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1、Modern Macroeconomic Theory and PolicySummer School of Economics 2001European University at St PetersburgBarry HarrisonSenior Lecturer in Economics, Nottingham Trent UniversityCourse Goals:1. To make participants familiar with modern macroeconomic theories and their practical use in policy decisions
2、.2. To present the model course in advanced macroeconomics.3. To give participants new insights in the logic of syllabus development for a modern course in macroeconomic theory and policy.Outcomes:After completion of the course the participants are expected:1 To be familiar with modern macroeconomic
3、 theories, to realise clearly their merits and demerits.2 To be able to identify and emphasise the European perspective in macroeconomic courses.3 To be able to develop curricula, oriented on latest achievements of macroeconomic theory, given the limits and constraints imposed by the existing progra
4、ms.Transferable skills:After completion of the course the participants expected to be able to:1. Work critically with modern literature on the subject.2. Use diverse teaching techniques in relation to seminars: group and individual assignments and presentations, discussions, written tasks, etc.3. Be
5、 aware of potential pitfalls in using different teaching methods and ways of coping with them.Teaching methodology and time schedule:1. Traditional lectures (with the use of computers and OHP)14 hours2. Curriculum development seminars 8 hours3. Problem solving seminars 6 hours4. Other interactive se
6、ssions (question and answers,teaching methods, etc.) 6 hours5. Examination (final test) 2 hoursTotal teaching time 36 hoursThe time schedule above includes only officially time tabled activities.All traditional lectures will place a special emphasis on the way of presenting the material to the audie
7、nce.Assessment strategies:1. Participants will prepare a coursework assignment which will be assessed within two days of submission and written feedback will be given. It will be related to the curriculum development (identification of important topics, assessment of the degree of difficulty and so
8、on).2. Final two-hours test, similar to a typical graduate final examination.Participants will be assessed not only for their technical knowledge of the subject, but also for their ability to develop a typical course curriculum, problem identification and transferable skills.Topics, timetable and ma
9、in readingsDay 1 (July, 16):Morning lecture 1 What is macroeconomics?(1) Discussion of main problems in macroeconomics: mass unemployment, inflation and exchange rate instability, business cycles; Readings: Barro, R J and Grilli, V, European macroeconomics, Macmillan, 1994, Chapter 1.Burda, M and Wy
10、plosz, C, Macroeconomics: a European text, Oxford University Press, 1997, Chapter 1.Hall, R E and Taylor, J B, Macroeconomics 3rd ed., Norton, 1986, Chapters 1 and 2Parkin, M and Bade, R, Modern macroeconomics, Philip Allan, 1991, Chapters 1 and 2.Morning lectures 2-4: The Aggregate Supply and Deman
11、d Model (1) Simple static and dynamic versions; inflation, growth and businesses cycles; (2) Links with Phillips Curve, wage and price inflation, labour productivity and unemployment; (3) Explore within the static AS-AD model main differences between new Keynesians and new classical/monetarist schoo
12、ls, (4) The role of expectationsReadings:Dornbusch, R and Fischer, S, Macroeconomics, McGraw-Hill, Chapters 3-4.Hall, R E and Taylor, J B, Macroeconomics 3rd ed., Norton, 1986, chapters 6-7.Afternoon session (1.25 hours): Seminar on curriculum development: Participants, divided in groups, will criti
13、cally assessed existing curricula and identify ways of their possible restructuring.Program of the seminar1. What are the current needs for advanced macroeconomic courses in your university?2. To what extent are those needs satisfied?The above questions should be discussed separately for the undergr
14、aduate and graduate teaching.Afternoon problem solving session: (1.25 hours): Introduction to macroeconomics and the aggregate supply and demand model1. Discussion on the basic assumptions of the aggregate supply and aggregate demand models.2. Discussion of concepts of rational and adaptive expectat
15、ions, time inconsistency, price and wage stickiness and the hysteresis effects.Day 2 (July, 17)Morning lectures 5-8: The Micro Foundations of Aggregate Demand and Supply.(1) Consumption and inter-temporal budget constraints; investment theories; government spending and taxation; the current account,
16、 the real exchange rate and external debt; money supply and demand; the IS-LM-BP model and aggregate demand(2) The labour market; demand and supply and the labour-leisure trade-off; market imperfections, efficiency wages, insider-outsider theories, overlapping wage contracts; the natural rate of une
17、mployment; nominal versus real wage flexibility; the production function; from the labour market to aggregate supplyReadings:Burda, M and Wyplosz, C, Macroeconomics: a European text, Oxford University Press, 1997. Chapters 5,6, 8.Dornbusch, R and Fischer, S, Macroeconomics, McGraw-Hill, Chapter 5.Ha
18、ll, R E and Taylor, J B, Macroeconomics 3rd ed., Norton, 1986, Chapters 12-13.Parkin, M and Bade, R, Modern macroeconomics, Philip Allan, 1991, Chapters 2-3.Sachs, J and Larrain, F, Macroeconomics in the global economy, Harvester Wheatsheaf, 1993, Chapters 15-16.Afternoon problem session: (2.5 hours
19、) The Micro Foundations of Aggregate Demand and Supply1 Discussion of the assumptions which underpin the micro foundations of aggregate demand and aggregate supply models.2 The causes of unemployment in different economic models.Day 3 (July, 18)Morning lectures 9-12: An Introduction to Macroeconomic
20、 Policy (1) Instruments and targets; (2) Stabilisation policy versus supply-side policy; (3) Monetary/exchange rate policy versus fiscal policy; (4) Inside and outside lags; policy ineffectiveness proposition; (5) Time inconsistent polices; reputation and credibility; other constraints on policy mak
21、ing; international policy co-ordination ReadingsBarro, R J and Grilli, V, European macroeconomics, Macmillan, 1994, Chapter 22.Burda, M and Wyplosz, C, Macroeconomics: a European text, Oxford University Press, 1997, Chapter 10.Hall, R E and Taylor, J B, Macroeconomics 3rd ed., Norton, 1986, Chapter
22、18.Parkin, M and Bade, R, Modern macroeconomics, Philip Allan, 1991, Chapters 14-15.Afternoon session on teaching techniques: (2.5 hours): An Introduction to Macroeconomic PolicyThe session will concentrate on the discussion about the possible methods of introducing macroeconomic policy issues to st
23、udents, and possible pitfalls and oversimplifications of the process.Day 4 (July, 19)Morning lectures 13-14: Demand Management Policy I - Fiscal Policy (1) The tax base; structural versus cyclical budget deficits; tax smoothing; (2) Automatic stabilisers; sustainable fiscal policy; crowding out; (3)
24、 Ricardian equivalence; international debt problems; fiscal policy in transition economiesReadingsBarro, R J and Grilli, V, European macroeconomics, Macmillan, 1994, Chapter 17.Morning lectures 15-16: Demand Management Policy II - Monetary and Exchange Rate Policy (1) Principles of monetary policy,
25、reserve ratios, open market operations and interest rates;(2) Monetary targets versus fixed exchange rates; managed exchange rate systems;(3) Sterilisation; central bank independence; seignorage and the inflation tax; monetary problems in transition economies, dollarisation and the choice of nominal
26、 anchorReadingsBarro, R J and Grilli, V, European macroeconomics, Macmillan, 1994, Chapter 18.Burda, M and Wyplosz, C, Macroeconomics: a European text, Oxford University Press, 1997., Chapter 12, 13.Hall, R E and Taylor, J B, Macroeconomics 3rd ed., Norton, 1986, Chapter 19.Parkin, M and Bade, R, Mo
27、dern macroeconomics, Philip Allan, 1991, Chapter 16.Afternoon curriculum development seminar (2.5 hours): Recapitulation and identification (with discussion) of tasks and subjects for the curriculum development assessmentProgram of the seminar:1. Identify (prioritise) particular topics relevant for
28、undergraduate and graduate students.2. How would you draft a curriculum for a) a short undergraduate course, b) a long undergraduate course, c) for a selected postgraduate course?By the end of this day assessment topics will be allocated to participants.Day 5 (July, 21)Morning lectures 17-20: Supply
29、-side Policy.(1) Sources of economic growth; endogenous growth theories; (2) State intervention versus deregulation/market liberalisation; (3) Taxes, social security systems and incentives to work; labour market policies; (4) The capital and financial markets; the globalisation of business; (5) Supp
30、ly-side policy in transition economiesReadings:Barro, R J and Grilli, V, European macroeconomics, Macmillan, 1994, Chapter 18.Sachs, J and Larrain, F, Macroeconomics in the global economy, Harvester Wheatsheaf, 1993, Chapters 12, 13, 20.Afternoon problem solving session (2.5 hours): Demand and suppl
31、y management policy Program of the seminar:1. What are main contradictions in aggregate demand and supply policies?2. Is the demand or supply side policy more relevant for the transition economies?3. Is current European macroeconomic policy demand-oriented, or supply-oriented?Day 6 (July, 22)There w
32、ill be no formal classes and seminars on that day. Participants are expected to work on preparation of their assignment papers.Morning questions and answers session (4 hours): curriculum development assignment.Afternoon is reserved for extensive individual consultations.Day 7 (July, 23)In the mornin
33、g the assignment papers will be handed in and marked. Therefore this time is allocated for marking papers and preparation of feedback to the participants. Participants will use this time for their preparation for the final examination.Afternoon session on curriculum development (2 hours): General fe
34、edback to participants related to their assignment papers. Last minute question and answer session before the examinationDay 8 (July, 24)Morning: written 2-hours examinationAfternoon: marking papersEvening: Summing up and final discussion where do we go from here?General References:Barro, R J and Gr
35、illi, V, European macroeconomics, Macmillan, 1994.Burda, M and Wyplosz, C, Macroeconomics: a European text, Oxford University Press, 1997.Dornbusch, R and Fischer, S, Macroeconomics, McGraw-HillHall, R E and Taylor, J B, Macroeconomics 3rd ed., Norton, 1986.Parkin, M and Bade, R, Modern macroeconomics, Philip Allan, 1991.Sachs, J and Larrain, F, Macroeconomics in the global economy, Harvester Wheatsheaf, 1993.Notes:A pack of photocopied reading material for each day (journal articles, extracts from official reports, etc) will be provided to participants.