The course offers an introduction into dynamic macroeconomics. Topics covered include the empirical measurement and characterization of business cycles, and an introduction into dynamic macro modelling (Real Business Cycle and New Keynesian models). In this introductionary part, a particular focus will lie on deriving and understanding the parallels with undergraduate macroeconomic models and on understanding the effects of macroeconomic policy. Selected other topics (depending on what time allows) covers an overview of Macro Models with Financial Frictions, Macro Labor (Search and Matching), Open Economy Applications. An introduction into using and applying 'packages' to solve Dynamic Stochastic General Equilbrium models (in Dynare/Matlab) will also be given.

Upon completion of this course students have a basic understanding of macroeconomic analysis in a dynamic setting.

Attendance is compulsory. A maximum of 4 course hours (2 absences) are allowed to be missed.

The course is mainly lecture-based. Regular homework assignment and exercises (in groups) will be used to deepen the understanding of the materials discussed.

Grading is based on:

· Over the course, 2 assignments in groups, 22.5 points each (45 points in total)

· Active course participation (5 points)

· Final exam (50 points), you need to score at least 50% of the points

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A solid knowledge of undergraduate macroeonomics (IS-LM-AS-AD) is a prerequisite.

A review of some mathematical methods (derivatives, static optimization w.r.t. equality constraints, Taylor series expansions,...) is strongly advised.

no regular office hours, please make an appointment

email: katrin.rabitsch@wu.ac.at