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Advanced Macroeconomics

Description

The course covers the neoclassical models of capital accumulation by Solow, Ramsey and Diamond and contrasts their implications to the empirics of economic growth. Basic knowledge of production and household theory is assumed.

Course Outline

  1. Economic Growth. The Post-Keynesian Point of View
  2. The Solow Model (or: The Neo-Classical Point of View)
    1. Assumptions
    2. Steady State
    3. Transitional Dynamics
    4. Technical Progress
    5. Empirical Evidence
    6. The Golden Rule of Capital Accumulation
  3. The Overlapping Generations Model
    1. Assumptions
    2. Capital Accumulation Dynamics and Steady State
    3. Dynamic Efficiency and Altruism
    4. Retirement in a Generation Model
    5. A Computable N-Generations Model
  4. The Ramsey Model
    1. Assumptions
    2. Transitory Dynamics and Steady State
    3. Applications and Extensions

Reading List

Lecture

Acemoglu, Daron,  Introduction to Modern Economic Growth, Princeton University Press: New Jersey 2009
Romer, David,  Advanced Macroeconomics, McGraw-Hill: New York 2006
Jones, Charles I.,  Introduction to Economic Growth, W.W.Norton: New York 2002
Maußner, Alfred und Rainer Klump,  Wachstumstheorie, Springer: Berlin,1996

Excercise Course

Chiang, Alpha C., Wainwright Kevin,  Fundamental Methods of Mathematical Economics, McGraw-Hill: New York 2005.
Silberberg, Eugene, Suen, Wing,  The Strucure of Economics - A Mathematical Analysis, McGraw-Hill: New York 2001.

© Alfred Maußner 2012

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