MA Macroeconomics

This is the class website for University College Dublin module MA Macroeconomics (ECON 41990) in  Autumn 2014.

Information and Assessment

A syllabus for the course is available here.

Here is a handout with guidelines on the assessment for the module.  (Updated: September 29).

Here are sample questions for the midterm exam. (Updated: September 29).

The midterm will take place on Wednesday October 22 between 2.30 and 3.30 in Newman Theatre 1, which is in the basement of the building.

 Lecture Notes

1. The IS-LM Model. (From MIT Open Courseware)

2. The AS-AD Model. (From MIT Open Courseware)

My summary of IS-LM and AS-AD

3. Introducing the IS-MP-PC Model. Slides here.

4. Analysing the IS-MP-PC Model. Slides here.

5. The Taylor Principle. Slides here.

6. The Zero Lower Bound and the Liquidity TrapSlides here.

7. Rational Expectations and Asset Prices. Slides here.



John Hicks (1937). Mr. Keynes and the Classics: A Suggested Interpretation

Mark Bils and Peter Klenow (2004). Some Evidence on the Importance of Sticky Prices

Alvarez et al (2005). Sticky Prices in the Euro Area

Carl Walsh (2002): Teaching Inflation Targeting: An Analysis for Intermediate Macro

Milton Friedman (1968): The Role of Monetary Policy.

John Taylor (1993): Discretion Versus Policy Rules in Practice

Bank of England (2012): State of the Art of Inflation Targeting

Richard Clarida, Jordi Gali and Mark Gertler (2000): Monetary Policy Rules
and Macroeconomic Stability: Evidence and Some Theory

Ben Bernanke (2003):  Some Thoughts on Monetary Policy in Japan

Lars Svensson (2003). Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others

Paul Krugman (2012): Earth to Ben Bernanke. Chairman Bernanke Should Listen to Professor Bernanke

Eugene Fama (1970): Efficient Capital Markets: A Review of Theory and Empirical Work

Eugene Fama (1991): Efficient Capital Markets II

Robert Shiller (1981): Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?

John Campbell and Robert Shiller (2001). Valuation Ratios and the Long-Run Stock Market Outlook: An Update.

Gavyn Davies: The Nobel  Laureates on Equity Bubbles

NBER Workshop on Behavioural Finance.

Links to Macro and Development Data

Presentation on macro data sources.

StatBank: The CSO’s main database.

Irish Housing Statistics from the Dept. of the Environment.

National Account Data for EU Countries: AMECO Database.

Cross-country and and cross-sector data for Europe: The EU KLEMS Project.

US National Accounts data from the Bureau of Economic Analysis.

US macro and financial data (and some international data) from the St. Louis Fed’s FRED. Good for charts.

IMF World Economic Outlook database

Cross-Country PPP-comparable data from the Penn World Table.

US financial data from the Federal Reserve Board.

The ECB’s Statistical Data Warehouse.

US stock market data from Robert Shiller.

Ken French‘s data on returns for various types of stock portfolios.

Data from the World Bank on health, development, finance and other things.

Data from the World Bank Project: Doing Business. A fantastic collection of all sorts of cross-country information and other development data.


Data Sources and Websites for International Money and Banking

Data Sources

Asset and Liabilities of US Banks. From the Federal Reserve.

Statistical Data Warehouse. From the ECB.

FRED. The St. Louis Fed. Very good for charts.

The EONIA rate (European Overnight Interest Average)

Volume of overnight unsecured lending in the Euro area.

The ECB’s Balance Sheet.

The Fed’s Balance Sheet (Factors Supplying Funds is Assets, Factors Absorbing Funds is Liabilities)

Selected Interest Rates from the Federal Reserve.


Economics Blogs That Sometimes Cover Issues Related to this Course

My blog.

FT Alphaville.  Detailed coverage of financial news stories.

Felix Salmon. Reuters blog on financial issues.

Economist’s View. Academic Mark Thoma from Oregon offers views and links to articles on the US economy.

Calculated Risk. An excellent site for US economic news, with a particular focus on housing.

Paul Krugman. Thoughts on macro from a Nobel prize winner. Best accessed via Twitter or you’ll run into the New York Times’s 10 articles per month limit.

Econbrowser. US macroeconomic commentary from academics Menzie Chinn and Jim Hamilton.

Mainly Macro. A thoughtful UK-oriented blog from Simon-Wren Lewis of Oxford

Monetary Dialogue with the ECB. Not a blog but lots of papers by leading European economists on monetary policy issues.