Macroeconomics [5522]
This course provides an introduction to modern intertemporal macroeconomics. Topics covered include consumption, investment, asset pricing, real business cycles, the macroeconomic effects of fiscal and monetary policy and the problems encountered in the actual implementation of economic policy.
- Course Objectives
This course provides an introduction to modern intertemporal macroeconomics. Topics covered include consumption, investment, asset pricing, real business cycles, the macroeconomic effects of fiscal and monetary policy and the problems encountered in the actual implementation of economic policy.
- Textbook
The main textbooks that will be followed during this course are (1) Advanced Macroeconomics, 2001, by David Romer, and (2) Foundations of International Macroeconomics, by Maurice Obstfeld and Kenneth S. Rogoff. I will be posting video recordings of my lectures and supplementary reading materials on a weekly basis as we go through the duration of the course.
- Instructor: Dr. Christian Julliard, London School of Economics
- Start Date: Monday, June 17 2013
- Duration: 8 weeks
- Difficulty: Intermediate
- Prerequisites: See here
| Topic | Readings | Week |
|---|---|---|
| Introduction to AFTP Course objectives and intended outcomes Growth and Business Cycle Definitions Key Facts About Economic Growth Growth Accounting Identification of the Business Cycle Relevant Business Cycle Facts |
Lecture slides | 1 |
| Saving and Intertemporal Trade Representative consumer’s problem in a two-period model The Current Account Government Consumption Production Investment |
Lecture slides OR Chapter 1 |
2 |
| Consumption Permanent Income Hypothesis Excess Sensitivity Precautionary Savings and Liquidity Constraints Life Cycle Hypothesis |
Lecture slides Romer Chapters 2, 7 |
3 |
| Overlapping Generation (OGE) Models Fiscal Policy and Ricardian Equivalence Models Matching the Wealth Distribution A Model for Fiscal Policy Analysis |
Lecture slides Romer Chapters 2, 11 OR Chapter 3 |
4 |
| Asset Pricing The Basic Asset Pricing Formula The Consumption Capital Asset Pricing Model (CCAPM) The Capital Asset Pricing Model (CAPM) The Equity Premium Puzzle (EPP) Possible Explanations for the EPP |
Lecture slides Romer pp. 349-353 |
5 |
| Investment Adjustment Costs and Tobin’s Q Financial Market Imperfections |
Romer Chapter 8 OR Chapter 2 |
6 |
| Monetary Policy A Historical Perspective The Importance of Price Stability The Importance of Policy Commitment Optimal Monetary Policy: Rules vs. Discretion A Case Study: Unpleasant Issues with Implementing Monetary Policy Rules |
Lecture slides Romer Chapter 10 |
7 |
- Evaluation
- Prerequisites
- Video Lectures: Weekly
- Assignments: Weekly
- Certification: Upon securing passing grade
- Time Commitment: 5-10 hours/week
- Collaborative learning:Yes. Click here
- TAs: None
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