ECUE Advanced macroeconomics

ECUE's code : IMEK208

This course belong to UE Advanced macroeconomics (3 ECTS) which contains 1 ECUE

Structure

EUR ELMI

Disciplinary domain

Sciences économiques

Campus

Campus Saint Jean d'Angély

Course's level

Master 1

Semester

Semestre pair

Language

Anglais

PRESENTATION

The aim of this course is to provide students an overview the evolution of the macroeconomic analysis with a special focus on business cycle theories and to present the foundations of the main theoretical approaches to business cycle analysis nowadays. The course is divided into two parts. The first one (taught by Prof. Dal Pont Legrand) will provide a critical account of the various schools of macroeconomic thought from Keynes and the Classics until recent times. The second part will instead be devoted to presenting the building blocks of Dynamic Stochastic General Equilibrium (DSGE) models that constitute the mainstream approach to business cycles and policy analysis. It will also discuss the limitations of such an approach as well as provide the basic elements of an alternative approach, notably Agent-based Macroeconomics.

Course's manager(s)

In class

24h of lectures

PREREQUISITES

Before the start of the course, I must ...

The course requires knowledge of the basic concepts of a. mathematical analysis (the notion of a function with one and many variables, limit and derivative of a function, maximum and minimum of a function under constraints, etc.) b. linear algebra (vector and matrix concepts and their manipulation) c. statistics and econometrics (linear regression, hypothesis testing, etc.). d. knowledge of microeconomics and macroeconomics

OBJECTIVES

By the end of this course, I should be able to...

Have a critical understanding of the evolution of macroeconomic analysis. Have knowledge of the main building blocks of the models currently used in macroeconomic and policy analysis

CONTENT

Chapitre 1 - The evolution of Macroeconomic Thought, from Keynes and the Classics to modern time

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Chapter 2: the building blocks of DSGE – The permanent income model of consumption

a) The stylized facts of consumption.

b) The Keynesian consumption function and its empirical predictions

c) The basic Permanent Income Model of consumption

d) Implications of the Permanent Income Model

e) Bringing the Permanent Income Model to data
Chapter 3: the building blocks of DSGE – The “q” theory of investment

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Chapter 4: A DSGE model for a closed economy

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An alternative approach to business cycles analysis: Agent-Based Macroeconomics

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Access to complete Syllabus (Authentification required)

Important

This syllabus has no contractual value. Its content is subject to change throughout this year: be aware to the last updates