Course Description
Provides an overview of the tools of modern macroeconomic theory. Students will gain an understanding of these tools, their limits, and their application to policy issues. Prerequisite: Admission to the Economics Concentration of the Ph.D. in Business Administration program or permission of the Director of Graduate Studies.
Syllabus
Student Learning Outcomes, Goals, Objectives:
Students successfully completing this course will be able to:
Explain the theoretical foundations of modern macroeconomic theory, including (but not limited to) the Solow model, overlapping generations model, dynamic consumption-saving model, the neoclassical model and the New Keynesian model
Describe the main features of Real Business Cycle (RBC) theory and the critiques of RBC theory
Understand the main frictions in New Keynesian models and the implications for fiscal and monetary policy
Describe how a liquidity trap affects monetary policy
Understand how institutions can explain why standards of living and rates of growth differ across countries
Apply the IS-LM and AS-AD models to understand how shocks to the economy affect output, the price level and interest rates
Explain how economists attempt to identify exogenous monetary policy shocks
Course Grading Information:
Activity/Performance Measure | Percentage/Points |
|---|---|
Problem Sets | 25% |
Weekly Reading Summaries | 25% |
Midterm Exam | 25% |
Final Exam | 25% |
Grading Scale
Percentage | Letter Grade |
|---|---|
93% and above | A |
At least 90% but less than 93% | A- |
At least 87% but less than 90% | B+ |
At least 83% but less than 87% | B |
At least 80% but less than 83% | B- |
At least 77% but less than 80% | C+ |
At least 73% but less than 77% | C |
At least 70% but less than 73% | C- |
At least 67% but less than 70% | D+ |
At least 63% but less than 67% | D |
At least 60% but less than 63% | D- |
Less than 60% | F |
Attendance/Participation:
Students are expected to attend weekly course meetings.
Course Materials Purchased by the Students:
None.
Scholarly Perspectives
This course engages diverse scholarly perspectives to develop critical thinking, analysis, and debate and inclusion of a reading does not imply endorsement.