This is the class website for University College Dublin module Advanced Macroeconomics (ECON 30120) which was taught by Professor Karl Whelan in Spring 2021. Here is a brief introduction to the module.
Lecture Notes and Slides
0. Some Preliminaries on Equations. Slides here.
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. Before Growth: The Malthusian Model. Slides here.
12. Population & Resources: Malthus and the Environment. Slides here.
Readings
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: 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
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.
Robert Lucas. Econometric Policy Evaluation: A Critique.
Robert Hall. Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence.
Maurice Obstfeld, Jay C. Shambaugh, Alan M. Taylor (2004). The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility
Robert Solow: Technical Change and the Aggregate Production Function.
Bureau of Labor Statistics MFP Trends — 2018
Karl Whelan: Is the U.S. Set for an Era of Slow Growth?
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 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