ISCTE-IUL > Education > MEMF

Macroeconomics and Business Cycle Analysis (1 º Sem 2017/2018)

Code:	M8663
Acronym:	M8663
Level:	2nd Cycle
Basic:	No
Teaching Language(s):	Portuguese
Friendly languages:

Be English-friendly or any other language-friendly means that UC is taught in a language but can either of the following conditions:
1. There are support materials in English / other language;
2. There are exercises, tests and exams in English / other language;
3. There is a possibility to present written or oral work in English / other language.

Semester	ECTS Credits	Theoretical Lesson (T)	Theoretical and Pratical Lesson (TP)	Practical and laboratorial lesson (PL)	Seminary (S)	Field Work (TC)	Training Period (E)	Tutorial Orientation (OT)	Contact Hours	Autonomous Work	Others (O)	Total Load Hours [?]Contact Hours + Autonomous Work
1	6.0	0.0 h/sem	22.0 h/sem	0.0 h/sem	0.0 h/sem	0.0 h/sem	0.0 h/sem	1.0 h/sem	23.0 h/sem	127.0 h/sem	0.0 h/sem	150.0 h/sem


Since year	2017/2018
Pre-requisites	Some elementary knowledge of macroeconomics, microeconomics and calculus is recommended.
Objectives	The main goals of this course are to develop skills in the following domains: Skills to analyze and summarize: 1. The main stylized facts of business cycles 2. The main aspects of the two major current competing models in macroeconomics and their explanations about business cycles: a) The "Real Business Cycle Model" b) The "New Keynesian Model" Skills to solve problems: 1. How to use the Eviews (or R) package in order to determine the main stylized facts of business cycles 2. How to use the Matlab (or Octave)package in order to analyse macroeconomic models Critical opinion: About not only the strong points of the models and techniques discussed, but also the limitations of the former, in particular, with respect to: the techniques used to extract the short term cycles from the long term trend, the solutions to the real business cycle model, and the New Keynesian Model
Program	1. The current state of macro: a brief characterization 2. Stylized facts of the business cycles: major facts and techniques 3. The "Real Business Cycle Model" 4. Elements of behavioral economics 5. The New Keynesian Model 6. Economic Growth
Evaluation Method	The student can choose between two of the following options (A and B) Option A: 1. Midterm test/Work group: 50% of final grade 2. Final test: 50% of the final grade Final grade = [0 , 20], approval granted if the final grade is >= 10. Option B: Final Exame Final grade = [0 , 20], approval granted if the final grade is >= 10.
Teaching Method	The following learning methodologies (LM) will be used: 1.Expositional, to the presentation of the theoretical reference frames 2.Participative, with analysis and resolution of application exercises 3.Active, with the realization of individual works 4.Self-study, related with autonomous work by the student.
Observations
Basic Bibliographic	Elementos bibliográficos serão disponibilizados em www.nomics.org/macmemf Doepke, M.; Lehnert, A. and Sellgren, A. W. (2003), Macroeconomics, unpublished manuscript, UCLA Kahneman, Daniel (2011), Thinking, Fast and Slow, Farrar, Straus and Giroux, edição portuguesa de Temas e Debates (2012) Krugman, P. (2009), "How did Economists Get It So Wrong", New York Times, 2009/09/06 Laibson, D. (2004), Economics and Psychology, Lecture Notes, Harvard University Sørensen, P. B. and Whitta-Jacobsen, H. J. (2010). Introducing Advanced Macroeconomics: Growth and Business Cycles, 2 ed., McGraw- Hill, New York. Stiglitz, J. E. (2015). Towards a general theory of deep downturns, NBER Working Papers nº 21444, N.B.E.R., Cambridge, MA Thaler, R. H. and Sunstein, C. R. (2008), Nudge, Yale U. Press, edição portuguesa de Academia do Livro (2009) VVAA (2009), A Economia Portuguesa no Contexto da Integração Económica, Financeira e Monetária, Dep. de Est. Econ., Banco de Portugal
Complementar Bibliographic	Wickens, M. (2008) Macroeconomic Theory: A Dynamic General Equilibrium Approach, Princeton U. Press