Macroeconomics 1

Teacher

LOISEL Olivier

Department: Economics

ECTS:
4

Course Hours:
19.5

Tutorials Hours:
16.5

Language:
French

Examination Modality:
écrit+CC

Objective

This course introduces the fundamental concepts of microfounded macroeconomic models. It addresses two main themes, the theories of growth and the effects of fiscal policy, through continuous-time models with a representative agent or overlapping generations. It pays a particular attention to normative issues concerning the Pareto efficiency of the market equilibrium and the role of economic policies.

Planning

General introduction

Part 1 : exogenous growth theories

Chapter 1 : the growth model with an exogenous saving rate (Solow-Swan)

Chapter 2 : the growth model with an endogenous saving rate (Cass-Koopmans-Ramsey)

Part 2 : endogenous growth theories

Chapter 3 : the growth model with learning by doing (Romer, 1986)

Chapter 4 : the growth model with variety of goods (Romer, 1990)

Part 3 : effects of fiscal policy

Chapter 5 : fiscal policy in the representative-agent model (Cass-Koopmans-Ramsey)

Chapter 6 : fiscal policy in the overlapping-generations model (Weil)

General conclusion

References

Aghion, P., et P. Howitt (2010), “L'économie de la croissance”, Economica [67 AGH 00 F]
Barro, R. J., et X. Sala-i-Martin (2004), “Economic Growth”, 2ème édition, MIT Press [67 BAR 00 B]
Heijdra, B. J., et F. van der Ploeg (2002), “Foundations of Modern Macroeconomics”, Oxford University Press [65 HEI 00 A]
Romer, D. (2006), “Advanced Macroeconomics”, 3ème édition, McGraw-Hill [65 ROM 00 A]

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