API-120: Advanced Open-Economy Macroeconomics

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28 Οκτ 2013 (πριν από 3 χρόνια και 9 μήνες)

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API
-
120
: Advanced Open
-
Economy Macroeconomics

Prof. Jeffrey Frankel, HKS, Aug. 27, 2012




Quiz for incoming MPA/ID students to gauge preparation in macroeconomics


If you took the test (without looking anything up in books), and scored:



1
5

out of 22

questions
, or higher, then you
should
n’t have anything to worry about. You are
adequately prepared.



12
-
14: You will find it helpful to do some reviewing, especially in those areas where you
scored weakest



5
-
11: You have a lot of studying cut out for yo
u. Please try to do it before the semester
starts, or you will quickly get lost.



4 or below: You did no better than the random roll of a die, sorry to say.


If
you did badly on questions 1
-
4,
8

& 10

of the quiz, please review topic (A)
below
.

(
If q
uesti
ons 5
-
7: Chapter 16 in
WTP
)


If you did badly on questions 11
-
14, please review topic (B)
below
.


If you did badly on questions 15
-
22, please review topic (C)
below
.


If none of the above, congratulations!




Background material to review before course
begins


(A)

SOME

MACROECONOMIC

DEFINITIONS

National income accounting
:

Mankiw, Chapter 2
.

B
alance
o
f
P
ayments

accounting
:

World Trade & Payments, Ch
apter

15
.


(B) KEYNESIAN MODEL, IS
-
LM, MUNDELL
-
FLEMING MODEL

Manki
w: Chapters 11
-
13. [Also 16
-
17 if you have
time]

WTP

: Chapters 17.1
-
17.3, 18.1, 18.3.


[If you have time: 18.2.]

Also Romer, Chapter 6.1 or Blanchard
-
Fischer, 10.4.


(C) AGGREGATE SUPPLY AND INFLATION

Mankiw:

Chapters 3
-
7, 10, 14. [And 15 & 18
-
20, if you have time.]

WTP
, Chapter 26. 1, 26.

3. [And 26.2, if you have time].

Romer’s

Advanced Macroeconomics
:

Ch
apter 6.2
-
6.4



Textbooks


Most MPA/ID students will have already studied basic and intermediate
macroeconomics. The necessary pre
-
requisite background in macroeconomics at a basic lev
el
(low mathematics) is represented by many textbooks, such as
Greg Mankiw,
Macroeconomics

(8th edition, Worth: NY), 2013. This book would be good to read or review for those who need
a lot of reinforcement of the material, especially before the semester
starts.


Students will want to acquire
World Trade and Payments
, R. Caves, J. Frankel, and
R. Jones

(10th edition, Addison
-
Wesley Longman, 2007), especially those who have not
previously taken a serious course in international economics. It is abbreviated
WTP

on the
syllabus and will be referred to often in the course.


Also required is
David Romer’s

Advanced Macroeconomics
,

(
McGraw Hill
: New
York, 4
th

edition, 2012
.

Just one chapter (10) is required for API120, but Romer is

the text for
Macro II, so most students will have to buy it anyway. Level of math is higher.


Also at a considerably more advanced level, the recommended text is Maurice Obstfeld
and Kenneth Rogoff,
Foundations of International Economics

(MIT Press, 199
6).