Advanced Macroeconomics
CORSO DI STUDIO: Corso di Laurea Magistrale in Economics-Scienze Economiche a.a. 2015/2016
Denominazione insegnamento/Course Title
Advanced Macroeconomics
Lingua dell’insegnamento: Inglese
Crediti e ore di lezione: 9 CFU, 72-80 ore di lezione
Moduli: NO
Settore/i scientifico disciplinare: SECS-P/01
Docente: Stefano Comino
Indirizzo email: stefano.comino@uniud.it
Pagina web personale:
Prerequisiti e propedeuticità/Requirements
Students are supposed to have an in-depth knowledge of several tools of math and microeconomic theory, those typically provided by courses at the master level. Students should also have a basic knowledge of macroeconomics, generally provided by one or more courses at the Laurea Triennale/BA. There is no specific compulsory requirement in addition to those required to enroll to the Laurea Magistrale.
Conoscenze e abilità da acquisire/Knowledge and skills
The course aims at providing students with a thorough overview of the models used for the study of the economics over the long-term. The second part of the course will cover the macroeconomics for the short-run, considering also the most debated and emerging issues at the national or international level
Kwoledge and skills specific to the course
The course is intended to contribute to the development of the following skills:
- students will learn the fundamental macro models for the long and for the short-run;
- students will learn the methodology economics employs in order to study different economic phenomena;
- students will learn the difference between macroeconomic models with and without micro-foundations;
- students will learn how to proceed from theory to empirical evidence;
- students will be able to distinguish between correlations and causal relationships and discuss the related issue of endogeneity;
- students will develop the ability to figure out what are the main mechanisms/hypotheses driving theoretical models;
- students will develop the ability to distinguish the different approaches and conclusions proposed by different schools of thought.
Soft skills
The course aims at contributing to the development of the following soft skills:
Ability of making judgements: students will be able to analyze, through the use of the appropriate tools, the key issues addressed by macroeconomics.
Communication skills: the ability to rigorously analyze key macroeconomic issues should be accompanied by the ability of students to communicate their arguments in a competent manner.
Learning skills: the course will be organized focusing on both theoretical models as well as empirical investigations. This way of approaching the different issues will help students learning the method of investigation used in economics; students will then be able to apply this method to contexts different from those seen in class.
Programma e contenuti dell'insegnamento/Course description
The course provides an in-depth presentation of the fundamental macroeconomic models, and it is divided into two main parts. In the first part, we will focus on growth theory and we will discuss the main macroeconomic models for the study of the long-run: Solow, human capital, overlapping generations, endogenous growth models. The second part of the course will be devoted to the macroeconomics for the short-run, with a particular emphasis on the economic crisis of 2008. After presenting the building blocks of the AD-AS model, we will focus on more specific arguments: stabilization policies, unemployment, monetary policy during an economic crisis. In addition to presenting the theoretical models also empirical investigations will be discussed.
The detailed syllabus and the specific references will be made available online on the moodle platform by the end of the course.
Attività di apprendimento e metodi didattici previsti/Teaching and Learning activities
The course is organized in a series of lectures combined with some practical classes (esercitazioni) intended to verify how well students have understood the theoretical models that have been presented. Given the relatively small number of students attending the course, there will be many opportunities to interact with them. Students will be asked to present and discuss with the colleagues some academic/non-academic articles.
Modalità di verifica dell'apprendimento/Examination
The evaluation of students will be made on the basis of their participation in class, their presentations and their performance in a final, written, exam. This latter will have an important role in determining the final evaluation. Normally, the exam will consist of three questions which require students to show their ability to provide a general overview of the different topics seen in class and to find connections among them. The written exam can be replaced by an oral examination.
Testi / Bibliografia/Bibliography
The main reference for the whole course is:
-Sorensen P. and Whitta-Jacobsen, H. (2011), Introducing advanced macroeconomics: growth and business cycles. (second edition). McGraw-Hill.
Some specific chapters from the following textbooks are going to be presented:
-Acemoglu (2009). Introduction to modern economic growth. Princeton University Press.
-Romer, D. (2011), Advanced Macroeconomics. McGraw-Hill.
Other references are going to the provided while the course unfolds. When possible, this additional material will uploaded on the moodle platform.
Strumenti a supporto della didattica/Further readings and support material
On moodle students will find: i) the slides related to the whole course; ii) additional material different from the textbook references highlighted above.
Tesi di laurea/Thesis
Topics suitable for the preparation of the thesis should be agreed upon taking into account the specific interests of both students and professor.
Note/Remarks
Students who do not wish/cannot attend the lectures (non frequentanti) must contact the professor in order to agree on a specific program which will be partially different from that for students who attend the course (frequantanti).