ECON 451 Spring 2015 Topics in Macroeconomics

This seminar explores some of the central topics in macroeconomics, including economic growth, saving and investment, business cycle fluctuations, monetary policy, and financial crises. The first part of the course focuses on long-run economic growth. Using economic theory and evidence, we will attempt to answer some of the most important questions in all of economics: Why are some countries poor and other countries rich? What can governments do to achieve faster and environmentally sustainable rates of growth? What are the growth consequences of sustained budget deficits? Understanding the behavior of the economy in the long run is one of the key tasks of macroeconomics. But as we have seen during the recent financial crisis, the short run matters as well. In the second part of the class, we will turn our attention to economic downturns and financial crises. Using historical work on past crises and the accumulating evidence on the current one, we will study a host of short-run topics, including financial markets, the effectiveness of fiscal and monetary policies, consumer expectations, asset prices, employment, and productivity. Because this is an advanced class in macroeconomics, we will approach these issues as practicing economists working with the best possible models and empirical techniques. Students will have an opportunity to apply these methods in a required end-of-term research paper.
Class Format: seminar
Requirements/Evaluation: midterm, final, class participation and research paper
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Prerequisites: ECON 251, 252, and 255
Enrollment Preference: senior Economics majors
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Divisional Attributes: Division II
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Enrollment Limit: 19
Expected Enrollment: 19
Class Number: 3497
ECON 451 - 01 (S) SEM Topics in Macroeconomics Division 2: Social Studies David A. Love
MR 2:35 PM-3:50 PM Sawyer 508 3497
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