_Economics 811 Advanced Macroeconomics I_

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Eco
503





종화

교수

Spring

2001




Office:
정경관

407

Mon
.
Wed.

2
교시

(10:30
-
11:45)





관호

교수

Room:
국제관

108



Office:
홍보관

212


거시경제이론

I






Course Syllabus


Obj ect ives
:




과목은

대학원에서

경제학을

전공하고자

하는

학생들이

필수적으로

이수하여야



과목



하나이다
.
총수요

총공급의

결정
,
경기변동
,
경제성장
,
개방경

,
그리고

거시

경제정책과

관련된

주제들을

강의한다
.


Textbook:

Romer,
Advanced Macroeconomics
, McGraw Hill,
second edition, 2001
.


Reference:

Mankiw,
Macroeconomics
, Worth Publisher, 2000.

Barro, Robert J.,
Macroeconomics
,
MIT Press,

199
8
.

Blanchard and Fisher,
Lectures on Ma
croeconomics
, The MIT Press, 1989.

Carl Walsh
,
Monetary Theory and Policy
,
The MIT Press
, 199
8
.

Kamien and Schwartz,
Dynamic Optimization: The Calculus of Variations and Optimal Control in
Economics and Management
, 1991.


Grading Scheme:



Part I


i)

Three
P
roblem Sets (30%)


ii)

An
Exam


(70%)


Part II


iii)

Three
Problem Sets (30%)


iv)

An
Exam


(70%)




2

Course Outline and Readings:


Part I (* required reading)


1.

Review: Aggregate Demand and Aggregate Supply


*
Romer, David, Chapter 5. (5.1
-
5.
5
.
3
-
5.
6
)


Mankiw, Macroeconomics (chapter 9,10,11,13)


Keynes, John Maynard,
The General Theory of Employment, Interest, and Money
, 1936



2
.

Review: Open Economy Macroeconomics


*Romer, Chapter 5 (5.2)


Mankiw, Macroeconomics (chapter 8,12)



3
.

Business Cy
cles (I).: Incomplete Nominal Adjustment


*Romer, Chapter 6


Mankiw, Chapter 19 (19
-
1)


*Lucas, Robert E., "Some International Evidence on Output
-
Inflation Tradeoffs,"
American Economic
Review
,

June 1973.


Barro, Robert J., "Rational Expectations and the

Role of Monetary Policy,"
Journal of Monetary
Economics
, January 1976.


Lucas, Robert J., "Understanding Business Cycles,"
Carnegie
-
Rochester Conference on Public
Policy

5, 1977.


*
Fischer, Stanley, "Long
-
Term Contracts, Rational Expectations, and the Opt
imal Money Supply Rule,
Journal of Political Economy
, 1977. no.1.


Taylor, John B., "Staggered Wage Setting in a Macro Model,"
American Economic Review
, May
1979.



3

*Mankiw, N. Gregory, "Small Menu Costs and Large Business Cycles,"
Quarterly Journal of
Econ
omics
,

May 1985.


Blanchard, Oliver Jean, and Nobuhiro Kiyotaki, "Monopolistic Competition and the Effects of
Aggregate Demand,"
American Economic Review
,

September 1987.


Caplin, Andrew, and Daniel Spulber, "Menu Costs and the Neutrality of Money,"
Quarte
rly Journal
of

Economics
, November 1987.


Cooper R. and A. John, "Coordinating Coordination Failure in Keynesian Models,"
Quarterly Journal
of Economics
, August 1988.



4
.

Business Cycles (II).: Real Business Cycle Theory


*Romer, Chapter 4


Mankiw , Cha
pter 19 (19
-
2)


*Prescott, Edward C.,

Theory Ahead of Business Cycle Measurement,


Federal Reserve Bank of
Minneapolis Quarterly Review
, 1986, Fall, pp. 9
-
22.


Kydland F. and Prescott E., "Time to Build and Aggregate Fluctuations,"
Econometrica

50, Novembe
r
1982.


Long, J. and C. Plosser, "Real Business Cycles,"
Journal of Political Economy

91, February 1983.


Nelson, C. and C. Plosser, "Trends and Random Walks in Macroeconomics,"
Journal of Monetary
Economics

10, September 1982.


P
losser, Charles, "Underst
anding Real Business Cycles,"
Journal of Economic Perspectives
, Summer
1989.



5
.

Money, Inflation, and Monetary Policy


*Romer, Chapter 10


Mankiw , Chapter 7



4

Cagan, P., "The Monetary Dynamics of Hyperinflation," in M. Friedman ed.,
Studies of the Quant
ity
Theory of Money
: 25
-
97.


*Sargent, T. and N. Wallace, "The Stability of Models of Money and Growth with Perfect Foresight,"
Econometrica
, November 1973.


Brock, W., "A Simple Perfect Foresight Monetary Model,"
Journal of Monetary Economics
, April 1975.


Auernheimer, L., "The Honest Government's Guide to the Revenue from the Creation of Money,"
Journal
of Political Economy
, May 1974.


Flood R. and P. Garber, "An Economic Theory of Monetary Reform,"
Journal of Political Economy
,
February 1980.


Sargent, T
., "The Ends of Four Big Inflations," in R. Hall ed.
Inflation: Causes and Effects
, 1982.


*
Kydland and Prescott, “Rules Rather Than Discretion: The Inconsistency of Optimal Plans”,
J
ournal
of
P
olitical
E
conomy
, 1977: 473
-
491


Calvo, “On The Time Consisten
cy of Optimal Policy in a Monetary Economy”,
Econometrica
, 1978:
1411
-
1428


Barro and Gordon, “A Positive Theory of Monetary Policy in a Natural Rate Model”,
J
ournal of
P
olitical
E
conomy
, 1983: 589
-
610



6
.

The Solow Growth Model.


*Romer,
Chapter 1.


Man
kiw,
Chapter 4 and Appendix


*Solow, Robert, "A Contribution to the Theory of Economic Growth,"
Quarterly Journal of
Economics
,

February 1956.



Part II


7
.

Dynamic Optimal Control.


Part II: Section 1
-
5, 8 and 9 of Kamien and Schwartz, Dynamic Optimizati
on: The Calculus of
Variations and Optimal Control in Economics and Management, 1981 (First Edition) or 1991 (Second
Edition).


5


Chapter 1 and Chapter 7
-
10 of Chiang, “Elements of Dynamic Optimization,” McGraw Hill, 1992.



8
.

The Optimal Growth Model and I
ts Application.


Blanchard and Fisher
, Chapter 2
.


Romer,
Part A in Chapter 2.


Farmer,
Chapter 4 and 5.


Lucas, R.E., Jr., “On the Mechanics of Economic Development,” Journal of Monetary Economics 22,
1988, 3
-
42.


Prescott, E., “Needed A Theory of Total F
actor Productivity,” International Economic Review 39,
1998, 525
-

551.



9
.

The Overlapping Generations Model and Its Application.


Blanchard and Fisher
,
Chapter 3.


Romer,
Part B in Chapter 2.


Farmer,
Chapter 6.



10
.

Consumption (Lucas Critique, Rationa
l Expectations)
.


Romer, Chapter 7.


Smith, Lecture Note 6.


Sargent (1987), Chapter 12.


Mankiw (2000), Chapter 16.


Hall, Robert E. “Stochastic Implications of the Life Cycle
-
Permanent Income Hypothesis,
Journal of
Political Economy
86, 1978.



6

Angus Dea
ton, “Understanding Consumption,” Clarendon Press, Oxford, 1992.


Lucas,

Econometric Policy Evaluation: A Critique,


Carnegie
-
Rochester Conference Series, 1976.

Barro, Chapter 12, 13 and 14.


Mankiw, Chapter 15.


11
.

Investment
.


Romer, Chapter 8.




12
.

Budget Deficits and Fiscal Policy
.


Romer, Chapter 11 (11.1
-
11.4)