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CARLETON UNIVERSITY Department of Economics

ECON 6021W—Economic Theory: Macroeconomics Winter 2013

Instructor: Mariko J. Klasing Office: A-808 Loeb Office Hours: W, 2:00-3:00PM Email: mariko_klasing@carleton.ca Phone: 520-2600 ext. 3758 Lectures: Tu, 8:35 PM - 11:25 PM

Attention: No class on Feb. 19


The purpose of this course is to provide Ph.D. students with modern macroeconomic theory. Emphasis is laid on rigorous analysis as well as intuitive grasp of standard models. Topics covered are consumption theory, economic growth, and investment theory.


There is no particular required reading, but the following textbooks are useful for this course. You can find a more detailed list of suggested readings for each of the topics further below.

Daron Acemoglu, Introduction to Modern Economic Growth, Princeton University Press,


Philippe Aghion and Peter Howitt, Endogenous Growth, MIT Press, 1997

Robert J. Barro and Xavier Sala-i-Martin, Economic Growth, MIT Press, 2003

Olivier J. Blanchard and Stanley Fischer, Lectures on Macroeconomics, MIT Press, 1989

David Romer, Advanced Macroeconomics, 4th ed., McGraw Hill, 2011


Part I: Consumption Theory Topics:

- 2-period Fischer model

- Optimal consumption over multiple periods (Life Cycle Model)

- Permanent Income Hypothesis

- Optimal consumption under uncertainty

- Liquidity constraints

- Precautionary savings


Blanchard/Fischer, ch. 6

Angus Deaton, Understanding Consumption, Clarendon Press, 1989

Romer, ch. 7

Part II: Economic Growth Topics:

- Neoclassical growth: Solow-Swan model

- Growth with optimal consumption I: Ramsey-Cass-Koopmans model

- Growth with optimal consumption II: Diamond’s OLG model

- Endogenous Growth I: Models with externalities

- Endogenous Growth II: Innovation-based growth models

- Malthus’ population model

- Unified Growth Theory


Acemoglu, Introduction to Modern Economic Growth

Aghion/Howitt, Endogenous Growth

Aghion/Howitt: “Growth with Quality-Improving Innovations: An Integrated Framework”, in: Aghion/Durlauf (ed.), Handbook of Economic Growth, ch. 2, Elsevier, 2005

Barro/Sala-i-Martin, ch. 1-7

Blanchard/Fischer, ch. 2-3

Cervellati/Sunde, “Human-Capital Formation, Life Expectancy, and the Process of Development”, American Economic Review, 95: 1653-1672, 2005

Doepke, “Accounting for the Fertility Decline During the Demographic Transition”, Journal of Economic Growth, 9: 347-383, 2004

Galor, “From Stagnation to Growth: Unified Growth Theory, in: Aghion/Durlauf (ed.), Handbook of Economic Growth, ch. 4, Elsevier, 2005

Galor/Moav, “Natural Selection and the Origin of Economic Growth”, Quarterly Journal of Economics, 117:1133-1192, 2002

Galor/Weil, “Population, Technology and Growth: From Malthusian Stagnation to the Demographic Transition and Beyond”, American Economic Review, 90: 806-828, 2000

Galor/Weil, “The Gender Gap, Fertility and Growth”, American Economic Review, 86: 874- 887, 1996

Jones, Introduction to Economic Growth, Ch. 5, Norton, 2001

Jones, “Growth and Ideas”, in: Aghion/Durlauf (ed.), Handbook of Economic Growth, ch. 16, Elsevier, 2005

Kremer, “Population Growth and Technological Change: One Million B.C. to 1990”, Quarterly Journal of Economics, 108:681-716, 1993

Lucas, Lectures on Economic Growth, Harvard University Press, 2004

Romer, “Endogenous Technological Change”, Journal of Political Economy, 98: 71-102,


Romer, ch. 1-3

Part III: Investment Theory Topics:

- The q-theory of investment

- External and internal adjustment costs

- The effect of temporary vs. permanent shocks

- Investment under uncertainty


Blanchard/Fischer, ch. 6

Romer, ch. 8




Midterm (written): date: TBA Final (written): date: April 9

The weight allocation is 40/60, i.e. your better grade will account for 60% of the final grade and the other one for 40%.

We will decide on the dates for the midterm and final in class. The midterm will cover the topics discussed in the first half of the course and the final the topics from the second half of the course.

Assignments: There are no assignments that are marked for credit. However, I will give you a set of exercise questions (incl. short solutions) for each topic that you should try to solve on your own and that will help you to prepare for the exams.

Re-marking: Any request for the remarking of exams must be submitted in writing within two weeks of that exam first being returned to the class. The request should contain a detailed explanation of why you feel you should receive a higher mark. Please note that remarking will apply to the entire exam not just the contentious question. As a result, the revised mark may be higher than, lower than or the same as the original mark.

Plagiarism: Please be aware that plagiarism is a serious offence at Carleton and should be recognized and avoided. For further information on how to do so, please see “Pammett on Plagiarism and Paraphrasing” at http://www.carleton.ca/economics/courses/writing- preliminaries/.


For Students with Disabilities: Students with disabilities needing academic accommodations in this course are required to contact a coordinator at the Paul Menton Centre (ext. 6608) to complete the necessary Letter of Accommodation. After registering with the PMC, make an appointment to meet and discuss your needs with me in order to make the necessary arrangements as early in the semester as possible, but no later than two weeks before the first assignment is due or the first test requiring accommodations is taking place. Please note that the deadline for submitting completed forms to the Paul Menton Centre is March 12, 2010.

For Religious Obligations:

To be worked out on individual basis with instructor. Consult the Equity Services website or an Equity Advisor (ext. 5622) for policies and a list of holy days (www.carleton.ca/equity).

For Pregnancy:

Pregnant students requiring academic accommodations are encouraged to contact an Equity Advisor in Equity Services (ext 5622) to complete a letter of accommodation. The student must then make an appointment to discuss her needs with the instructor at least two weeks prior to the first academic event in which it is anticipated that the accommodation will be required.