Macroeconomics I

Ects : 6
Compétence à acquérir :
After attending the classes, the students will master the fundamental models of modern macroeconomics in view of analysing the key issues relative to economic growth in the long run. They will also get familiar with the modelling of business cycles fluctuations to explore the role of stabilization policies.

Description du contenu de l'enseignement :
The course is organized in two parts. The first part focuses on long-run economic growth. After presenting the stylized facts about long rune economics growth, the course will first present the neoclassical growth model (Solow and Ramsey). We will then uncover the endogenous growth models : Models with externalities (Paul Romer, 1986), the role of research and development (Romer, 1990), and the creation/ destruction model (Aghion& Howitt, 1992). The second part is devoted to the analysis of macroeconomic fluctuations. After presenting the stylized facts about the business cycle, the course will study the canonical real business cycle model. The role of price rigidities in accounting for business cycles will be discussed by analyzing the New Keynesian Phillips curve model.
The course will provide students with sound knowledge and understanding of the basis of modern macroeconomic theory regarding (i) long run economic growth and (ii) business cycles.

Enseignant responsable :