Advanced Macroeconomics • Semester I: Long run

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Advanced Macroeconomics • Semester I: Long run issues • Semester II: Short run issues (business cyclesAdvanced Macroeconomics • Semester I: Long run issues • Semester II: Short run issues (business cycles and monetary policy).

 • Economic growth: models without microeconomic foundations – models with exogenous saving rate.  • • Economic growth: models without microeconomic foundations – models with exogenous saving rate. • Lucas critique: why do macroeconomic models need microeconomic foundations, i. e. , explicit modeling of optimization by economic agents. Semester I: Long Run

 • Microfounded macroeconomic models (2 -period models, overlapping generations (OLG) models, Ramsey  models). • Microfounded macroeconomic models (2 -period models, overlapping generations (OLG) models, Ramsey models). • Applications: current account balance of growing economies, distortionary taxes, social security, etc. • Microfounded models of endogenous economic growth. • Search models of the labour market. Semester I: Long Run

Stylized Facts of Economic Growth • The average growth rate of output person has been positiveStylized Facts of Economic Growth • The average growth rate of output person has been positive and relatively constant over time (since late XIX century); • The real return to labour (the wage rate) has been growing at the same rate as the output person; • The real return to capital (the Interest rate) shows no trend; • The capital and labour shares of national income show no trend




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