Courses Master Display 2015-2016
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| Course title | Equilibrium Theory | |||||||||||||||||||||||||||||||||||||||
| Course code | EBC4147 | |||||||||||||||||||||||||||||||||||||||
| ECTS credits | 6,5 | |||||||||||||||||||||||||||||||||||||||
| Assessment | Whole/Half Grades | |||||||||||||||||||||||||||||||||||||||
| Period |
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| Level | Advanced | |||||||||||||||||||||||||||||||||||||||
| Coordinator |
Stefan Terstiege For more information: s.terstiege@maastrichtuniversity.nl |
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| 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. |
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| 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. |
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| Literature |
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| Prerequisites |
Microeconomics at the level of Mas-Colell, Whinston and Green; "Microeconomic Theory"
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| Teaching methods (indicative; course manual is definitive) | PBL / Lecture | |||||||||||||||||||||||||||||||||||||||
| Assessment methods (indicative; course manual is definitive) | Participation / Oral Exam | |||||||||||||||||||||||||||||||||||||||
| Evaluation in previous academic year | For the complete evaluation of this course please click "here" | |||||||||||||||||||||||||||||||||||||||
| This course belongs to the following programmes / specialisations |
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