This lecture gives an overview of basic and advanced theoretical models of economic growth. We focus on questions like: Can we assume that all countries will grow at the same rate in the long run? What are the drivers for long-run growth? What are the challenges to modelling growth dynamics? Topics include the following: Economic convergence of countries, the Solow-Swan model, the Ramsey model, one- and two-sector models of endogenous growth, a model with expanding varieties, the Schumpeterian model of growth, diffusion of technology, and growth accounting.
At the end of the lecture, students are able to understand and apply exogenous and endogenous economic growth models for further research analysis. The problem sets are additional mathematical examples to give students a better understanding of the lecture.
The course requires prior knowledge of the lecture "Introduction to Adv. Macroeconomics".