UP1-PROG-02-U4B401-119 - DU Panthéon Sorbonne Master in Economics
The course begins with a brief recap of the IS/LM framework, with a special focus on how it can accommodate the Taylor rule. The expectations augmented Philips curve is presented following a discussion of the Lucas critique.
The main part of the course starts with the introduction of the real business cycle framework (e.g. King & Rebelo 1999). If time allows, classical models of money are studied in a general equilibrium context (Cooley & Hansen 1989). Alternative foundations of money will be compared (e.g. Baumol 1952), before studying time-inconsistency problems of monetary policy (Barro & Gordon 1983, Rogoff 1985). Nominal rigidities in price setting behaviour of firms will bring us to the New Keynesian synthesis (Clarida, Gali & Gertler 1999). We look at the role of banks in the process of providing credit to the economy (Stiglitz & Weiss 1981), but also at the potentially shock amplifying role of banks during financial crises (Diamond & Dybvig 1983, Bernanke, Gertler & Gilchrist 1999).
The course ends with a detailed discussion of a number of policy relevant questions that help to understand ongoing debates. Students learn about the interactions between a pandemic and the macroeconomy through the lens of a simple epidemiological SIR model, about fiscal policy and debt sustainability (Eaton & Gersovitz 1983), about the New Keynesian liquidity trap and unconventional monetary policies in a world of low (real) rates of interest.
The course aims at combining theoretical concepts with empirical data and a discussion of the policy relevance. Students are expected to hand in problem sets that are in part to be solved using econometric software (stata). Course participants will also prepare a (group-) presentation during the TD sessions.
Informations sur l'espace de cours
|Nom||DU Panthéon Sorbonne Master in Economics - macroeconomics|
|Nom abrégé||UP1-PROG-02-U4B401-119-43 - macroeconomics|
|Enseignants||Eryzhenskiy Ilya, Eryzhenskiy Ilya, Grabowski Jesse Byron, Grabowski Jesse Byron, Hull-Brousmiche Morgan|
|Groupes utilisateurs inscrits||Consultation des ressources, participation aux activités : |
Rattachements à l'offre de formation
|Élément pédagogique||UP1-PROG-02-U4B401-119 - DU Panthéon Sorbonne Master in Economics|
|Chemin complet||> Année 2023-2024 > Paris 1 > École d'économie de la Sorbonne > DU Panthéon Sorbonne Master in Economics|