The primary focus of the course will first be on the analysis, ... of "learning by doing", problem sets require students to code programs that analyze data and.
Course Overview This particular course will focus on issues in macroeconomic fluctuations, using equilibrium models with agent dynamic optimization and rational expectations. Dynamic stochastic general equilibrium (DSGE) models have become the standard workhorse models for the analysis of aggregate fluctuations. The primary focus of the course will first be on the analysis, solution, calibration, predictions of DSGE models. We will work with these models in conjunction with data, discussing how to calibrate, estimate, and evaluate these models. We will then use the models to think about fiscal policy in the basic DSGE model. Financial frictions have played an important role in the recent crisis, which calls for improving our modeling of the financial sector. I will review the 2 workhorse models : Kiyotaki-Moore(1997) and Bernanke, Gertler and Gilchrist model (1999), before discussing the 2008 crisis and the extensions to the workhorse models. Modern macroeconomists are asked to provide quantitative projections. Students will be expected to perform quantitative exercises using MATLAB. Students will need to have access to MATLAB software and be asked to download Dynare, which is a set of codes used to solve, simulate, and estimate DSGE models. The problem sets will feature a heavy MATLAB component. In the spirit of "learning by doing", problem sets require students to code programs that analyze data and economic policies in the baseline DSGE model. Research projects are based on published academic articles on DSGE with financial frictions. Students are asked to code the models, which will help them shape their view on modern macroeconomic research. Evaluation and Grading: Evaluation for the course will be based on 2 problem sets and 1 research project. Each problem set accounts for 20% of the course grade. The remaining 60% will be based on 1 research project. The due dates for the problem sets and research project will be determined as we progress through the semester. While students are strongly encouraged to consult with one another in completing the problem sets, it is expected that • each student turns in his/her own assignments. • each student’s problem set or research project is different from the others’ Course Website: I will post course materials on my personal website at the following address: thepthida.sopraseuth.free.fr Office Hours: There are no formal office hours. You may email in advance to make an appointment or I can discuss specific points after class.
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Course Outline: 1. DSGE without financial frictions • Macroeconomic facts (searching and handling macroeconomic data, understanding macroeconomic facts, searching for new facts) • Baseline DSGE • Dynare (solving linearized rational expectations models, writing a Dynare file, handling Dynare output) 2. DSGE with financial frictions • Financial cycles in the data • Modeling financial frictions: theoretical background, Stiglitz Weiss (1981 • 2 workhorse models : KM(1997) and BGG(1999) : Theory and Dynare code • the 2008 crisis: – What happened? – Beyond KM and BGG Readings :
Each problem set accounts for 20% of the course grade. ... thepthida.sopraseuth.free.fr. Office Hours: There are no formal office hours. You may email in advance to make an appoint- ment or I can ... see reading list on my personal website. 2.
DSGE without financial frictions. ⢠Macroeconomic facts (searching and handling macroeconomic data, understanding macroe- conomic facts, searching for new ...
market search frictions and iii) possibly inefficient public spending. ... equilibrium in view of correcting not only inefficient public spending and labor market ...
Add government spending Gt as a shock. The government budget constraint is balanced through lump-sum transfers to households. This will alter the baseline ...
Went Wrong". Critical Review: A Journal of Politics and Society Volume 21, Issue 2-3, 2009. Special Issue: Causes of the Financial Crisis. Also NBER WP ...
Oct 1, 2016 - If you have other ideas for problem sets, feel free to tell me about it. I am ... All problem sets deal with business ... SP500 stock price index.
Welfare Cost of Fluctuations: when Labor Market Search Interacts with Financial ... Equilibrium Health Expenditures: An International Perspective, with R ...
demand for goods from abroad, according to the following program. Let us thus assume that the ... none of the home good. The equilibrium market condition for the foreign good is such ..... measure is normalized to one. Employed agents (N) ...
10/10/2012. 28. The international role of the euro. Dollar seems firmly entrenched as the leading currency for international reserves. Yet, the euro has taken off.
The equilibrium market condition for the foreign good is such that foreign ..... there are unemployed workers (1 â N) who spend e hours searching for a job.
one in the international trade literature, notably going back to Mill (1844). .... dimension, labour market rigidities, and the size of the government affect the optimal tax ...... A is the global productivity of factors in the economy (assumed to be
Most of the accounts in company code 1000 use the UNI currency, whereas company ...... Payment proposal has been created ... âThe second stage is the proposal run. ..... yDebit: unrealized loss; credit: foreign exchange adjustment account.
Jun 2, 2012 - Mail address: Sant'Anna School of Advanced Stud- .... that the DSGE policy apparatus is plagued by a long list of serious ..... DSGE models: the presence of many persistent shocks, the fact that theory-free VAR models of.
(the vehicle, the driver and the road). The tire forces properties affect the vehicle dynamic perfor- mance. The control of ground - vehicle interactions becomes.
Aug 27, 2004 - equilibrium returns on financial assets will vary in response to changes ... Population aging is also likely to affect financial markets through ..... The search for robust relationships between returns and demographic variables is.
advanced economies, has raised concerns about its economic and social consequences (Piketty,. 2014 ... Three theoretical landmark papers explaining the finance-inequality nexus are Banerjee and ... the discussion of the existent theoretical predictio
The government encourage the use alternative energy to solve rural ... renewable energy. Energy source ... Planning of PLN (National Electricity Company).
Dec 11, 2009 - government 10-year bonds have risen this week to their highest levels above German bonds for seven months. The underlying problem is, ...
Dec 3, 2009 - forties records value added tax payments, supervisors take a relaxed view of breaks for coffee and shopping, she says. If a family member falls ...
Feb 6, 2002 - between output persistence and openness: open economies tend to dis- ... autocorrelation function of output growth among OECD countries, ...
This course is taught in English and consists of 12 classes of 1.5 hours each. The final grade is based on a written exam. The participation to the class ... Papers, Board of Governors of the Federal Reserve System. Choi, H. , N.H. Mark and D.
Special Panel for the American Accounting Association Annual Meeting, ... problems with the size of financial institutions (firms) and with the proper accounting ...
some borrower, some change of view which leads a significant actor to unload. ... are identical at Date 0 and learn their true type, early or late, at the beginning of .... In the BryantâDiamondâDybvig story, bank runs are spontaneous events ....
