Modélisation Macroéconomie (L3 - cours annuel 24 h+6 hTD)

Le cours est une introduction à la macro-dynamique et à la théorie de la croissance. Le but est double. Le premier objectif du cours est de donner une compréhension de la consommation, de l’épargne et de l’investissement, ainsi que des mécanismes gouvernants l'évolution de long terme de la productivité et de la rémunération des facteurs de production, l'accumulation du capital et le progrès des connaissances. Le second objectif du cours est de donner de solides bases techniques aux étudiants : optimisation sous contraintes en forme d’inégalité ; modélisation des phénomènes dynamiques en temps continu : équations différentielles; diagramme des phases; théorie du contrôle optimal (principe du maximum de Pontryagin). Ces deux objectifs complémentaires sont destinés à préparer au mieux les élèves économistes de l'Ens Paris-Saclay à l’intégration dans les masters de l’Université Paris Saclay

Plan du cours : I. Consommation et épargne. II. Investissement et marchés financiers. III. Faits stylisés sur la croissance. IV. Croissance et accumulation du Capital.

 

Intertemporal Choice: Theory and Applications (Master in Economics - M2 24h) (Course delivered at ENSAE)

Intertemporal choice concerns any decision process that involves future consequences.
From a technical point of view, the objective is to provide students with an advanced understanding of dynamic optimization with a focus on continuous time modeling and optimal control theory (Pontryagin maximum principle). The course emphasizes technical difficulties that researchers encounter frequently when they model real economic problems and proposes efficient solutions (free endpoint program, free ending time problem, transversality conditions, discontinuities, constraints on control and state variables, scratch value, endogenous date of regime change, etc.).
As part of the Macroeconomic specialization field, the course emphasizes the life cycle of consumption and savings as the canonical model of intertemporal choice and draws practical examples from this literature and its generalization to health, education and social security. The course also deals with important problems in behavioral economics: memory, addiction and time consistency.
The notions and methods discussed in this course can also be useful for students from other fields than macroeconomics, especially Financial economics, Economic theory, Public economics, Labor Economics or students interested in specific topics, such as dynamic oligopoly or environment.

Outline: I. General introduction (1. Optimal control in economics and management. 2. A two period model of intertemporal Choice. 3. Mathematical prerequisites).II. Optimal control. (1. Basic problem: necessary and sufficient condition for optimality. 2. Free endpoint end free ending time problems, scratch values. 3. Constraints on the state and control variables. 4. Infinite horizon. 5. Multidimensional problem.III. Various topics in life cycle theory. (1. Consumption vs investment : a continuous time Fisherian separation theorem. 2. Education, 3. Health, 4. Uncertain lifetime. 5. Labor and Social security.). III. Various topics in behavioral intertemporal choice. (1 A brief introduction to the axiomatic of intertemporal preferences, 2. Time consistency, 3. Memory and Addiction).