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1、AdvancedMacroeconomicsIICourseOutline:I.Introduction(andReviewofIntermediateMacroeconomics)II.MathematicalTools(DynamicOptimization)III.EconomicGrowthIV.EconomicFluctuationsV.In°ationandMonetaryPolicyVI.UnemploymentandCoordinationFailure1IIntroduction(andReviewofIntermediateMacro)1BriefHisto
2、ry²Pre-1936:Monetarytheory(quantitytheoryofmoney)andbusi-nesscycletheory²TheKeynesianrevolution(J.M.Keynes,1936):E®ectivede-mand,involuntaryunemployment,unemploymentequilibrium,repudiationofSay'sLaw,liquiditypreference²Theneoclassicalsynthesis(1950sand1960s):Re¯nementofKey-nesiantheory[Micro
3、foundationsfortheconsumptionfunction(Modigliani),thetheoryofliquiditypreference(Tobin)andin-vestmenttheory(Tobin);Neoclassicalgrowthmodel(Solow);Be-liefinthenecessityandcapacityofcounter-cyclical¯scalandmonetarypolicyandthePhillipscurveasamenuforstabiliza-tionpolicy(Phillips,Samuelson-Solow)
4、]²Themonetaristcounter-revolution(MiltonFriedman,1956):Be-liefininherentstabilityofthemarketeconomy,distrustofpoliti-cians,rejectionofactivist,counter-cyclicalstabilizationpolicyinfavorofnon-activistrule-basedpolicyandrejectionofPhillipstrade-o®asalong-runproposition(M.Friedman,1968)²Therati
5、onalexpectationsrevolution(RobertE.Lucas,1970s):AttackonKeynesiantraditionforitslackofmicrofoundations,newparadigmbasedonoptimizingagentsandmarketclearing,LucasCritiqueandpolicyine®ectivenessandinconsistencyofoptimalplans(KydlandandPrescott,1977)²Realbusinesscycle(RBC)theory(Lucas,Plosser,Pr
6、escott,1980s-today):Productivityshocks2²NewKeynesianmacroeconomics(Dornbusch,Fischer,Taylor,Akerlof,ObstfeldandRogo®,late1970s-today):IntegrationofrationalexpectationsandintertemporaloptimizationintoKey-nesianparadigmandmicrofoundationsofnominalrigidities²Newgrowththeory(Lucas,Romer,Grossman
7、andHelpman,AghionandHowitt,late1980s-today):Endogenoustechno-logicalprogressandhumancapitalformation32KeyMacroeconomicIssues²EconomicGrowth²EconomicFluctuations²Unemployment²In°ation²MacroeconomicPolicy²Open-economyMacroeconomics3ReviewofIntermedia