Course page
Course page
MACROECONOMICS
MACROECONOMICS
provided by University of East Anglia
provided by University of East Anglia
Course Details
(last updated: August 2022)
Instructor: Dr. Petr Harasimovic, Dr. Gilbert Kollenbach and Dr. Nikolaos Angelopoulos
Academic Officer (main contact person): Dr Gustavo Fruet Dias
Term in which taught: Spring semester (February-May 2025).
Application deadline: please apply by 25 January 2025 in order to join this course online
Pre-requisites: good command of differentiation and constrained optimization techniques, familiarity with microeconomics at the level of Mas-Colell, Whinston and Green.
Summary course description: This course provides students with the main tools of modern macroeconomics. The first part of the module provides a brief introduction to the main theoretical tools of modern macroeconomic analysis with some examples of policy applications. The second part of the course covers optimal control theory, neoclassical growth models, and the implications of exogenous growth with exhaustible resources or climate budgets. Finally, part 3 studies the identification problem in macroeconomics, contrasting reduced form and structural models, and interpreting structural shocks. The course also covers the construction of impulse response functions (IRFs) using SVARs and local projections, with applications in identifying fiscal and monetary policy shocks.
Taught sessions: 10 lectures (2 hours each; 20 contact hours in total) delivered through Blackboard (the UEA virtual learning environment) according to the following timetable:
Part 1:
Week 1: Introduction to Dynamic General Equilibrium modelling (the Neoclassical Growth Model, Dynamic Programming, and the concept of equilibrium)
Week 2: The Overlapping Generations Model and welfare evaluation
Week 3: The Ramsey Problem and Optimal Taxation
Week 4: Economic fluctuations and Monetary Policy (the Real Business Cycle Model and the New Keynesian Model)
Part 2:
Week 5: Introduction to optimal control theory and an application, i.e. the AK-model.
Week 6: Exogenous growth with an exhaustible resource or climate budget.
Part 3:
Week 7: Introduction to Macroeconomic Aggregates and Statistical Properties
- Overview of key macroeconomic aggregates (GDP, inflation, unemployment, etc.)
- Statistical properties of macroeconomic data (stationarity, trends, cycles)
- Common data sources and measurement issues
Week 8: The Identification Problem and Structural Models
- The identification problem in macroeconomics
- Reduced Form vs Structural Models in Macro
- What are structural shocks and how do we interpret them. Why are they not observable?
Week 9: Constructing Identified Moments and IRFs
- VARs as reduced form representations and how do we retrieve the SVAR
- IRF Construction using SVARs
- Local Projections as alternative method of IRF construction
Week 10: Applications in Fiscal and Monetary Shock Identification
- Walk the students through some seminal papers and techniques of identifying policy shocks.
Learning objectives: The course will improve your understanding of macroeconomic issues including how these issues are modelled and studied. In addition your skills in developing your own economic models as well as critically discussing research contributions will be developed.
How to Apply
In order to apply for this course, you need to (1) send an Application Email to the Instructor and to (2) fill the Confirmation Form at the bottom of this page. Please complete both steps according to the instructions reported below.
Step 1 of 2: Application Email. Send an email to the Instructor of this course and to the Academic Officer of the host university: names and contact links are reported above in the section 'Course Details' (right-click on the name to copy their email address, or left-click on the name to create a new email with your default software). Please send your application email using your university email account. Sample email:
To: [INSTRUCTOR]
Cc: [ACADEMIC OFFICER]
Object: Application to your online PhD course (ShOT/SEDOT)
Dear Prof [INSTRUCTOR],
My name is [STUDENT NAME], PhD student at [HOME UNIVERSITY]. I would like to attend online your PhD course in [COURSE TITLE], shared through the ShOT/SEDOT network. Please let me know if I can join the course, I look forward to hearing from you.
Step 2 of 2: Confirmation Form. Please answer all the questions in the Confirmation Form below and press the Submit button in the last page. All fields are required. You will receive an automated notification by email.