The objective of this course is to study facts in macroeconomics with analytical
models. ... The main textbook is Stephen D. Williamson, Macroeconomics, 5th Ed.
, ...
UNDERGRADUATE SYLLABUS Macroeconomics, 1103 Semester 1 2014/15 Andre C. Silva Short Biography: Andre Silva is Associate Professor at Nova School of Business and Economics. He holds a PhD in Economics from the University of Chicago. Before working at Nova SBE, Andre Silva worked at Accenture as consultant and taught at the Pontifical Catholic University of Rio de Janeiro and at the University of Chicago. Andre Silva’s research is on Finance and Macroeconomics. He has research on the welfare cost of inflation, capital flows, and the effects of capital structure on innovation. He has presented his research in international conferences such as the conferences of the American Economic Association, the Econometric Society, and the American Finance Association. Andre Silva has published in journals such as the Review of Financial Studies, the Journal of Development Economics, and the American Economic Journal: Macroeconomics. Contact:
[email protected] Office Hours: Fridays, 11:00‐12:00, Office 367 Classes: Tuesdays and Thursdays 14:30‐15:50, 16:00‐17:20, A224 TAs: Erica Marujo
[email protected] Paulo Ruiz
Office hours: Tue 14:30‐15:30
[email protected] Office hours: Th 17:30‐18:30
Pedro Freitas
[email protected]
Office hours: Th 10:00‐11:00
The objective of this course is to study facts in macroeconomics with analytical models. We will study macroeconomic issues such as the decision between consumption and savings, business cycles, labor, money, and economic growth. The course webpage is
http://docentes.fe.unl.pt/~acsilva/Macro/Macro.html.
See the webpage for announcements, references, and links. Textbook The main textbook is Stephen D. Williamson, Macroeconomics, 5th Ed., Pearson Addison‐ Wesley, 2013. You will find other textbooks in the course webpage. We will also use articles from the press in general, such as from the Financial Times, The Economist, and other sources. I will indicate additional readings as we go along. In the course webpage, you will find references and texts specific to the points discussed in class. 1
Exams There will be two midterms and a final. All exams are closed book and closed notes. Only the best grade of the two midterms will be considered. Therefore, you don’t need to take one of the midterms. Midterm 1:
October 28, Tuesday, 19:00‐20:30, room TBA.
Midterm 2:
December 9, Tuesday, 19:00‐20:30, room TBA.
Final:
January 22, Thursday, 9:30‐11:30. (Scheduled by the department.)
Problem Sets There will be six optional problem sets. The problem sets can be done in groups but have to be turned in individually. Late problem sets will not be accepted. The objective of the problem sets is to analyze further the topics discussed in class. There will not be a grade for the problem sets; we will only take note if they were turned in. There will not be any penalty for not turning in the problem sets. However, turning in the problem sets will count toward the participation grade. Moreover, the exams will have questions based on the problem sets. Participation I will take class participation into account. This will be especially important for rounding the final grade. Final Grade = 0.70*Final + 0.30*Midterm+ Participation How to have a good grade in this course Class attendance is very important. Read the book before class, take notes and make questions. You are responsible for the material! Check the course webpage for readings and announcements. Study the book and do the problem sets.
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Course Outline Class 1, 2
Facts in Macroeconomics. GDP, Growth, Measurement, Cycles Williamson chs 1, 2, 3
The Decision of Consumption and Labor 3, 4, 5
Decisions of consumers and firms. Equilibrium
6, 7, 8
Changes in the technology and in government expenditures. Taxes
Williamson chs 4, 5
The Decision of Consumption and Savings 9, 10
Interest rates, investment. Ricardian equivalence
11, 12
An intertemporal model with investment
13
Williamson chs 9, 10, 11
Midterm 1
14 Money and Business Cycles 15, 16, 17
Money. Money demand. Baumol‐Tobin model
18, 19
Williamson chs 12, 13, 14
Economic Growth 20, 21
Williamson chs 7, 8
Money and Inflation 22, 23
Williamson chs 17, 18
International Macroeconomics 24, 25
International Trade. International Finance Williamson ch 15
26
Midterm 2
3
