Delivered at:: Department of Theoretical Economics

Course type:: Elective course

When:: 1 year, 1, 2 module

Instructors

Gulenkov, Ilya

Dementiev, Andrei

Full Syllabus

Abstract

This course along with Econometrics and Advanced Microeconomics forms the core trinity of compulsory disciplines that provide theoretical background for the master’s program in economics at the HSE Faculty of Economic Sciences. The one-semester course is taught in English in the 1st and 2nd modules to the first-year graduate students. The course focuses on selected topics which are central to modern macroeconomics, like the short-run economic fluctuations, stabilization policies in the medium-run, long-run economic growth, as well as political economy issues of macroeconomic policies. Both basic and more advanced theoretical models and analytical techniques are widely used in the course but are treated as tools for granting insights into important issues, not as ends in themselves. The course aims to develop a model-based way of ‘aggregate thinking’ and make students ready to apply relevant macroeconomic tools in their further studies and professional career

Learning Objectives

introduce students to widely used macroeconomic theories and their applications
ensure students can apply macroeconomic analysis using both graphical and algebraic techniques to the study of contemporary and historical economic cases
develop students’ ability to put their research and professional interests into a broader political and macroeconomic context
encourage students to question and critically assess existing academic and non-academic literature in their research area from the macroeconomic perspective
enable students to communicate their ideas using modern internationally recognised professional language of economists
enable students to critically evaluate modern macroeconomic trends, provide competent reasoning to lead well-grounded discussions
enhance students' peer-learning through moderation of their collaborative work on a team project on macroeconomic policy
develop students' skills to present the results of group and individual research projects both orally and in writing

Expected Learning Outcomes

ILO 1: formulate basic macroeconomic principles and quantify relations between macroeconomic aggregates
ILO 2: describe the models and methods used in macroeconomic analysis of the short-, medium-, and long-run
ILO 3: derive closed form solutions to standard macroeconomic problems both algebraically and graphically
ILO 4: assess the potential and limitations of the macroeconomic models and critically evaluate their applicability
ILO 5: justify empirical relevance of the macroeconomic models and feasibility of policy recommendations
ILO 6: evaluate and develop relevant macroeconomic models to illustrate real-life phenomena through applying good group working practices

Course Contents

Introduction to macroeconomics
Open economy macroeconomics in the short-run
Closed economy macroeconomics in the medium-run
Economic growth

Assessment Elements

Quiz
Mid-term test
Team project
Essay
Final exam

Interim Assessment

2024/2025 2nd module
0.2 * Essay + 0.3 * Final exam + 0.2 * Mid-term test + 0.1 * Quiz + 0.2 * Team project

Bibliography

Recommended Core Bibliography

Advanced macroeconomics, Romer, D., 2012
Macroeconomics, Blanchard, O., 2017

Recommended Additional Bibliography

Economics, , 2011

Authors

GULENKOV ILYA VASILEVICH
DEMENTEV ANDREY VIKTOROVICH

Master’s Programme 'Statistical Analysis in Economics'

Macroeconomics (Advanced Level)