Monetary and fiscal policies in theory and practice. Students are introduced immediately to the practice of taking a set of data, examining it numerically. In parallel, the course develops the mathematical methods used to characterize the equilibria. Policy and practice, second edition draws on the rich tapestry of recent economic events to help students understand the policy issues debated by the media and the public at large during these trying times. Principles of macroeconomics econ 2020 spring 2018. Lipsey fellow, canadian institute for advanced research and professor of economics, simon fraser university, canada economists of the twentieth century edward elgar. Macroeconomic theory and policy 2nd edition andolfatto, david simon fraser university 1 january 2008 online at. The study of macroeconomics extends to the following areas. Macroeconomic policy rules in theory and in practice.
J to give the students an overview of contemporary macroeconomic theory and to make the students understand and analyze relationships among different macroeconomic variables such as national income, employment, consumption, inflation and the quantity of money, student will be able to understand the role of government. The course provides the students with graduatelevel theoretical tools and discusses their application to empirical evidence. They produce the same good, which can be both consumed or invested. The general theory of employment, interest, and money by john. Econ 8453 macroeconomic theory university of missouri. Advanced microeconomics general equilibrium theory get. This syllabus will cover the organizational details of the course. Two exams, a midterm and final, were given in the course. General examination in macroeconomic theory fall 2015 you have four hours. Lutz hendricks syllabus for those planning buying ahead. This theory is a synthesis between classical economics and keynesian economics that was created to help explain stagflation high rates of both unemployment and inflation that emerged in the 1970s. We will consider various theories of investment and also how imperfections in. Gain hands on insight, make the connections, analyze the theory, and tailor the material to your course. V chari, timothy kehoe and ed ward prescott, my excolleagues at stanford, robert hall, beatrix paal and tom.
Macroeconomic variables can then be computed by summing up the actions of all individuals. In the process you will learn how to boil down complex macroeconomic problems to their essential features, making use of a powerful tool. Student versions of the powerpoint presentations are available as. First, to the extent that the deep parameters describing preferences and constraints are approximated reasonably well, the theory can provide reliable predictions. Keynes is known as father of modern macroeconomics. It is beyond dispute that this acronym is an ugly addition to the english language.
It introduces the students to fundamental blocks of modern macroeconomics. I learned and am still learning dynamic macroeconomics from a series of great teachers. Teaching and learning economics, the web portal on best practices in teaching economics. The second part is on development, in a world that has been. We will cover models at an abstract and advanced level. Macroeconomic theory jeanpascal benassy oxpord university press 2011. Its objective is to teach basic versions of the standard models commonly used in macroeconomics. Macroeconomics is now rmly grounded in the principles of economic theory v. If you redistribute this textbook in a print format, then you must include on every physical. Lipsey fellow, canadian institute for advanced research and professor of economics, simon fraser university, canada economists of the twentieth century edward elgar cheltenham, uk. You may also check your grades on the course canvas site. An intermediate level macroeconomics textbook that develops the core elements of modern macroeconomic theory in easily digestible bits using indifference curves, budgets constraints, and simple math.
Develops in a simple and rigorous manner the central topics of modern macroeconomic theory including rational expectations, growth, business cycles, money, unemployment, government policy, and the macroeconomics of nonclearing markets. These assumptions are used in order to build macroeconomic models. International finance discussion papers are preliminary materials circulated to stimulate discussion and critical comment. Economics is a social science that a is primarily concerned with money b is primarily concerned with how resources are used c relies solely on the scientific method for analysis d is primarily concerned with maximizing spiritual wellbeing e is. This graduate textbook is a primer in macroeconomics. Macroeconomic policy and sustainability clearly the new classical perspective is well named, since it has eliminated all the essential components of the keynesian view, returning macroeconomic theory to the analyses and policy prescriptions of the 1920s though with much greater mathematical sophistication.
While you have taken intermediate macro, most of mishkins book. We will conclude with a consideration of several important kinds of macroeconomic models. Introduction to economic growth, 3rd edition, 20, isbn. Keynes wrote the book general theory of employment, interest and money in 1936. Bohn this course will examine the linkages between interest rates, money, output, and inflation in more detail than mishkins book. The term microeconomics and macroeconomics were first given by ragner frisch in 1933.
The most important material for this class is the set of slides, homeworks, practice exercises and announcements that i will post regularly on the canvas web page. Enrique mendoza documents the following facts concerning small. Economics 102 is the basic course in macroeconomic theory for undergraduate economics majors. Our objective is to examine the behavior of the economy as a whole to. Access to the original source files is also open to anyone. The history of macroeconomics from keyness general. There is today a large discrepancy in the way macroeconomic theory is prac ticed by researchers. To the conference on policy rules the next steps, cambridge university, cambridge. Macroeconomic theory i is the first part of a twopart core sequence that is compulsory for all firstyear students for ma in economics. Students are introduced immediately to the practice of taking a set of data, examining it.
Description for courses in intermediate macroeconomics help students understand macroeconomics in theory as well as practice macroeconomics. Building on his expertise in macroeconomic policymaking at the federal reserve, mishkins macroeconomics. According to conventional macroeconomic theory, the inflationunemployment tradeoff is. Policy and practice, second edition draws on the rich tapestry of recent economic events to help students understand the policy issues debated by the media and the public at large during these trying times building on his expertise in macroeconomic. Keynesian macroeconomic models assume that prices are sticky, or even. Building on his expertise in macroeconomic policy making at the federal reserve, author frederic s. Macroeconomic theory and policy the selected essays of richard g. References to international finance discussion papers other than an acknowledgment that the writer has had access to. Residents of the united states must file this form or one like it every year by. In practice, fi nding valid instruments is hard to do and rarely done.
This course builds your understanding of the macroeconomy from the ground up. General examination in macroeconomic theory spring 2016 you have four hours. Macroeconomic theory dirk krueger1 department of economics university of pennsylvania january 26, 2012 1i am grateful to my teachers in minnesota, v. Gregory mankiw n airu stands for the nonaccelerating in ation rate of unemployment. The economic return on public spending and innovation policycurrent theory and practice. If the real exchange rate was lower than real e, the quantity of dollars demanded would be greater than the quantity of dollars supplied and there would be upward pressure on the real exchange rate. Explain the importance of economic theories and models. Econ%311%%intermediate%macroeconomics%professor%gordon. There are, however, two issues that fail to command consensus among economists, which we address in this essay. Macroeconomic theory and policy 2nd edition andolfatto, david simon fraser university 1 january 2008 online at mpra paper no. Macroeconomic theory and policy munich personal repec archive. Volume 2 macroeconomic and sectoral approaches 4 12. Contents introduction xii the object of the book xii organization of the book xiii an overview of the book xiii acknowledgments xviii 1 growth 3 1.
Macroeconomics has a wider scope than microeconomics. Economics 102 is the basic course of macroeconomic theory for undergraduate economics majors. Find materials for this course in the pages linked along the left. It relates macroeconomic theory and policy to the institutional setting and explores alternative perspectives for developing countries. It represents the current, stateoftheart macroeconomic theory. Macroeconomics became popular after great depression of 1929 33. Pdf theoretical advances in macroeconomics made in the last three decades have had a major influence on macroeconomic policy analysis. There are exercises after each chapter, and we have provided complete solutions at the. Sna mainly records flows of goods and services within a time period for example, the consumption. We look at how the decisions that households and businesses make add up to the macroeconomic. Theory and applications of macroeconomics 2012 book archive. Macroeconomic theory jeanpascal bonassy problemssolutions.
The great recession has had a second important effect on the practice of macroeconomics. Lecture note on classical macroeconomic theory econ 5 prof. Policy and practice text clearly provides a theoretical framework that illustrates the most current and relevant policy debates in the field. The macroeconomic impact of government innovation policies. Economics is a social science that a is primarily concerned with money b is primarily concerned with how resources are used c relies solely on the scientific method for analysis d is primarily concerned with maximizing spiritual wellbeing e is purely normative 2. The nairu in theory and practice laurence ball and n. The nairu in theory and practice harvard university. V chari, timothy kehoe and edward prescott, my excolleagues at stanford, robert hall, beatrix paal and tom sargent, my colleagues at upenn hal cole, jeremy greenwood, randy wright and. Pdf an intermediate level macroeconomics textbook that develops the. Macroeconomics 1880 1900 1920 1940 1960 1980 2000 matthiasdoepke universityofchicago andreaslehnert boardofgovernorsofthe federalreservesystem andreww. An intermediate level macroeconomics textbook that develops the core elements of modern macroeconomic theory in easily digestible bits using indifference curves, budgets constraints, and. The real exchange rate adjusts to balance the supply and demand for dollars. Neoclassical macroeconomic modelscommonlyassumethatpricesareperfectly. Econ520 advanced macroeconomic theory spring 2017 prof.
1625 1592 1587 791 1301 1534 1272 164 1028 1192 1659 535 787 1405 252 1329 154 152 1427 1588 1025 894 1020 568 941 789 1064 1534 510 113 1604 336 281 736 446 451 509 1 212