syllabus_Spring09 - Economics 110D: Macroeconomic Theory...

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Unformatted text preview: Economics 110D: Macroeconomic Theory Time of Class: MW 10:05 AM-11:20 AM Room: 139 Social Sciences Building Instructor: Professor Juan Rubio-Ram&rez. Head TA: Tae Bong Kim (Ph. D student in economics). O ce: 232 Social Sciences Building Phone: (919) 660-1865. E-mail: Head TA E-mail: O ce Hours: Wednesdays 9:00-10:20 am, and by appointment. Recommended Text: Charles I. Jones: Introduction to Economic Growth, 2nd edition . 1. Course Outline and Overview Economics 110 is the basic course in macroeconomic theory for undergraduate economics majors. Economics 110 is a mathematical class and is centered on constructing and under- standing macroeconomic models. We will cover models at an abstract and advanced level. You MUST have the degree of mathematical maturity associated with the concepts of sets, functions, derivatives, integrals, Taylor series, optimization, ordinary di/erential equations, and other material. If you do not meet these requirements, you cannot take this class. This course will be taught from an equilibrium perspective . This means we will work with economic agents that optimize and with aggregate consistency conditions. Understand- ing the concept of equilibrium will then be the single most important task of the course. We will apply equilibrium theory to discuss the theory of long-run economic growth and short-run economic uctuations. Growth theory describes and explains how the main eco- nomic aggregates (such as output, employment, ination, interest rates) evolve on average over longer periods of time, whereas theories of short-run uctuations (business cycle theories) analyze the short-run movements of economic aggregates. Once we have understood how the macroeconomy works, we can start to analyze macroeconomic policy, in particular scal pol- icy (what are the macroeconomic e/ects of taxation, government spending, budget decits, or surpluses) and monetary policy (what happens if the Federal Reserve Bank increases or lowers the Federal Funds Rate). It is my objective that, by the end of the course, everybody is able to critique articles on economic issues in publications such as The Economist, the Financial Times, or the New York Times using good economic intuition and knowledge. 1 2. Instructor A few words about myself. My name is Juan Rubio-Ram&rez. I am Spaniard and received my undergraduate degree in economics from UAB at Barcelona, Spain. I got my Ph.D. in Economics from the University of Minnesota. My own research focuses on the formulation,Economics from the University of Minnesota....
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syllabus_Spring09 - Economics 110D: Macroeconomic Theory...

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