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Macroeconomics I


Pica G.

Course director


The objective of the course is to develop the analytical tools to think about long-run macroeconomic policy issues. It will focus both on models of economic growth and their empirical applications, with particular emphasis on the role of public policies. The course will start with a brief overview of the stylized facts of economic growth. It will then introduce the Solow growth model and will use it to interpret the stylized facts of growth. Then, the course will move to the quantitative implications of the Solow model and will discuss the methodology of growth accounting. Finally, it will introduce endogenous growth models and will discuss the proximate and fundamental causes of economic development.
Grades will be based on a nal exam.



(a) Stylized facts (Acemoglu, 2009, ch. 1)
(b) The Solow Model (Romer, 2011; Acemoglu, 2009, ch. 2)
(c) Growth accounting and quantitative implications of the Solow model (Romer, 2011, ch. 2)
(d) Endogenous Growth Models (Romer, 2011, ch. 3)
(e) What do the data say? Causes of di erences in economic performance (Acemoglu, Johnson, and Robinson, 2001; Romer, 2011, ch. 4)


Main readings:
Acemoglu, D. (2009): Introduction to Modern Economic Growth. Princeton University Press.
Acemoglu, D., S. Johnson, and J. A. Robinson (2001): "The Colonial Origins of Comparative Development: An Empirical Investigation," The American Economic Review, 91(5), 1369-1401.
Romer, D. (2011): Advanced Macroeconomics. McGraw Hill, 4rd edn.