Last Update: Lecture 10 notes are posted | MTNotes’ Preparation Stage: Chapter 5 (Posted: Monday, February 06, 2012)
|
|
Economics 331: Intermediate Macroeconomic Theory Instructor: Pavel Kapinos Office: Willis 322 Email: pkapinos@carleton.edu Office hours: Tu, We 3-5; appt |
|
|
Essentials:
Syllabus
Greek Alphabet
Macro Theory Notes (MTNotes) | Disclaimer: These notes are a work in progress. Please do not print out the whole set at once, as contents will be updated throughout the course. If you do want to print some pages, please do so only for the material that has been assigned for the given lecture. If you feel that there is a typo or a point that really needs to be clarified, please let me know ASAP. Thanks!
|
Date |
Lecture |
References: Required | [Recommended] |
|
January 5 (Th) |
Lecture 1:Course Overview | Intro to Modern Macro |
Jones 1, 2 | MTNotes 1.1—1.3.4 | [Jones 15] |
|
January 10 (Tu) |
Lecture 2: Intro Continued—General Equilibrium |
MTNotes 1.4—1.5 | [Wiczer notes on precautionary savings and borrowing constraints] |
|
January 12 (Th) @12:30 |
Lecture 3: Overview of Economic Growth | The Malthusian Model |
Jones 3 | Galor (2005), Sections 1 and 2 | MTNotes 2.1—2.2 | Malthus.xlsx | [Money, Happiness, and Bulgaria—an Economist update] | [4 minute overview of the history of economic development] |
|
January 12 (Th) @2:30 |
Lecture 4: Exogenous Growth Theory: The Solow Model |
Jones 4, 5 | MTNotes 2.3 |
|
January 17 (Tu) |
Lecture 5: Endogenous Growth Theory: The Romer Model |
Jones 6 |
|
January 19 (Th) |
Lecture 6: Market Failure | Dynamic Optimization | Endogenous Growth Theory: The AK Model | [Human Capital and Growth] |
MTNotes 1.3.5, 1.4.2-1.4.3, 2.5 |
|
January 24 (Tu) |
Lecture 7: From Growth to Business Cycle Fluctuations: Business Cycles and the Labor Market | History of Macroeconomic Thought |
Jones 7 | MTNotes 3 | [Carlin
and Soskice 2.5-6] | [Autoregressive
processes] | [RBC model without
capital] | [RBC model with
capital] | [US GDP decomposition] |
|
January 26 (Th) |
Lectures 1—6; Problem Sets 1—3 | Old midterms: Winter ’08, Spring ’08, Winter ’10, Spring ’10, Winter ‘11, Spring ‘11 | Disclaimer: Old exams may not be representative of the material on the upcoming ones. |
|
|
January 31 (Tu) |
Lecture 8: Inflationary Dynamics in the Long Run | Inflationary Dynamics in the Short Run: Phillips Curve |
Jones 8, 9 | MTNotes 4.1-4.4 | disinflation.xls |
|
February 2 (Th @ 8:15am) |
Lecture 9: Output Gap Dynamics: IS Curve | Inflation Targeting and Introduction to Monetary Policy |
Jones 10 | MTNotes 4.5-4.7 |
|
February 7 (Tu) |
Lecture 10: Monetary Policy in a Static New Keynesian Model |
Jones 11 | MTNotes 5 | Workbook
(read the paper and use the Excel file, questionnaire is strongly recommended,
technical appendix is not required) | [Kapinos and Wiczer (2010)—Overview of Inflation Targeting (unproofed
version)] | [Conic
sections and their application in Agora] |
|
February 9 (Th) |
Lecture 11: Adaptive Inflationary Expectations and a Dynamic Model of Monetary Policy Conduct: Major Events in the US Macroeconomic History |
Jones 12 | Lecture
notes | [Dealing
with Recessions: An Overview] |
|
February 14 (Tu) |
Lecture 12: Financial Crisis and the Liquidity Trap |
Jones 13, 14 | Monetary Policy Game | The
Living Yield Curve | [Bernanke
Grilled on Inflation] |
|
February 16 (Th) |
Lecture 13: Issues in Monetary Dynamics: Inflationary Bias; Myopia, Discretion, and Commitment; Preemptive Easing |
MTNotes 7 | Lecture notes |
|
February 21 (Tu) |
Lecture 14: Fiscal Policy I |
Jones 15 | Carlin
and Soskice 6.3-4 | [Co-chairman
of the deficit commission weighs in on the problems with the modern youth] |
|
February 23 (Th) |
Midterm II |
Lectures 1—13; Problem Sets 1—6 | Old midterms: Winter ’08, Spring ’08, Winter ’10, Spring ’10, Winter ‘11, Spring ‘11 | Disclaimer: Old exams may not be representative of the material on the upcoming ones. |
|
February 28 (Tu) |
Lecture 15: Fiscal Policy II | Open-economy Macro I |
Class notes [Jones
16] | Alternative views of addressing the fiscal crisis: CEAs, Stiglitz |
|
March 1 (Th) |
Lecture 16: Open-economy Macro II |
Jones 17 | Class
notes | Romer on the Dollar |
|
March 6 (Tu) |
Lecture 17: Open-economy Macro III |
Class notes [Jones
18] | Krugman
on the state of macro | Cochrane’s
response to Krugman | Kocherlakota on the state of macro |
|
March 12 (Mo) @ 7-9:30pm |
Final |
Everything |
Problem Sets:
Problem Set 1, due Thu
1/12 | Solution
Problem Set 2, due Thu 1/19 | Solution
Problem Set 3, due Tue 1/24 | Solution
Problem Set 4, due Thu 2/9 |
Problem Set 5, due Thu 2/16 |
Problem Set 6, due Tue 2/21 |
Problem Set 7, due Thu 3/8 |
Problem Set 8—optional, ungraded, does not have to be turned it
Links:
Macroeconomic updates: Global
Economic Forum by Morgan Stanley
Financial and Economic News: CNN Money,
Economist, Wall
Street Journal
Nobel Prize Laureates in
Economics
FRED II database by the
Federal Reserve Bank of Saint Louis (U.S. data)
Penn World Table Database by the
Center for International Comparisons at the University of Pennsylvania
Mankiw Blog,
Krugman
Blog