FWIW I’m a grad student in econ, and in my experience the undergrad and graduate macro are completely different. I recall Greg Mankiw sharing a similar sentiment on his blog at some point, but can’t be bothered to look it up.
What do you mean by ‘content’ here? The basic narrative each model tells about the economy?
I think I agree with you. The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic—i.e. a sequence of equilibria over time instead of just one.
What do you mean by ‘content’ here? The basic narrative each model tells about the economy?
Right. Plus most undergrad models have an analog in grad macro, i.e. the AD-AS model and the New Keynesian model, or Quantity theory of money and a basic cash in advance model.
The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic
True in general. Some intermediate macro courses use a two-period framework to explore basic dynamics. Williamson’s textbook does this.
FWIW I’m a grad student in econ, and in my experience the undergrad and graduate macro are completely different. I recall Greg Mankiw sharing a similar sentiment on his blog at some point, but can’t be bothered to look it up.
I would say that undergrad and grad econ are very different methodologically (at least at most schools), but a lot of the content is the same.
Stephen Williamson’s intermediate macro textbook tries to bring in a lot of grad-level models/concepts, albeit in a “toy” form.
What do you mean by ‘content’ here? The basic narrative each model tells about the economy?
I think I agree with you. The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic—i.e. a sequence of equilibria over time instead of just one.
Right. Plus most undergrad models have an analog in grad macro, i.e. the AD-AS model and the New Keynesian model, or Quantity theory of money and a basic cash in advance model.
True in general. Some intermediate macro courses use a two-period framework to explore basic dynamics. Williamson’s textbook does this.