«Макроэкономика-2» icon


Дата конвертации31.07.2012
Размер63.64 Kb.
скачать >>>

Государственный университет – Высшая школа экономики

Международный институт экономики и финансов

А.А. Фридман


для студентов

по курсу




Course description

Macroeconomics-2 is a two-semester course for the second year and third year students divided into two parts. The second part is taught for the third year students in the sixth semester. The course examines the main principles of determination of real income, employment and unemployment, the price level and inflation in an open mixed economy, and the conduct of macroeconomic policy.

This part of the course is devoted to microeconomics foundations of macroeconomics, demand management policy, the neo-classical (Solow) growth model, inflation and unemployment.

The assessment of the students will be by the University of London (UL) examinations at the end of the sixth semester. The course is taught in English. The students are also studying for Russian degree in Economics, and knowing Russian terminology through reading in Russian is also required.

For studying the course the knowledge of introductory level Economics and Mathematics for Economists is necessary. In turn, the Macroeconomics course is a pre-requisite for Monetary Economics, International Economics, Development Economics.

Course prerequisites

Students are supposed to be competent in basic economic analysis up to the level of the Introductory Macroeconomics and in calculus taught in the first and second years of studies. Students are also expected to be familiar with constrained optimization problems studied in the course of Mathematics for Economists during the second year of study and basic game theory tools studied in the course of Microeconomics during the third year.

The course itself provides a basis (and so serves as a prerequisite) for such courses as Monetary Economics, International Economics, Economics of Development.

Course objectives

The purpose of the course is to develop the economic way of thinking and make them ready to use logic and methods of economic analysis in their further studies. Specifically the course aims at:

  • giving students a solid grasp of macroeconomic analysis at the intermediate-level using both graphical and algebraic techniques;

  • ensuring students can apply macroeconomic analysis to the study of contemporary and historical economic problems;

  • broadening the students’ knowledge in the field of macroeconomics,

  • developing the studentsr abilities to write essays and understand and critically discuss economic literature.

Forms or control and grade determination

Control takes the following forms:

  • written home assignments (6);

  • essay (2000 words);

  • mid-term exam (180 min) in the University of London examination format in the middle of the spring semester;

  • University of London exam by the end of the spring semester (180 min).

Course grade is determined by

  • University of London exam grade (50%),

  • Mock exam grade (30%),

  • home assignments (15%);

  • essay (5%).

In case of absence at midterm exam (if legal document is provided) student has to write down the midterm exam by the end of April, otherwise he will get 0 points for the mid-term exam.


Main texts

  1. Macroeconomics. Study Guide. University of London, 2009.


  1. Blanchard O., Macroeconomics, Macroeconomics. 5 Ed. Prentice Hall. Prentice Hall. 2009. [B]


  1. Dornbush R., S. Fisher and R.Starz., Macroeconomics. 10 ed. McGraw-Hill, 2008. (DFS) http://highered.mcgraw-hill.com/sites/0072823402/information_center_view0/

  2. Mankiw, N.G., Macroeconomics, 6 ed. Worth Publishers. 2007. (M) (Russian translation: Н.Г.Мэнкью, Макроэкономика. Изд-во Московского университета, 1994). http://bcs.worthpublishers.com/mankiw6/

Supplementary reading:

  1. Abel A., Bernanke B.S. (2000) Macroeconomics, Addison-Wesley, 5 edition.

  2. Burda M.C., Wyplosz C. Macroeconomics Oxford University Press. 4 ed., 2005. (Russian translation: М.Бурда, Ч.Выплош, Макроэкономика. Европейский текст. С.-Петербург, Судостроение, 1998.) http://www.oup.com/uk/orc/bin/9780199264964/

  3. Gordon R.J., Macroeconomics, 10th ed. Addison-Wesley, 2005.


  1. Mankiw G., A Quick Refresher Course in Macroeconomics, Journal of Economic Literature, 1990, 28, 1645-1660.

  2. Pentecost E., Macroeconomics: an open economy approach. Palgrave Macmillan, first edition, 2000.

  3. Sacks J.D. and F.B. Larrain, Macroeconomics in the Global Economy. Hemel Hempsted, Harvester Wheatsheaf, 1993. (SL) (Russian translation: Сакс Дж.Д., Ларрен Ф.Б. Макроэкономика. Глобальный подход. М., Дело, 1996.)


  1. Romer D. (2001) Advanced Macroeconomics. McGraw Hill Book Company: London, Ch. 5.

Internet resources

University of London Exam papers and Examiners reports for the last three years

http://www.londonexternal.ac.uk/current_students/programme_resources/lse/index.shtml .

Current course materials are posed at the ICEF information system http://mief.hse.ru

Key macroeconomic indicators http://www.economagic.com/

Russian Federation statistic agency http://www.gks.ru/

Central Bank of Russian Federation statistic agency http://cbr.ru/

Students supplement to textbook Dornbush R., S. Fisher and R.Starz., Macroeconomics. 10 ed. McGraw-Hill, 2008.


Students’ resources to accompany Mankiw, N.G., Macroeconomics, 6 ed. Worth Publishers. 2007. http://bcs.worthpublishers.com/mankiw6/

Students’ resources to accompany Gordon R.J., Macroeconomics, 10th ed. Addison-Wesley, 2005 http://wps.aw.com/aw_gordon_macroecon_10

Students’ resources to accompany Burda M.C., Wyplosz C. Macroeconomics, Oxford University Press. 4 ed., 2005. http://www.oup.com/uk/orc/bin/9780199264964/

Course outline

1. Aggregate demand in closed economy: IS-LM model (review)

Goods market and IS curve derivation. Assets market and LM curve derivation. Equilibrium in IS-LM model. Effectiveness of fiscal and monetary policies.

(DFS Ch.9-11, 19; B Ch.3-5; M Ch.10-11)

Further reading

Romer D., Keynesian Economics without the LM curve, Journal of Economic Perspectives 14, pp.149-169, 2000.

Hoshi T., A.K.Kashyap, Japan’s Financial Crisis and Economic Stagnation, Journal of Economic Perspectives, 18 (1), 2004, pp. 3-26.

Ludvigson S.C., Consumer Confidence and Consumer Spending, Journal of Economic Perspectives, 18 (2), 2004, pp.29-50.

2. Aggregate demand in an open economy: the IS-LM-BP Model

The IS curve in an open economy. The foreign exchange market and exchange rate terminology. The BP curve and capital mobility. Macroeconomic policy under imperfect capital mobility (comparison with perfect capital mobility and capital control). Exchange rate crisis.

(DFS Ch.12, 20; B Ch.18-21; M Ch.5, 12)

Further reading

Calvo G., F.S.Mishkin, The mirage of exchange rate regimes for emerging market countries, Journal of Economic Perspectives 17(4), pp.99-118, 2003.

Mann C.L., Perspectives on the US current account deficit and sustainability, Journal of Economic Perspectives 16(3), pp.131-152, 2002.

3. Unemployment and the AD-AS model

Labour market: key concepts (labour force, unemployment rate, participation rate).

The types and causes of unemployment: frictional, structural and classical (or real wage) unemployment. Hysteresis.

The aggregate supply (AS) curve. The long run aggregate supply curve and short run AS curve.

Explanations of upward sloping short run aggregate supply curve. Sticky wages (Keynesian) model. Classical worker misperception model, new Keynesian sticky price model, new classical imperfect information model of short run AS. Expectations and short run AS.

The aggregate demand curve. Explanations of the slope.

Equilibrium in aggregate supply- aggregate demand model. Monetary and fiscal policy in the long run and in the short run. Supply shocks.

(DFS Ch.5,7, 10.4; B Ch.6-7, 13; M Ch.6, 9, 11(Appendix), 13.1)

Further reading

Ball L., N.G.Mankiw, The NAIRU in theory and practice, Journal of Economic Perspectives, 16(4) pp.115-136, 2002.

Blanschard O., European unemployment: The evolution of facts and ideas, NBER Working Paper, N11750, 2005.

Davis S.J., R.J.Faberman, J. Haltiwanger, The flow approach to labour markets: new data sources and micro-macro links, Journal of Economic Perspectives 20 (3), pp.3-26, 2006.

Yellen J., Efficiency wage models of unemployment, American Economic Review, 74, May, 1984.

Lucas R., Understanding business cycles, in Estrin S., A.Marin, Essential Readings in Economics, Chapter 16, MacMillan Press 1995.

Zarnowitz V., Theory and history behind business cycle: Are the 1990s the onset of the golden age? Journal of Economic Perspectives, 13(2), pp.69-90, 1999.

4. Inflation and the Phillips curve

Phillips curve. AD-AS model in the long run. Inflation in the long run.

Inflation in the short run.

The costs and benefits of inflation.

The cost of disinflation policy. Rational expectations and Lucas critique.

(DFS Ch.6-7, 11.1-11.2, 19.3; B Ch. 8-9, 14.3-14.4, 22, 25.1; M Ch.4, 13.2)

Further reading

Barsky R.B., L.Kilian, Oil and macroeconomy since the 1970s, Journal of Economic Perspectives, 18 (4), pp.115-134, 2004.

Svensson L.E., Escaping from a liquidity trap and deflation: The foolproof way and others, Journal of Economic Perspectives, 17 (4), pp.145-166, 2003.

Tobin J., Inflation and unemployment, American Economic Review, 62 (1), pp.1-18, 1972.

5. The Neoclassical (Solow) Growth Model

Factors of economic growth, Solow residual.

Stylized facts of economic growth.

Assumptions of the Solow model. Derivation of the capital accumulation equation.

Steady state. Comparative statics (predictions of the model): changes in saving rate, in population growth rate, etc.

The golden rule of capital accumulation.

Solow model with labour augmenting technological progress.

Endogenous growth theory.

(DFS Ch.3-4; B Ch.10-12; M 3.2, 7-8)

Further reading

Barro R.J., X.Sala-i-Martin, Economic Growth, McGraw-Hill, 1995 (Introduction).

Baumol W., Productivity growth, convergence, and welfare: What the long-run data show, American Economic Review, 76 (5), pp.1072-1085, 1986.

Bosworth B., S.M.Collins, Accounting for growth: comparing China and India, Journal of Economic Perspectives, 22(1), pp. 45-66, 2008.

Easterlin R.A., The worldwide standard of living since 1800, Journal of Economic Perspectives, 14 (1), pp.7-26, 2000.

Charles J., Introduction to economic growth, second edition, Norton 2002, Chapters 1-4.

Romer P., The origins of endogenous growth, Journal of Economic Perspectives, 8(1), pp. 3-22, 1994.

6. Microfoundations of aggregate consumption

Keynesian consumption function and Kuznets puzzle. Intertemporal choice model. Life Cycle and Permanent Income theories. PIH under rational expectations.

Barro-Ricardo equivalence. Reasons for the failure of Barro-Ricardian equivalence.

(DFS Ch.13, B Ch.16, 26.2; M Ch.15.4, 16)

Further reading

Barro R., Are Government Bonds Net Wealth? Journal of Political Economy, December 1974, pp.1095-1117.

Hall R., Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence, Journal of Political Economy, December,1978.

Modigliani F., Life cycle, individual thrift, and the wealth of nations, American Economic Review 76(3), pp. 297-313, 1986.

7. Microfoundations of aggregate investment

Yield to maturity and term structure of interest rates. Stock market and the price of stock.

Keynesian theory on aggregate investment. The components of investment spending.

Neoclassical model of investment. Accelerator models of investment. Tobin’s q-theory.

(DFS Ch.14, 18.1-18.2; B Ch.14-16; M Ch.4, 17.1)

Further reading

Hall R., D.Jorgenson, Tax policy and investment behaviour, American Economic Review 57(3), pp. 391-414, 1967.

8. Money demand and money supply

Functions of money. The transactions demand (Baumol-Tobin model).

The speculative theory of money demand: demand for money as a safe asset.

The modern quantity theory of money.

The monetary base and the money supply. The money multiplier model.

Control of the central bank over the money supply.

(DFS Ch.15-16; B Ch.4; M Ch.4, 18)

Further reading

Baumol W., The transaction demand for cash: an inventory theoretic approach, Quarterly Journal of Economics, 66, pp.545-556, 1952.

Friedman M. (1968) “The Role of Monetary Policy”. American Economic Review, 58, pp. 1-17.

Tobin J., Liquidity preference as a behaviour towards risk, Review of Economic Studies, 25, pp.65-86, 1958.

9. Demand management policy

Aggregate demand (AD) shocks. Responses to AD shocks: non-intervention, activist policy. Time lags (inside and outside). Lucas critique.

Policy ineffectiveness proposition.

Monetary policy: targets and instruments.

Rules versus discretion. Time inconsistency problem. Solutions for time-inconsistency problem: constitutional rules, reputation, delegation to an independent authority with different preferences/incentives (independent central banker).

Examples of monetary policy rules.

Fiscal policy. The arithmetic of government budget constraint. Implications of Barro-Ricardo equivalence.

Active versus passive fiscal policy. Seignorage and tax revenue.

(DFS Ch.16-17; B Ch.17,23-26; M Ch.4,14-15)

Further reading

Alesina A., The political economy of the budget surplus in the United States, Journal of Economic Perspectives, 14(3), pp.3-19, 2000.

Bernanke B.S., F.S.Mishkin, Inflation targeting: a new framework for monetary policy? policy, Journal of Economic Perspectives, 11(2), pp.97-116, 1997.

Chari V., J.K.Patrick, Modern macroeconomics in practice: how theory is shaping policy, Journal of Economic Perspectives, 20(4), pp.3-28, 2006.

Fisher S., R.Sahay, C.A.Vegh, Modern hyper- and high inflations, Journal of Economic Literature, 40(3), pp.837-880, 2002.

Modigliani F., The monetarist controversy, or, should we forsake stabilization policies? American Economic Review, 67(2), pp. 1-17, 1997.

Sargent T.J., N. Wallace, Rational Expectations and the Theory of Economic Policy, Journal of Monetary Economics, July 1976, pp.199-214.

Taylor J.B. An historical analysis of monetary policy rules, NBER working paper, w6768, 1998 (http://papers.nber.org/papers/w6768)

Taylor J.B. Reassessing discretionary fiscal policy, Journal of Economic Perspectives, 14(3), pp.21-36, 2000.

Essay requirements

Each student has to choose one paper from the further reading list given in the Subject Guide on pp. 8-9, read the paper and then produces the macroeconomic exercise based on this paper. You can find these papers at on-line HSE library (mainly in JSTOR).

All assumptions should be stated clearly in the text of your problem. It is recommended to set several questions that help to understand the essence of the problem. You are asked to provide the exercise and then write down the solution.

Note: You have to produce your own exercise, you are not allowed to copy the existing one. Your essay (exercise and solution) is expected to be from 1 up to 2 pages (Times New Roman 12 pt.)

Distribution of hours of the course by topics and types of work







Aggregate demand in closed economy: IS-LM model






Aggregate demand in an open economy: the IS-LM-BP model






Demand management policy






Unemployment and the AD-AS model






Inflation and the Phillips curve






The Neoclassical (Solow) Growth Model






Microfoundations of aggregate consumption






Microfoundations of aggregate investment






Money demand and money supply











«Макроэкономика-2» iconПрограмма дисциплины Макроэкономика (продвинутый уровень Макроэкономика-3) для направления 080100. 68 «Экономика»
Программа предназначена для преподавателей, ведущих данную дисциплину, учебных ассистентов и студентов направления подготовки 080100....
«Макроэкономика-2» iconОписание дисциплины «Макроэкономика 2» Цели и задачи курса Дисциплина «Макроэкономика 2»
Дисциплина «Макроэкономика 2» предназначена для магистрантов (5курс) по направлению 080100 – «экономика» для слушателей магистерской...
«Макроэкономика-2» iconПрограмма дисциплины Макроэкономика-4 для направления 080100. 68 «Экономика»
Программа предназначена для преподавателей, ведущих данную дисциплину, учебных ассистентов и студентов направления подготовки 080100....
«Макроэкономика-2» iconОписание дисциплины «Макроэкономика» Цели и задачи курса Дисциплина «Макроэкономика»
Дисциплина «Макроэкономика» предназначена для студентов 5курса по направлению 080100 – «экономика», для специальности «Национальная...
«Макроэкономика-2» iconМакроэкономика является составной частью курса гсэ. Ф. 11. Экономическая теория для III уровня специальности 060400 «Финансы и кредит»
Все это позволит более эффективно освоить курс макроэкономика 1, получить основы для продолжения изучения – курс макроэкономика –...
«Макроэкономика-2» iconПрограмма дисциплины Макроэкономика (продвинутый уровень Макроэкономика-3) для направления 080100. 68 «Экономика»
Программа предназначена для преподавателей, ведущих данную дисциплину, учебных ассистентов и студентов направления подготовки 080100....
«Макроэкономика-2» iconПрограмма дисциплины Макроэкономика (продвинутый уровень Макроэкономика-3) для направления 080100. 68 «Экономика»
Программа предназначена для преподавателей, ведущих данную дисциплину, учебных ассистентов и студентов направления подготовки 080100....
«Макроэкономика-2» iconПрограмма дисциплины Макроэкономика (продвинутый уровень Макроэкономика-3) для направления 080100. 68 «Экономика»
Программа предназначена для преподавателей, ведущих данную дисциплину, учебных ассистентов и студентов направления подготовки 080100....
«Макроэкономика-2» iconРуководство для студентов по курсу «Макроэкономика-2»
Н. Г. Мэнкью, Макроэкономика. Изд-во Московского университета, 1994
«Макроэкономика-2» iconПрограмма дисциплины "Макроэкономика 1" для специальности
Дорнбуш Р., Фишер С. Макроэкономика. М. Издательство Московского университета, 1997
Разместите кнопку на своём сайте:

База данных защищена авторским правом ©rushkolnik.ru 2000-2015
При копировании материала обязательно указание активной ссылки открытой для индексации.
обратиться к администрации