Advanced Macroeconomics (ECON30120)

This is the class website for University College Dublin module Advanced Macroeconomics (ECON 30120).

Here is a handout describing how the module will work.  This material will be covered in the opening lecture (slides here).

Assessment Information: Final Exam

Here is a handout describing the format for the final exam and containing sample questions for the first two sections of the exam.

Here are some sample questions for the third section of the exam.

These are now the final editions of these handouts.

The final exam will take place on Monday May 12 at 3PM at RDS Simmonscourt.

Lecture Notes and Slides

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

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

3. The Taylor Principle. Slides here.

4. The Zero Lower Bound and the Liquidity Trap. Slides here.

5. Rational Expectations and Asset Prices. Slides here.

6. Rational Expectations and Consumption. Slides here.

7. Exchange Rates, Interest Rates and Expectations. Slides here.

8. Growth Accounting. Slides here.

9. The Solow Model. Slides here.

10. Determinants of Total Factor Productivity. Slides here.

11. The Malthusian Model. Slides here.

12. Population and Resources: Malthus and the Environment. Slides here.

Readings

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

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

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

Eugene Fama: Efficient Capital Markets II

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

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

Gavyn Davies: The Nobel  Laureates on Equity Bubbles

NBER Workshop on Behavioural Finance.

Robert Lucas. Econometric Policy Evaluation: A Critique.

Robert Hall. Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence.

Robert Solow: Technical Change and the Aggregate Production Function.

Bureau of Labor Statistics MFP Trends up to 2012

Karl Whelan: Is the U.S. Set for an Era of Slow Growth?

Kieran McQuinn and Karl Whelan: Europe’s Growth Crisis

Alwyn Young: A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore

Edward Miguel and Gerard Roland: The Long Run Impact of Bombing Vietnam

Paul Krugman: The Myth of Asia’s Miracle.

Paul Romer: Endogenous Technological Change.

Robert Gordon: Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds

Robert Gordon: The Demise of U.S. Growth: Restatement, Rebuttal and Reflections

Joel Mokyr: Is Technological Progress a Thing of the Past?

Robert E. Hall and Charles I. Jones. Why Do Some Countries Produce So Much More Output per Worker than Others?

Douglass North. Institutional Change: A Framework of Analysis.

Daron Acemoglu, Simon Johnson and James Robinson. The Colonial Origins of Comparative Development: An Empirical Investigation.

Dani Rodrik, Arvind Subramanian, and Francesco Trebbi. Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development.

Robert Gillanders and Karl Whelan. Open For Business? Institutions, Business Environment and Economic Development.

Gregory Clark (2007). A Farewell to Alms. Chapter One: The Sixteen Page Economic History of the World.

Gregory Clark (2007). A Farewell to Alms. Chapter Two: The Logic of the Malthusian Economy.

Thomas Malthus (1798). An Essay on the Principle of Population.

Gapminder: Wonderful animated graphs on health, incomes and other things.

James Brander and M. Scott Taylor (1998). The Simple Economics of Easter Island: A Ricardo-Malthus Model of Renewable Resource Use.