Macroeconomics

Course Code :2129TEWECP
Study domain:Economic Sciences
Academic year:2019-2020
Semester:1st semester
Contact hours:60
Credits:6
Study load (hours):168
Contract restrictions: Exam contract not possible
Language of instruction:English
Exam period:exam in the 1st semester
Lecturer(s)Roland Winkler

3. Course contents *

This course introduces students to dynamic general equilibrium macroeconomics, the heart of which is the rational decision-making of representative microeconomic units—consumers and firms. We will investigate how these choices interact to yield economy-wide outcomes. The emphasis will be on building, analyzing, solving, and interpreting quantitative dynamic models to understand macroeconomic data. Topics include long-run economic growth, short-run economic fluctuations, fiscal policy, asset pricing, and open economy macroeconomics. 

Course content:

  • Macroeconomic data: trend vs. cycle
  • Microeconomics of macroeconomics
    • A dynamic consumption-saving model
    • Production, investment, labor demand, and labor supply
  • The economy in the long run: economic growth
    • The basic facts about economic growth
    • Exogenous economic growth: the Ramsey–Cass–Koopmans model
    • Endogenous economic growth
  • The economy in the short run: business cycles
    • Business-cycle facts around the world
    • The real business cycle model
    • Fiscal policy
    • Asset pricing
  • Open economy macroeconomics
    • An open endowment economy
    • The open economy real business-cycle model
    • Business cycles in emerging countries