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4500: Macro 2 ( efterår 2011 - 10 ECTS )

Rammer for udbud

  • Uddannelsessprog: engelsk
  • Niveau: Elective MSc course and IMSQE course
  • Semester/kvarter: Autumn 2011
  • Timer per uge: 4 hours (2+2) in 12 weeks. Timetables can be found at: http://econ.au.dk/studies/teaching-and-examination/teaching/timetables/
  • Deltagerbegrænsning: None
  • Undervisningssted: Århus
  • Hovedområde: Det Samfundsvidenskabelige Fakultet
  • Udbud ID: 28664

Formål

LEARNING OBJECTIVES:

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

  • formulate and solve dynamic general equilibrium models in various settings including neoclassical and New Keynesian settings for both closed and open economies
  • reflect on the importance of the specific formulation of the models for the properties of the equilibria and for the effects of fiscal and monetary policy
  • analyze the effects of various forms of fiscal policy and the long-run sustainability of fiscal policy
  • analyze the effects of monetary policy and how to conduct an optimal monetary policy
  • analyze the interaction between financial markets and the macro economy
  • analyze 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:
The course aims at providing students with a thorough knowledge of dynamic general equilibrium modeling of macroeconomic phenomena. Starting from the benchmark neoclassical growth model it is shown how the methodology can be extended to more Keynesian settings with imperfectly flexible prices and unemployment. Along the way policy issues are treated both regarding fiscal policy - where the focus is on long-run sustainability - and regarding optimal monetary policy. Open economy issues and the importance of financial markets for macroeconomic equilibria are also considered.

 Course subject areas:

  • Dynamic general equilibrium models of closed economies
  • Fiscal policy and fiscal sustainability.
  • Monetary economics and monetary policy.
  • Asset pricing and macroeconomics.
  • Open economy issues and foreign exchange markets.

Faglige forudsætninger

3505: Macro I

Underviser

 Leif Danziger

Undervisnings- og arbejdsform

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

English

Litteratur

Wickens, M. (2008): Macroeconomic Theory, Princeton University Press (app. 400 pages).

Lecture notes and additional material (max. 100 pages).

Total number of pages: approx. 500 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.