This course is an introduction to the study of macroeconomics at an advanced level. The first part is concerned with growth and should provide the tools to answer two fundamental questions: Why are some economies so much richer than others, and what accounts for the huge increase in real incomes over time? In the second part we study the neoclassical consumption model, the pricing of financial assets and the open economy. The third part of the course will focus on some economic variables that have played a key role in recent macroeconomic trends since 2008, such as the misalignment of real exchange rates and public debt sustainability.
First part:
Introduction to macroeconomics: Method, measuring the macroeconomy, comparing performances
Growth theory: The Solow growth model, R&D models
The overlapping generations model
Second part:
Consumption
Investment
Open economy
Second part:
Monetary policy in an open economy
Further discussion on the real exchange rate
The sustainability of the public debt
Lessons from the great European crisis: economic and financial aspects
Written examination
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