EC424

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28 Οκτ 2013 (πριν από 3 χρόνια και 9 μήνες)

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1







EC424 Topics in Macroeconomic Theory


Course description


Macroeconomics is concerned with the economy as a whole through the study of the
aggregate variables such as national output, the general level of prices
analyze

major
economic problems of unemployment, inflation and the unevenness of economic
growth. Ther
e are several theoretical models developed to describe and solve these
issues. There are fundamental differences in these theories, which have given rise to
diametrically opposite policy prescriptions as solutions. This course will locate
various policy re
gimes of the past century in the context of macroeconomic theory
and
analyze

the theoretical underpinnings of the policy regimes that dominated
various periods in the past century.



Topics




From Great Depression to Great Recession



An
evolutionary
overview

of the
Macroeconomic Theory



The Neo
-
Classical model



Keynes’
General Theory

and
the principle of Effective Demand



Keynesian short
-
run models



Monetarism Mark I: Inflation
-
unemployment dynamics



Monetarism Mark II: Rational Expectations theory and po
licy



New Keynesian models



New Consensus Macroeconomics



Post Keynesian Alternative


The Monetary Theory of Production



Political Economy of the current global economic crisis



Reference

b
ooks


1.

Bhaduri, Amit

(1986)

Macroeconomics: The Dynamics of Commodity

Production
, London: Macmillan.

2.

Gandolfo, G (1997)

Economic Dynamics, London:
Springer.

3.

Mankiew, G. N

(2005)

Macroeconomics
, VI edition, New York: Worth
Publishers.


4.

Hillier, Brian
(1990)
The Macroeconomic Debate: Models of the Closed and
Open Econom
y
, Oxf
ord: Blackwell.

5.

Osiatynski, J (1990)
Collected Works of Michael Kalecki
, London:
Clarendon Press.

6.

Papadimitriou, D.B and Randall, W (2011)
The Elgar Companion to Hyman
Minsky
, London: Edward Elgar.



2

Reference will be made to other textbooks and various jou
rnal articles during the
course of my lectures. In addition, students will be directed to appropriate
online
material

during the term.



Learning outcomes


1.

Analytical ability to understand complex macroeconomic theoretical models.

2.

Ability to crit
ically
engage with theoretical models and their policy
prescriptions.

3.

Ability to place economic problems in the broader historical context of
Globalization.



Course material


The course website is
http://blackboard
.nuigalway.ie

where I will upload additional
notes and reference material.



Tutorials


Please see the following link for tutorial information:
www.nuigalway.ie/economics/tutorials



Assessment


1.

End of semester examination


70

per cent

2.

Continuous assessment


30

per cent

(Assignments)



Lecturer


Dr. Srinivas Raghavendra

208, Cairnes Building, NUI Galway


Email:
s.raghav@nuigalway.ie




Lecture h
ours
:


Monday

11
-
12


ENG
-
2001

T
uesday

3
-
4pm ENG
-
0047



Office hours


Tuesday:

2
-
4pm

Wednesday: 10
-
12pm


Please arrange appointment by email for meeting outside the office hours.