| TOPIC # | TOPICS |
|---|---|
| 1 |
Fluctuations factsCovariance stationarity Trends/cycles decompositions Shocks and propagation mechanisms Wold representation ARMAs, VARs, SVARS Impulse responses Co-movements of GDP components Correlations between real wages, interest rates, and output The correlations of output and money Cycles, slumps, and depressions Nonlinearities |
| 2 |
The basic model: The consumption/saving choiceSetting up the optimization problem Intertemporal choice, shocks, uncertainty The first order conditions The Keynes-Ramsey condition Solving the model numerically Value functions Log linearization Special cases and other short cuts Equivalence between centralized and decentralized economies The consumption problem in the decentralized economy |
| 3 |
Allowing for labor/leisure choice (the RBC model)Movements in employment/unemployment Interpreting the first order conditions Solving the model numerically, and by log linearization Special case: Log and full depreciation Evidence on labor supply elasticity Evidence on high frequency technological shocks Solow residuals and their interpretation Alternative approaches |
| 4 |
Allowing for non-trivial investment decisionsCosts of adjustment for investment Investment, consumption, and interest rates in the decentralized economy The role of the term structure of interest rates The stock market and investment The effects of shocks on output, investment, the stock market, and the term structure The open economy version Shocks, investment, saving, and movements in the current account Asset price bubbles, investment, and fluctuations |
| 5 |
Allowing for two goodsWhy introduce two goods? The pitfalls of one-good models Capital/consumption goods Tradable/non tradable goods Domestic/foreign goods The consumer problem with two goods Intratemporal and intertemporal first order conditions Closing the model if tradables/non tradables The Balassa-Samuelson effect The transfer problem Effects of technological shocks on relative prices, and on the current account Global imbalances |
| 6 |
Introducing moneyDecentralized exchange and the use of money Cash-in-advance models Money in the utility function The effects of money growth on capital accumulation Dynamics of hyperinflation The Cagan model The budget deficit and money growth |
| 7 |
Introducing price settingDecentralized exchange, money, and price setters A yeoman farmer model of price setting under monopolistic competition The role of price above marginal cost, markups Predetermined prices The effects of money on output and welfare Role of wage versus price setting The behavior of real wages Revisiting the effects of technological and other shocks Indexation Macroimplications of the choice of numeraire The monetary policy problem Time consistency |
| 8 |
The "new Keynesian" modelStaggering of price decisions Fischer-Taylor-Calvo models Coordination problems The "modern Phillips curve" Inflation inertia? The "modern IS-LM model," and the "modern AS-AD model" A second look at productivity booms |
| 9 |
Monetary policyTime consistency Inflation targeting Interest rate rules The liquidity trap |
| 10 |
Fiscal policyEffects of spending and taxes in models with flexible or sticky prices Empirical evidence Perverse effects of fiscal expansions |
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