Master
2021/2022
Macroeconomics II
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Type:
Elective course (Applied Economics and Mathematical Methods)
Area of studies:
Economics
Delivered by:
Department of Economics
When:
1 year, 4 module
Mode of studies:
offline
Open to:
students of one campus
Instructors:
Leonid V. Azarnert
Master’s programme:
Applied Economics and Mathematical Methods
Language:
English
ECTS credits:
4
Contact hours:
44
Course Syllabus
Abstract
Macroeconomics is the study of economic growth and business cycles. This Macroeconomics II course is the second in graduate Macroeconomics courses sequence and is devoted to the study of economic growth. Schumpeterian theory focuses on industrial innovations arising from R&D as the mainspring of economic growth. It integrates the microeconomic theory of R&D into a macroeconomic growth model, making clear who gains and who loses from technological change, and showing how long-run growth is determined by the competitive process of creative destruction. The course will cover the details of model building and will also survey some of the literature confronting the theory with empirical evidence. We will consider the most recent contributions and debates on growth: in particular, the literature on human capital accumulation and its applications to wage inequality. More importantly, this course develops the understanding of the main concepts and techniques that are in use in the research of economic growth theory. We will learn and understand some of the reasons for the differences across countries in their levels of GDP per capita and standards of living. The final part of the course will present the Unified Growth Theory and discuss the deep rooted sources of comparative economic development.
Learning Objectives
- 1. To know the basic facts regarding the reasons and consequences for the differences in the rate of growth across the globe. 2. To know the basic models of endogenous economic growth, in particular, economic growth built on endogenous human capital investment and accumulation.
Expected Learning Outcomes
- Be able to analyze, evaluate and estimate policy implications.
- Be able to modify basic growth models.
- Know basic neoclassical and endogenous growth models, growth “stylized facts” and puzzles, four growth paradigms.
- Know the most recent contributions and debates on growth.
- Understand the principles of growth model building
Course Contents
- 1. Empirical Facts
- 2. Taxonomy of Economic Models
- 4. Over Lapping Generations Model (OLG)
- 8. Income Distribution and Human Capital Investment
- 9. Gender Gap, Fertility and Growth
- 3. Real Business Cycles Model
- 5. Trade, Learning-by-Doing and Growth
- 6. Mass Migration, Norms and Growth
- 10. The Role of Inequality in the Process of Development
- 11. Quantity-Quality Trade-off in Investment in Children
- 12. The Great Divergence in Population and Output
- 13. Unified Growth Theory
Assessment Elements
- activity in class
- closed-book test
- Final examFinal exam will take 2 hours and contribute 70% to the final grade.
Interim Assessment
- 2021/2022 4th module0.2 * closed-book test + 0.1 * activity in class + 0.7 * Final exam
