This course is aimed at senior undergraduates and postgraduate students to introduce the modern methods and frameworks commonly used in contemporary macroeconomic research, to build macroeconomic models with microeconomic foundation, and to investigate economic fluctuations, economic growth and major topics of macroeconomics more deeply than primary macroeconomics. This course aims to teach intermediate macroeconomics in a manner consistent with current macroeconomic research, and to lay the foundation for further study of advanced macroeconomics.
Since the 1980s, the dynamic stochastic general equilibrium (DSGE) model has been developed as the main framework for analyzing economic fluctuations. Subsequently, New Keynesian Economics developed rapidly, providing new methods for macroeconomic policy analysis and evaluation. DSGE model has a profound influence on the research methods of macroeconomics. However, many intermediate level macroeconomics teaching do not reflect the new progress of macroeconomic system and research methods.
In view of this, this course is not intended to introduce more detailed content or more existing viewpoints on the basis of elementary macroeconomics, but rather to consolidate and improve the knowledge of macroeconomics and microeconomics acquired by the learner. It enables learners to complete the transformation of knowledge structure and theoretical framework from primary macroeconomics to advanced macroeconomics, and lays a foundation for later learning advanced macroeconomics, monetary economics, monetary policy, international macroeconomics, finance and other relevant courses.
In terms of textbook selection, there are many widely used textbooks in the existing intermediate level macroeconomics courses, but most of them are supplementary to the primary macroeconomics knowledge in terms of content, which are quite different from the actual research framework. This course is based on Stephen Williamson's "Macroeconomics" and incorporates relevant teaching materials. In the lectures and course materials, it also introduces the contents borrowed from other excellent teaching materials and academic literature. In particular, the course provides materials and explanations for some of the difficult and important issues. It aims to consolidate students' knowledge of macroeconomics, complete the transformation of knowledge structure and theoretical framework, and lay the foundation for future study and research. In practice, it enables learners to apply the theories and methods they have learned to analyze important problems in macroeconomics.
This course introduces the following in turn. Part 1 includes an introduction and measurement issues. Part 2 will study macroeconomic theory. Part 3 begins to study dynamic process of economic growth. Part 4 develops a two-period model that can be used to study consumption-savings decisions and the effects of government deficits on the economy. In Part 5, money is introduced into the real intertemporal model to construct the intertemporal monetary model. Part 6 involves international macroeconomics. Part 7 examines some important topics in macroeconomics.
The study of this course will consolidate and improve students' knowledge of macroeconomics and microeconomics, and prepare them for the transformation of knowledge structure and theoretical framework from primary macroeconomics to advanced macroeconomics. It will lay a foundation for later study of advanced macroeconomics, monetary economics, monetary policy, international macroeconomics, finance and other related courses. In practice, the course trains students to apply the theories and approaches they have learned to analyze macroeconomic events.
1 Introduction
1.1 What is macroeconomics?
1.2 Gross domestic product, economic growth, and business cycles
1.3 Macroeconomic models
Chapter 1 assignment
2 Measurement
2.1 Measuring GDP
2.2 Nominal and real GDP and price indices
2.3 Savings, wealth, and capital
2.4 Labor market measurement
Chapter 2 assignment
3 Business cycle measurement
3.1 Regularities in GDP fluctuations
3.2 Comovement
3.3 The components of GDP
3.4 Nominal variables
3.5 Labor market variables
3.6 Seasonal adjustment
3.7 Comovement summary
Chapter 3 assignment
4 Consumer and firm behavior
4.1 The representative consumer
4.2 The representative firm
Chapter 4 assignment
5 Closed-economy one-period macroeconomic model
5.1 Government
5.2 Competitive equilibrium
5.3 Optimality
5.4 The effects of a change in government purchases
5.5 A change in total factor productivity
Chapter 5 assignment
6 Search and unemployment
6.1 Labor market facts
6.2 A Diamond-Mortensen-Pissarides model of search and unemployment
6.3 Working with the DMP Model
6.4 A Keynesian DMP Model
Chapter 6 assignment
7 Economic growth
7.1 Economic growth facts
7.2 The Malthusian model of economic growth
7.3 The Solow model: Exogenous growth
7.4 Growth accounting
Chapter 7 assignment
8 Income disparity among countries and endogenous growth
8.1 Convergence
8.2 A model of human capital accumulation
Chapter 8 assignment
9 Two-period model
9.1 A two-period model of the economy
9.2 The Ricardian equivalence theorem
Chapter 9 assignment
10 Credit market imperfections
10.1 Credit market imperfections and consumption
10.2 Credit market imperfections, asymmetric information, and the financial crisis
10.3 Credit market imperfections, limited commitment, and the financial crisis
10.4 Social security programs
Chapter 10 assignment
11 A real intertemporal model with investment
11.1 The representative consumer
11.2 The representative firm
11.3 Government
11.4 Competitive equilibrium
11.5 The equilibrium effects of a temporary increase in G
11.6 The equilibrium effects of a decrease in the current capital stock K
11.7 The equilibrium effects of an increase in current total factor productivity z
11.8 The equilibrium effects of an increase in future total factor productivity, z'
Chapter 11 assignment
12 Money, banking, prices, and monetary policy
12.1 What is money?
12.2 A Monetary intertemporal model
12.3 A level increase in the money supply and monetary neutrality
Chapter 12 assignment
13 Business cycle models with flexible prices and wages
13.1 The real business cycle model
13.2 A Keynesian coordination failure model
13.3 A new Monetarist model
Chapter 13 assignment
15 International trade in goods and assets
15.1 A two-period small open-economy model
15.2 Production, investment, and the current account
Chapter 15 assignment
17 Money, inflation, and banking
17.3 Long-run inflation in the monetary intertemporal model
17.4 Financial intermediation and banking
Chapter 17 assignment
16 Money in the open economy
16.1 The nominal exchange rate, the real exchange rate, and purchasing power parity
16.2 Flexible and fixed exchange rates
16.3 A monetary small open-economy model with a flexible exchange rate
16.4 A monetary small open economy with a fixed exchange rate
16.5 Capital controls
Chapter 16 assignment
18 Inflation, the Phillips curve, and central bank commitment
18.1 The Phillips curve
18.2 The Phillips curve, inflation forecasting, and the Fed’s dual mandate
Chapter 18 assignment
Principles of economics (microeconomics, macroeconomics), intermediate microeconomics.
Advanced content requires an understanding of optimization methods in economics.
1. Williamson, Stephen D., 2013.Macroeconomics, 5th ed. Pearson.
2. Williamson, Stephen D., 2017. Macroeconomics, 6th ed. Pearson.
3. Mankiw, N. Gregory, 2018. Macroeconomics, 10th ed. Worth Publishers.
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