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Wustl 5011 2024

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23 views3 pages

Wustl 5011 2024

Uploaded by

franklinmao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Washington University in St Louis Serdar Ozkan

Department of Economics @: serdarozkan@gmail.com


Macroeconomics (MA) Office: Seigle 315E
2024 Fall Office Hours: Th 3-4pm

Course Description Lecture Hours


The objective of this course is to introduce you to the study of
macroeconomics at the advanced level. This means that we will use rigorous
models and employ (dynamic) optimization techniques to present and • Tuesday & Thursday: 4-5.20pm
analyze macroeconomic theories. A common theme across the models we • Siegle L002
will study is that economic aggregates are the equilibrium result of the
optimizing decisions made by rational agents at the individual level. We will TA sessions
employ this rigorous approach, not as an end, but as a means to obtain
disciplined insights into the important questions that trouble
• Will be during the regular class
macroeconomists. The topics we will cover include economic growth, times and announced in
inequality, business cycle fluctuations, employment and unemployment, and advance.
fiscal and monetary policy.

Teaching Assistant
Textbooks
• Advanced Macroeconomics (4th Edition), by David Romer, • Marcos Correa
McGraw Hill, 2012. • Office: Seigle 354
• Frontiers of Business Cycle Research, by Cooley, T. (1995), • Office hour: Wednesdays 2.30-
Princeton University Press. 3.30pm, or by appointment.
• Big Ideas in Macroeconomics: A Nontechnical View, by Kartik B.
Athreya (2014), MIT Press Exam Dates

Evaluation • Exam #1: October 10


• Scheme A: 2 Assignments: 10% + Exam #1: 40% + Exam #2: 50% • Exam #2: December 5
Scheme B: Assignment #1: 5% + Assignment #2: 10% + Exam#1:
35% + Exam#2: 50% Course Website
Total: Maximum of Scheme A and B.
• Late submissions of assignments will not be accepted. If a problem TEACHING.serdarozkan.me
set is not handed in on time, for a justified and documented reason,
The website will be used
the weight will shift to the second exam. extensively for posting
• The exams will be held during class time. There will be no make-up announcements, lecture notes, and
exam for the first test. If you provide appropriate and timely problem sets. Please visit it on a
documentation for the missing the first exam, the weight will be regular basis. The documents on
transferred to the next exam. the website are password protected.
• The second exam will include all the material covered in the course. Password: ma2024

Macroeconomics (MA) 2024 Fall 1


Preliminary (and Tentative) List of Topics and Reading List

#1: Introduction and Modern Macroeconomics Framework

• Prescott E.C., The Transformation of Macroeconomic Policy and Research, 2004 Nobel Prize
Lecture.
• Jesus Fernandez-Villaverde and Dirk Krueger, Macroeconomics Notes: Chapter 4 and Chapter 5.
• Dirk Krueger, Macroeconomic Theory: Chapter 2

#2: Solow Growth Model

• David Romer, Advanced Macroeconomics: Chapter 1

#3: Neoclassical growth model and Overlapping Generations Model

• David Romer, Advanced Macroeconomics: Chapter 2


• Dirk Krueger, Macroeconomic Theory: Chapter 3 and Chapter 8

#4: Endogenous Growth Models: The AK Model, Human Capital Model, R&D Model

• David Romer, Advanced Macroeconomics: Chapter 3


• Jesus Fernandez-Villaverde and Dirk Krueger, Macroeconomics Notes: Chapter 4 and Chapter 9.

#5: Cross-country Income Differences

• David Romer, Advanced Macroeconomics: Chapter 4


• Mankiw, Gregory, David Romer, and David Weil (1992) "A Contribution to the Empirics of
Economic Growth," Quarterly Journal of Economics, vol. 107, pp. 407-437
• Pritchett, Lant (1997), “Divergence, Big Time”, Journal of Economic Perspectives, 11(3), pp.3-17.
• Acemoglu, Daron, and Robinson, James A. 2000. “Political Losers as a Barrier to Economic
Development.” American Economic Review 90 (May): 126–130.
• Albouy, David. 2008. “The Colonial Origins of Comparative Development: An Investigation of the
Settler Mortality Data.” National Bureau of Economic Research Working Paper No. 14130.
• Caselli, Francesco, and Feyrer, James. 2007. “The Marginal Product of Capital.” Quarterly Journal
of Economics 122 (May): 535–568.
• Hsieh, Chang-Tai, and Klenow, Peter J. 2009. “Misallocation and Manufacturing TFP in China
and India.” Quarterly Journal of Economics, 124 (4): 1403-1448.
• Jones, Benjamin F., and Olken, Benjamin A. 2005. “Do Leaders Matter? National Leadership and
Growth since World War II.” Quarterly Journal of Economics 120 (August): 835–864.
• David Lagakos 2013. Explaining Cross-Country Productivity Differences in Retail Trade, Journal
of Political Economy
• Schmitz, James A., Jr. 2005. “What Determines Productivity? Lessons from the Dramatic
Recovery of the U.S. and Canadian Iron Ore Industries Following Their Early 1980s Crisis.”
Journal of Political Economy 113 (June): 582–625.

Macroeconomics (MA) 2024 Fall 2


#6: Inequality and Macroeconomics

• Per Krusell, Lee Ohanian, Jose-Victor Ríos-Rull and Gianluca Violante (2000). Capital-Skill
Complementarity and Inequality: A Macroeconomic Analysis, Econometrica
• Acemoglu, Daron, and David Autor. "Skills, tasks and technologies: Implications for employment
and earnings." In Handbook of labor economics, vol. 4, pp. 1043-1171. Elsevier, 2011.

#7: Business Cycle Facts

• David Romer, Advanced Macroeconomics: Chapter 5


• Cooley, Thomas, and Edward Prescott (1995), “Economic Growth and Business Cycles,” Ch.1, in
Frontiers of Business Cycle Research, by T.Cooley (ed), Princeton University Press.

#8: Real Business Cycle Theory

• David Romer, Advanced Macroeconomics: Chapter 5


• Cooley, Thomas, and Edward Prescott (1995), “Economic Growth and Business Cycles,” Ch.1, in
Frontiers of Business Cycle Research, by T.Cooley (ed), Princeton University Press.
• Imrohoroglu, Ayse. "Welfare costs of business cycles." The New Palgrave Dictionary of
Economics, (2008)

#9: Monetary Business Cycle Models and 3 Equation New Keynesian Model

• Cooley, Thomas F., and Gary D. Hansen (1995), “Money and the Business Cycle,” Ch.7, in
Frontiers of Business Cycle Research, by T.Cooley (ed), Princeton University Press.
• David Romer, Advanced Macroeconomics: Chapter 6 & 7
• Eichenbaum, Martin S., Sergio Rebelo, and Mathias Trabandt. The Macroeconomics of Epidemics.
No. w26882. National Bureau of Economic Research, 2020.

#10: Unemployment and Labor Search Models

• David Romer, Advanced Macroeconomics: Chapter 10

#11: Economies with Heterogenous Households: Permanent Income Hypothesis (PIH) and
Standard Incomplete Markets (SIM) Models

• Hall, Robert E. (1978): “Stochastic Implications of the Life-Cycle/Permanent Income Hypothesis:


Theory and Evidence,” Journal of Political Economy, 96, 971–87
• Huggett, M. (1993): “The Risk-Free Rate in Heterogeneous-Agent Incomplete-Insurance
Economies,” Journal of Economic Dynamics and Control, 17, 953–969.
• Aiyagari, S. R. (1994): “Uninsured Idiosyncratic Risk and Aggregate Saving,” The Quarterly
Journal of Economics, 659–684.

Macroeconomics (MA) 2024 Fall 3

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