《高级宏观经济学(2)》课件-1

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XiamenUniversityFall2006ADVANCEDMACROECONOMICSIICourseDescriptionTheobjectiveofthiscourseistointroducethestudentstomajorissues,someveryusefulanalyticaltoolsandrecentadvancesinmodernmacroeconomics.Topicsincludegrowththeory,businesscycletheory,inflation,unemploymentandmacroeconomicpolicy.CourseEvaluationAssignments:30%FinalExam:70%CourseOutlineI.Introduction(andReviewofIntermediateMacroeconomics)II.MathematicalTools(DynamicOptimization)III.EconomicGrowthIV.EconomicFluctuationsV.InflationandMonetaryPolicyVI.UnemploymentandCoordinationFailureReadingMaterialsThereadingsaredrawnfromscholarlyjournalsineconomicsandthefollowingtextbooks:1.Aghion,P.andP.Howitt,EndogenousGrowthTheory,MITPress,1998.2.Barro,R.andX.Sala-i-Martin,EconomicGrowth,McGraw-Hill,1995.3.Blanchard,O.andS.Fischer,LecturesonMacroeconomics,MITPress,1989.4.Chang,A.C.,ElementsofDynamicOptimization,McGraw-Hill,1992.5.Sargent,T.,DynamicMacroeconomicTheory,HarvardUniversityPress,1987.6.Mankiw,N.G.andD.Romer(eds.),NewKeynesianEconomics,MITPress,1991.7.Romer,D.,AdvancedMacroeconomics,McGraw-Hill,2001. ReadingListI.Introduction(andReviewofIntermediateMacroeconomics)th°Abel,A.B.andB.S.Bernanke,Macroeconomics,5edition,Addison-Wesley,2005.°Romer,Chapter5°MankiwandRomer,Volume1,Introduction°Mankiw,N.Gregory,“AQuickRefresherCourseinMacroeconomics,”JournalofEconomicLiterature(1990):1645-60.°Blanchard,Olivier,“WhatDoWeKnowaboutMacroeconomicsThatFisherandWicksellDidNot?”QuarterlyJournalofEconomics(2000):1375-1409.II.MathematicalTools(DynamicOptimization)°LectureNotes°Chiang,AlphaC.ElementsofDynamicOptimization,McGraw-Hill,Inc.,1992.°Kamien,MortonI.andNancyL.Schwartz.DynamicOptimization:TheCalculusofVariationsandOptimalControlinEconomicsandManagement,2ndedition,Elsevier,NewYork,1991.°Sargent,ThomasJ.DynamicMacroeconomicTheory,HarvardUniversityPress,1987.III.EconomicGrowthA.Introduction°BarroandSala-i-Martin,Introduction.°AghionandHowitt,IntroductionandChapter1.B.NeoclassicalGrowth:SolowModel°BarroandSala-i-Martin,Chapter1.°Romer,Chapter1.°Solow,Robert.“AContributiontotheTheoryofEconomicGrowth,”QuarterlyJournalofEconomics70(1956):65-94.°Phelps,E.“TheGoldenRuleofAccumulation:AFableforGrowthman,”AmericanEconomicReview51(1961):638-43.C.NeoclassicalGrowth:Ramsey-Cass-KoopmansModel°BarroandSala-i-Martin,Chapter2.°Romer,Chapter2.°Cass,D.“OptimalGrowthinanAggregateModelofCapitalAccumulation,”ReviewofEconomicStudies32(1965),233-40.°Koopmans,T.“OntheConceptofOptimalEconomicGrowth,”inTheEconometricApproachtoDevelopmentPlanning,Amsterdam,NorthHolland,1965.°Ramsey,F.“AMathematicalTheoryofSaving,”EconomicJournal38(1928):543-59.2 D.EndogenousGrowth:Capital-BasedModels°BarroandSala-i-Martin,Chapters4and5°Romer,P.“IncreasingReturnsandLong-RunGrowth,”JournalofPoliticalEconomy94(1986):1002-37.°Lucas,R.E.,Jr.“OntheMechanicsofEconomicDevelopment,”JournalofMonetaryEconomics22(1988):3-42.°Rebelo,S.“Long-RunPolicyAnalysisandLong-RunGrowth,”JournalofPoliticalEconomy99(1991):500-21.E.EndogenousGrowth:Innovation-BasedModelswithVarietyExpansion°BarroandSala-i-Martin,Chapter6.°Romer,P.“EndogenousTechnologicalChange,”JournalofPoliticalEconomy98(1990):S71-S102.°Gancia,G.andF.Zilibotti.“HorizontalInnovationintheTheoryofGrowthandDevelopment,”inHandbookofEconomicGrowth,NorthHolland2005.F.EndogenousGrowth:Innovation-BasedModelswithQualityImprovements°BarroandSala-i-Martin,Chapter7.°AghionandHowitt,Chapter2.°Aghion,P.andP.Howitt.“AModelofGrowththroughCreativeDestruction,”Econometrica60(1992):323-51.°Aghion,P.andP.Howitt.“GrowthwithQuality-ImprovingInnovations:AnIntegratedFramework,”inHandbookofEconomicGrowth,NorthHolland2005.°Aghion,P.andP.Howitt.“AppropriateGrowthPolicy:AUnifyingFramework,”WorkingPaper,2005.G.EndogenousGrowthinOpenEconomies°Grossman,G.M.andE.Helpman.“ComparativeAdvantageandLong-RunGrowth,”AmericanEconomicReview80(1990):796-815.°Grossman,G.M.andE.Helpman.“QualityLaddersandProductCycles,”QuarterlyJournalofEconomics106(1991):557-586.°Howitt,P.“EndogenousGrowthandCross-CountryIncomeDifferences,”AmericanEconomicReview90(2000):829-46.°Howitt,P.andD.Mayer-Foulkes.“R&D,ImplementationandStagnation:ASchumpeterianTheoryofConvergenceClubs,”JournalofMoney,CreditandBanking37(February2005):147-77.°Aghion,P.,P.HowittandD.Mayer-Foulkes.“TheEffectofFinancialDevelopmentonConvergence:TheoryandEvidence,”QuarterlyJournalofEconomics120(2005):173-222.°Daron,A.,P.AghionandF.Zilibotti.“DistancetoFrontier,SelectionandEconomicGrowth.”TheJournaloftheEuropeanEconomicAssociation(2006),forthcoming.3 H.EndogenousGrowth,CompetitionandFinance°AghionandHowitt,Chapter7.°Aghion,P.andP.Howitt.“GrowthwithQuality-ImprovingInnovations:AnIntegratedFramework,”inHandbookofEconomicGrowth,NorthHolland2005.°Helpman,E.“Innovation,ImitationandIntellectualPropertyRights,”Econometrica68(2001):467-92.°Aghion,P,N.Bloom,R.Blundell,R.GriffithandP.Howitt.“CompetitionandInnovation:AnInverted-URelationship,”QuarterlyJournalofEconomics120(May2005):701-28.°Aghion,P.,C.Harris,P.HowittandJ.Vickers.“Competition,ImitationandGrowthwithStep-by-StepInnovation,”ReviewofEconomicStudies68(2001):467-92.°Aghion,P.,P.HowittandD.Mayer-Foulkes.“TheEffectofFinancialDevelopmentonConvergence:TheoryandEvidence,”QuarterlyJournalofEconomics120(2005):173-222.°Aghion,P.,D.CominandP.Howitt.“WhenDoesDomesticSavingMatterforEconomicGrowth?”Workingpaper(2006).I.SourcesofGrowth°BarroandSala-i-Martin,Chapters10and12.°Easerly,W.andR.Levine.“It’sNotFactorAccumulation:StylizedFactsandGrowthModels,”WorldBankEconomicReview15(2)(2001):177-219.°Barro,R.“HumanCapitalandGrowth,”AmericanEconomicReview91(2001):12-17.°Sachs,J.D.andA.M.Warner.“FundamentalSourcesofLong-RunGrowth,”AmericanEconomicReview87(1997):184-188.°Sala-i-Martin,X.“IJustRunTwoMillionsRegressions,”AmericanEconomicReview87(1997):178-182.°Caselli,F.“TheMissingInput:AccountingforCross-CountryIncomeDifferences,”inHandbookofEconomicGrowth,NorthHolland2005.J.TestingforEndogenousGrowth°AghionandHowitt,Chapters8(Section5)and12.°Jones,C.“R&D-BasedModelsofEconomicGrowth,”JournalofPoliticalEconomy103(1995):759-84.°Jones,C.“TimeSeriesTestsofEndogenousGrowthModels,”QuarterlyJournalofEconomics110(1995):495-525.°Howitt,P.“SteadyEndogenousGrowthwithPopulationandR&DInputsGrowing,”JournalofPoliticalEconomy107(1999):715-30.°Mankiw,N.G.,D.RomerandD.Weil.“AContributiontotheEmpiricsofEconomicGrowth,”QuarterlyJournalofEconomics107(1992):407-37.°Evans,P.“UsingCross-CountryVariancestoEvaluateGrowthTheories,”JournalofEconomicDynamicsandControl20(1996):1027-49.4 IV.EconomicFluctuationsA.StylizedFactsofBusinessCycles°AbelandBernanke,Chapter8(Sections2and3).°Romer,Chapters1(Sections1and2)and5(Section6).B.RealBusinessCycle(RBC)Theory°Kydland,F.andE.C.Prescott.“TimetoBuildandAggregateFluctuations,”Econometrica50(1982):1345-70.°Long,J.andC.Plosser.“RealBusinessCycles,”JournalofPoliticalEconomy91(1989):39-69.°Mankiw,N.G.“RealBusinessCycles:ANewKeynesianPerspective,”JournalofEconomicPerspective3(1989):79-90.°King,R.andS.Rebelo.“ResuscitatingRealBusinessCycles,”inHandbookofMacroeconomics,1999(Chapter14).°Gomme,P.,F.KydlandandP.Rupert.“HomeProductionMeetsTimetoBuild,”JournalofPoliticalEconomy109(2001):1115-31.°Rebelo,S.“RealBusinessCycleModels:Past,PresentandFuture,”ScandinavianJournalofEconomics107(2005):217-38.C.(New)KeynesianTheory°Romer,Chapters5and6(PartsBandC)°BlanchardandFischer,Chapters8and10°Fischer,S.“Long-TermContracts,RationalExpectations,andtheOptimalMoneyRule,”JournalofPoliticalEconomy85(1977):191-205.°Taylor,J.“StaggeredWageSettinginaMacroModel,”AmericanEconomicReview69(1979):108-113.°Taylor,J.“StaggeredPriceandWageSettinginMacroeconomics,”inHandbookofMacroeconomics,1999(Chapter15).°Mankiw,N.G.“SmallMenuCostsandLargeBusinessCycles:AMacroeconomicModelofMonopoly,”QuarterlyJournalofEconomics100(1985):529-39.°Ball,L.,N.G.MankiwandD.Romer.“TheNewKeynesianEconomicsandtheOutput-InflationTrade-off,”BrookingsPapersonEconomicActivity1(1988):1-65.°Ball,LandD.Romer.“RealRigiditiesandtheNon-NeutralityofMoney,”ReviewofEconomicStudies57(1990):183-302.5 V.InflationandMonetaryPolicy°Romer,Chapter9°BlanchardandFischer,Chapters4,5and11.°Samuelson,P.A.“AnExactConsumption-LoanModelofInterestWithorWithouttheSocialContrivanceofMoney,”JournalofPoliticalEconomy66(1958):1002-11.°Diamond,P.A.“NationalDebtinaNeoclassicalGrowthModel,”AmericanEconomicReview55(1965):1126-50.°Kiyotaki,N.andR.Wright.“ASearch-TheoreticApproachtoMonetaryEconomics,”AmericanEconomicReview83(1993):63-77.°Howitt,P.“BeyondSearch:FiatMoneyinOrganizedExchange,”InternationalEconomicReview46(2005):405-29.°Clarida,R.,J.GaliandM.Gertler.“TheScienceofMonetaryPolicy:ANewKeynesianPerspective,”JournalofEconomicLiterature37(1999):1661-1707.°Kydland,F.andE.Prescott.“RulesRatherThanDiscretion:TheInconsistencyofOptimalPlans,”JournalofPoliticalEconomy85(1977):473-91.°Lucas,R.E.“EconometricPolicyEvaluation:ACritique,”Carnegie-RochesterConferenceSeriesonPublicPolicy1(1976):19-46.°Blanchard,O.andJ.Gali.“RealWageRigiditiesandtheNewKeynesianModel,”FederalReserveBankofBostonWorkingPaper(2005),No.05-14.°McCallum,B.“IssuesintheDesignofMonetaryPolicyRules,”inHandbookofMacroeconomics,1999(Chapter23).VI.UnemploymentandCoordinationFailure°Romer,Chapter10°BlanchardandFischer,Chapter9(Section5).°Pissarides,C.A.,EquilibriumUnemploymentTheory,Blackwell,1990(PartI).°Shapiro,C.andJ.E.Stiglitz.“EquilibriumUnemploymentasaWorker-DisciplineDevice,”AmericanEconomicReview74(1984):433-44.°Diamond,P.“Aggregate-DemandManagementinSearchEquilibrium.”JournalofPoliticalEconomy90(1982):881-94.°Cooper,R.andA.John.“CoordinatingCoordinationFailuresinKeynesianModels,”QuarterlyJournalofEconomics103(1988):441-63.6