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name=KeyWords content="Economics, SFU, Simon Fraser University"> <!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="6146"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body bgcolor=white background="http://www.uoguelph.ca/~kosempel/blue.gif" lang=EN-CA link=blue vlink=blue style='tab-interval:36.0pt'> <div class=Section1> <h1 style='margin-left:72.0pt'><b><span lang=EN-US style='mso-fareast-font-family: "Times New Roman";mso-ansi-language:EN-US'>Stephen Kosempel</span></b><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></h1> <p class=MsoNormal style='margin-left:72.0pt'><span lang=EN-US style='mso-ansi-language:EN-US'><a href="http://www.economics.uoguelph.ca/econ/index.asp">Department of Economics</a>, <a href="http://www.uoguelph.ca/">University of Guelph</a>, Guelph, Ontario, Canada N1G 2W1<br> Phone: (519) 824-4120 ext. 53948;</span></p> <p class=MsoNormal style='margin-left:72.0pt'><span lang=EN-US style='mso-ansi-language:EN-US'>Fax: (519) 763-8497;</span></p> <p class=MsoNormal style='margin-left:72.0pt'><span lang=EN-US style='mso-ansi-language:EN-US'>Email: <a href="mailto:kosempel@uoguelph.ca">kosempel@uoguelph.ca</a></span></p> <p class=MsoNormal><b><span lang=EN-US style='font-size:13.5pt;mso-ansi-language: EN-US'>&nbsp;</span></b></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='margin-left:-5.4pt;border-collapse:collapse;mso-yfti-tbllook:1184; mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> <td width=1022 colspan=4 valign=top style='width:766.5pt;border:none; border-top:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b><span style='font-size:13.5pt'>&nbsp;</span></b></p> <p class=MsoNormal style='margin-left:72.0pt'><b><span style='font-size:18.0pt'>ECON*4810</span></b><span style='font-size:18.0pt'> <br> Advanced Topics in Macroeconomics Course Homepage</span></p> <p class=MsoNormal style='margin-left:72.0pt'><span style='font-size:18.0pt'>&nbsp;</span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> <td width=96 colspan=2 valign=top style='width:71.95pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b><span style='font-size:13.5pt'>&nbsp;</span></b></p> </td> <td width=926 colspan=2 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal>Notes:</p> <p class=MsoListParagraph style='text-indent:-18.0pt;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol;mso-fareast-font-family:Symbol;mso-bidi-font-family: Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]>The lecture material and the reading list will be updated throughout the course.</p> <p class=MsoListParagraph style='text-align:justify;text-indent:-18.0pt; mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol; mso-fareast-font-family:Symbol;mso-bidi-font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]>A star (*) indicates required readings. </p> <p class=MsoNormal style='text-align:justify'>&nbsp;</p> <p class=MsoNormal style='text-align:justify'><a href="http://www.uoguelph.ca/economics/sites/uoguelph.ca.economics/files/4810%20fco%20sk%20w12.pdf">Course Outline</a></p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>Exams:</p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal style='margin-left:36.0pt;text-indent:-18.0pt'>[1]<span style='font-size:7.0pt'>&nbsp;&nbsp; </span>In class, February 6th . </p> <p class=MsoNormal style='margin-left:18.0pt'>&nbsp;</p> <p class=MsoNormal style='margin-left:36.0pt;text-indent:-18.0pt'>[2]<span style='font-size:7.0pt'>&nbsp;&nbsp; </span>In class, date TBA. </p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal style='margin-left:36.0pt;text-indent:-18.0pt'>[1]<span style='font-size:7.0pt'>&nbsp;&nbsp; </span>Thursday, April 12<sup>th</sup>, 8:30-10:30am, Location TBA.</p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> <td width=96 colspan=2 valign=top style='width:71.95pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b><span style='font-size:13.5pt'>&nbsp;</span></b></p> </td> <td width=926 colspan=2 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt'>I. Permanent and Transitory Components of a Time Series Series <o:p></o:p></span></p> <p class=MsoNormal style='margin-left:72.0pt;text-align:justify;text-indent: -72.0pt;tab-stops:0cm 18.0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt'><o:p>&nbsp;</o:p></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;mso-pagination: none;mso-list:l1 level2 lfo4;tab-stops:0cm 18.0pt list 36.0pt left 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt'><![if !supportLists]><span style='font-size:12.0pt;mso-fareast-font-family:"Times New Roman";mso-bidi-font-style: italic'><span style='mso-list:Ignore'>1.1<span style='font:7.0pt "Times New Roman"'>&nbsp; </span></span></span><![endif]><span style='font-size:12.0pt;mso-bidi-font-style: italic'>Stochastic trends and economic fluctuations.<o:p></o:p></span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm;tab-stops:0cm 18.0pt 36.0pt 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt'><span style='font-size:12.0pt;mso-bidi-font-style:italic'><o:p>&nbsp;</o:p></span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;mso-pagination: none;mso-list:l1 level2 lfo4;tab-stops:0cm 18.0pt list 36.0pt left 72.0pt 108.0pt 144.0pt 180.0pt 216.0pt 252.0pt 288.0pt 324.0pt 360.0pt 396.0pt 432.0pt'><![if !supportLists]><span style='font-size:12.0pt;mso-fareast-font-family:"Times New Roman";mso-bidi-font-style: italic'><span style='mso-list:Ignore'>1.2<span style='font:7.0pt "Times New Roman"'>&nbsp; </span></span></span><![endif]><span style='font-size:12.0pt;mso-bidi-font-style: italic'>The stylized facts of aggregate activity: What are the growth facts? What are the business cycle facts?<o:p></o:p></span></p> <p class=MsoNormal style='text-align:justify'>&nbsp;</p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><u><span style='font-size:12.0pt'>Lecture Material:</span></u></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [<a href="http://www.uoguelph.ca/~kosempel/4810/hpfilter.pdf">1</a>, 2, <a href="http://www.uoguelph.ca/~kosempel/4810/facts-grw.pdf">3</a>] </span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><span style='font-family:Symbol'>·</span><span style='font-size:7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>HP Filter code: [<a href="http://www.uoguelph.ca/~kosempel/4810/hpfilter.sci">SCILAB</a>] [<a href="http://www.uoguelph.ca/~kosempel/4810/hpfilter.m">MATLAB</a>]</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Canadian time series data for HP Filter [<a href="http://www.uoguelph.ca/~kosempel/4810/canada-data.xlsx">xlsx</a>] [<a href="http://www.uoguelph.ca/~kosempel/4810/data.txt">txt</a>] </span></p> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><u><span style='font-size:12.0pt'>Readings</span></u><span style='font-size:12.0pt'>:</span></p> <p class=MsoNormal style='text-align:justify'>&nbsp;</p> <p class=1Paragraph style='margin-left:36.0pt'><span style='font-size:12.0pt'>[1]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Hodrick, R. and E.C. Prescott, Postwar U.S. business cycles: An empirical investigation, <i>J. Money, Credit and Banking</i> 29<b> </b>(1997), 1-16.</span></p> <p class=1Paragraph style='margin-left:0cm;text-indent:0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:36.0pt'><span style='font-size:12.0pt'>[2]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>*Prescott, E.C.,  <a href="http://www.minneapolisfed.org/research/SR/SR102.pdf">Theory Ahead of Business Cycle Measurement</a>,&quot; Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 9-22. <o:p></o:p></span></p> <p class=1Paragraph style='margin-left:36.0pt'><o:p>&nbsp;</o:p></p> <p class=MsoNormal style='margin-left:18.0pt'>&nbsp;[3] *Williamson, S.D.,  <i style='mso-bidi-font-style:normal'>Macroeconomics - Third Canadian Edition</i>, Pearson, Toronto, 2010, Chapter 3. [library reserve]</p> <p class=MsoNormal style='text-align:justify'>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> <td width=96 colspan=2 valign=top style='width:71.95pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b><span style='font-size:13.5pt'>&nbsp;</span></b></p> </td> <td width=926 colspan=2 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=1Paragraph style='text-align:justify'><span style='font-size:14.0pt'>1.</span><span style='font-size:7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:14.0pt'>Growth Theory </span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><span style='font-size:14.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><i><span style='font-size:12.0pt'>1.1</span></i><i><span style='font-size:7.0pt'>&nbsp; </span></i><i><span style='font-size:12.0pt'>Exogenous growth models with exogenous savings rates</span></i></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><i><span style='font-size:12.0pt'>&nbsp;</span></i></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Lecture Material:</span></u></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [<a href="http://www.uoguelph.ca/~kosempel/4810/SGM1.pdf">1</a>], [<a href="http://www.uoguelph.ca/~kosempel/4810/SGM2.pdf">2</a>], [<a href="http://www.uoguelph.ca/~kosempel/4810/lde.pdf">3</a>]<span style='color:red'> updated!</span></span></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Code: [<a href="http://www.uoguelph.ca/~kosempel/4810/solow.sce">Scilab</a>], [<a href="http://www.uoguelph.ca/~kosempel/4810/solow.m">MATLAB</a>]</span></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span style='font-size:12.0pt'><a href="http://www.uoguelph.ca/~kosempel/4810/ass1q.pdf">Practice Problems</a> [To help prepare you for the midterm, attempt problems 2-6. In order to answer question 3 you will need to read the relevant material in Barro s textbook. For question 4 you may adopt a specific form for the production function (despite what it says), that is use the Cobb-Douglas function.] </span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Readings</span></u><span style='font-size:12.0pt'>:</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[1]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>*Barro, Robert J. and Xavier Sala-I-Martin, Economic Growth, MIT Press, 2004, <a href="http://www.uoguelph.ca/~kosempel/4810/barro1-3.pdf">Chapter 1</a>.</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[2]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Romer, D., Advanced Macroeconomics second edition, McGraw-Hill, 2001, Chapter 1.</span></p> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[3]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Williamson, S.D., Macroeconomics Third Canadian Edition, Pearson, 2010, Chapters 6 and 7.</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><i><span style='font-size:12.0pt'>1.2</span></i><i><span style='font-size:7.0pt'>&nbsp; </span></i><i><span style='font-size:12.0pt'>Exogenous growth models with consumer optimization</span></i></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><i><span style='font-size:12.0pt'>&nbsp;</span></i></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Lecture Material:</span></u></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [1], [2], [3] </span></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Practice Problems</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Readings</span></u><span style='font-size:12.0pt'>:</span></p> <p class=MsoNormal style='margin-left:18.0pt;text-align:justify'>&nbsp;</p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[3]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>*Barro, Robert J. and Xavier Sala-I-Martin, Economic Growth, MIT Press, 2004, <a href="http://www.uoguelph.ca/~kosempel/4810/barro1-3.pdf">Chapter 2</a>.</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[4]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Romer, D., Advanced Macroeconomics second edition, McGraw-Hill, 2001, Chapter 2.</span></p> <p class=MsoNormal style='text-align:justify'>&nbsp;</p> <p class=MsoNormal style='margin-left:36.0pt;text-align:justify;text-indent: -18.0pt;text-autospace:none'><i>1.3</i><i><span style='font-size:7.0pt'>&nbsp; </span>Endogenous growth models and Growth Policy</i></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><i><span style='font-size:12.0pt'>&nbsp;</span></i></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Lecture Material:</span></u></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [1]</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Readings</span></u><span style='font-size:12.0pt'>:</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[5]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>K Annen, and S Kosempel,  <a href="http://www.bepress.com/bejm/vol9/iss1/art33/">Foreign Aid, Donor Fragmentation, and Economic Growth</a>, <i>The B.E. Journal of Macroeconomics</i>: 9(1) (Contributions), Article 33, 2009.</span></p> <p class=MsoNormal style='text-align:justify'>&nbsp;</p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[6]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Barro, Robert J. and Xavier Sala-I-Martin, Economic Growth, MIT Press, 2004, Chapters 3 and 5.</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify'><span style='font-size:12.0pt'>[7]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Williamson, S.D., Macroeconomics Third Canadian Edition, Pearson, 2010, Chapter 7.</span></p> <p class=MsoNormal style='text-align:justify'>&nbsp;</p> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=96 colspan=2 valign=top style='width:71.95pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b><span style='font-size:13.5pt'>&nbsp;</span></b></p> </td> <td width=926 colspan=2 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'><span style='font-size:14.0pt'>2. Business Cycle Theory </span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><span style='font-size:14.0pt'>&nbsp;</span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><i><span style='font-size:12.0pt'>2.1 The baseline Real Business Cycle Model</span></i><span style='font-size:12.0pt'><o:p></o:p></span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><span style='font-size:12.0pt'>&nbsp;<o:p></o:p></span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><i><span style='font-size:12.0pt'>2.2 RBC models with money</span></i><span style='font-size:12.0pt'><o:p></o:p></span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><span style='font-size:12.0pt'>&nbsp;<o:p></o:p></span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><i><span style='font-size:12.0pt'>2.3 A look at current economic condition</span></i><span style='font-size:12.0pt'><o:p></o:p></span></p> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'><i><span style='font-size:12.0pt'>&nbsp;</span></i></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Lecture Material:</span></u></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [1] </span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><span style='font-size:14.0pt'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-size:14.0pt'>&nbsp;</span></p> <p class=MsoListParagraph style='margin-left:18.0pt;text-align:justify; text-indent:-18.0pt'><span style='font-size:14.0pt'>3.</span><span style='font-size:7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:14.0pt'>Other Topics in Macroeconomics</span></p> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'><i><span style='font-size:12.0pt'>&nbsp;</span></i></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><i><span style='font-size:12.0pt'>3.1</span></i><i><span style='font-size:7.0pt'>&nbsp; </span></i><i><span style='font-size:12.0pt'>Monetary Theory and Policy  Discretionary Policy and Time Inconsistency</span></i></p> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Lecture Material: </span></u></p> <p class=1Paragraph style='margin-left:72.0pt;text-align:justify'><span style='font-size:12.0pt;font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [1] </span></p> <p class=1Paragraph style='margin-left:54.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><u><span style='font-size:12.0pt'>Readings</span></u><span style='font-size:12.0pt'>: </span></p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=MsoNormal style='margin-left:36.0pt;text-align:justify'>[1] *Walsh, C.E.,<i> Monetary Theory and Policy</i> (2<sup>nd</sup> edition), MIT Press, 2003, Chapter 8.</p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><i><span style='font-size:12.0pt'>&nbsp;</span></i></p> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> </td> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=96 colspan=2 valign=top style='width:71.95pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b><span style='font-size:13.5pt'>&nbsp;</span></b></p> </td> <td width=926 colspan=2 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=1Paragraph style='margin-left:0cm;text-align:justify;text-indent: 0cm'><span style='font-size:14.0pt'>&nbsp;</span></p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><span style='font-size:14.0pt'>&nbsp;</span></p> <p class=MsoNormal style='margin-left:36.0pt;text-align:justify;text-indent: -36.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p class=1Paragraph style='text-align:justify;text-indent:0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> </td> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> <td width=96 colspan=2 valign=top style='width:71.95pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b><span style='font-size:13.5pt'>&nbsp;</span></b></p> </td> <td width=926 colspan=2 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b>&nbsp;</b></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> <td width=96 colspan=2 valign=top style='width:71.95pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal align=center style='text-align:center'>&nbsp;</p> </td> <td width=926 colspan=2 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal><b>&nbsp;</b></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=7 style='width:5.25pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal>&nbsp;</p> </td> <td width=1022 colspan=4 valign=top style='width:766.5pt;border-top:solid windowtext 1.0pt; 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