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2018 Schedule

MWF 9:45am-10:45am in Tucker 115
MWF 11:00am-12:00noon in Tucker 115

Go to course flow chart

Week Day topic assignments
Week I
8-12 Jan
Mon "The" Economy: Regional and National Introducing FRED; K&W Ch 6
Wed Basic metrics: GDP K&W Ch 7
Fri Basic metrics: CPI / market baskets K&W Ch 7
Week II
15-19 Jan
Mon Basic metrics: Inflation, nominal vs real MLK DAY K&W Ch 8 MLK Day [parade!]
Wed Basic metrics: Employment E, NILF, U K&W Ch 8
Wed 17 Jan Edward Luce talk 6 pm Stackhouse
Fri Work on Paper #1 on Extraordinary Time NO CLASS
Week III
22-26 Jan
Mon Discussion of Extraordinary Time Growth: Postwar Trends Paper #1 Hard Copy due in class
Wed AS: Modeling GrowthPostwar Japan: LF shifts and Diminishing Returns to K & TFP/productivity K&W Ch 9
Notes (pdf)
Fri K, L, Productivity KW Ch 9
26 Jan Notes
Week IV
29 Jan-2 Feb
Mon Productivity: Specialization and Trade K&W Ch 5
Wed Trade: What do (should) we specialize in? K&W Ch 5
31 Jan Trade notes
Fri Trade: Textiles and Political Economy bilateral, global
Start Midterm #1 (takehome)
02 Feb Textiles
Week V
5-9 Feb
Mon Foreign Exchange K&W 18 Forex mkts
midterm due in class
Wed Financial markets: bonds & interest rates KW Ch 10
Fri Circular Flow and (S-I) + (T-G) = (X-M) K&W Ch 10
Interest rates
Week VI
12-16 Feb
Mon AD: Consumption – why is it smooth? K&W Ch 11
class notes savings
Wed AD: Investment – why is it volatile? KW Ch 9
Investment notes
Fri AD: G, X exports, M imports KW Ch 11
Break Sat Feb 17 - Sun Feb 25
Week VII
26 Feb-2 Mar
Mon Multiplier: Demand-side endogeneity: why shocks get amplified K&W Ch 11
Wed AD shocks: Multiplier examples and caveats K&W Ch 11
Econ 102 multiplier algebra
Fri AD & AS: Equilibria K&W Ch 12
5 Mar - 9 Mar
Mon AS & AD: Equilibria (cont) K&W Ch 12
Wed FP: tools: t, Tr, G KW Ch 13; FP notes
Fri FP: practical aspects: leads and lags
Midterm #2 (takehome) – Due Monday
KW Ch 13
Cold Test MT #2
Week IX
12 Mar - 16 Mar
Mon Discussion of midterm FP: practical aspects / debt K&W Ch 13
Midterm due in class
Wed Money: what makes something "money" K&W Ch 14
Fri Banks: how money's created
Start work on 2nd Levinson paper!
K&W Ch 14
Money & Banks
Week X
19 Mar - 23 Mar
Mon Monetary Policy: The Fed K&W Chap 15
Wed MP: The FOMC KW Ch 15
FOMC statement comparison
Fri MP: causal channels KW Ch 15
MP inflation targetting
Week XI
26 Mar - 30 Mar
Mon Levinson discussion: Implications of Ordinary Times
Levinson discussions
K&W Chap 16
2nd Levinson Paper Due
Wed Tradeoffs: SR Phillips Curve
MP & Phillips summary
K&W Ch 16
Phillips Curve data
Fri Tradeoffs: Practical issues: Expectations and AS Shocks K&W Ch 16, ML
see notes for Final Class
Week XII
2 Apr - 6 Apr
Mon The Great Moderation: Deficits and trade Ch 17, Ch 19, 563-573 [portion prior to forex section]
Crowding Out
Wed Long Run Issues: Debt Ch 17
Long Run Issues Debt
Fri Review; as time permits: The Great Moderation: Productivity and demographics Ch 17
Final class notes
Final Exams Sat afternoon 7 Apr - Friday morning 13 Apri
Flow of Course
  • Macro Desiderata:
    • U, π, g → metrics for LF, prices and GDP
  • AS:
    • Y = f (K, L, TFP) → growth
    • comparative advantage ← → TFP
  • AD #1:
    • Y = GDP income equals output → circular flow
    • financial markets and i interest rates
    • components of AD: C, I, and G / X / M
  • AD & AS:
    • multiplier
    • AS & AD equilibria: limits to multiplier
  • FP:
    • G, Tr, τ: FP tools and policy practicality
  • MP:
    • Money and banks
    • the Fed: policy tools and causal channels
  • π & U:
    • Phillips curve and expectations
  • The Great Moderation:
    • deficits and their implications: domestic, international
    • demographics: back to Y = f (K, L, TFP)