the exam, the student must: go to the proctoring platform in advance, conduct a system test, turn on the camera and microphone, and verify identity. During the exam, students are prohibited from: communicating (on social networks, with people in the room), writing off. During the exam, students are allowed to: use A4 sheets. The completed task must be photographed or scanned and downloaded to the Moodle system. Click the Finish Exam button to successfully save your answer. A short-term communication disruption during the exam is considered interruption of communication up to 10 minutes. A long-term communication disorder during an exam is considered to be a communication interruption of 10 minutes or more. In case of a long-term communication disruption, the student cannot continue to participate in the exam. The transfer procedure is similar to the surrender procedure.
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.6 * 2-hour written test + 0.2 * Home assignment + 0.2 * In-class tests and class participation
Bibliography

Bibliography

Recommended Core Bibliography

  • Kim, T.-Y., & Heshmati, A. (2014). Economic Growth : The New Perspectives for Theory and Policy. Berlin, Heidelberg: Springer. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=670544

Recommended Additional Bibliography

  • Weil, D. N. (2016). Economic Growth : International Edition (Vol. Third edition). Abingdon, Oxon: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1244212