Syllabus Economics 514 Macroeconomic Analysis

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

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Syllabu
s

Economics 514

Macroeconomic Analysis



David
Cook









Office: LSK 6078





Phone: 2358
-
7614






Fax: 2358 2084




Email:
davcook@ust.hk






Home Page
:
http://home.ust.hk/~davcook/EC514.html



Course Description:
Macroeconomics is the study of national (or regional)
economies in aggregate. In particular, we are concerned with the phenomenon
of long
-
term growth, business cycles and unemployment, i
nflation and
financial markets. This course will focus on both macroeconomic theory and
the analysis of macroeconomic data. Marginal analysis and optimization are
central elements of modern macroeconomic theory. This course will introduce
simple models whi
ch will be solved using optimization. Macroeconomics is
oriented toward explaining phenomena observed in aggregate and financial
market data. The course will also introduce some quantitative method used by
professional economists to analyze data.



Learnin
g Outcomes

This course is the principal basis of a M.Sc. learning
outcome:
“Graduates will be able to use theories and knowledge from
macroeconomics to understand and explain economic and monetary policies,
trade, and economic growth,” and “Graduates will
grasp mathematical methods
related to real analysis, static optimization, and dynamic optimization.” Note:
No real analysis will be used in this course.



Readings

Reserved readings can be used to supplement lectures
.


Course Requirements
The grading wil
l be based on
2 homework assignments and 2

exams. The exams will occur throughout the course and in the finals week. The dates
are as yet advisory and will be updated throughout.

Exam

Date

Grade

1

October 16
th


(advisory)

40
%

2

Final

40
%

Empirical Assig
nments



As assigned

20
%

Outline

A.
Neoclassical Macroeconomics and
Long
-
term

Models

I.

Marginal Economics

(Topics include
Labor Markets
, Production Function,
Consumption
).

o

Williamson, S.D. “Macroeconomics” Chapter 8

o

Branson, W. H. “Macroeconomic Theory an
d Policy,” Chapter 27.

II.

E
conomic Growth

(Topics include
Production Function
s, G
rowth Accounting
,
N
eo
-
Classical Growth Model
,
Endogenous Growth
)

o

Jones, C. I. “Introduction to Economic Growth”, Chapter 1
-
3

o

De Long, J. B. “Macroeconomics” Chapter 4
-
5

o

Romer, D.

Advanced Macroeconomics Chap 1
-
3

B. Business Cycle Models

I.

Monetary Policy (
Topics include

Business Cycles w/o LM Curve, Expected vs.
Unexpected Shocks to Money, Time Consistency, Monetary Policy Rules
)

o

Romer, D. Chapter 5, 6, 10

o

Scarth, W.M. “Macroeconomi
cs: An Introduction to Advanced Methods”
Chapter 6

II.

Consumption and Savings (

Utility Maximization, Permanent Income
Hypothesis, Precautionary Savings
, Current Account,
).

o

Romer,
D.
Chap. 7

o

Branson, W. H. “Macroeconomic Theory and Policy,” Chapter 12,13.

o

O
bstfeld, M., and Rogoff, K.S. Fundamentals of International Macroeconomics

III.

Fiscal Policy (Topics include
Tax Policy,
Deficits
)

o

Romer, D., Chap 11.

o

Miles D. and Scott A. “Macroeconomics: Understanding the Wealth of Nations,”
Chapter 10, 11.

o

Auerbach, A.J.
and Kotlikoff, L.J. “Macroeconomics: An Integrated Approach,”
Chapter 7.