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prof.
Victor Polterovich
Macroeconomics-3 is
the first part of the obligatory graduate coursework for Masters
degree. Macro-3 consists of 14 lectures and 7 seminars. Primary
course objective – to master common models macroeconomics and
elements of monetary theory.
Problem sets will comprise 30% of the final grade
and the exam will account for 70%.
1. INTRODUCTION: problems
and methods in modern macroeconomics.
((Â), ch.1).
2. GROWTH ACCOUNTING. SOLOW MODE.
Simple Solow model; steady state,
stability, comparative statics. Drawbacks of the model. Growth
model with human capital. ((R), ch.1, ch. 3, p.126-140 ; (À),
ch.7, p.68-72).
3. SAVINGS, INVESTMENT AND GROWTH. RAMSEY MODEL.
Ramsey model of optimal economics growth. ,
definition of solution, transversally condition. Keynes-Ramsey
rule. Steady states, stability. Budget constraint in continuous
time. No-Ponzi-game condition. Decentralized Ramsey model. Effectiveness
and equilibrium paths.
Government in decentralized
model. Ricardian equivalence. Capital income taxation. Investment
and saving in an open economy. Tobin's q. Impact of production
shocks. ((Â), ch.2; (À), p.
72-75 ).
4. OVERLAPING GENERATIONS MODEL (OLG).
Model statement. Steady states and
stability. Optimality conditions of equilibrium paths. OLG,
finite time horizon and planning problem. Effect of delayed
consumption.
Bequests in OLG. Social
security and capital accumulation ((Â), ch. 3, p. 91- 114 ;
(R), ch. 2, p.72 -85)
5. MONETARY ECONOMICS
Functions of money. Neutrality and
Superneutrality of money. Superneutrality in OLG. Superneutrality
of money in Sidrausky model. Optimal quantity of money, Fridman
rule.
Seignorage and inflation tax. Hyperinflation.
Cagan model. Bruno-Fischer model (“money-only” model). Orthodox
and è heterodox price stabilization programs. ((Â), ch. 4, 154-
168, 188- 201; (Ñ); (Âã)).
LITERATURE
(Â)
Blanchard, O.J. and S.Fisher (1992). Lectures on Macroeconomics.
Cambridge, MA.: MIT Press.
( R ) Romer,
D. (1996). Advanced Macroeconomics. New-York : McGraw-Hill.
A. Azariadis,
C. (1993). Intertemporal Macroeconomics. Cambridge, MA: Blackwell.
(C) Cagan,
F. (1956). The monetary Dynamics of Hyperinflation. In M. Friedman
(ed.) “Studies in the Quantity Theory of Money”, Chicago: Chicago
Univ. Press.
(Br) Bruno,
M. (1989). Econometrics and theDesign of Economic Reform. Econometrica,
57, No.2, 275-306.
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