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

  Knowledge

  Upon completion of the course, the student can…

  • apply workhorse models in modern real macroeconomics.
  • evaluate the use of basic mathematical tools to solve a macroeconomic model.
  • apply standard numerical methods to solve a model.
  • evaluate the implications of uncertainty and market incompleteness.

  Skills

  Upon completion of the course, the student can…

  • 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

  Upon completion of the course, the student can…

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

• Teaching

  Lectures and assignments.

  Each assignment will focus on a particular part of the course and will be will be distributed sequentially throughout the duration of the course. The deadline for each assignment will be a couple of weeks after the assignment is handed out.

• Restricted access

  • PhD candidates at NHH.
  • PhD candidates at Norwegian institutions.
  • Motivated master student's at  NHH  may be admitted after application, but are subject to the approval from the course responsible on a case by case basis.

• 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.

  Compulsory activities (work requirements) are valid for one semester after the semester they were obtained.

• Assessment

  Four individually written assignments. The assignments can be written in English or a Scandinavian language.

  • The first assignment is handed out after the fourth lecture and has a submission deadline of two weeks.
  • The second assignment is handed out after the eight lecture and has a submission deadline of two weeks.
  • The third assignment is handed out after the twelth lecture and has a submission deadline of two weeks. 
  • The fourth assignment is handed out after the last lecture and has a submission deadline of three weeks. 

  Re-take is offered the semester after the course was offered for students with valid compulsory activities.

• 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.