230383 :Macroeconomics 3 (CentER) 3 ECTS


Voertaal Engels
Werkvorm: lectures, tutorials (Collegerooster)
Tentamenvorm: Written final exam (80%) and regular graded homework assignments (20%). (Tentamenrooster)
Studielast:3 ECTS credits
Blackboard informatieniet beschikbaar in Blackboard


dr. G.C.L. Vannoorenberghe (Coordinator)

dr. B.J.A.M. van Groezen
No photo available
Prof.dr. R. Gerlagh

D.A. Hillrichs

Doel van de cursus (alleen in het Engels beschikbaar)

The first part introduces students to models of overlapping generations while the second part addresses the role of macroeconomics models in the area of climate change.

Inhoud van de cursus (alleen in het Engels beschikbaar)

The first part of the course discusses the overlapping-generations (OLG) model. The OLG model introduces a turnover of households and is a convenient framework to study, e.g. the role of social security in capital accumulation or the impact of government finances on economic activity. The second part of the course discusses the use of macro-economic models in long-term policy areas, specifically climate change and sustainable growth. We discuss the most famous macro-model with climate change used for climate policy analyses (Nordhaus, AER 1993), and recent developments leading to tractable analytical macro models with climate change (Golosov et al., Econometrica 2014). We discuss limitations (e.g. time-consistent preferences for representative consumers) and extensions, e.g. connect these Ramsey-based models to the OLG literature, and to uncertainty.

Bijzonderheden (alleen in het Engels beschikbaar)

Before enrolling all non-CentER students should ask permission from the Director of Graduate Studies in Business. Please send your request for permission to CentER Graduate School at center-gs@uvt.nl.

Verplichte literatuur

  1. Romer, David, Advanced Macroeconomics, New York: McGraw-Hill, 2006 (3rd edition).
  2. Nordhaus, W., Optimal Greenhouse-gas reductions and tax policy in the `DICE’ model, American Economic Review 83, 313-317, 1993.
  3. Golosov, M., Hassler, J., Krusell, P., Tsyvinski, A, Optimal taxes on fossil fuel in general equilibrium, Econometrica 82(1), 41-88, 2014.

Gewenste voorkennis

A solid background in mathematics, especially in calculus, dynamic optimization, and probability theory is required.

Vereiste voorkennis

Quantitative Methods (CentER) Macroeconomics 1 (CentER) and Macroeconomics 2 (CentER)

Verplicht voor

  • Research Master in Business: Finance ( 2015 )

Mogelijk interessant voor

  • Research Master in Business: Finance ( 2017 )