Courses Master Display 2013-2014

Course Description To PDF
Course title Equilibrium Theory
Course code EBC4147
ECTS credits 6,5
Assessment None
Period
Period Start End Mon Tue Wed Thu Fri
2 28-10-2013 20-12-2013 C
Level Advanced
Coordinator Giacomo Valletta
For more information: g.valletta@maastrichtuniversity.nl
Language of instruction English
Goals
Learn to think about the economy as a system of interacting markets.
Understand the notion of equilibrium and its basic welfare properties.
Learn about the positive theory of equilibrium and its foundations.
Understand general equilibrium models with time, uncertainty, money, price rigidities, and coordination failures.
Description
The course starts with the familiar treatment of competitive equilibrium, first, and second welfare theorem, and the core.
Next important properties of equilibrium like existence, local uniqueness, uniqueness, comparative statics, and tâtonnement stability are studied.
We show how time and uncertainty can be incorporated in a general equilibrium model, leading to models with financial markets and overlapping generations, both important
building blocks of finance and macroeconomics. The course concludes with a treatment of state-of-the-art topics like time-inconsistent preferences, money, and coordination failures.
Literature
Prerequisites
Microeconomics at the level of Mas-Colell, Whinston and Green; "Microeconomic Theory"
Teaching methods (indicative; course manual is definitive) PBL
Assessment methods (indicative; course manual is definitive)
Evaluation in previous academic year For the complete evaluation of this course please click "here"
This course belongs to the following programmes / specialisations
Master Business Research Free Electives
Master Business Research Track OR Free Electives
Master Economic and Financial Research Track Econometrics Economic Theory, Behaviour & Computing
Master Economic and Financial Research Economic Theory, Behaviour & Computing