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.

Complément intitulé: macroeconomics
Nom normé: UP1-PROG-02-U4B401-119 - DU Panthéon Sorbonne Master in Economics;02U0309 - macroeconomics -
Nom abrégé normé: UP1-PROG-02-U4B401-119 - DU Panthéon Sorbonne Master in Economics;02U0309 -
Chemin ROF: /École d'économie de la Sorbonne/DU Panthéon Sorbonne Master in Economics;/École d'économie de la Sorbonne/DU Panthéon Sorbonne Master in Economics/Semester 1/UE1 cours fondamentaux/macroeconomics
Chemin ROFid: /02/UP1-PROG-02-U4B401-119;/02/UP1-PROG-02-U4B401-119/UP1-PROG-ELP-B4U1S119/UP1-C-ELP-B4EU1119/UP1-C-ELP-02U0309
Code Apogée: ;02U0309
RofId: UP1-PROG-02-U4B401-119;UP1-C-ELP-02U0309
Nom ROF: DU Panthéon Sorbonne Master in Economics;macroeconomics
Composante: ;École d'économie de la Sorbonne
Semestre: ;
Niveau: ;A
Niveau LMDA: ;Autres
Niveau année: ;
Composition: ;
Catégories de cours supplémentaires rattachements ROF: 1061
Diplôme: DU Panthéon Sorbonne Master in Economics;DU Panthéon Sorbonne Master in Economics
Domaine ROF: [Sciences économiques] Sciences économiques;[Sciences économiques] Sciences économiques
Type ROF: [U4] ;[U4]
Nature ROF: [4] BAC+4;[4] BAC+4
Cycle ROF: [2] ;[2]
Rythme ROF: [Initiale] initiale;[Initiale] initiale
Langue: [] ;[]
Acronyme: ;
Mention: Diplôme d'université;Diplôme d'université
Spécialité: ;
Parcours: ;
Attente de validation: Yes
Responsable enseignement (ROF): ;
Demandeur Id: 272942
Date demande: Thursday, 9 September 2021, 6:20 PM
Approbateur proposé Id: 272942
Approbateur effectif Id: 272942
Date validation: Thursday, 9 September 2021, 6:20 PM
Date fermeture: Monday, 31 January 2022, 12:00 AM
Générateur: Manuel via assistant (cas n°2 ROF)
Modèle: [651]EPI vierge (vide)