Graduate Macro

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1. Introduction to Macro Data

2. Real Business Cycle Theory

2.1 Properties and Solution of the Basic RBC Model

2.2 Performance and Some Extensions of the RBC Model

  • Indivisible Labor: Hansen, Gary, 1985, “Indivisible Labor and the Business
    Cycle”, Journal of Monetary Economics, 16, 309-27
  • Investment Technology Shocks and Variable Capacity Utilization:
    Greenwood J., Hercowitz Z. and Huffman G., 1988, “Investment, Capacity Utilization, and the Real Business Cycle”, American Economic Review, 78 (3)
  • Small Open Economy: Mendoza, Enrique, 1991, “Real Business Cycles in a Small Open Economy”, American Economic Review, 81 (4)
  • Business Cycles in a Small Open Economy Isabel Correia, Joao C. Neves and Sergio Rebelo, 1995, “Business Cycles in a Small Open Economy”, European Economic Review 39.
  • Two Country Model: Backus, D., Kehoe, P. and Kydland, F., 1992 “International Real Business Cycles”, Journal of Political Economy, 100 (4)
  • News Shocks: Jaimovich, N. and Rebelo, S., 2007 “Can News About the Future Drive the Business Cycle”, American Economic Review, 99(4)
  • Government Consumption Shocks: Christiano, L.J. and M. Eichenbaum, 1992, “Current Real Business Cycle Theories and Aggregate Labor Market Fluctuations”, American Economic Review 82(3), 430- 50
  • Adjustment Costs: Cogley T. and Nason J., 1995, “Output Dynamics in Real-Business-Cycle Models”, The American Economic Review 85 (3)
  • Home Production: Benhabib J., Rogerson R., Wright R., 1991, “Homework in Macroeconomics: Household Production and Aggregate Fluctuations ”, Journal of Political Economy 99(6)
  • Habit Persistence and Asset Prices: Boldrin, Christiano and Fisher, 2001, “Habit Persistence, Asset Returns, and the Business Cycle”, American Economic Review vol. 91(1)

3. Labor Markets

4. Money and Output: Basic Facts and Flexible Price Models

5. Measurement Without Much Theory

5.1 Evidence on Technology Shocks

5.2 Evidence on Monetary Policy Shocks

  • Bernanke, Ben S., and Ilian Mihov (1997): “Measuring Monetary Policy,” Quarterly Journal of Economics, vol. CXIII, no.
    3, 869-902.

5.3 Evidence on Fiscal Policy Shocks

6. Models of Nominal Rigidities

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