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.
Here are sample questions for the midterm exam. This list will be updated over the next few weeks.
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.
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 Trap. Slides here.
John Hicks. Mr. Keynes and the Classics: A Suggested Interpretation
Mark Bils and Peter Klenow. Some Evidence on the Importance of Sticky Prices
Alvarez et al. Sticky Prices in the Euro Area
Carl Walsh: Teaching Inflation Targeting: An Analysis for Intermediate Macro
Milton Friedman: The Role of Monetary Policy.
John Taylor: Discretion Versus Policy Rules in Practice
Bank of England: State of the Art of Inflation Targeting
Richard Clarida, Jordi Gali and Mark Gertler: Monetary Policy Rules
and Macroeconomic Stability: Evidence and Some Theory
Ben Bernanke: Some Thoughts on Monetary Policy in Japan
Lars Svennson. Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others
Paul Krugman: Earth to Ben Bernanke. Chairman Bernanke Should Listen to Professor Bernanke
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“.
Developmentdata.org: A fantastic collection of all sorts of cross-country information and other development data.
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
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.
Those watching the ongoing Euro-mess might be surprised at a policy recommendation that the Fed should behave more like the ECB. That’s what Republican Senator Bob Corker does in today’s FT. My comments here.
Yesterday, I appeared on a panel on the Euro crisis at the Infiniti finance conference at Trinity College Dublin. The slides from my talk are available here as a PowerPoint slideshow and here in PDF. My comments were more negative about the future of the euro than I have ever been before.