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Economics 304

Intermediate Macroeconomics
Fall 2014
Jeffrey Parker
Course Outline and Reading List

Note: Dates shown below are a rational forecast of our progress in the course. Depending on our actual progress, exams and assignment dues dates may change.

Readings with authors listed in bold face are required. Those in regular type are optional readings that may be read by those with strong interests in the subject. Additional readings maybe added as the course progresses. Be sure to check the Web site regularly in order to keep up with any changes; don't just print this page at the beginning of the course and rely on that for the entire semester.

Course Outline (Links)

1. Introduction to macro; measurement of macro variables
2. Economic growth
3. Equilibrium in the long run
4. Expenditures in the short run

Mid-Term Exam

5. Money and short-run equilibrium in a closed economy
6. Aggregate supply and the Phillips curve
7. Short-run and long-run equilibrium in an open economy
8. Asset markets and exchange rates
9. Macroeconomic policy

Final Exam

1. Introduction to Macro; Measurement of Macro Variables

September 3: Introduction. No reading assigned.

September 5 and 8: Macroeconomic Variables

  • Burda, Michael, and Charles Wyplosz, Macroeconomics: A European Text, 6th ed., Oxford University Press, 2013, Chapters 1 and 2.
  • Easterlin, Richard A. 2001. . Economic Journal 111 (473), 465-484.
  • Henderson, J. Vernon, Adam Storeygard, and David N. Weil. 2012. . American Economic Review 102 (2):994-1028.
  • Leonhardt, David. 2014. . New York Times Upshot Blog, August 24, 2014.
  • Frey, Bruno S. 2008. Happiness: A Revolution in Economics. Cambridge, Mass.: MIT Press. (A comprehensive overview of the happiness literature.)
  • Boskin, Michael J., Ellen R. Dulberger, Robert J. Gordon, Zvi Griliches, and Dale W. Jorgenson. 1997. . American Economic Review 87 (2):78-83. (A useful reading on sources of inaccuracy in the most widely cited price index for the United States.)
  • Summers, Robert, and Alan Heston. 1991. . Quarterly Journal of Economics 106 (2):327-68. (A summary of the most widely used set of international data on GDP. We will use these data in project assignments).

2. Economic Growth

September 10 and 12: Solow Growth Model

  • Burda and Wyplosz, Chapter 3.

September 15 and 17: Convergence and Endogenous Growth: Theory and Evidence

  • Burda and Wyplosz, Chapter 4.
  • Sala-i-Martin, Xavier. 1997. . American Economic Review 87 (2):178-83.
  • Acemoglu, Daron, David Autor, David Dorn, Gordon H. Hanson, and Brendan Price. 2014. . American Economic Review 104 (5):394-99.
  • Fernald, John G., and Charles I. Jones. 2014. . American Economic Review 104 (5):44-49.
  • Gordon, Robert J. 2014. . National Bureau of Economic Research Working Paper Series No. 19895.

3. Equilibrium in the Long Run

September 19, 22, and 24: The Aggregate Labor Market and Unemployment

  • Burda and Wyplosz, Chapter 5.
  • Ritter, Joseph A., and Lowell J. Taylor. 1997. . Federal Reserve Bank of St. Louis Review 79 (5):3-21.
  • Rocheteau, Guillaume. 2006. . Federal Reserve Bank of Cleveland Economic Commentary, October 15.
  • Nickell, Stephen, Luca Nunziata, and Wolfgang Ochel. 2005. Economic Journal 115 (500):1-27.

September 26 and 29: Money and Prices in the Long Run

  • Burda and Wyplosz, Chapter 6.
  • Tutino, Antonella, and Carlos E. J. M. Zarazaga. 2014. . Federal Reserve Bank of Dallas Economic Letter 9 (6).

4. Expenditures in the Short Run

October 1 and 3: Budget Constraints

  • Burda and Wyplosz, Chapter 7.
  • Barro, Robert J. 1974. Journal of Political Economy 82 (6):1095-1117. (The original exposition of the Ricardian Equivalence Theorem.)

October 6 and 8: Consumption and Investment Spending

  • Burda and Wyplosz, Chapter 8.
  • Kellogg, Ryan. 2014. . American Economic Review 104 (6):1698-1734. Read intro and Sections I and II only.
  • Friedman, Milton. 1957. A Theory of the Consumption Function. Princeton, N.J.: Princeton University Press. (The original exposition of the permanent-income hypothesis.)
  • Ando, Albert, and Franco Modigliani. 1963.. American Economic Review 53 (1):55-84.

5. Money and Short-Run Equilibrium in a Closed Economy

October 10 and 13: Money and Monetary Policy

  • Burda and Wyplosz, Chapter 9.
  • O'Brien, Yueh-Yun C. 2007. . Washington, D.C.: Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series, No. 2007-2. (Look at this to get an idea of how money is measured in many countries.)

October 15: Review and Catch Up

October 17: Mid-Term Exam (tentative)

5. Money and Short-Run Equilibrium in a Closed Economy (continued)

October 27 and 29: Demand-Side Short-Run Equilibrium

  • Burda and Wyplosz, Chapter 10.

6. Aggregate Supply and the Phillips Curve

October 31 and November 3: Aggregate Supply in the Closed Economy

  • Burda and Wyplosz, Chapter 12.
  • Phillips, A.W. 1958. . Economica 15 (99):283-299.
  • Friedman, Milton. 1968. . American Economic Review 58 (1):1-17.
  • Murphy, Robert G. 2014. . Journal of Macroeconomics 40 (1):228-244.

7. Short-Run Equilibrium in an Open Economy

November 5, 7 and 10: Open-Economy Models

  • Burda and Wyplosz, Chapter 11.

November 12 and 14: Aggregate Supply and Demand in the Open Economy

  • Burda and Wyplosz, Chapter 13.

8. Asset Markets and Exchange Rates

November 17 and 19: Asset Markets

  • Burda and Wyplosz, Chapter 14.

November 21: Exchange Rates

  • Burda and Wyplosz, Chapter 15.

9. Macroeconomic Policy

November 24: Demand-Side Stabilization Policies

November 26 and December 1: Fiscal Policy, Deficits, and Debt

  • Burda and Wyplosz, Chapter 17.
  • Sargent, Thomas J. 1982. The Ends of Four Big Inflations. In Inflation: Causes and Effects, ed. by R. E. Hall, Chicago: National Bureau of Economic Research and University of Chicago Press.

December 3: Growth Policies

  • Burda and Wyplosz, Chapter 18.

December 5: The International Monetary System

  • Burda and Wyplosz, Chapter 19.

December 8 and 10: Macroeconomics since 2008

  • Goodman, Peter S., and Gretchen Morgenson, "," New York Times, December 28, 2008.
  • Brunnermeier, Markus K., "," Journal of Economic Perspectives 23 (1), Winter 2009, 77-100.
  • Mishkin, Frederic S., "," Journal of Economic Perspectives 25(1), Winter 2011, 49-70.
  • Reinhart, Carmen M., and Kenneth S. Rogoff, This Time Is Different: Eight Centuries of Financial Folly, Princeton, N.J.: Princeton University Press, 2009, Chapters 13, 14 and 15.

Final Exam: Thursday, December 18, 1-5pm.

Do not schedule a flight earlier than Thursday evening!