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Syllabus

The course 'Advanced Macroeconomics I' (ECO6050E) focuses on dynamic macroeconomic problem-solving methods, including applied dynamic programming and optimal growth models. Students will learn mathematical tools, interpret economic intuitions, and complete homework assignments that contribute to their final grade, which consists of 20% homework and 80% final exam. The course includes 15 lectures covering various macroeconomic models and methods, with no required textbook but recommended readings available in the library.

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LEWOYE BANTIE
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8 views3 pages

Syllabus

The course 'Advanced Macroeconomics I' (ECO6050E) focuses on dynamic macroeconomic problem-solving methods, including applied dynamic programming and optimal growth models. Students will learn mathematical tools, interpret economic intuitions, and complete homework assignments that contribute to their final grade, which consists of 20% homework and 80% final exam. The course includes 15 lectures covering various macroeconomic models and methods, with no required textbook but recommended readings available in the library.

Uploaded by

LEWOYE BANTIE
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Class Name: Advanced Macroeconomics I

Course Number: ECO6050E


Course instructor(Full Name): PORAPAKKARM Ponpoje
Academic Year: (April 2024 - March 2025)
Term: Fall (Session I) 秋前／Wed 水／3 4

1. Course Description and the Learning Objectives：


[Course Description]
This is the first course in the Ph.D. macroeconomics sequence. The course will emphasize the methods to solve
dynamic macroeconomic problems. Specifically, we will learn about applied dynamic programming and its
application on optimal growth models and dynamic stochastic general equilibrium models (DSGE). Two solution
methods, namely value function iteration and log-linearization, will be repeatedly utilized to analyze this class of
macro models. The class lectures, assigned problems, and the exam will focus on analytic solutions and the underlying
economic intuition. Numerical solutions, which require computer programming skills, will be briefly discussed in
class.
Throughout the course, we will assume a representative household/firm and frictionless markets. These assumptions
will be relaxed in the later courses in this sequence.

[Course Goals]
1) Students are expected to be well equipped with mathematical tools commonly used in dynamic macroeconomic
models.
2) In addition, students must be able to interpret and explain economic intuitions behind the results in each model
studied in the course.

[Related Diploma Policy]


Policy Analysis Program (PA)
Macroeconomic Policy Program (MEP1)
Macroeconomic Policy Program (MEP2)

2. Course Outline：
To make it easier for students/others to know that this class has 15 lectures, could you please add schedules.
Ex.) Introduction to Dynamic Programming (10/9--3rd period and 4th period)
- Since an exam alone cannot be counted as one of 15 lectures for a 2-credit course, could you please add description
that the last class is consisted of both exam and other activities.

Week 1. Introduction to Dynamic Programming


Week 2. Introduction to Dynamic Programming (continue)
Week 3. Optimal Growth Model (social planner v.s. competitive equilibrium)
Week 4. Solow Growth Model/Optimal Growth Model (solution methods: value function iteration, log-linearization,
and method of undetermined coefficients)
Week 5. Endogenous Growth Model: externality/human capital
Week 6. DSGE Model (solution methods: value function iteration and log-linearization)
Week 7. Some RBC Facts and applied DSGE Model: calibration exercises and its criticism, welfare cost of business
cycle
Week 8. Lucas's Tree Model and Asset Pricing: equity premium puzzle (depending on the class progress)

Final exam : TBA

[Out-of-class Learning]
There will be around 4 homework assignments. Each must be handed in at the beginning of class (the due date will
be in the problem set sheet). A missing problem set or a late submission will be assigned zero credit. One problem
set with the lowest score will be dropped out when calculating the course's total score.

Importantly, learning from the homework is as important as learning from the class lecture. So everyone should spend
a good amount of time working of the assigned problems. Everyone is encouraged to have a group discussion but has
to hand in your own answer sheets to get credit.

3. Grading：
Homework (20%)
Final exam (80%)
The final exam must be taken on the assigned schedule. A makeup final exam is allowed only in an extreme case, eg.
serious accidence or hospitalization.

[Evaluation Criteria]
Student’s achievements of the Course Goal is:
Outstanding: A
Superior: B
Satisfactory: C
Minimum acceptable: D
Below the acceptable level: E

4. Textbooks and References


There is no single textbook covering all topics in the course. So attending the lectures is very important. There is no
required textbook. Summarized lecture note will be posted online. Listed below are recommended textbooks for
students who plan to choose macroeconomics as a specialized field. Parts of these textbook will be used to as a
reference or additional reading in each lecture. All textbooks are available to use in our library.

§ David Dejong and Chetan oDave, Structural Macroeconometrics 2nd Eds, Priceton University Press. This
textbook gives a comprehensive coverage on the econometric methods used in empirical macroeconomics
and DSGE models. This is a must-have textbook for macroeconomists using DSGE models in their reseach.
§ Jerome Adda and Russell Copper, Dynamic Economics: Quantitative methods and Application, MIT Press.
The textbook covers numerical methods in macroeconomics. It is a nice complementary textbook to Dejong
and Dave.
§ Lars Ljungqvist and Thomas Sarget , Recursive Macroeconomic Theory 3rd Eds, MIT Press. This textbook
is considered as a main textbook in many 1st year Ph.D. macroeconomics courses, possibly due to its wide
coverage of important topics in modern (classical) macroeconomics.
§ Thomas Sargent, Dynamic Macroeconomic Theory, Harvard University Press. Chapter 1 of the textbook
provides a formal treatment of applied dynamic programing.

Additional reference articles will be mentioned in lecture note.

5. Software Used in Lectures： none

6. Auditing ; Allow or Not Allow

☐Allow
üNot Allow

7. Note：

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