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Macroeconomic Theory I >> Content Detail



Syllabus



Syllabus

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A calendar listing topics by session is shown below.



Description


This is a half semester introduction to the neoclassical growth model-the workhorse of modern macroeconomics-and a review of endogenous growth theory. Topics will include basic facts of economic growth and long-run economic development; brief overview of optimal control theory and dynamic programming; basic neoclassical growth model under a variety of market structures; human capital and economic growth; endogenous growth models; models with endogenous technology; models of directed technical change; competition, market structure and growth; financial and economic development; international trade and economic growth; institutions and economic development. This is a half-term subject. The class size is limited.

If you are an MIT Economics Ph.D. student, you have to take the course (or pass the waiver). Otherwise, please come and see me to discuss whether this course is appropriate for you.



Prerequisites


14.06 Advanced Macroeconomics.



Grading



ACTIVITIESPERCENTAGES
Problem Sets30%
Final Exam70%

Bonus points are also given for class participation.



Required Texts


Acemoglu, D. Introduction to Modern Economic Growth. Cambridge, MA: Massachusetts Institute of Technology, 2007.

Amazon logo Barro, R. J., and X. Sala-i-Martin. Economic Growth. New York, NY: McGraw-Hill, 1995. ISBN: 0070036977.



Calendar



SES #TOPICSKEY DATES
I. An Introduction to Growth Models and Growth Facts
L1-L2

Syllabus, Introduction

Economic Growth and Economic Development

The Solow Growth Model

The Solow Growth Model and the Data

R1Empirics of Economic Growth
II. The Neoclassical Growth Model
L3-L6

Foundations of Neoclassical Growth

Dynamic Programming and Optimal Growth

Review of the Theory of Optimal Control

The Neoclassical Growth Model

Problem set 1 out on Ses #L4

 

Problem set 1 due and Problem set 2 out on Ses #L6

R2The Neoclassical Growth Model
III. Using the Neoclassical Growth Model Beyond Growth: Asset Pricing, Public Finance, Overlapping Generations
L7-L8Growth with Overlapping GenerationsProblem set 2 due on Ses #L8
R3Applications of the Neoclassical Growth ModelProblem set 3 out
IV. Endogenous Growth I: AK, Spillovers, Human Capital
L9-L10

Human Capital and Economic Growth

First-Generation Models of Endogenous Growth

R4Optimization Methods

Problem set 3 due

Problem set 4 out

V. Endogenous Growth II: R&D, Varieties vs. Quality, Directed Technological Change
L11-L12

Expanding Variety Models

Models of Competitive Innovations

Directed Technological Change

R5Expanding Variety Models

Problem set 4 due

Problem set 5 out

L13Summary

Problem set 5 due

Final Exam four days after Ses #L13


 








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