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896997 |
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Course |
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| Advanced Macroeconomics | ||
Faculty |
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David Jinkins, Assistant Professor, CBS, Department of Economics, dj.eco@cbs.dk Annaig Morin, Assistant Professor, CBS, Department of Economics, amo.eco@cbs.dk Mauricio Prado, Associate Professor, CBS, Department of Economics, mp.eco@cbs.dk |
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Course Coordinator |
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| Associate Professor Mauricio Prado | ||
Prerequisites |
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| The course is compulsory for the PhD students of Copenhagen Business School’s Department of Economics, but also open to other PhD students who can prove some knowledge in intermediate macroeconomics as well as in some mathematical tools like multivariate calculus, constrained maximization and statistics/probability. | ||
Aim |
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After the course, students are required to: • explain and be able to apply tools of dynamic economics useful in macroeconomics, and empirical techniques used to calibrate macroeconomic models; • explain different models of economic growth, business cycles, search and matching (in the labor market), asset pricing, fiscal and monetary policies, and international trade; • use the models presented in the course to explain the effects of policies and shocks on the economy. |
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Course content |
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The aim of the course is to develop some of the most important tools of dynamic economics useful in macroeconomics and to provide a number of workhorse models useful in multiple areas of macroeconomics, namely growth and business cycles, search and matching (in the labor market), asset pricing, fiscal and monetary policies, and international trade. The course should cover the following topics: 1. Dynamic optimization methods 2. Business cycles 3. Economic growth, and fiscal policy 4. Asset pricing 5. Monetary policy 6. Macro labor: search and matching 7. International trade |
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Teaching style |
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| Lectures and exercise classes. | ||
Lecture plan |
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The lecture plan and reading list is tentative, meaning that there might be changes about which you will be informed. Date Syllabus Week 37 - Sep 11th Lecture: Introduction to the course, Economic growth: Solow model and Neoclassical Growth Model Lecture notes, L&S 15.1-15.3, B&F 2.1-2.2, DA Chapters 2, 5 and 8. Weeks 37 and 38 - Sep 13th and 20th Lecture: Dynamic Programming and Stochastic Growth Model Lecture notes, L&S Chapters 1 and 3, DA Chapters 6, 16, and 17. Week 38 - Sep 21st Lecture: Endogenous Growth Models Lecture notes, L&S 15.4 and 15.6, O&R 7.3, DA Chapters 11 and 13. Week 40 - Oct 5th Exercises - Solutions to first problem set. Week 43 - Oct 25th Lecture: Fiscal Policy: Optimal Taxation, Tax smoothing, Commitment Lecture notes, L&S Chapter 16. Week 43 - Oct 26th Lecture: Monetary Policy: New Keynesian model - Lecture notes, Gali (2015). Week 45 - Nov 9th Exercises - Solutions to second problem set. Week 46 - Nov 15th and 16th Lecture: Macro Labor - Lecture notes and articles posted on Learn. Week 48 - Nov 30th Exercises - Solutions to third problem set. Week 49 - Dec 6th and Dec 7th Lecture: International Trade - Lecture notes, Melitz (2003) Week 2 - Jan 9th Exercises - Solutions to forth problem set. |
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Learning objectives |
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| Please see 'Aim of the course' | ||
Exam |
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In order to pass the course the students have to master two different tasks in a satisfactory manner. 1. They have to hand in the solutions to four problem sets and get approval on 3 out of 4. |
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Other |
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This course may be followed by a limited number of students from the Master’s in Advanced economics and Finance (Cand.Oecon.). To sign up send a one-page motivational letter and a grade transcript to ily.stu@cbs.dk no later than Monday 10 July 2017. |
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Start date |
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| 11/09/2017 | ||
End date |
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| 21/12/2017 | ||
Level |
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| PhD | ||
ECTS |
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| 7.5 | ||
Language |
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| English | ||
Course Literature |
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| There is no single textbook which covers all the topics in the course. The main textbooks with suggested readings are:• Daron Acemoglu (2009) Introduction to Modern Economic Growth, Princeton University Press. ISBN 978-0-691-13292-1• Olivier Blanchard and Stanley Fischer (1989) Lectures on Macroeconomics, MIT Press.• Lars Ljungqvist and Thomas J. Sargent (2012) Recursive Macroeconomic Theory, MIT Press. ISBN 978-0-262-01874-6• Academic journal articles applying models taught in the course.Textbooks:[DA] Daron Acemoglu (2009) Introduction to Modern Economic Growth, Princeton University Press. ISBN 978-0-691-13292-1[B&F] Olivier Blanchard and Stanley Fischer (1989) Lectures on Macroeconomics, MIT Press.[L&S] Lars Ljungqvist and Thomas J. Sargent (2012) Recursive Macroeconomic Theory, MIT Press. ISBN 978-0-262-01874-6Articles:Supplementary Literature: Other textbooks which have a good coverage of (parts of) Advanced Macroeconomics:David Romer (2012) Advanced Macroeconomics, McGraw-Hill Irwin. ISBN 978-0-073-51137-5Jordi Gali (2015) Monetary Policy, Inflation, and the Business Cycle. Second edition. ISBN 978-0-691-16478-6Maurice Obstfeld and Kenneth Rogoff (1996) Foundations of International Macroeconomics, MIT Press. ISBN 978-0-262-15047-7Suggested Articles:Gali, Jordi (2009) “The New Keynesian Approach to Monetary Policy Analysis: Lessons and New Directions” in V. Wieland (ed.), The Science and Practice of Monetary Policy Today, Springer, 2009, 9-22.King, R., and S. Rebelo (1999). "Resuscitating Real Business Cycles." Chapter 14 in Handbook of Macroeconomics. Vol. 1B. Edited by J. Taylor and M. Woodford. Amsterdam, Netherlands, New York, NY, North Holland, Netherlands: Elsevier, pp. 927-1007.Melitz, Marc (2003). “The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity”, Econometrica , Vol. 71, No. 6., pp. 1695-1725.The lecturers will refer to other relevant articles during their lectures and will each suggest a collection of articles from which you can choose to present in order to fulfil your part of your obligations to pass the course. | ||
Fee |
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| 9,750 DKK | ||
Minimum number of participants |
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| 11 | ||
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Maximum number of participants |
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| 15 | ||
Location |
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The course will take place here: Department of Economics Porcelænshaven 16A, room 2.80 2000 Frederiksberg Each lecture runs from 9am-11:35am (3 x 45min with 10 min intervals between each 45min block) Week 37: Sep 11th Week 37: Sep 13th Week 38: Sep 20th Week 38: Sep 21st Week 40: Oct 5th Week 43: Oct 25th Week 43: Oct 26th Week 45: Nov 9th Week 46: Nov 15th Week 46: Nov 16th Week 48: Nov 30th Week 49: Dec 6th Week 49: Dec 7th Week 51: Dec 21st |
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Contact information |
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PhD Support Bente S. Ramovic bsr.research@cbs.dk Tel +45 3815 3138 |
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Registration deadline |
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| 15/08/2017 | ||
| Please note that the registration is binding after the registration deadline. | ||