ECS506 PhD Macroeconomics I

• Topics

  This is the first of two courses in macroeconomics in the PhD program at NHH. This course is designed to give an introduction to a broad selection of topics and methods in macroeconomics at the PhD level. It aims at providing the necessary background for more specialized courses in various sub-fields.

  The course will cover a selection of the following topics:

  • Dynamic Programming
  • Models of Economic Growth
  • Overlapping Generations (OLG) models
  • Incomplete markets models
  • Real Business Cycle Models

  A detailed syllabus will be circulated closer to the start of term.

• Learning outcome

  By the end of the course, the students will achieve the following learning outcomes:

  Knowledge

  Be able to

  • Understand the workhorse models in modern real macroeconomics.
  • Evaluate the use of basic mathematical tools to solve a macroeconomic model.
  • Apply a standard numerical package to solve a model.
  • Evaluate the implications of uncertainty and market incompleteness.

  Skills

  Be able to

  • Build a model to analyze macroeconomic research questions.
  • Analyze economic questions with modern macroeconomic models.
  • Model explicitly individual decision making, and then analyze aggregate behavior.
  • Evaluate the implications of the methodology used in modern macro papers.

  General competence

  Be able to

  • Communicate research questions, solution methods, and answer clearly.

• Teaching

  Lectures and assignments.

• Restricted access

  • PhD candidates from NHH
  • PhD candidates from University of Bergen 
  • PhD candidates from other higher educational institutions
  • Promising master students if approved by course responsible

• Recommended prerequisites

  It is assumed as a prerequisite that students are familiar with macroeconomics at the Master level.

  Previous experience of quantitative programming (eg, Matlab, Python, Julia) will be helpful, though it is not required.

• Compulsory Activity

  Participation in class and completion of mandatory assignments.

• Assessment

  Four hours individually written home exam. The exam must be written in English.

  Compulsory activities (work requirements) is valid for one semester after the semester it was obtained. Re-take is offered the semester after the course was offered for students with valid compulsory activities (work requirements).

• Grading Scale

  Pass/Fail.

• Computer tools

  Some assignments will require to code in a quantitative programming language (eg, Matlab, Julia, Python).

• Literature

  Lecture notes and selected chapters from graduate textbooks, including:

  • Lars Ljungqvist and Thomas J. Sargent, Recursive Macroeconomic Theory
  • Tullio Jappelli and Luigi Pistaferri, The Economics of Consumption

  A detailed reading list will be provided at the start of term.