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Tuesday Thursday 11-12:30, 608-7 Evans
A. The Solow Model
David Romer, Advanced Macroeconomics, ch. 1.
David Romer, "The Environment and Economic Growth."
B. The Ramsey Model
David Romer, Advanced Macroeconomics, §§2.1-2.7
C. The Diamond Model
David Romer, Advanced Macroeconomics, §§2.10-2.14
David Romer, Advanced Macroeconomics, ch. 3, pt. A
Michael Kremer (1993), "Population Growth and Technological Change: One Million B.C. to 1990," Quarterly Journal of Economics 108 (August), pp. 681-716.
Charles Jones (1995), "Time Series Tests of Endogenous Growth Models," Quarterly Journal of Economics 110 (May), pp. 495-525
William Nordhaus (1997), "Do Real Output and Real Wage Measures Capture Reality?: The History of Light Suggests Not," in Timothy Bresnahan and Robert Gordon, eds., The Economics of New Goods (Chicago: University of Chicago Press), pp. 29-66.
Charles Jones and Robert Hall (1998), "Why Do Some Countries Produce So Much More Output per Worker than Others?"
Andrés Rodriguez-Clare and Peter Klenow (1997), "The Neoclassical Revival in Growth Economics: Has It Gone Too Far?" NBER Macroeconomis Annual 12, pp. 73-103.
Jeffrey Sachs and Andrew Warner (1995), "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity 1, pp. 1-95.
Stephen Parente and Edward Prescott(1997), "Monopoly Rights: A Barrier to Riches."
Tuesday Mar 9: Some Facts About Economic Fluctuations
David Romer, Advanced Macroeconomics, pp. 146-50.
Christina Romer (1994), "Remeasuring Business Cycles," Journal of Economic History 54: pp. 19-39.
Olivier Blanchard (1981), "What Is Left of the Multiplier Accelerator?" American Economic Review 71 (May): pp. 150-4.
Thursday Mar 11: Midterm
Tuesday Mar 16: Zero-Capital RBC Models
David Romer, Advanced Macroeconomics, pp. 150-64.
Bennett McCallum (1989), "Real Business Cycle Models," in Robert Barro, ed., Modern Business Cycle Theory (Cambridge: Harvard University Press): pp. 16-50.
RBC Problem Set Out
Thursday Mar 18: More General RBC Models
David Romer, Advanced Macroeconomics, pp. 164-83.
John Campbell (1994), "Inspecting the Mechanism: An Analytical Approach to the Stochastic Growth Model," Journal of Monetary Economics 33: pp. 463-506.
Tuesday Mar 30: Extensions and Limitations
David Romer, Advanced Macroeconomics, pp. 183-90.
Data Assignment Out
RBC Problem Set Due
Thursday Apr 1: Introduction to Neo-Keynesian Models
David Romer, Advanced Macroeconomics, pp. 195-205.
J.M. Keynes (1924), Monetary Reform (New York: Harcourt, Brace and Co.), pp. v-vi, 3-69, 81-95, 152-191.
Tuesday Apr 6: Open-Economy IS-LM
David Romer, Advanced Macroeconomics, pp. 205-14.
Rudiger Dornbusch (1976),"Expectations and Exchange Rate Dynamics," Journal of Political Economy 84: pp. 1161-76.
Old Keynesian Problem Set Out
Thursday Apr 8: The Phillips Curve
David Romer, Advanced Macroeconomics, pp. 214-36.
Paul Samuelson and Robert Solow (1960), "Analytical Aspects of Anti-Inflation Policy," American Economic Review 50: pp. 177-94.
Milton Friedman (1968), "The Role of Monetary Policy," American Economic Review 58 (May): 1-17.
Tuesday Apr 13: The Lucas Model
David Romer, Advanced Macroeconomics, pp. 241-55.
Thomas Sargent and Neil Wallace (1976), "Rational Expectations and the Theory of Economic Policy," Journal of Monetary Economics 2.
Robert Lucas and Thomas Sargent (1979), "After Keynesian Macroeconomics," in After the Phillips Curve: The Persistence of High Inflation and High Unemployment (Boston: Federal Reserve Bank of Boston), chapter 19.
Data Assignment Due
Old Keynesian Problem Set Due
Lucas Model Problem Set Out
Thursday Apr 15: Staggered Price Setting
David Romer, Advanced Macroeconomics, pp. 255-76.
Laurence Ball and Stephen Cecchetti (1988), "Imperfect Information and Staggered Price Setting," American Economic Review 78: pp. 999-1018.
Stanley Fischer (1977), "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule, Journal of Political Economy 85: pp. 191-205.
Tuesday Apr 20: Real Rigidities
David Romer, Advanced Macroeconomics, pp. 276-302.
George Akerlof and Janet Yellen (1985), "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia," Quarterly Journal of Economics 100: pp. 823-38.
Andrew Caplin and John Leahy (1991), "State-Dependent Pricing and the Dynamics of Money and Output," Quarterly Journal of Economics (August): pp. 683-708.
New Keynesian Problem Set Out
Lucas Model Problem Set Due
Thursday Apr 22: Inflation and Its Cure
David Romer, Advanced Macroeconomics, pp. 388-412.
Robert Shiller (1997), "Why Do People Dislike Inflation?" in Christina D. Romer and David Romer, eds., Reducing Inflation: Motivation and Strategy (Chicago: University of Chicago Press). Studies in the Quantity Theory of Money (Chicago: U. of Chicago): pp. 25-117.
Laurence Ball (1994), "What Determines the Sacrifice Ratio?" in N. Gregory Mankiw, Monetary Policy (Chicago: University of Chicago Press,): pp. 155-82.
New Keynesian Problem Set Due
Tuesday Apr 27: Stabilization Policy
David Romer, Advanced Macroeconomics, pp. 412-20.
Milton Friedman (1953), "Stabilization Policy: A Theoretical Analysis," in Milton Friedman, Essays in Positive Economics (Chicago: Univerity of Chicago Press).
Finn Kydland and Edward Prescott, (1977) "Rules Rather than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy 87: pp. 473-92.
Thursday Apr 29: Central Banking
Carl Walsh (1995), "Optimal Contracts for Central Bankers," American Economic Review 85: pp. 150-67.
Kenneth Rogoff (1989) "Reputation, Coordination, and Monetary Policy," in Robert Barro., ed., Modern Business Cycle Theory (Oxford: Basil Blackwell, 1989), pp. 236-264.
Mock Exam Out
Tuesday May 4: What We Didn't Cover This Semester...
Thursday May 6: Final Review
Professor of Economics J. Bradford DeLong, 601 Evans, #3880