Facultades y centros
Otros centros
Servicios administrativos
Servicios generales
Código:
41207
Profesor/a responsable:
MALIAR ZAKLADNA, LILIA
Crdts. ECTS:
6,00
Créditos teóricos:
1,60
Créditos prácticos:
0,40
Carga no presencial:
4,00
This is the third course in a year-long course in macroeconomic theory. The other two courses are Macroeconomics I and Macroeconomics II.
Competencias Generales del Título (CG)
Competencias específicas (CE)
Sin datos
The course covers a selected set of topics on dynamic macroeconomics. First, we extend the notions and the key results of dynamic programming to the case of uncertainty. Second, we review some topics of time series analysis that are particularly useful for applied macroeconomic research. Third, we study numerical methods for solving dynamic models including linearization and perturbation methods, value function iteration and Euler equation methods. Finally, we review several research topics of the recent macroeconomics optimal monetary and fiscal policy choice. The problem sets include both theoretical and computer exercises. The programming languages are MATLAB and DYNARE.
Topic 1. Macroeconomic models: analysis of equilibrium
1) The neoclassical stochastic growth model. The planner's problem.
2) Characterizing optimal choice by means of dynamic programming. Bellman equation and value function.
3) Markov equilibrium. Characterizing the equilibrium by using first order conditions. Euler equation.
4) Steady state and near-steady-state dynamics.
5) .Decentralizing the social optimum. Competitive equilibrium.
6) Two benchmark models of the real business cycle literature:
• the divisible-labor model by Kydland and Prescott (1982);
• the indivisible-labor model by Hansen (1985).
7) Long-run growth and technological progress.
Topic 2. Numerical analysis of macroeconomic models.
1) Time series of actual economies. First and second moments. The stylized facts.
2) Hodrick-Prescott filter.
3) Calibration of macroeconomic models.
4) Global solution methods for computing equilibrium in models with uncertainty :
• Value function iteration;
• Generalized stochastic simulation algorithm.
5) What our benchmark models can and cannot explain.
Topic 3. Local solution methods.
1) General ideas. Taylor series. Implicit function theorem. Regular perturbation.
2) Log-linearization in the non-stochastic optimal growth model.
3) Log-linearization in the stochastic optimal growth model.
4) Perturbation.
5) Dynare automated software.
6) Shortcomings of perturbation methods and how the literature corrects them.
Topic 4. Monetary policy.
1) The Clarida-Gali-Gertler (`basic') new Keynesian model.
• Formulating the model. Deriving the equilibrium conditions.
• Two ways to close the model: Ramsey-optimal and exogenous policy.
• Solving a linearized version of the model with Dynare.
• Solving a nonlinear version of the model with Dynare. Versions of the model with capital, adjustment cost, and sticky wages.
2) Optimal monetary policy.
• Toy example.
• A more general discussion. Rotemberg model.
• The Clarida-Gali-Gertler model.
3) Unconventional monetary policy.
• Forward guidance;
• Quantitative easing.
Sin datos
Monetary policy, inflation, and the business cycle : an introduction to the New Keynesian Framework | |
Autor(es): | Galí i Herrera, Jordi |
Edición: | Princeton : Princeton University Press, 2015; |
ISBN: | 978-0-691-16478-6 |
Categoría: | Básico |
Dynamic economics : quantitative methods and applications | |
Autor(es): | Adda, Jérôme |
Edición: | Cambridge : The MIT Press, 2003; |
ISBN: | 0-262-01201-4 |
Categoría: | Complementario |
Frontiers of business cycle research | |
Autor(es): | Cooley, Thomas F. |
Edición: | Princeton : Princeton University Press, 1995; |
ISBN: | 0-691-04323-X |
Categoría: | Básico |
Numerical methods in economics | |
Autor(es): | Judd, Kenneth L. |
Edición: | Cambridge : MIT Press, 1999; |
ISBN: | 0262100711 |
Categoría: | Básico |
There will be 5-6 problem sets assigned. We require homework submitted individually. You are encouraged to work hard on the homework: some questions on the exams will strongly resemble homework questions.
The final grade will consist of homework grade (20%), midterm-exam grade (30%) and final-exam grade (50%). The final exam will include questions about the theoretical issues, discussed in the course, and problems.
In case of a re-examination, the final grade will be composed of homework grade (20%), midterm-exam grade (30%) and the-re-examination grade (50%).
Descripción | Criterio | Tipo | Ponderación |
Final exam |
The final will be a three-hour exam given during the exam week. |
ACTIVIDADES DE EVALUACIÓN DURANTE EL SEMESTRE | 50 |
Midterm exam |
There will be a midterm in the sixth week that will comprise the first two topics. |
ACTIVIDADES DE EVALUACIÓN DURANTE EL SEMESTRE | 30 |
Problem sets |
There will be 4-5 problem sets. We require the homework submitted individually. You are encouraged to work hard on the homework: some questions on the exams will strongly resemble homework questions. |
ACTIVIDADES DE EVALUACIÓN DURANTE EL SEMESTRE | 20 |
Grupo | Semestre | Turno | Idioma | Matriculados | En matrícula, asignado a |
---|---|---|---|---|---|
Gr. 1 (CLASE TEÓRICA) : 1 | IN | Todo el día | ANG | 12 |
|
Grupo | Semestre | Turno | Idioma | Matriculados | En matrícula, asignado a |
---|---|---|---|---|---|
Gr. 1 (PRÁCTICAS DE PROBLEMAS / TALLER) : 1 | IN | Todo el día | ANG | 12 |
|