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课程内容

宏观经济学

objectives:

This course deals rigorously with topics such as the theory of output, consumption, investment, employment and unemployment, economic growth, business cycles, the price level, and central banking.

Course materials:

Main Textbook: Stephen D. Williamson, Macroeconomics, 3rd international edition, Pearson Education 2008.

Reference Books:

1.David Romer, Advanced Macroeconomics, 2nd edition, McGraw-Hill Education, 2001

2.Charles I. Jones, Introduction to Economic Growth, 2nd edition, Norton & Company, Inc., 2002

3.Bruce Champ and Scott Freeman, Modeling Monetary Economies, Cambridge University Press, 2002

4.Olivier J. Blanchard and Stanley Fischer, Lectures on Macroeconomics, The MIT Press, 1989

Academic misconduct:

Students should note that copying, plagiarizing, or other forms of academic misconduct would not be tolerated. Any student caught engaging in such activities will be subject to academic discipline as outlined in the academic handbook. Any student abetting or otherwise assisting in such misconduct will also be subject to academic penalties.

Course Outline:

1.Introduction

•Measuring GDP

•Nominal and real GDP and price indices

•Labour market measurement

2.Consumption and Investment

•One-period model: work-leisure decision, profit maximization, competitive equilibrium, income and substitution effects

•Two-period model: dynamic consumption-saving decision, Ricardian Equivalence theorem, investment decision, and policy analysis

3.Economic Growth

•Exogenous growth model

Solow model: steady state equilibrium, transitional dynamics, comparative statics, and convengence (also see reference in Romer ch.1) Endogenous growth model

4.Money and Business Cycles

•A monetary intertemporal model: neutrality of money, long-run inflation, and money demand

•Keynesian business cycles theory: a model with sticky wage

•Real business cycle model (RBC model): baseline of the model, implications of the RBC model for government policy, and critique of the RBC model (also see reference Romer, ch4)

5.Money and Banking

•Money and absence of double coincidence of wants: the role of commodity money and fiat money

•Long-run inflation in Monetary Intertemporal Model Optimal monetary policy:Friedman rule

•Financial intermediation and banking

•Central bank: monetary policy deposit insurance

6.Unemployment

•A search model of unemployment: reservation wage

•The efficiency wage model: optimization of firms, labor market equilibrium, implication of the model for business cycles

7.Inflation

•Phillips curve

•The Friedman-Lucas money surprise model and the Phillips curve

•Central bank commitment: rational expectation hypothesis, Lucas critique revisited