Descriptif
This course is a graduate level introduction to macroeconomics, with a special focus on business cycle issues. The level is rather advanced, but no prior knowledge in the field is assumed. The first lecture reviews the traditional IS-LM AD-AS model, which is insightful but suffers from weak foundations. The rest of the course is dedicated to the more rigorous approach to macroeconomics that has been adopted since the 1970s. Students are initially taught standard techniques to solve dynamic optimization problems. These techniques are then applied to address a wide number of issues within a common framework that emphasizes the importance of microfoundations, rational expectations, and general equilibrium. There is no textbook that covers all the material of the course. Useful textbooks nevertheless include: Blanchard, O.J. and Fisher, S. (1989), Lectures on Macroeconomics, Cambridge, MA: MIT Press Gali, J. (2015), Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, 2nd Edition, Princeton, NJ: Princeton University Press Ljungqvist, L. and Sargent, T.J. (2018), Recursive Macroeconomic Theory, 4th Edition, Cambridge, MA: MIT Press Miao, J. (2020), Economic Dynamics in Discrete Time, 2nd Edition, Cambridge, MA: MIT Press Romer, D. (2018), Advanced Macroeconomics, 5th Edition, New-York, NY: McGraw-Hill Walsh, C.E. (2017), Monetary Theory and Policy, 4th Edition, Cambridge, MA: MIT PressObjectifs pédagogiques
By the end of the course students should have a clear view of the current state of macroeconomics, they should be able to read a large share of the recent academic literature in the field, and they should be equipped with a consistent framework and methodology to think about macroeconomic issues and on which to rely to address macroeconomic policy questions.
49.5 heures en présentiel
