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| Semester | spring semester 2024 |
| Course frequency | Every spring sem. |
| Lecturers | Sarah Lein (sarah.lein@unibas.ch, Assessor) |
| Content | The course "Advanced Macroeconomics" focuses on modern theories of macroeconomic fluctuations. It is built explicitly on microeconomic foundations, by considering the decision making process of the microeconomic agents, namely firms and households. These microeconomic units are then aggregated to study their interactions and macroeconomic outcomes. After a preliminary introduction to the Solow model in continuous time, which focuses mainly on long-term growth and production, we will develop a simple Ramsey model that also considers household consumption/saving decisions. To delve into business cycle dynamics and transition to short-run macroeconomics, we will then explore the so-called RBC model. In this model, we introduce stochastic elements, and agents face uncertainty about the future. We will also scrutinize two crucial components of aggregate demand in these "real" models, namely consumption and investment. In the following lecture block, we will introduce nominal rigidities, i.e., sticky prices, into the RBC model. This extension will enable us to examine, for example, monetary policy. Throughout the course, there will be exercise sessions designed to familiarize students with the practical applications of these models. This approach will allow them to build a foundational set of models that they can later use to explore more specific research questions. This lecture aims to equip students with an initial toolbox for modern macroeconomic analysis. Note: for students interested largely in long-run macroeconomics: more detailed and advanced long-run models are covered in 67962 «Long-run Macroeconomics: Growth theories» (R. Stelter). |
| Learning objectives | This course provides students with the technical toolbox to study modern macroeconomic models and to conduct simple policy evaluations. |
| Bibliography | Textbook D. Romer, Advanced Macroeconomics, 5th edition. Additional literature will be announced in class (syllabus). |
| Admission requirements | While there are no formal prerequisites, it is strongly recommended that students take 18545-01 Advanced Mathematics for Economists before the course. |
| Course application | Registration: Please enroll in the Online Services (services.unibas.ch); Eucor-Students and mobility students of other Swiss Universities or the FHNW first have to register at the University of Basel BEFORE the start of the course and receive their login data by post (e-mail address of the University of Basel). Processing time up to a week! Detailed information can be found here: https://www.unibas.ch/de/Studium/Mobilitaet.html After successful registration you can enroll for the course in the Online Services (services.unibas.ch). Applies to everyone: Enrolment = Registration for the course and the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Monday | 14.15-18.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Modules |
Basic Module: Advanced Topics in Economics (Master's Studies: International and Monetary Economics) Modul: Methoden der Wirtschaftswissenschaften (Master's Studies: European Global Studies) Module: Core Competences in Economics (Master's Studies: Sustainable Development) Module: Core Courses in Business and Economics (Master's Studies: Business and Economics) Module: Core Courses in Economics (Master's Studies: Business and Economics) Module: Field Electives in Economics and Public Policy (Master's Studies: Economics and Public Policy) Module: Specific Electives in Business and Economics (Master's Studies: Business and Economics) Module: Specific Electives in Economics (Master's Studies: Business and Economics) Module: Specific Electives in International Business, Trade and the Environment (Master's Studies: Business and Economics) |
| Assessment format | record of achievement |
| Assessment details | Final exam (85%) and midterm quiz (15%). Final exam: 12.06.24; 10:15-11:45. You can still withdraw from the examination by submitting a completed, signed form to our office from march 26 until april 5 / 12:00 o’clock. The deregistration form and the mail address can be found on the homepage of the Dean of Studies Office: https://wwz.unibas.ch/en/studies/examinations/de-/registration-of-examinations/ Prior to march 25, please deregister only in the Online Services. |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |