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Program

Updated A.Y. 2021-2022

Macroeconomics 1   2021-22

 

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.