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Syllabus Macro Advanced 360

The Advanced Macroeconomics (ECON 360) course, taught by Riccardo Franceschin, focuses on microfoundations of modern Dynamic Macroeconomics, including decision-making by individuals and firms, and the impact of fiscal and monetary policies on macroeconomic variables. Prerequisites include ECON 202 and ECON 204, and the course consists of lectures, homework assignments, a midterm, and a final exam, with grading based on exams, homework, and class participation. Attendance is encouraged but not mandatory, and students are responsible for all material covered in class.

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8 views3 pages

Syllabus Macro Advanced 360

The Advanced Macroeconomics (ECON 360) course, taught by Riccardo Franceschin, focuses on microfoundations of modern Dynamic Macroeconomics, including decision-making by individuals and firms, and the impact of fiscal and monetary policies on macroeconomic variables. Prerequisites include ECON 202 and ECON 204, and the course consists of lectures, homework assignments, a midterm, and a final exam, with grading based on exams, homework, and class participation. Attendance is encouraged but not mandatory, and students are responsible for all material covered in class.

Uploaded by

akerke.berkutova
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Faculty of Arts and Social Science

Advanced Macroeconomics (ECON 360)


Riccardo Franceschin

18 January 2025

Instructor
Riccardo Franceschin
e-mail: riccardo.franceschin@sabanciuniv.edu
Office: 1006 A
Office Hours: appointment

Course Organization:
The course has 3 hours of classes per week. We will have two hours every Monday and
one hour every Tuesday.
FASS G052 will be our classroom

Prerequisites
ECON 202, ECON 204

Course Objectives
This course is the natural continuation of ECON 202 Macroeconomic course, therefo-
re a knowledge of basic macroeconomic concepts is taken for granted. Moreover, basic
optimization techniques learnt in the ECON 204 classes are also required.
In the first part of the course we will study microfoundations of modern Dynamic
Macroeconomics. We will focus rigorously on decision making by individuals and firms,
in modern neo-classical and new-keynesian models. Our main objective is to learn inter
temporal optimization and have a basic idea of the standard modern macroeconomic
model.
Then, we will focus on extensions of this standard economic model that has revealed
particularly important to understand the business cycles and financial crisis, such as
the Great Recession of 2008-09. We are going to insert labour and financial frictions,
analyzing their impact on the economic equilibrium and the response of the economy to
shocks, evaluating their ability to explain observed facts.

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In the second part of the course, we are going to focus on fiscal and particularly
monetary policies and their effects on the macroeconomic variables, such us production,
inflation and unemployment. To do so, we are going to introduce the basic concepts of
price rigidity in modern new-keynesian models.

Course Textbook
• Stephen D. Williamson, Macroeconomics, 6th Edition, Pearson

• Lecture notes

Course Outline (subject to adjustments)


First Part (Chapters are from the book, integrated with slides and notes)

• A One-Period Model of a Close Macroeconomy (Chapter 4 and Chapter 5)

• A Two-Periods Model: Consumption and Savings Decision (Chapter 9)

• Credit Market Imperfections (Chapter 10)

• A Real Intertemporal model with Investment (Chapter 11)

• Search and Unemployment (Chapter 6)

Second Part (Chapters are from the book, integrated with slides and notes)

• Money, Banking and Monetary Policy (Chapter 12)

• New Keynesian Economics (Chapter 14)

• Optimal Monetary Policy: discretion vs commitment (notes)

• Bank runs and Diamond-Dybvig model (notes)

• Public Debt and Debt Crisis (notes)

Course Requirements and Grading


The exam will be composed of both exercises and theoretical questions. Class lectures
are NOT intended to be simple repetitions of concepts expressed in the book or in other
readings. If a concept is present in the textbook’ chapters before mentioned, but is not
explained in class, it is still expected to be learnt (unless explicitly excluded). Studying
only the book or only the lecture notes or practicing only on exercises will not be enough
to get maximum grade: all sources are necessary and complementary to each other.
As in finance, so in this course: it is a very risky behaviour to invest everything in
only one asset.

There will be one optional midterm exam and one final exam as well as homework
assignments.

2
Part of the grade will be assigned through class participation, which includes atten-
dance, discussions, in class games and quizzes.
The weights are as follows:

• Midterm Exam: 38%

• Final Exam: 37%

• Homework Assignments: 10%

• Class Participation: 15%

The midterm is strongly suggested but optional. Students that will not take the
midterm exam (both willingly or for other impossibilities, such as health problems) will
have a longer final exam covering the whole course, weighting 80% of the grade. Moreover,
students that want to improve their midterm grades can also take the full final exam,
eliminating the previous mid-term grade.
The make-up for the final exam will consist of an oral exam with questions similar
to the written exam. The oral exam could be 30 or 60 minutes depending if it covers half
or the entire material (37% or 75% of the grade respectively).

The date of the midterm is not fixed yet.

Homework assignments will be posted on Sucourse and you will have to upload your
answers on Sucourse. Late submissions will be penalized: if you fail to turn in homework
on time, you will receive a lower score depending on the delay. Students may work
together on homework assignments (it is actually strongly encouraged), but MUST
write up their answers independently. Assignments that are copies of one another will be
harshly penalized.
Homework are NOT optional, not presenting assignments will result in a 0 grade for
the 10% homework component entering the final vote.

Class Attendance
Class attendance is strongly suggested, but not mandatory. However, students are re-
sponsible for all material covered during lectures and all course announcements made
during lectures. It is your responsibility to check the website or ask other students for
announcements, assignments and any possible changes related to the course plan.
Moreover, 15% of the grade will be determined by class participation that includes
(but is not limited to) class attendance (i.e. I expect students to participate actively,
asking and answering questions, discussing, solving quizzes).

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