Survey of modern macroeconomics at a fairly advanced level. Topics include neoclassical and new growth theory, consumption and saving behavior, investment, and unemployment. Use of the dynamic programming techniques. Assignments include problem sets and written discussions of macroeconomic events. Recommended for students planning to apply to graduate school in economics. Credit not given for both 14.05 and 14.06.
Consumption and savings decisions under certainty and uncertainty. Aggregate savings, wealth, and fiscal policy. Portfolio choice and asset pricing. Investment and finance decisions. Half-term subject. This course covers issues in the theory of consumption, investment and asset prices. We lay out the basic models first, and then examine the empirical facts that motivate extensions to these models.
Models of economic growth, old and new. Half-term subject. Introduction to the theories of economic growth. Topics will include basic facts of economic growth and long-run economic development; brief overview of optimal control theory and dynamic programming; basic neoclassical growth model under a variety of market structures; human capital and economic growth; endogenous growth models; models with endogenous technology; models of directed technical change; competition, market structure and growth; financial and economic development; international trade and economic growth; institutions and economic development.
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