Guía docente de Macroeconomía Dinámica (M56/56/1/42)

Curso 2022/2023
Fecha de aprobación por la Comisión Académica 15/07/2022

Máster

Máster Universitario en Economía / Economics

Módulo

Módulo II: Segundo Trimestre

Rama

Ciencias Sociales y Jurídicas

Centro Responsable del título

International School for Postgraduate Studies

Semestre

Primero

Créditos

4

Tipo

Optativa

Tipo de enseñanza

Presencial

Profesorado

  • Henry Ali Aray Casanova

Tutorías

Henry Ali Aray Casanova

Email
  • Primer semestre
    • Martes 10:30 a 12:30 (Empre. Desp. B313)
    • Miercoles 10:30 a 12:30 (Empre. Desp. B313)
    • Miércoles 10:30 a 12:30 (Empre. Desp. B313)
    • Jueves 10:30 a 12:30 (Empre. Desp. B313)
  • Segundo semestre
    • Martes 10:30 a 12:30 (Empre. Desp. B313)
    • Miércoles 10:30 a 12:30 (Empre. Desp. B313)
    • Miercoles 10:30 a 12:30 (Empre. Desp. B313)
    • Jueves 10:30 a 12:30 (Empre. Desp. B313)

Breve descripción de contenidos (Según memoria de verificación del Máster)

  • Analysis of different models used in dynamic macroeconomics.
  • Applications of the models to different macroeconomic topics.

 

Prerrequisitos y/o Recomendaciones

  • Basic knowledge of statistics and calculus.
  • It is highly recommended to have attended Economic Analysis Techniques, Microeconomics, Macroeconomics and Econometrics, and being enrolled in Research Methods in Macroeconomics and Research Methods in Microeconomics.

Competencias

Competencias Básicas

  • CB6. Poseer y comprender conocimientos que aporten una base u oportunidad de ser originales en desarrollo y/o aplicación de ideas, a menudo en un contexto de investigación.
  • CB7. Que los estudiantes sepan aplicar los conocimientos adquiridos y su capacidad de resolución de problemas en entornos nuevos o poco conocidos dentro de contextos más amplios (o multidisciplinares) relacionados con su área de estudio.
  • CB8. Que los estudiantes sean capaces de integrar conocimientos y enfrentarse a la complejidad de formular juicios a partir de una información que, siendo incompleta o limitada, incluya reflexiones sobre las responsabilidades sociales y éticas vinculadas a la aplicación de sus conocimientos y juicios.
  • CB9. Que los estudiantes sepan comunicar sus conclusiones y los conocimientos y razones últimas que las sustentan a públicos especializados y no especializados de un modo claro y sin ambigüedades.
  • CB10. Que los estudiantes posean las habilidades de aprendizaje que les permitan continuar estudiando de un modo que habrá de ser en gran medida autodirigido o autónomo.

Resultados de aprendizaje (Objetivos)

  • Identify relevant problems analysed in Dynamic Macroeconomics.
  • Distinguish the concepts and basic models.
  • Collect evidence (bibliography, data, models) to face the analysis.
  • Choose the model to analyse different economic problems.

Programa de contenidos Teóricos y Prácticos

Teórico

  • Basic tools for dynamic economics
    • Integral calculus
    • Differential equations
  • Dynamics in the aggregate demand and supply model
    • Overview of the aggregate demand and supply model
    • Dynamic systems
    • Inflation and monetary policy
  • The orthodox investment theory
    • Investment under certainty
    • Investment under uncertainty
  • The new view of the investment: a real option approach
    • Introduction to stochastic calculus: Brownian motion and Ito’s lemma
    • Dynamic optimization under uncertainty: Introduction to dynamic programming (optimal stopping problems)
    • Investment opportunities and investment timing
    • Entry and exit decisions
  • Optimal stopping problems: applications
    • Environmental economics
    • International trade
  • The empirics of economic growth
    • The Solow model
    • The MRW model

Práctico

  • Solutions of theoretical problems.
  • Replication of the MRW's results using STATA.
  • Numerical solutions of problems.

Bibliografía

Bibliografía fundamental

  • Dixit, A. and R.S. Pindyck. Investment under Uncertainty. Princeton University Press.
  • Mankiw, N.G, Romer, D. and Weil, D.N. (1992). Contribution to the empirics of economics growth. The Quarterly Journal of Economics 107, 407–437.
  • Romer, D.  Advanced Macroeconomics. McGraw-Hill
  • Ben Heijdra. Foundations of Modern Macroeconomics. Oxford University Press.

 

Bibliografía complementaria

  • Bagliano F.C. and Bertola, G. Models for dynamic macroeconomics. Oxford University Press.
  • Dixit, A.  The Art of Smooth Pasting. Princeton University Press.
  • McDonald, R. and D. Siegel. (1986). The Value of Waiting to Invest. Quarterly Journal of Economics 101, 707-727.
  • S. J. Turnosvky. Methods of Macroeconomic Dynamics. MIT press.

Enlaces recomendados

  • Penn World Table: https://www.rug.nl/ggdc/productivity/pwt/
  • http://www.realoptions.org/
  • https://oslriskmanagement.com/

Metodología docente

Evaluación (instrumentos de evaluación, criterios de evaluación y porcentaje sobre la calificación final.)

Evaluación Ordinaria

Article 17 of the UGR Assessment Policy and Regulations establishes that the ordinary assessment session (convocatoria ordinaria) will preferably be based on the continuous assessment of students, except for those who have been granted the right to a single final assessment (evaluación única final), which is an assessment method that only takes a final exam into account.

Class attendance is mandatory in at least 70% of the sessions, requiring an active participation. Furthermore, it is also necessary to overcome the requirement of a written exam to pass the course. Covered those two conditions, the final mark is obtained from:

  • Written examination: 60%.
  • Solution of problems (problem sets) to be uploaded in Prado: 40%.

Evaluación Extraordinaria

  • Article 19 of the UGR Assessment Policy and Regulations establishes that students who have not passed a course in the ordinary assessment session (convocatoria ordinaria) will have access to an extraordinary assessment session (convocatoria extraordinaria). All students may take part in this extraordinary assessment session, regardless of whether or not they have followed continuous assessment activities. In this way, students who have not carried out continuous assessment activities will have the opportunity to obtain 100% of their mark by means of an exam and/or assignment.
  • In this case, the assessment will be:
  • A written examination: 100%.

Evaluación única final

  • Article 8 of the UGR Assessment Policy and Regulations establishes that students who are unable to follow continuous assessment methods due to justifiable reasons shall have recourse to a single final assessment (evaluación única final), which is an assessment method that only takes a final exam into account.
  • In order to opt for a single final assessment (evaluación única final), students must send a request, using the corresponding online procedure, to the coordinator of the master’s programme, in the first two weeks of the course or in the two weeks following their enrolment (if the enrolment has taken place after the classes have already begun). The coordinator will communicate this information to the relevant teaching staff members, citing and verifying the reasons why the student is unable to follow the continuous assessment system.
  • In this case, the assessment will be:
  • A written examination: 100%.

Información adicional