Macroeconomic Theory II (ECO-2202):
Spring 2026
February 2, 2026
Instructor: Priyam Verma
Email: [Link]@[Link]
Teaching Fellow:
• Tushar Misra (tushar.misra_tf@[Link] )
Teaching Assistants:
• Sneha Gupta (sneha.gupta_ug25@[Link] )
• Shreya Anand (shreya.anand_ug25@[Link])
Class Days and Timing: Mondays and Wednesdays;
08.30-10.00 AM (Section 5) - AC 01 LR 106
11:50-13:20 PM (Section 6) - AC 02 LR 107
Office hours: Mondays, 16.00-18.00 (by appointment - link)
1 Overview
This is the second course in the Macroeconomics sequence at the undergraduate level.
The focus of this course is studying economic outcomes in the long run. We will
primarily be learning about theoretical models pertaining to economic growth and
current empirical patterns associated with it. We will discuss the different sources
of growth: technological change, accumulation of physical and human capital, pop-
ulation growth, geography and institutions. Toward the end of the semester, we
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shall also consider consumer-savings problems, which form the backbone of modern
macroeconomics, in simplified settings.
Students are expected to be well versed with the mathematical concepts of functions,
derivatives, integrals and ordinary differential equations.
2 Prerequisites
Mathematics for Economics (ECO 2101) and Macroeconomic Theory I (ECO 2201).
3 Lectures
Lectures are scheduled for Mondays and Wednesdays from 08:30-10:00 am (section
5) and from 11:50 am to 13:20 pm (section 6).
Google Classroom will be our mode of communication, with the link available on
AMS.
Attendance is strongly encouraged.
3.1 Discussion sections
The TF for the course will conduct discussion sessions every week at a time to be
determined. They will go over some of the material in the section and answer your
queries. Attendance to discussion sessions is strongly encouraged.
3.2 Office Hours policy
I shall hold office hours in my office (833) on the 8th floor of AC-04. I will share a
link to schedule appointments on Google Calendar in the first week of the course.
I request you to please write me an email beforehand about the topics you would like
to discuss if you plan to meet me during office hours.
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4 Materials
The following two textbooks are required for this course. You should obtain a hard
or a soft copy of the books.
1. Introduction to Economic Growth, by Charles I. Jones and Dietrich Vollrath
(3rd edition)
2. Economic Growth, by David N Weil (3rd edition)
Other books that you might benefit from reading include:
• Unified Growth Theory, by Oded Galor (Princeton University Press, 2011)
• The Elusive Quest for Growth, by William Easterly (MIT Press, 2002)
• The Mystery of Economic Growth, by Elhanan Helpman (Academic Founda-
tion/Harvard University Press, 2005)
• Why Nations Fail: The Origins of Power, Prosperity and Poverty, by Daron
Acemoglu and James A. Robinson (Profile Books, 2013)
• Why Growth Matters, by Arvind Panagariya and Jagdish Bhagwati (PublicAf-
fairs, 2013)
5 Grading
Student grades have the following four components, with weights in parenthesis:
• Homework (20%): No more than three problem sets shall be assigned, that can
be submitted by groups of no greater than three students. They are intended
to test your ability to apply concepts taught during the lectures.
• Midterm exam (40%): The midterm examination is scheduled to be held on
26th February 2026 between 10 and 11:30 am and will cover all topics dis-
cussed in class till then.
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• Final exam (40%): The final examination will be cumulative and will be held
at the end of the semester.
Please submit/upload all documents in a pdf format. If submitting as part of a
group, ensure that one student submits on behalf of the group and that the names of
all group members are clearly stated on the first page of the document.
The midterm exam is an assessment on the syllabus covered until the date of the
exam.
Homework would involve problem-solving as well as some data analysis. Homework
can be submitted in groups of three. There would be a penalty if two problem sets
are found to be very similar to one another.
Grading Scheme
Course grades will be assigned as per the Ashoka University grading system.
If a student misses any assessment or deadlines, the weightage of the assessment will
be added to the midterm and/or final exam.
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6 Prospective Outline
Weekly class topics are subject to change, contingent on mitigating circumstances
and progress made. Students are encouraged to attend all lectures and check the
course website for updates.
Week 01: Syllabus and Introduction (Galor 2005; Galor 2011,
ch. 1 and 2
• Overview of Course Details
• Empirical patterns
• Growth in historical perspective
Weeks 02-04: The Solow Model and its empirical applications
(Jones and Vollrath 2011, ch. 2 & 3)
• The Solow Model
• Growth Accounting
• Human Capital and Empirical Applications
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Week 05: Population and Human Capital (Weil 2012, ch. 4
and 6
Week 06: Economics of Ideas; Engines of Growth (Jones and
Vollrath 2011, ch. 4 and 5); MIDTERM
Week 07: Engines of Growth; Simple Model of Growth and
Development (Jones and Vollrath 2011, ch.5 and 6)
Week 08: Simple Model of Growth and Development; Tech-
nology Transfer and Barriers to Technology Adoption; Open
Economy (Jones and Vollrath 2011, ch.6; Weil 2012, ch. 8 and
11)
Week 10: Introduction to consumption-savings problems
Week 11-12: Recent topics in Growth: Structural Transforma-
tion & Misallocation; Summary
Supplementary readings
• Restuccia and Rogerson 2017
• Herrendorf, Rogerson and Valentinyi 2014, sections 1-2
7 Additional Information
7.1 Policies on Missing Deadlines
You need to have a valid documented excuse and notify me in advance if you are
missing a specified deadline. The validity of the excuse is entirely within my discre-
tion.
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7.2 Re-grading Policy
I will discuss and correct any grading issues you have, provided the following con-
ditions are met: You have submitted, via email, a brief paragraph detailing 1. any
grading issues and 2. how you believe they should be corrected (I will not discuss
regrading issues in class). If I agree your complaint is valid, I will then re-grade the
entire assignment. Note that your score may go down. All re-grading requests must
be submitted no later than 3 days after the date the assignment has been returned
to you/the score has been assigned.
7.3 Academic Misconduct
The term "academic misconduct" includes all forms of student academic misconduct
wherever committed; illustrated by, but not limited to, cases of plagiarism and dis-
honest practices in connection with examinations or assignments. If you are found
cheating you will get an automatic F in the course. This is non-negotiable.