14.452 Economic Growth, Fall 2009
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This half semester class presents an introduction to macroeconomic modeling, focusing on the theory of economic growth and some of its applications. It will introduce a number of models of non-stochastic and stochastic macroeconomic equilibrium. It will use these models to shed light both on the process of economic growth at the world level and on sources of income and growth differences across countries.
economic growth, development, modern, world income distribution, Solow growth model, income differences, neoclassical growth, optimal and competitive allocations, welfare theorems, overlapping generations, dynamic efficiency, growth under uncertainty, incomplete markets, neoclassical endogenous growth, capital accumulation, externalities, human capital, endogenous growth, expanding input varieties, directed technical change, endogenous skill-bias technological change, endogenous labor-augmenting technological change, interdependences, technology diffusion, open economy, trade
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