Advanced Macroeconomics

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That’s the interesting thing with Romer. He manages to give an introduction to the state-of-the-art theory in every single aspect of macroeconomics. The book has 14 chapters and each chapter is a research agenda in economics. Which is most active really depends on the year. Some years it’s unemployment, some years it’s fiscal policy, some years it’s monetary policy, but that doesn’t mean that the others are not in fashion. It’s just that sometimes one area might get more attention than the others, which may be related just to the agenda at particular academic journals as much as anything else. But every chapter is representative of a very active field in macroeconomics. Fiscal policy in Ramsey-Cass-Koopmans model. The aim of the lecture is to discuss the impact of various changes in fiscal policy. course hours: 2, hours of student’s self study: 4. Macroeconomic policy and its potential for improving the operation of the economy will also receive substantial attention. is able to understand and interpret determinants of economic growth in developed and developing countriesI use it for my second-year macroeconomics undergraduate courses. We have two streams in our economics degree, and I teach on the more technical one, the BSc in economics. The book is more technical, not only from a mathematical point of view, but also from a logical point of view. The intuitions are elaborated in detail and very precise and the book requires you to think at a level of abstraction that is far higher than what Mankiw requires. Introduction to new growth theory. The aim of this lecture is to review the first generation of endogenous models including AK and Romer models. course hours: 2, hours of student’s self study: 4. Macroeconomic concepts and theories are among the most valuable for policymakers. Yet up to now, there has been a wide gap between undergraduate courses and the professional level at which macroeconomic policy is practiced. Shapiro, Stiglitz (1984) 'Equilibrium Unemployment as a Worker Discipline Device', American Economic Review , Vol. 74, pp. 433-444.

New material on the long-run evolution of income shares and the capital-output ratio relating to the international debate on distribution and inequality The Government Budget Constraint The Ricardian Equivalence Result Ricardian Equivalence in Practice Tax-Smoothing Political-Economy Theories of Budget Deficits Strategic Debt Accumulation Delayed Stabilization Empirical Application: Politics and Deficits in Industrialized Countries 12.9 The Costs of Deficits 12.10 A Model of Debt Crises Problemsand improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, Extensions of the AS-AD model of business cycles to allow a broader discussion of unconventional monetary policies such as quantitative easing and forward guidance is aware of labor market imperfections and inefficiency arising from the nature of wage setting, negotiations, unions and externalities of jobs and workers search and matching Written with a light touch, yet thorough in its coverage of current theory and its application to policymaking, Advanced Macroeconomics: An Easy Guide is an invaluable and free resource for graduate students in economics and public policy, advanced undergraduate students, and practitioners.

Building Blocks of Dynamic New Keynesian Models Predetermined Prices: The Fischer Model Fixed Prices: The Taylor Model The Calvo Model and the New Keynesian Phillips Curve Note: Since the many formula in the EPUB and Mobi versions of the book are displayed as images, we recommend using a medium-sized font for reading. Formulae font may not match well with the main text font if very small or very large text font sizes are chosen Rules vs Discretion Debate. The aim of the lecture is to discuss the time inconsistency problem and the solutions to inflation bias. Course hours: 2; hours of student’s self-study: 4. Hayashi F., 1982, Tobin's marginal q and average q: A neoclassical interpretation, Econometrica 50, 213-224. Search and matching theory. The aim of this lecture is to present search and matching theory of the labor market and the flow concept into the labor market. Course hours: 4, students' self-study hours: 4.Maddison (2006) reports and discusses basic data on average real incomes over modern history. Most of the uncertainty about the extent of long-term growth concerns the behavior not of nominal income, but of the price indexes needed to convert those figures into estimates of real income. Adjusting for quality changes and for the introduction of new goods is conceptually and practically difficult, and conventional price indexes do not make these adjustments well. See Nordhaus (1997) and Boskin, Dulberger, Gordon, Griliches, and Jorgenson (1998) for discussions of the issues involved and analyses of the biases in conventional price indexes.

a critical understanding of the historical, social and international context of contemporary macroeconomic theories and their policy prescriptions; Empirics of the labor market. The aim of this lecture is to present empirical methods and findings regarding verification of labor market theory. Course hours: 2, students' self-study hours: 2.

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It’s really difficult from a mathematical point of view. Doing the problem sets is like writing papers. Going through each chapter and then the problem set of the chapter is really challenging and it takes a long time. To cut a long story short, it’s probably the most technical and difficult book you can think of if you want to study macroeconomics. But, obviously, it is the one that pushes you at the frontier. If Romer was the introduction to the frontier in a very broad sense, this one really is the frontier, but in a very narrow sense. The book covers a wide range of topics, but all the topics that the book covers can be recast in this particular analytical form that is called ‘recursive’. This book is a valuable gift to both the academic discipline of macroeconomics, and the wider professional field. Authored by distinguished policy economists who also have tremendous practical expertise, we are incredibly proud to offer Advanced Macroeconomics: An Easy Guide to everyone at no cost.” Basic neoclassical concepts of the labor market. The aim of the lecture is to revise basic concepts of neoclassical economics applied to labor market, labor supply, labor demand, equilibrium wages and institutions. Course hours: 2, students' self-study hours: 2. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike. The Shapiro–Stiglitz Model Contracting Models Search and Matching Models Implications Empirical Applications Problems