| Advanced Macroeconomics | Codi: 21.348 : 6 |
The subject is devoted to the study of advanced topics in macroeconomics, with special emphasis either on issues that have great relevance in the present or which have experienced recent new developments and / or represent significant expansions of the teaching materials covered in previous courses. More concretely, this subject focuses on new developments in monetary and financial economics as well as in fiscal and structural policies. It also studies different approaches to economic growth and its interconnections with innovation economy and welfare.
Advanced Macroeconomics is an elective course of the degree in Economics. The subject develops and expands the contents of the previous Macroeconomics’ courses: the introductory and intermediate level offered in this degree. The topics also connect with subjects related to Catalan, Spanish, European and world economics, as well as with the skills attained on applications of quantitative methods in other subjects of the degree in Economics.
The contents of the course are specifically designed for students who require a thorough knowledge of recent developments in theoretical and empirical analysis of the economy for their professional activity. In particular, it addresses positions in the public sector with responsibility for the functioning of the economic system as a whole, as well as activities in the private sector in which a deep knowledge of the economic context is relevant for managing or supporting economic analysis and decision-making. It also addresses positions in national and / or international institutions with responsibilities for analyzing, monitoring and assessing the consequences of recent changes in present economics.
It is recommended that before enrolling this course, the student has attended the following courses: Introducción a la macroeconomia, Macroeconomia, Fonaments d’estadística, Estadística aplicada, Introducció a l’econometria, Econometria, Fonaments de matemàtiques, Optimització, Estructura econòmica espanyola, Estructura econòmica mundial, Política econòmica conjuntural, Polítiques econòmiques estructurals, Economia internacional: comerç i Economia internacional: finances.
As the course is in English, it's also highly recommended to have a B2 level in English (upper intermediate).
This subject will develop the following transversal skills covered by all degree programmes in the Faculty of Economics and Business:
- Capacity for critical and synthetic analysis.
- Capacity to learn to investigate and to innovate autonomously.
It will also develop the following specific skills:
- Capacity to manage the main economic concepts, models and representation techniques as well as to analyze the economic reality.
- Capacity to analyze and review the concepts related to economic policy objectives and instruments.
- Capacity to elaborate economic reports that contribute to the decision-making process in both public and private spheres.
All of these skills are addressed by the general objectives described in each unit.
The contents are organized in four units.
INTRODUCTION
UNIT 1: MONETARY AND FINANCIAL TOPICS
1. AND AFTER CRISIS, WHAT? SECULAR STAGNATION OR FINANCIAL DRAG?
2. LOW INTEREST RATES: CAUSES AND IMPLICATIONS
3. NEW DEVELOPMENTS IN MONETARY POLICY
4. FINANCIAL FRAGILITIES IN ADVANCED AND EMERGING COUNTRIES?
5. INTERNATIONAL FINANCIAL FLOWS
UNIT 2: REAL ECONOMY
1. FISCAL POLICIES AFTER CRISIS
2. PRIVATE INVESTMENT AFTER CRISIS
3. THE ROLE OF STRUCTURAL POLICIES
4. MACROECONOMIC IMPLICATIONS OF DISTRIBUTIONAL PROBLEMS
5. TECHNOLOGICAL CHANGES: MACROECONOMIC IMPLICATIONS
UNIT 3: GROWTH: ANALYSIS AND EMPIRICS
1. WHY IS IMPORTANT ECONOMIC GROWTH?
2. SOME CLASSICAL INSIGHTS
3. HARROD AND DOMAR THEORIES
4. SOLOW’S DECOMPOSITION OF ECONOMIC GROWTH: APPLICATIONS
5. FROM SHORT RUN TO MEDIUM AND LONG RUN
UNIT 4: TOPICS IN GROWTH ECONOMICS
1. NEOCLASSICAL GROWTH MODEL
2. SAVINGS AND GROWTH
3. TECHNICAL PROGRESS IN GROWTH MODELS
4. THE ROLE OF IDEAS: ENDOGENEOUS GROWTH MODELS
5. GROWTH AND WELFARE: THE GOLDEN RULE
The first unit focuses on new developments in monetary and financial economics. It discusses the problems of economic growth after the crisis and reviews the alternative explanations, the role of low interest rates (causes and implications), changes in monetary policy strategies, problems of financial systems in advanced and in emerging economies, as well as recent developments in international financial flows, their causes and implications.
The second unit focuses on "real sector" of economy: it analyzes new fiscal policies’ development, post-crisis private investment’s problems, the role of structural policies, the macroeconomic implications of income distribution problems, as well as the implications for the macroeconomics of technological change.
The third unit incorporates aspects related to economic growth: the importance and dynamics in medium and in long term, some classical ideas that still remain valid, the interconnections between dynamics in the short and medium term introduced by Harrod and Domar, which recently recovered renewed leadership and Solow's sources of economic growth accounting.
The fourth unit extends the analysis of economic growth departing from the neoclassical model: the discussion on the role of savings, the demographic changes and technological progress, the role of ideas and innovation that leads to the endogenous growth models of Romer and the relationship between economic growth and welfare.
Due to the content and timeliness of the topics addressed, this course consists of teaching materials (in English) which are smaller in volume in comparison to other subjects of the degree in Economics, because their aim is simply to provide an introduction and overview of each topic. The bibliographic references (via links) of the original sources of the analysis, data and discussions are the milestone of the subject. The teaching materials are thus organized as a "guided tour" through the most relevant sources of each topic/unit and they also provide some guidelines on how to keep the references updated.
El procés d'avaluació es fonamenta en el treball personal de l'estudiant i pressuposa l'autenticitat de l'autoria i l'originalitat dels exercicis realitzats.
La manca d'autenticitat en l'autoria o d'originalitat de les proves d'avaluació; la còpia o el plagi; l'intent fraudulent d'obtenir un resultat acadèmic millor; la col·laboració, l'encobriment o l'afavoriment de la còpia, o la utilització de material o dispositius no autoritzats durant l'avaluació, entre d'altres, són conductes irregulars que poden tenir conseqüències acadèmiques i disciplinàries greus.
D'una banda, si es detecta alguna d'aquestes conductes irregulars, pot comportar el suspens (D/0) en les activitats avaluables que es defineixin en el pla docent incloses les proves finals o en la qualificació final de l'assignatura, sigui perquè s'han utilitzat materials o dispositius no autoritzats durant les proves, com ara xarxes socials o cercadors d'informació a internet, perquè s'han copiat fragments de text d'una font externa (internet, apunts, llibres, articles, treballs o proves d'altres estudiants, etc.) sense la citació corresponent, o perquè s'ha practicat qualsevol altra conducta irregular.
De l'altra, i d'acord amb les normatives acadèmiques, les conductes irregulars en l'avaluació, a més de comportar el suspens de l'assignatura, poden donar lloc a la incoació d'un procediment disciplinari i a l'aplicació, si escau, de la sanció que correspongui.
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Aquesta assignatura només es pot superar a partir de l'avaluació contínua (AC). La nota final d'avaluació contínua esdevé la nota final de l'assignatura. La fórmula d'acreditació de l'assignatura és la següent: AC. |