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Table Of Contents

Money and Prices
1.1 Definitions
1.1.1 Prices
1.1.2 Money
1.2 The History of Money
1.3 The Demand for Money
1.3.1 The Baumol-Tobin Model of Money Demand
1.4 Money in Dynamic General Equilibrium
1.4.1 Discrete Time
1.4.2 Continuous Time
1.4.3 Solving the Model
1.5 The optimum quantity of money
1.5.1 The Quantity Theory of Money
1.6 Seigniorage, Hyperinflation and the Cost of Inflation
1.7 Problems
Nominal Rigidities and Economic Fluctuations
2.1 Old Keynesian Economics: The Neoclassical Synthesis
2.1.1 Open Economy
2.1.2 Aggregate Supply
2.2 Disequilibrium Economics
2.2.1 Setup
2.2.2 The Walrasian Benchmark Case
2.2.3 Exogenously Fixed Price
2.2.4 Exogenously Fixed Nominal Wage
2.2.5 Both prices and wages inflexible
2.2.6 Analysis of this model
2.3 Imperfect Information Models
2.4 New Keynesian Models
2.4.1 Contracting Models
2.4.2 Predetermined Wages
2.4.3 Fixed Wages
2.5 Imperfect Competition and New Keynesian Economics
2.5.1 Macroeconomic Effects of Imperfect Competition
2.5.2 Imperfect competition and costs of changing prices
2.5.3 Dynamic Models
2.6 Evidence and New Directions
2.7 Problems
3.1.1 The Traditional Case For Rules
3.2 The Modern Case For Rules: Time Consis- tency
3.2.1 Fischer’s Model of the Benevolent, Dissembling Gov- ernment
3.2.2 Monetary Policy and Time Inconsistency
3.2.3 Reputation
3.3 The Lucas Critique
3.4 Monetarist Arithmetic: Links Between Mon- etary and Fiscal Policy
3.5 Problems
4.1 The Classical Approach
4.2 Adjustment Costs and Investment: q The- ory
4.2.1 The Housing Market: After Mankiw and Weil and Poterba
4.3 Credit Rationing
4.4 Investment and Financial Markets
4.4.1 The Effects of Changing Cashflow
4.4.2 The Modigliani-Miller Theorem
4.5 Banking Issues: Bank Runs, Deposit Insur- ance and Moral Hazard
4.6 Investment Under Uncertainty and Irreversible Investment
4.6.1 Investment Under Uncertainty
4.7 Problems:
Unemployment and Coordination Failure
5.1 Efficiency wages, or why the real wage is too high
5.1.1 Solow model
5.1.2 The Shapiro-Stiglitz shirking model
5.1.3 Other models of wage rigidity
5.2 Search
5.2.1 Setup
5.2.2 Steady State Equilibrium
5.3 Coordination Failure and Aggregate Demand Externalities
5.3.1 Model set-up
5.3.2 Assumptions
5.3.3 Definitions
5.3.4 Propositions
5.4 Problems
Continuous-Time Dynamic Optimization
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Macro Lecture Notes

Macro Lecture Notes

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Published by Shahrul Ameen

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Published by: Shahrul Ameen on Nov 29, 2011
Copyright:Attribution Non-commercial


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