- Docente: Paolo Luciano Adalberto Manasse
- Credits: 10
- SSD: SECS-P/01
- Language: Italian
- Teaching Mode: Traditional lectures
- Campus: Bologna
- Corso: Second cycle degree programme (LM) in Economics and Economic Policy (cod. 8420)
Learning outcomes
The course aims at familiarizing the student with the most important macroeconomic models with an effort to apply them to real world problems. At the end of the course the student is expected to: be familiar with the standard growth models amd their ability to account for existing differences , in time and across countries, in levels and growth rates of per-capita incomes; be familiar with endogenous growth models; the student is also expected to have studied the theory of the main components of aggregate demand, consumption and investment, as well as the microeconomic foundations of price stickiness. Finally the student is expected to be able to analyze problems concerning unemployment and the labour market.
Course contents
This course is divided into four parts.La first part introduces the
main models of the theory of growth, the Solow model and models
with microeconomic foundations, the model of Ramsey-Cass-Koopmans
and the overlapping generations model (OLG) of Diamond. Particular
attention is devoted to the ability of models to explain
satisfactorily the differences in levels and growth rates of per
capita income between countries and over time. The overlapping
generations model also provides the basis for a theory of asset
price bubbles and speculative behaviour. This part is concluded by
a discussion of endogenous growth models, the general AK model with
an application to the "learning by doing" model. The second part
discusses the theory of the main components of aggregate demand,
consumption (the permanent income hypothesis ) and investment
(Tobin's Q-theory). The third part discusses the microeconomic
foundations of prices and wage rigidities: the island model
of Lucas, Keynesian models of imperfect competition, and
staggering contracts (Fisher). The last part discusses recent
theories of the labor market and unemployment: efficiency wages,
job-search, implicit contracts and insider-outsider models.
Readings/Bibliography
David Romer, (R) Advanced Macroeconomics, Mc Graw-Hill, 2006 3rd
edition),
Robert Barro, Xavier Sala-i-Martin, (BS), Economic Growth MIT Press
- Modello di Solow: R cap.1, esclusa sez. 1.8
- Ramsey e OLG: R, cap 2 , Appunti distribuiti dal docente
-Teoria del Consumo: R cap 7
-Teoria dell ' Investimento: R cap 8
-Rigidit à Nominali: R cap 6 (6.1-6.6, 6.9)
- Disoccupazione: R cap 9 (9.1-9.5 e 9.8-9.9 )
Teaching methods
Lectures and Classes
Assessment methods
Written Exam
Links to further information
http://paolomanasse.it/teaching/
Office hours
See the website of Paolo Luciano Adalberto Manasse