Facoltà di Economia

Aggiornato A.A. 2021-2022

Macroeconomics 1   2021-22

link to teams meeting

https://teams.microsoft.com/l/channel/19%3a558e3d4dd3bc467b9f82f7040e3029d3%40thread.tacv2/General?groupId=cac68e4a-2c22-4015-bbe4-1d43692effa1&tenantId=24c5be2a-d764-40c5-9975-82d08ae47d0e

Robert Waldmann

textbook

Advanced Macroeconomics by David Romer

(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

The purposes of the course are two. The first is to examine the determinants of long term GDP growth trends, with a focus on symple theoretical models which attempt to explain the fact that growth has continued without apparent limit and with a roughly constant ratio of GDP to capital. The second is to develop the tools which will be used in macroeconomics II to understand the business cycle and in particular to evaluate models of consumption saving choice under uncertainty and of investment with installation costs.

Growth

Lecture 1) Solow Model Review

Chapter 1 pp. 5-33

Lecture 2) The Ramsey Cass Koopmans Model I

Chapter 2 pp. 38-52

Lecture 3) Ramsey Cass Koopmans Model II

Chapter 2 pp. 52-72

Lecture 4) The Romer 86 model

Chapter 3 pp. 116-117.

Lecture 5) The Romer 90 model I

Chapter 3 pp 95-110.

Lecture 6) The Romer 90 model II

Chapter 3 pp 111-116, pp 118-126

Lecture 7) Human Capital and Growth

Chapter 3 pp 126

Consumption and Investment

Lecture 10) Stochastic implications of the Permanent Income Hypothesis.

Chapter 7 pp. 310-328

Lecture 11)The Consumption CAPM

Lecture 12) The overlapping generations model with money

Chapter 2 pp. 72-88

Lecture 13) Exercise session

Lecture 14) What I really believe about consumption.

Lecture 15) Fixed Capital Investment and Tax Policy

Chapter 8 pp. 345-364

Lecture 16) Residential fixed capital investment and Inventory investment

Blinder, A "Inventories and the Structure of Macro Models," American Economic Review vol 71 pp 11-16 (May 1981).

Lecture 17) What I really believe about investment

Lecture 18) Exercises and review.

This below is a guide to the unfortunately confused and alphabetically ordered materiale didattico

The section "Behavioral" is for another course and 
not your problem.

The Notes correspond to lectures as follows

Lecture 1 =  Solownote
Lecture 2 =  Solow
Lecture 3 = Ramsey Cass Koopmans
Lecture 4 = Ramsey Cass Koopmans with optimal control
Class 5  = exercize session (done on the spot then posted)
Lecture 6 =  Romer 86 
Lecture 7 =  human capital 
Lecture 8 = Romer 90
Class 9 = exercize session (done on the spot then posted)

Lecture 10 = Consumption 
Lecture 11 = Consumption II precautionary saving and consumption CAPM
Lecture 12 = OLG
class   13 = exercize session (done on the spot then posted)
Lecture 14 = what I think about consumption
Lecture 15 = Q Model of Investment
Lecture 16 = Q Model 2 applications to taxes
Lecture 17 inventory investment & what I think about investment
class 18 exercizes and review.

Aggiornato A.A. 2020-2021

Macroeconomics Syllabus 2020-21

Robert Waldmann

textbook

Advanced Macroeconomics by David Romer

(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

The purposes of the course are two. The first is to examine the determinants of long term GDP growth trends, with a focus on symple theoretical models which attempt to explain the fact that growth has continued without apparent limit and with a roughly constant ratio of GDP to capital. The second is to develop the tools which will be used in macroeconomics II to understand the business cycle and in particular to evaluate models of consumption saving choice under uncertainty and of investment with installation costs.

Growth

Lecture 1) Solow Model Review

Chapter 1 pp. 5-33

Lecture 2) The Ramsey Cass Koopmans Model I

Chapter 2 pp. 38-52

Lecture 3) Ramsey Cass Koopmans Model II

Chapter 2 pp. 52-72

Lecture 4) The Romer 86 model

Chapter 3 pp. 116-117.

Lecture 5) The Romer 90 model I

Chapter 3 pp 95-110.

Lecture 6) The Romer 90 model II

Chapter 3 pp 111-116, pp 118-126

Lecture 7) Human Capital and Growth

Chapter 3 pp 126

Consumption and Investment

Lecture 10) Stochastic implications of the Permanent Income Hypothesis.

Chapter 7 pp. 310-328

Lecture 11)The Consumption CAPM

Lecture 12) The overlapping generations model with money

Chapter 2 pp. 72-88

Lecture 13) Exercise session

Lecture 14) What I really believe about consumption.

Lecture 15) Fixed Capital Investment

Chapter 8 pp. 345-364

Lecture 16) Fixed Capital Investment and Tax Policy

Lecture 17) Inventory investment

Blinder, A "Inventories and the Structure of Macro Models," American Economic Review vol 71 pp 11-16 (May 1981).

Lecture 18) Exercises and review.

Aggiornato A.A. 2019-2020

Macroeconomics Syllabus 2019-20

Robert Waldmann
textbook
Advanced Macroeconomics by David Romer
(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

Growth

Lecture 1) Solow Model Review

Chapter 1 pp. 5-33

Lecture 2)  The Ramsey Cass Koopmans Model I

Chapter 2 pp. 38-52

Lecture 3) Ramsey Cass Koopmans Model II

Chapter 2 pp. 52-72

Lecture 4) The Romer 86 model

Chapter 3 pp. 116-117.

Lecture 5) The Romer 90 model I

Chapter 3 pp 95-110.

Lecture 6) The Romer 90 model II

Chapter 3 pp 111-116, pp 118-126

Lecture 7) Human Capital and Growth

Chapter 3 pp 126

Macroeconomics Syllabus 2019-20

Growth

Robert Waldmann
textbook
Advanced Macroeconomics by David Romer
(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

Lecture 1) Solow Model Review

Chapter 1 pp. 5-33

Lecture 2)  The Ramsey Cass Koopmans Model I

Chapter 2 pp. 38-52

Lecture 3) Ramsey Cass Koopmans Model II

Chapter 2 pp. 52-72

Lecture 4) The Romer 86 model

Chapter 3 pp. 116-117.

Lecture 5) Exercise session

Lecture 6) The Romer 90 model I

Chapter 3 pp 95-110.

Lecture 7) The Romer 90 model II

Chapter 3 pp 111-116, pp 118-126

Lecture 8) Human Capital and Growth

Chapter 3 pp 126

Lecture 9)Exercise session and review

Consumption and Investment

Lecture 10) Stochastic implications of the Permanent Income Hypothesis.

Chapter 7 pp. 310-328

Lecture 11)The Consumption CAPM

Lecture 12)  The overlapping generations model with money

Chapter 2 pp. 72-88

Lecture 13) Exercise session

Lecture 14) What I really believe about consumption.

Lecture 15) Fixed Capital Investment

Chapter 8 pp. 345-364

Lecture 16) Fixed Capital Investment and Tax Policy

Lecture 17) Inventory investment

Blinder, A "Inventories and the Structure of Macro Models," American Economic Review vol 71 pp 11-16 (May 1981).

Lecture 18) Exercises and review.

Aggiornato A.A. 2018-2019

Macroeconomics 1

Robert Waldmann
textbook
Advanced Macroeconomics by David Romer
(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

Growth

Topic 1) Solow Model Review

Chapter 1 pp. 5-33

Topic 2)  The Ramsey Cass Koopmans Model I

Chapter 2 pp. 38-52

Topic 3) Ramsey Cass Koopmans Model II

Chapter 2 pp. 52-72

Topic 4) The Romer 86 model

Chapter 3 pp. 116-117.

Topic 5) The Romer 90 model I

Chapter 3 pp 95-110.

Topic 6) The Romer 90 model II

Chapter 3 pp 111-116, pp 118-126

Topic 7) Human Capital and Growth

Chapter 3 pp 126-140.

Consumption and Investment

Topic 8) Stochastic implications of the Permanent Income Hypothesis.

Chapter 7 pp. 310-328

Topic 9)  The overlapping generations model with money

Chapter 2 pp. 72-88

Topic 10) Fixed Capital Investment

Chapter 8 pp. 345-364

Topic 11) Inventory investment

Blinder, A "Inventories and the Structure of Macro Models," American Economic Review vol 71 pp 11-16 (May 1981).

Topic 12) Credit Rationing

Chapter 8 pp. 369-384.

Aggiornato A.A. 2017-2018

Macroeconomics 1

Robert Waldmann
textbook
Advanced Macroeconomics by David Romer 
(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

Growth

Topic 1) Solow Model Review

Chapter 1 pp. 5-33

Topic 2)  The Ramsey Cass Koopmans Model I

Chapter 2 pp. 38-52

Topic 3) Ramsey Cass Koopmans Model II

Chapter 2 pp. 52-72

Topic 4) The Romer 86 model

Chapter 3 pp. 116-117.

Topic 5) The Romer 90 model I

Chapter 3 pp 95-110.

Topic 6) The Romer 90 model II

Chapter 3 pp 111-116, pp 118-126

Topic 7) Human Capital and Growth

Chapter 3 pp 126-140.

Consumption and Investment

Topic 8) Stochastic implications of the Permanent Income Hypothesis.

Chapter 7 pp. 310-328

Topic 9)  The overlapping generations model with money

Chapter 2 pp. 72-88

Topic 10) Fixed Capital Investment

Chapter 8 pp. 345-364

Topic 11) Inventory investment

Blinder, A "Inventories and the Structure of Macro Models," American Economic Review vol 71 pp 11-16 (May 1981).

Topic 12) Credit Rationing

Chapter 8 pp. 369-384.

Aggiornato A.A. 2016-2017

Macroeconomics 1

Robert Waldmann
textbook
Advanced Macroeconomics by David Romer (1996)
(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

Robert Waldmann
textbook
Advanced Macroeconomics by David Romer (1996)
(McGraw-Hill : New York, Lisbon, London, Madrid, Milan etc.)

Growth

Topic 1) Solow Model Review

Chapter 1 pp. 5-33

Topic 2)  The Ramsey Cass Koopmans Model I

Chapter 2 pp. 38-52

Topic 3) Ramsey Cass Koopmans Model II

Chapter 2 pp. 52-72

Topic 4) The Romer 86 model

Chapter 3 pp. 116-117.

Topic 5) The Romer 90 model I

Chapter 3 pp 95-110.

Topic 6) The Romer 90 model II

Chapter 3 pp 111-116, pp 118-126

Topic 7) Human Capital and Growth

Chapter 3 pp 126-140.

Consumption and Investment

Topic 8) Stochastic implications of the Permanent Income Hypothesis.

Chapter 7 pp. 310-328

Topic 9)  The overlapping generations model with money

Chapter 2 pp. 72-88

Topic 10) Fixed Capital Investment

Chapter 8 pp. 345-364

Topic 11) Inventory investment

Blinder, A "Inventories and the Structure of Macro Models," American Economic Review vol 71 pp 11-16 (May 1981).

Topic 12) Credit Rationing

Chapter 8 pp. 369-384.

Other Possible Reading (not required)

Topic 8

Modigliani, F. (1986) "Life Cycle, Individual Thrift, and the Wealth of Nations." American Economic Review Papers and Proceedings. vol 76 pp 297-313.

Hall, R. (1978) "Stochastic Implications of the Life Cycle, Permanent Income Hypothesis.", Journal of Political Economy. vol 86 pp 971-987.

Campbell, J.; and Mankiw, N. G. "Permanent Income, Current Income and Consumption."  Journal of Business and Economic Statistics vol 8 pp 265-279.

Blanchard, O.; and Fischer, S. Topics on Macroeconomics chapter 2 pp 37-45, chapter 6 pp 275-279.

Topic 9 The Overlapping Generations Model.

Blanchard, O.; and Fischer, S. Topics on Macroeconomics chapter 3 pp. 91-115.

Samuelson, P " An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money."(1958) Journal of Political Economy vol 46 pp 467-82.

Cass, D.; and Yaari, M. "A Re-Examination of the Pure Consumption Loans Model." Journal of Political Economy. vol 64 pp 353-67.

Topic 10 Rixed Capital Investment

Blanchard, O.; and Fischer, S. Topics on Macroeconomics
chapter 2 pp 45-72 chapter 6 pp 291-301.

Hayashi, F. "Tobin's Marginal Q and Average Q a Neoclassical Interpretation." Econometrica vol 50 pp 213-224 (January 1982).