Advanced Macroeconomics (QEM) 221921-D
Ćwiczenia (CW) Semestr zimowy 2023/24

Introduction to economic analysis.

Economic growth. Economic growth facts. Neoclassical model of exogenous economic growth (Solow-Swan model): equilibrium and dynamics in the model, decomposition of growth and the gold rule of capital.

Growth in the Ramsey-Cassa-Koopmans model. Optimizing decisions and deep sources of growth.

Fiscal policy in the Ramsey-Cassa-Koopmans model. The effects of taxation and government expenditure. Taxes in general equilibrium. Distortions to allocation caused by fiscal policy.

Endogenous growth. AK model. Human capital. Endogenous technological growth.

Overlapping generations models (OLG). Dynamic inefficiency.

Application of OLG models to analysis of macroeconomic policy and social security systems. Ricardo-Barro and barro theorem in OLG models.

Business cycles. Stylized facts about the business cycle. Empirical dependencies. Real business cycle theory.

Real business cycle (RBC) model. Supply shocks as a source of cyclical fluctuations.

Extensions of the real cycle business model (RBC). Stabilization policies. Interactions between stabilization policies. Labor market fluctuations.

Money and monetary policy. Monetary models: Money in the Utility (MIU), Cash-in-advance (CIA). Neutrality and superneutrality of money. Seniorage and inflation costs.

Monopolistic competition. Real and nominal rigidities.

New Keynesian general equilibrium models. New Keynesian Phillips curve. Price stickiness.

Open economy general equilibrium model. Macroeconomic policy in open economy. Trade exchange and exchange rates. Terms of trade.