Macroeconomics 1


This course introduces the fundamental concepts of microfounded macroeconomic models. It addresses two main themes, the theories of growth and the effects of fiscal policy, through continuous-time models with a representative agent or overlapping generations. It pays a particular attention to normative issues concerning the Pareto efficiency of the market equilibrium and the role of economic policies.


General introduction
Part 1 : exogenous growth theories
Chapter 1 : the growth model with an exogenous saving rate (Solow-Swan)
Chapter 2 : the growth model with an endogenous saving rate (Cass-Koopmans-Ramsey)
Part 2 : endogenous growth theories
Chapter 3 : the growth model with learning by doing (Romer, 1986)
Chapter 4 : the growth model with variety of goods (Romer, 1990)
Part 3 : effects of fiscal policy
Chapter 5 : fiscal policy in the representative-agent model (Cass-Koopmans-Ramsey)
Chapter 6 : fiscal policy in the overlapping-generations model (Weil)
General conclusion


Aghion, P., et P. Howitt (2010), “L'économie de la croissance”, Economica [67 AGH 00 F]Barro, R. J., et X. Sala-i-Martin (2004), “Economic Growth”, 2ème édition, MIT Press [67 BAR 00 B]Heijdra, B. J., et F. van der Ploeg (2002), “Foundations of Modern Macroeconomics”, Oxford University Press [65 HEI 00 A]Romer, D. (2006), “Advanced Macroeconomics”, 3ème édition, McGraw-Hill [65 ROM 00 A]