Syllabus
_
February 14 - 18 - no lecture, no seminars. The first lecture will take place on February 21.
Holiday [H]; Rector's day-off [R]; Dean's day-off (D) in February - May 2021. 1. Friday, April 15, 2022 [H] 2. Monday, April 18, 2022 [H] 3. Friday, April 29, 2022 [D] 4. Wednesday, May 11, 2022 [R] _____
Week 1 and 2:
Consumption - Keynesian consumption function; Fisher's model; Life cycle hypothesis; Permanent income hypothesis; Random walk;Investment - Business fixed investment; Residential investment; Inventory investment.Chapters 16 and 17 from Mankiw (2013), 17 and 18 from Mankiw (2010); 16 and 17 from Mankiw (2003)Week 3:Introduction to economic fluctuations - Aggregate demand and aggregate supply model; Chapters 10 from Mankiw (2013), Chapters 9 and 10 from Mankiw (2003, 2010)Week 4 and 5:Theory of aggregate demand; IS-LM model; Aggregate demand II - Explaining fluctuations with IS-LM model; Changes in fiscal policy; Keynesian multiplier and the crowding out effect; Monetary policy in IS-LM model; IS-LM as a theory of aggregate demand.Chapters 11 and 12 from Mankiw (2013), Chapter 11 from Mankiw (2003, 2010)
Week 6:Aggregate demand in an open economy - The Mundell-Fleming model (IS * -LM * version); Efficiency of economic policies under floating and fixed exchange rate regimes;
Chapters 13 from Mankiw (2013), Chapter 11 from Mankiw (2003, 2010)
Week 7: mid-term
Week 8:Aggregate Supply - Sticky wage model; Lucas model; Sticky price model: Phillips curve.Chapters 14 from Mankiw (2013), Chapters 12 and 13 from Mankiw (2003, 2010)Week 9:A dynamic model of aggregate demand and aggregate supplyChapters 15 from Mankiw (2013), Chapter 14 from Mankiw (2010); [partly covered in Chapter 19 from Mankiw (2003)]Week 10:Stabilization policy.Chapters 18 from Mankiw (2013), Chapter 15 from Mankiw (2010); Chapter 14 from Mankiw (2003); lecture slidesWeek 11:Government debt. Ricardian Equivalence. Effect of government debt and deficits on growth.Chapters 19 from Mankiw (2013), Chapter 16 from Mankiw (2010); reading slides
Lectures: Monday 17:00-18:20 [Room 109]
Seminars: Groups 1 & 2
[Group 1] Tuesday 17:00-18:20 [Room 109]
[Group 2] Wednesday 08:00-09:20 [Room 206]
Lecture 1 - February 21
Seminar 1 - February 22 [Group 1]
Seminar 1 - February 23 [Group 2]
Lecture 2 - February 28
Seminar 2 - March 1 [Group 1]
Seminar 2 - March 2 [Group 2]
Lecture 3 - March 7
Seminar 3 - March 8 [Group 1]
Seminar 3 - March 9 [Group 2]
Lecture 4 - March 14
Seminar 4 - March 15 [Group 1]
Seminar 4 - March 16 [Group 2]
Lecture 5 - March 21
Seminar 5 - March 22 [Group 1]
Seminar 5 - March 23 [Group 2]
Lecture 6 - March 28
Seminar 6 - March 29 [Group 1]
Seminar 6 - March 30 [Group 2]
Lecture 7 - April 4 [MIDTERM]
Seminar 7 - April 5 [Group 1]
Seminar 7 - April 6 [Group 2]
Lecture 8 - April 11
Seminar 8 - April 12 [Group 1]
Seminar 8 - April 13 [Group 2]
Lecture 9 - April 18 No Lecture [H]
Seminar 9 - April 19 [Group 1]
Seminar 9 - April 20 [Group 2]
Lecture 9 - April 25
Seminar 10 - April 26 [Group 1]
Seminar 10 - April 27 [Group 2]
Lecture 10 - May 2
Seminar 11 - May 3 [Group 1]
Seminar 11 - May 4 [Group 2]
Lecture 11 - May 9
Seminar 11 - May 10 [Group 1]
Seminar 11 - May 11 No Seminar [R]
Annotation
This is the second part of the Macroeconomics course. At the intermediate level it presents and analyzes questions related to aggregate demand and supply, and short run fluctuations. Its core is the (simplified) IS-LM model. Within the frames of this model this course analyzes the possible drivers of short run fluctuations. It suggests the policy instruments and regimes that can mitigate those fluctuations. The course also provides examples that map theoretical arguments presented in the class to the current processes in the real world.
Upon successful completion of this course, students will be able to better understand the short run functioning of economic systems and discern the possibilities and limits of economic theories. Students will also be able to employ basic quantitative techniques to model aggregate economic phenomena.