Economic growth and fluctuations
|Course code module||FTEMAJ0121|
|Study load (hours)||168|
|Language of instruction:||English|
|Semester exam information:||exam in the 1st semester|
|Contract restriction information:|
Prerequisites: learning outcomes Macroeconomics (FTEBAAE210) AND Microeconomics (FTEBAAE220)
2. Objectives (expected learning outcomes)
- To gain insight into the most important theories on economic growth
- To gain insight into some models that explain business cycle fluctuations
- To get acquainted with the empirics concerning growth and fluctuations
3. Course content
In the first part of the course the most important economic theories of growth are studied. We start from the neo-classical growth model of Solow & Swan, and move toward more recent endogenous growth models, such as the Romer-model and the 'learning-by-doing' model. We analyze the importance of some crucial factors in the process of economic growth, such as technological progress, social institutions and government policy. We also focus on 'growth accounting' and the relation between economic growth and the natural environment (sustainable development, limits to economic growth). In the second part we deal with business cycle theories. By means of an extension of the 'Aggregate Demand'/'Aggregate Supply' model, we try to gain insight into the mechanism behind business cycle fluctuations. We also focus on the 'Real Business Cycle' model.
4. Teaching method
Direct contact: LecturesExercise sessions
5. Assessment method
Exam: Written, without oral presentationClosed bookOpen questions
Written assignment: Without oral presentation
6. Compulsory reading – study material
Peter Birch SØRENSEN & Hans Jørgen WHITTA-JACOBSEN,
Introducing Advanced Macroeconomics: Growth and Business Cycles, London, McGraw-Hill, 2010, 2nd edition.
7. Recommended reading - study material
Charles I. JONES,
Introduction to Economic Growth
, New York and London, W.W. Norton, 2002, 2nd edition.
Charles I. JONES, Macroeconomics, New York and London, W.W. Norton, 2008.
laatste aanpassing: last update: 31/08/2010 15:00 guido.erreygers