Advanced Macroeconomics

Course goals

Learning objectives
At the end of the course, the student is able to:

• Describe and interpret core macroeconomic empirical regularities
• Formulate, solve and interpret canonical dynamic macro models
• Explain and use key model building blocks in macroeconomic models
• Apply quantitative tools to connect macroeconomic models to the data
• Understand and critically appraise extensions of these models, as well as empirical and numerical applications
• Discuss, present, and critically evaluate different theories in light of available data.

Content

Students who are not enrolled in the research master Multidisciplinary Economics should contact the course coordinator for enrollment in this course.

We provide an overview of the workhorse models and key building blocks of dynamic macroeconomic analysis. Core frameworks include the neoclassical growth model, stochastic growth models, and  endogenous growth models The course emphasizes the methodologies used to study these models - most notably dynamic optimization, along with equilibrium analysis and quantitative tools such as growth accounting and growth decompositions. Key model ingredients, including Dixit–Stiglitz monopolistic competition and innovation-driven expanding variety mechanisms, are developed and used in the course.
Motivated empirical regularities in  economic growth, we derive and analyse these models in the face of real-world problems, using mathematical techniques and visualization.

Finally, the course covers topical extensions/applications of these frameworks, which may include economic inequality and firm dynamics. These lectures will expose f students  to contemporary theoretical, empirical and numerical research on policy-relevant macroeconomic questions.

Intended Learning Outcomes
The graduate:
Knowledge
1a) has broad knowledge of core and state-of-the-art theories and empirical methods in economics
 
Research skills
2a) can write an academic paper in English, aiming for the level of a publishable article in a peer-reviewed journal
2b) can present and communicate in English (communication to experts and non-experts)
2e) can collaborate in an international team, also with academics from other disciplines
2h) can assess economic policies, and make economic forecasts, and give policy advice
 
Research competences
3a) can think in a logical way
3b) can summarize and identify common themes in the literature on a specific topic, and keep track of recent developments
3c) can critically appraise literature
3g) can apply acquired knowledge of theories and empirical methods within economics
3k) can contribute to the solution of open research questions
 
Research attitudes
4a) can critically reflect on their own work, and critically reflect on work of others in an appropriate way
4e) acquires an attitude of lifelong learning


In case online access is required for this course and you are not in the position to buy the access code, you are advised to contact the course coordinator for an alternative solution. Please note that access codes are not re-usable meaning that codes from second hand books do not work, as well as access codes from books with a different ISBN. Separate or spare codes are usually not available.