ECON 602: Advanced Macroeconomics


Eastern Mediterranean unıversıty
department of economıcs



Department of Economics

Eastern Mediterranean University


Turkish Republic of North Cyprus

Phone: +90 392 630 1548  (Internal: 1548)

Fax: +90 392 365 1017


Web site:

There are just two themes in this course:


Once one starts to think about [economic growth], it is hard to think about anything else.

Robert Lucas (1988)


Though there is absolutely no theoretical reason to anticipate  it, one is led by the facts to conclude that, with respect to the  qualitative behavior of comovements among series (economic  variable), business cycles are all alike. To theoretically inclined  economists, this conclusion should be attractive and challenging, for it suggests the possibility of a unified explanation of business  cycles, grounded in the general laws governing market  economies, rather than in political and institutional  characteristics specific to particular countries or periods.”

Robert Lucas (1977)