俄亥俄州立大学高级宏观经济学syllabus

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Economics806MacroeconomicTheoryI

Instructor:AubhikKhan

TeachingAssistant:NancyHaskell

22September2010TuesdayandThursday13:30-15:18,McPherson2017Reviewsessions:Friday11:30-13:18,Ramseyer16615:30-17:18,Stillman131Summary:Wewillintroducethefoundationsofmodernmacroeconomicanalysisandsur-veyapplicationsinvolvingeconomicgrowthandbusinesscycles.Theorganisingthemethroughoutwillbethedevelopmentofcompletely-speci…eddynamicmodelswheretech-nology,preferencesandmarketstructureareexplicit.Thiswillallowindividualbehaviourtobederivedfrommicroeconomicfoundationsandmacroeconomicaggregatestobede-terminedasthesumofindividualdecisions.Equilibriumanalysisofsuchenvironmentswillinvolvethejointdeterminationofquantitiesandrelativeprices.Applicationsofthismethodwillrequireaninvestmentinmathematicalanalysistowardtheuseofrecursivemethods.Theclasswillbalancetheteachingofsuchtoolswiththeirapplicationtomacro-economictopics.Theprimarysourceforthismaterialwillbethelectures,theoutlineofwhichfollows.

1.Theneoclassicalgrowthmodel

(a)Preliminaries:theSolowmodel(AcemogluCh.2,sections2.1-2.3)

(b)the…nitehorizoncase(StokeyandLucas,Ch.2.1)

(c)aheuristicanalysisofthein…nitehorizoncase

2.IntroductiontoRecursiveMethods

(a)MathematicalpreliminariesandtheContractionMappingTheorem(StokeyandLucassections3.1and3.2)

(b)DeterministicDynamicProgramming(StokeyandLucassection4.2)

(c)Recursiveanalysisoftheone-sectorgrowthmodel(StokeyandLucassection

5.1)

http://petitiveequilibriumindynamicmodels

(a)Sequentialcompetitiveequilibrium

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(b)Recursivecompetitiveequilibrium

4.Dynamicstochasticgeneralequilibrium

(a)Uncertaintyandtheneoclassicalgrowthmodel(LjungqvistandSargentCh.2)(b)Completemarkets(LjungqvistandSargentCh.8,sections8.1-8.3and8.5-

8.7)

(c)Recursiveequilibrium(LjungqvistandSargentCh.8,section8.9,andCh.12,

sections12.6-12.9)

(d)AssetPricing(Lucas1978,LjungqvistandSargent13.5-13.7,13.11-13.14)(e)Incompletemarkets(LjungqvistandSargentCh.

MukoyamaandSmith2008)

5.ModelsofMonetaryEconomies

(a)Acashinadvanceeconomy(Chapter6inLucas1991)

(b)Topicsinmonetarypolicy(LjungqvistandSargentChapter24)

(c)Modelswithendogenousmonetaryexchange(KiyotakiandWright1989,Lagos

andWright2005)

6.Incompletecontracts

(a)Financialintermediation(GaleandHellwig1985andTownsend1979)

(b)Endogenousdefault(Chatterjeeetal2008)17.1-17.2andKrusell,

Courserequirementsareroughly6homeworkassignments,amidtermanda…nalexami-nation.Themidtermexaminationwillbeheldon4Novemberandthe…nalexaminationwillbeon9Decemberat1:30p.m.Indeterminingastudent’soverallgradefortheclass,homeworkswillconstitute30percentofthe…nalscore,themidtermexamination30percentandthe…nalexamination40percent.

O¢cehours,N.Haskell:Tuesdays3:30-5:00p.m.andWednesdays3:30-5:00p.m.orbyappointment.O¢celocation:ArpsHall321.Contactinformation:haskell.17@osu.edu,(614)292-2087.

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O¢cehours,A.Khan:Tuesdays12:00-13:00andThursdays10:00-11:00orbyap-pointment.O¢celocation:429ArpsHall.Contactinformation:khan@webmail.econ.ohio-state.edu,(614)2470097.Whenusingemail,startthesubjectlinewithecon806toensurethatIreadyouremail.Donotsendmeemailatanyotheraccount.

Textbooks:Therearetwotextsfortheclass.

Stokey,NancyL.,RobertE.LucasJr.withEdwardC.Prescott,RecursiveMethodsinEconomicDynamics,HarvardUniversityPress1989

Ljungqvist,LarsandThomasJ.Sargent,RecursiveMacroeconomicTheory2ndedition,MITPress2004

Thefollowingtextsincludemuchofthesamematerial,andmaybeuseful.

Stachurski,John,EconomicDynamics,MITPress2009

Acemoglu,Daron,IntroductiontoModernEconomicGrowth,PrincetonUniversityPress2009

References

[1]Chatterjee,Satyajit,DeanCorbae,MakotoNakajimaandJosé-VíctorRíos-Rull

(2007)"AQuantitativeTheoryofUnsecuredConsumerCreditwithRiskofDefault"Econometrica75:1525–89.

[2]Cole,HaroldL.andNarayanaKocherlakota(1998)"ZeroNominalInterestRates:

WhyThey’reGoodandHowtoGetThem"FederalReserveBankofMinneapolisQuarterlyReview22:2–10

[3]Gale,D.&M.F.Hellwig(1985)"Incentivecompatibledebtcontracts"Reviewof

EconomicStudies52:647–664.

[4]T.F.Cooley,T.F.andEdwardC.Prescott"EconomicGrowthandBusinessCycles,"

with,Chapter1inT.F.Cooley,ed.,FrontiersofBusinessCycleResearch,(PrincetonUniversityPress,1995),pages1-38.

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[5]King,RobertG.,CharlesI.Plosser,CharlesI.andSergioT.Rebelo(1988)’Pro-

duction,GrowthandBusinessCyclesI:TheBasicNeoclassicalModel’JournalofMonetaryEconomics21:197-232

[6]King,RobertG.,CharlesI.Plosser,CharlesI.andSergioT.Rebelo(1987)’Pro-

duction,GrowthandBusinessCycles:TechnicalAppendix’UniversityofRochesterManuscript

[7]Krusell,Per,ToshihikoMukoyamaandAnthonyA.Smith(2008)’AssetPricesina

HuggetEconomy’workingpaper

[8]KydlandFinnE.andEdwardC.Prescott(1982)’TimetoBuildandAggregateFluc-

tuations’Econometrica50:1345-70

[9]KydlandFinnE.andEdwardC.Prescott(1990)’BusinessCycles:RealFactsanda

MonetaryMyth’FederalReserveBankofMinneapolisQuarterlyReview

[10]Kiyotaki,NobuhiroandRandallWright(1987)"OnMoneyasaMediumofExchange"

TheJournalofPoliticalEconomy97:927-954.

[11]Lagos,RicardoandRandallWright(2007)"AUni…edFrameworkforMonetaryThe-

oryandPolicyAnalysis"JournalofPoliticalEconomy113:463-84.

[12]RobertE.Lucas,Jr."AssetPricesinanExchangeEconomy"Econometrica46(6)

(Nov.,1978),pp.1429-1445.

[13]Lucas,RobertE,Jr.(1991)ModelsofBusinessCycles,Blackwell

[14]Lucas,RobertE,Jr.(1977)’UnderstandingBusinessCycles,’reprintedinLucas(1983)

StudiesinBusinessCycleTheory,MITPress

[15]Prescott,EdwardC.(1986)"TheoryAhea …… 此处隐藏：4179字，全部文档内容请下载后查看。喜欢就下载吧 ……