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Macroeconomics 1

Course description

The course is an introduction to the fundamental models and methods used in the analysis of long run macroeconomic issues.  The first part (about 2/3) provides an in-depth treatment of some seminal models in modern growth theory (Solow with human capital, Cass-Ramsey, Romer (1986) & (1990), and overlapping generations). We will also use this first part to review some important results in optimal control theory and the analysis of microfounded dynamic general equilibrium frameworks (that find applications in other fields of Economics). During the second part of the course, we will focus on more recent developments in the economic growth literature. Depending on time and students’ interests, we will discuss some implications of, e.g., stochastic growth, institutions, technology diffusion, or imperfect financial markets. While this class focus is on theoretical methods, it will also discuss major empirical contributions to the literature.

 Bibliography

The main textbook for this class is

  • Acemoglu, D. Introduction to Modern Economic Growth, Princeton University Press, 2009

Students may also refer to

  • Barro R. and X. Sala-i-Martin, Economic Growth, MIT Press, 2004 (2nd edition)

Teaching methods

Lectures (20h, with slides) + Problem sets (with solutions).

 Assessment methods

1 homework to hand-in (mid-term, 30% of the final grade) + final exam (70%)