AU kursuskatalog arkiv

4500: Macro 2 ( efterår 2010 - 10 ECTS )

Rammer for udbud

• Uddannelsessprog: engelsk
• Niveau:   COURSE LEVEL:  Elective MSc course  
• Semester/kvarter:  SEMESTER FOR WHICH THE COURSE DESCRIPTION APPLIES: Fall 2010  
• Timer per uge:   NUMBER OF HOURS PER WEEK: 4 hours (2+2)  
• Deltagerbegrænsning:
• Undervisningssted: Århus
• Hovedområde: Det Samfundsvidenskabelige Fakultet
• Udbud ID: 23358

Formål

LEARNING OBJECTIVES:

The aim is that the student through this course becomes able to

• formulate and analyse basic business cycle models, and to assess the role of different forms of imperfections in the market mechanism for business cycle fluctuations.
• contrast and compare real business and Keynesian type business cycle models, including the implied need and scope for stabilization policy.
• analyse the effects of monetary policy on key variables like activity and inflation, and to reason on the importance of the policy framework and choice of instruments.
• analyse the effects of various forms of fiscal policy, including their activity effects and consequences for public finances.
• analyse and evaluate how political institutions and decision processes can affect the conduct of economic policy, and evaluate the macroeconomic implications hereof.
• explain the importance of assumptions and model structures for analytical results, and to evaluate how this affects the generality and applicability of the results.
• apply the analytical tools in an independent analysis of a specific problem within the topics covered.

Indhold

COURSE DESCRIPTION:

This course gives a detailed insight into modern business cycle theory with focus on various forms of imperfections (market power, imperfect information, transactions costs, asynchronized decision making etc.). Moreover, various topics in macroeconomic policy are covered, including fiscal and monetary stabilization policy, as well as the importance of policy design and institutions.

COURSE SUBJECT AREAS:

• I. Traditional Keynesian business cycle models
• II. Nominal rigidities and fluctuations
• III. Labour markets and unemployment
• IV. Inflation and Monetary Policy
• V. Fiscal policy

Faglige forudsætninger

REQUIRED COURSES (progression): 3505: Macro I

NB: In the autumn 2010 semester it is not possible to take Macro 1 concurrently with Macro 2

Underviser

LECTURER: Mikkel Nørlem Hermansen

Undervisnings- og arbejdsform

TEACHING METHOD:  Lectures (4 weekly lectures for 12 weeks), and optional take-home exercises

TEACHING LANGUAGE:  English

Litteratur

 LITERATURE:

• Blanchard, O. J. and S. Fischer (1989), Lectures on Macroeconomics, The MIT
Press. Ch. 8, 9.1-9.4 and 11. (approx. 140 pages)
• Yashiv, E. (2007), Labor search and matching in macroeconomics, European
Economic Review 51, pp. 1859-1895. Sect. 1 and 2. (approx. 12 pages)
• Andersen, T. M. (2001), Stabilization policy. (approx. 22 pages)
• Andersen, T. M. (2005), Is there a role for an active fiscal stabilization policy? CESifo
Economic Studies, Vol. 51, No. 4. (approx. 30 pages)
• Svenson, L. E. O. (1997), Inflation forecast targeting: Implementing and monetoring
inflation targets, European Economic Review 41, pp. 1111-1146. (approx. 35 pages)
• Lecture notes and additional articles (max. 100 pages).

Studieordning og bedømmelse

Kandidatuddannelsen i økonomi

• Skriftlig, bedømt efter 7-skala med intern censur

FORM OF ASSESSMENT: Written 4-hour exam

EXAMINATION AIDS ALLOWED: All - except any kind of electronic communication including calculators, mobile phones and PCs.