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Intermediate Macro

This is a second year undergraduate course in macroeconomics, which is aimed for students who have a deeper interest in macroeconomics. The course presents and analyzes important macroeconomic theories through formal models. We also look at some examples of empirical work, which illustrate the ways that theories can be applied and tested. Some of the topics covered are: growth, business cycles, consumption, unemployment, fiscal policy and budget deficits. The course largely follows Williamson’s Macroeconomics textbook (Prentice Hall).

The course consists of 12 2-hour lectures and 6 2-hour tutorials. The evaluation consists of 2 group assignments to be handed in during the term and a final exam on the 18th of December 2014.


You should address questions regarding the problem sets and the tutorials to your tutor, Tyler Abbot, who you can contact by email on 'tyler.abbot at sciencespo.fr'. In case there are topics where many of you require assistance, we will organize tutorials. A very extensive maths handout prepared by (Luca Bittarello).

Exam 2012/2013

Topic 1: Introduction & Measurement

Lecture 1, Problem set 1, PS1 solutions

Group assignment 1 hand in by the 15th of September midnight, 25% of your final grade. Additional info for Group assignment 1 here. Please go here to download the excel add on to HP filter the series.

Required Reading: Williamson: Macroeconomics, chapter 1 & 2

Additional Reading:

The Economist (2009): Measuring what matters

The Economist (2011): Lies, flame-grilled lies and statistics

The Economist (2011): Beefed-up burgernomics

Topic 2: Growth

2.1 Growth facts and the Malthusian model

Lecture 2, Problem set 2, PS2 solutions

RR: Williamson: Macroeconomics, chapter 6 (pp 190-207)


The Economist (2009): Falling fertility

The Economist (2009): Go forth and multiply a lot less

2.2 The Solow model

Lecture 3, Problem set 3, PS3 solutions

RR: Williamson: Macroeconomics, chapter 6 (pp 207-225)

Lecture 4, Problem set 4, PS4 solutions

RR: Williamson: Macroeconomics, chapter 6 & 7 (pp 207-245)


Lucas (1990): Why Doesn't Capital Flow from Rich to Poor Countries?

Baumol (1990): Entrepreneurship: Productive, Unproductive, and Destructive

Olson (1996): Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor

2.3 Endogenous Growth Models

Lecture 5, Problem set 5, PS5 solutions

RR: Williamson: Macroeconomics, chapter 7


Lucas (2000): Some Macroeconomics for the 21st Century

The Economist (2011): Catching up is so very hard to do

The Economist (2013): Has the ideas machine broken down?

Topic 3: One period general equilibrium model

Lecture 6, Problem set 6, PS6 solutions

RR: Williamson: Macroeconomics, chapter 4 & 5 (pp 102-160)

AR: Weintraub (1992): Neoclassical Economics

Lecture 7

Group assignment 2, hand in by the 10th of November midnight, 25% of your final grade.

RR: Williamson: Macroeconomics, chapter 3 & 5 (pp 70-100 & 160-188)

AR: The Economist (2008): Redefining recessions

Topic 4: Consumption - Saving Over Time

Lecture 8, Problem set 7, PS7 solutions

Lecture 9, Problem set 8, PS8 solutions

RR: Williamson: Macroeconomics, chapter 8 & 9 (pp 262-337)

AR: The Economist (2009): From Ozzie to Ricky

Topic 5: Investment

Lecture 10, Problem set 9, PS9 solutions

RR: Williamson: Macroeconomics, chapter 10

Topic 6: A Dynamic Micro-founded Macroeconomic Model

Lecture 11, Problem set 10, PS10 solutions

RR: Williamson: Macroeconomics, chapter 10

Topic 7: The Labor Market and Unemployment

Lecture 12, Problem set 11, PS11 solutions

RR: Williamson: Macroeconomics 4th edition, chapter 17

AR: The Economist (2011): Winners and losers

The Economist (2011): The great mismatch