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Spring 2001 prof. Kirill Sosunov Nunber
of lectures 14 Basic
Textbook : P. Romer Advanced Macroeconomics McGraw Hill 1996 Additional textbook O. Blanchard and S. Fisher Lectures on macroeconomics MIT Press 1992 Topics to be covered:
3 lectures, Romer Ch 3 this part will cover several basic models such as models of knowledge accumulation and human capital formation and learning-by-doing model. It will also emphisize the importance of returns to scale factor to the growth dynamics 3 lectures Romer Ch9 this part will cover basic game-theoretic setup of the monetary policy. It will show the dynamic inconsistency of the low-inflation policy and provide mechanisms for resolving it. 2 lectures McCallum Ch 9 this part will cover the techniques for solving basic linear rational expectations models. It will also deal with multiplicity of solutions and models with lagged variables. 3 lectures Romer Ch 4 B& F Ch 7 this part will cover real business cycles theory. It will demonstrate how AR(1) technology can generate persistent output. It will also touch on such limitations of RBC model as its inability to replicate stochastic properties of employment data 3 lectures Romer Ch 6 B & F Ch 8 this part will cover another type of theories of fluctuations – new-Keynesian models with nominal rigidities in the economy. It will demonstrate that presence of nominal rigidities alone is not sufficient for the model to have persistent output response, therefore real rigidities in the structure of the economy are also needed.
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Economics
of Transition Elements
of the Economics History
of Economic
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