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Intermediate Macroeconomic Analsysis

(Economics 371)

Spring 2011

 

Professor: J. Peter Ferderer
Email: ferderer@macalester.edu

Meeting Time & Place: TU and TH 9:40-11:10, Humanities 226

Office Hours: Monday 10:00-noon., Tuesday and Thursday 3:00-4:00pm and by appointment

Preceptor: Alvaro Ballerin

Review Sessions: Sunday 7:00-8:30pm, Carnegie 206



Course Reading List (pdf file)

 

Jan. 25 (TU) -- Introduction

[1] Mankiw, Ch. 1 and 2.

[2] Rodrik, D. "Blame the Economists, Not Economics." Project Synidicate, 3/11/2010.

[3] Video: Keynes versus Hayek: Late Economists' Rap Battle

[4] Video: Hans Rosling on Economic Growth


Jan. 27 (TH) -- Measurement of the Macroeconomy

[1] Mankiw, Ch. 2.

Microfoundations and Classical (Frictionless) Model                


Feb. 1 (TU) -- Employment and Output Determination
[1] Snowdon and Vane, Ch. 2, p. 36-45.
[2] Mankiw, Ch. 3.1.

[3] The Economist, "Catch the Wave," 2/18/1999.

Feb. 3 (TH) -- Labor Supply and Income Distribution
[1] Mankiw, Ch. 3.2 and Ch. 6.1-6.2.
[2] PowerPoint Notes for Labor Supply

Feb. 8 (TU) - Microfoundations of Consumption, Savings and Investment
[1] Mankiw, Ch. 17.2-17.3 (Fisher's Intertemporal Choice Model).

[2] Mankiw, Ch. 18.1-18.2.
[3] Ferderer, "Financial Markets," 9/1/2010.

Feb. 10 (TH) - Say's Law, Ricardian Equivalence and the Money Supply
[1] Mankiw, Ch. 3.3-3.5 and Ch. 16.4.
[2] Snowdon and Vane, Ch. 2, p. 45-50.
[3] Mankiw, Ch. 4.1 and 19.1
[4] Video: Modern Marvels - Centralization of Money

[5] Video: Cramer Melts Down

[6] Video: Where Does all of the Bailout and Stimulus Money Come From? Online NewsHour, 3/18/2009.

[7] Video: Milton Friedman on the Great Depression

Feb. 15 (TU) - Money Demand and the Quantity Theory of Money
[1] Mankiw, Ch. 4.2-4.8.
[2] Video: Zimbabwe - Gold for Bread.


Feb. 17 (TH) - Classical Dichotomy and Real Business Cycles
[1] Snowdon and Vane, Ch. 2, p. 50-54.
[2] Mankiw, Ch. 9, pp. 269-273.
[3] Video: Efforts to Revive Economy Test Inflation Theories, Online NewsHour,
8/21/2009.

[4D] Rush, "A Primer on Real Business Cycles or the ABCs of RBCs," 1990.

Feb. 22 (TU) -- First Exam

Economic Instability in the Short Run

Feb. 24 (TH)
- Keynesian Economics
[1] Snowdon and Vane, Ch. 2, p. 54-70.
[2] Mankiw, Ch. 9.1 and 9.2.
[3D] The Economist, "Skidelsky on Keynes," 11/25/2000.
[4] Video: Robert Shiller (Animal Spirits), April 2009.

Financial Frictions and the Keynesian Cross
[1] Mankiw, Ch. 10, pp. 287-98.


Mar. 1 (TU) - The IS-LM Model
[1] Mankiw, Ch. 10, pp. 298-308.
[2D] The Economist, "A Working Model," 8/11/2005.

Mar. 3 (TH) - IS-LM and Macro Policy
[1] Snowdon and Vane, Ch. 3, p. 101-23.
[2] Mankiw, Ch. 11.1 and 11.3.
[3] The Economist, "Much Ado About Multipliers," 9/24/2009.
[4] The Economist, "The Lessons of 1937," 6/18/2009.
[5] NYT, "U.S. Hears Echo of Japan's Woes," 10/30/2010.

Mar. 8 (TU) - New Keynesian Economics: Nominal Frictions
[1] Snowdon and Vane, Ch. 7, p. 357-76.
[2] Mankiw, Ch. 11.2.

Mar. 10 (TH) - The Natural Rate Hypothesis
[1] Hoover, "Phillips Curve," The Concise Encyclopedia of Economics.
[2] Stiglitz, "Reflections on the Natural Rate Hypothesis," Journal of Economic Perspectives, Winter 1997.
[3] The Economist, "Tales of the Expected," 12/10/1990.

Supply Shocks

[1] Hamilton, "Oil and the Macroeconomy," 8/24/2005.
[2D] The Economist, "The Long Climb," 10/1/2009.

 

Mar. 22 (TU) - Monetary Policy: Tools and Rules
[1] Mishkin, Ch. 15, "Tools of Monetary Policy."
[2] Snowdon and Vane, Ch. 7, p. 411-32.
[3] The Economist, "Rules v. Discretion," 3/2/1991.

 

Mar. 24 (TH) - The Financial Crisis
[1D] Taylor, "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER WP 14631, Jan. 2009.
[2] Gorton, "Questions and Answers about the Financial Crisis," 2/20/2010.
[3] Video: "Moral Hazard," Online NewsHour, 7/18/2008.

Mar. 29 (TU) - The Great Recession
[1] Bernanke, "The Financial Accelerator and the Credit Crunch," 6/15/2007.
[2] Woodford, "Financial Intermediation and Macroeconomic Analysis," JEP Fall 2010.

Mar. 31 (TH) - Exam #2


The Open Economy in the Long Run

Apr. 5 (TU) - The Balance of Payments and Small Open Economies
[1] Mankiw, Ch. 5.1-5.2

Apr. 7 (TH) - Large Open Economies and Capital Immobility
[1] Mankiw, Ch. 5.2
[2D] The Economist, "Investing Interest," 1/21/2010.
[3D]
Little, "Rebalancing Act: Global Imbalances in a Changing World," FRB of Boston Conference Introduction, 2008.

Apr. 12 (TU) - The NATREX Model and Exchange Rates
[1] Mankiw, Ch. 12.5 and 5 (pp. 135-45).
[2] The Economist, "The Domino Effect," 7/3/2008.
[3] Feenstra and Taylor, International Economics, Ch. 20.2.

Apr. 14 (TH) - Purchasing Power Parity
[1] Mankiw, Ch. 5 (pp. 145-49).
Exchange Rates and the Great Recession

[1D] Eichengreen and Temin, "Fetters of Gold and Paper," NBER WP 16202, July 2010,
[2] Video: The Role of the IMF


Economic Growth in the Long Run

Apr. 19 (TU) - Introduction and the Solow Model
[1] Mankiw, Ch. 7.1 and 7.2.
[2] Video: Hans Rosling on Economic Growth

Apr. 21 (TH) - The Golden Rule, Convergence and Transitional Growth
[1] Mankiw, Ch. 7.3-7.4.

Apr. 26 (TU) - Exogenous Technology Growth, Growth Accounting and Demographic Transition
[1] Mankiw, Ch. 8.1-8.3. and Ch. 8 Appendix
[2] Wikipedia, "Demographic Transition."

Apr. 28 (TH) - Endogenous Growth and the Romer Model
[1] Jones, Ch. 6, "Growth and Ideas," 130-52.
[2D] Warsh, Knowledge and the Wealth of Nations, Ch. 18 and 22.

May 3 (TU) - The Role of Institutions and Geography
[1D] Mokyr, "Intellectual Property Rights, the Industrial Revolution, and the Beginnings of Modern Economic Growth," AER, 2009.
[2D] The Economist, "Roots of Development," 11/5/02.
[3] Video: Diamond, Jared. "Guns, Germs and Video."
Viewing of Video Prize Winners (Videos due Friday, April 29 at 5:00pm)

May 6 (Friday) - Third Exam 8:00am - 10:00am

     

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