Development Economics: Macroeconomic Approach



Credits / Language / Semester

2Credits / English / Winter


The theme of this course is to introduce a number of growth models and their empirical applications. Growth models shed light on the process of economic development. The objectives of the course are both to familiarize students with a number of well-known models and to examine their applicability.


Economic Development, Growth models, Macroeconomics, Econometric analysis


1. Stylized Facts of Economic Growth and Development
2. Introduction to the Harrod=Domar Model
3. The Harrod=Domar Model and the Two-Gap Model
4. The Growth Accounting
5. Introduction to the Solow Model
6. The Solow Model
7. The Convergence Hypothesis and Empirical Results
8. Introduction to the Endogenous Growth Model
9. The AK Model
10. The Lucas Model
11. The Endogenous Growth Models and the Data
12. The Experience of the East Asian Economies

Teaching Methods

I will use Power Point Slides.


Problem sets (10 points *3) + Final exam (70 points) =100 points
Attendance and participation while not assigned a point value are nonetheless important in determining the final grade.

Required Textbooks

To be announced at the first class.

Reference Books

Jones, Charles I. (2002), Introduction to Economic Growth, 2nd edition, Norton.
Barro, Robert J. and Xavier Sala-i-Martin (2004), Economic Growth, 2nd edition, MIT press.
Acemoglu, Daron (2009), Introduction to Modern Economic Growth, Princeton University Press.
Ray, Debraj (1998), Development Economics, Princeton University Press.

Notes on Taking the Course

Basic knowledge of differentiation and integral calculus is necessary. Basic knowledge of econometrics is also needed, and assumptions of the multiple regression model should be understood by students.

There will be no office hours; I work at another university.

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