Econ 502: Macroeconomic Theory

Course Module Home Page
Macroeconomic Coordination
(Master's Level)

Last Updated: 30 November 2003
Latest Course Module Offering: Fall 2003 (Nov 11th - End of Semester)
Course Module Meeting Time and Place:

Tuesdays and Thursdays, 11-12:50pm, Food Science 2319

Course Module Instructor:
Professor Leigh Tesfatsion
Department of Economics
Iowa State University
Ames, Iowa 50011-1070
(515) 294-0138
http://www.econ.iastate.edu/tesfatsi/
tesfatsi@iastate.edu

Instructor's Office and Office Hours:
Heady 375, TR 1-2:30pm and by appointment.

Teaching Assistant:
Ms. Chengyan Yue
Office: 280A Heady
Office Telephone: (515) 294-6989
Office Hours: TRF 10-11am
yuechy@iastate.edu

Course Module Syllabus (Topics, Discussion Questions, and Readings):
http://www.econ.iastate.edu/classes/econ502/tesfatsion/syl502t.htm
General Resource Site for Macro and Financial Economics:
http://www.econ.iastate.edu/tesfatsi/sources.htm

Course Module Objectives

From Keynes' General Theory (1936) through the mid-nineteen seventies, macroeconomic models primarily consisted of highly aggregated relationships for consumption, investment, and other key economic activities using some version of the IS-LM framework. Over the past twenty-five years, however, macroeconomic theorists have developed a variety of different macroeconomic models that are based more explicitly on microfoundations. These models include: (1) new classical macro models based on rational expectations and a Walrasian conception of continual market clearing; (2) post-Walrasian macro models based on bounded rationality, asymmetric information, and possible market disequilibrium; and (3) agent-based computational economic models in which macroeconomic regularities are viewed as evolving (by chance, necessity, and design) from the interactions over time of autonomous microeconomic agents with learning capabilities.

This course module will focus on macroeconomic coordination issues for decentralized market economies. After an introductory discussion of these issues, we will critically investigate the distinct ways in which these issues are addressed by each of the three modeling approaches outlined above. Each approach will be examined for logical coherence, empirical relevance, and practical policy implications.

Course Module Organization

Disability Statement

If you have a disability and require accommodations for this course, please contact the instructor early in the semester so that your learning needs can be appropriately met. You will need to provide documentation of your disability to the Disability Resources (DR) office, located on the main floor of the Student Services Building, Room 1076, 515-294-6624.

Copyright © 2003 Leigh Tesfatsion. All Rights Reserved.