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ISEG Course Advanced Macro 22 23

This document outlines the details of an advanced macroeconomics PhD program course, including teaching staff, schedule, grading, textbook, supplemental readings, and an overview of the course lectures and topics to be covered.

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Ermita Yusida
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230 views2 pages

ISEG Course Advanced Macro 22 23

This document outlines the details of an advanced macroeconomics PhD program course, including teaching staff, schedule, grading, textbook, supplemental readings, and an overview of the course lectures and topics to be covered.

Uploaded by

Ermita Yusida
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ISEG, PhD Program in Economics 2022/23

Advanced Macroeconomics

Teaching staff:
Paulo Brito (ISEG)
Bernardino Adão (ISEG) ([email protected])
Schedule:
Tuesdays: Room Q6 - Anfiteatro 3, 18:00-20:00
Bernardino Adão: From week 12-9-2022 to 17-10-2022 (6 classes)
Paulo Brito: From week 25-10-2022 to 29-11-2022 (6 classes)
The last class on week 6-12-2022 will be a Q/A session where students ask questions and the
instructors provide answers. This class can take place after the holidays, according with students
preferences.

Grading:
Normal Period:
The final grade in this period is the one obtained in a written exam.
Appeal Period:
The final grade in this period is the one obtained in the written exam with similar features and
rules as the normal period’s exam.

Course Overview (first part)


Prof. Bernardino Adão
[email protected]
[email protected]

The main aim of the second part of the course is that you will be able to understand models
of the economy and to use them to address some fundamental questions concerning macro
policy. Since most major policy questions are quantitative, the course has a quantitative
component. The course will cover standard analytic methods (like Lagrangians) and the
computational methods commonly used in economics. I will largely teach all this from
the very beginning but I will expect that you to know calculus, probability theory, and
statistics.

Textbook:
The main text is Harold Cole, 2020, "Monetary and Fiscal Policy through a DSGE Lens",
Oxford University Press.
In addition, there are supplemental readings. Learning to program in Matlab is an
important aspect of the course. There are many options here including some online ones
which are free:
Amos Gilat's "Matlab: An Introduction with Applications".
http://www.maths.dundee.ac.uk/software/MatlabNotes.pdf

Preliminary List of Supplemental Readings:


1. G. McCandless and W.Weber, "Some Monetary Facts," Federal Reserve Bank of
Minneapolis Quarterly Review.
2. Atkeson and Kehoe, "Depression and Deflation: Is there an empirical link?," Federal
Reserve Bank of Minneapolis Staff Report.
3. Cole and Kocherlakota, "Why Zero Interest Rates are Good and How to Get Them,"
Federal Reserve Bank of Minneapolis, Quarterly Review, Spring 1998.
4. R. King, "The Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996,"
Economic Quarterly of the Federal Reserve Bank of Richmond, Fall 2008.
5. Atkeson, Chari and Kehoe, "Taxing Capital Income: A Bad Idea," Federal Reserve
Bank of Minneapolis Quarterly Review Summer 1999.
6. E. Prescott, "Why Do Americans Work So Much More Than Europeans?," Federal
Reserve Bank of Minneapolis Staff Report 321.

Lecture 1: Cash-in-Advance Model


1. Household’s problem
2. The asset market
3. Optimal policy
4. Quantitative analysis
5. Varying velocity
6. Negative interest rates
Cole, Chapters 2, 3 and 4
Lecture 2: The Stochastic Cash-in-Advance Model
1. Markov process
2. Stochastic model
3. Statistical model
4. Monetary facts
Cole, Chapters 5, 6 and 7
Lecture 3: Price-Setting and Information Frictions
1. Price setting
2. Information friction
3. Sticky prices or sticky wages
Cole, Chapter 10
Lecture 4: A Model of Money and Capital
1. Balance growth path
2. Kaldor’s growth facts
Cole, Chapter 14
Lecture 5: Modelling Government Expenditures
1. Extending the model
2. Quantitative results
Cole, Chapter 16 and 18
Lecture 6: Business Cycle Model with Capital
1. Calibrating the model
2. Quantitative analysis
Cole, Chapter 20

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