This course is devoted to the analysis of growth and cycles. The first part presents stylized facts about economic growth in the long term in a historical and an international perspective. Then theoretical and empirical approaches are used to shed light on the industrial revolution of the eighteen and the nineteen centuries and on the economic growth of modern economies. The second part analyzes cycles with applications to monetary policy and international economics.

Syllabus:

The source of economic growth

Saving, accumulation of capital and growth

Technological progress and creative destruction

Growth and unemployment

Cycle : stylized facts

Keynesian cycles and Lucas’ critic

Real cycles and optimal fluctuations

International cycles

Cycles and monetary policy


References:
Aghion, P. and Howitt, P. (1998), Endogenous Growth Theory, MIT Press.
Barro, R. and Sala-I-Martin, X. (2003), Economic Growth, McGraw-Hill Advanced Series in Economics.
T. Cooley and E. Prescott , Chapter 1, Frontiers of Business Cycle Research, Princeton University Press
Hairault, J.O. 1995, Les Fluctuations conjoncturelles, Economica
R. King and S. Rebelo , (2000), Resuscitating Real Business Cycles, Handbook of Macroeconomics.

Course taught in English

Last Modification : Wednesday 30 November 2011