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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.uoguelph.ca/economics/">Department of Economics and Finance</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='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=1022 colspan=2 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>ECON*6040</b> <br> <span style='font-size:18.0pt'>Macroeconomics Theory II 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=96 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 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=MsoNormal style='margin-left:36.0pt;text-align:justify;text-indent: -18.0pt'><span style='font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>A star (*) indicates required readings. </p> <p class=MsoNormal style='margin-left:36.0pt;text-align:justify;text-indent: -18.0pt'><span style='font-family:Symbol'>·</span><span style='font-size: 7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>A set of articles will be placed in the department library, unless they are available online.</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/6040%20fco%20sk%20w12.pdf">Course Outline</a></p> <p class=MsoNormal><b>&nbsp;</b></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=96 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 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'>1.&nbsp; Permanent and Transitory Components of a Time Series </span></p> <p class=MsoNormal style='margin-left:72.0pt;text-align:justify;text-indent: -72.0pt'>&nbsp;</p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><span style='font-size:12.0pt'>1.1</span><span style='font-size:7.0pt'>&nbsp; </span><span style='font-size:12.0pt'>Stochastic trends and economic fluctuations.</span></p> <p class=1Paragraph style='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'><span style='font-size:12.0pt'>1.2</span><span style='font-size:7.0pt'>&nbsp; </span><span style='font-size:12.0pt'>The stylized facts of aggregate activity: What are the growth facts? What are the business cycle facts?</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: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: [<a href="http://www.uoguelph.ca/~kosempel/6040/hpfilter.pdf">1</a>, 2, <a href="http://www.uoguelph.ca/~kosempel/6040/facts-grw.pdf">3</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;&nbsp; </span><span style='font-size:12.0pt'>MATLAB code: <a href="http://www.uoguelph.ca/~kosempel/6040/hpfilter.m">HP Filter</a></span></p> <p class=1Paragraph style='margin-left:72.0pt;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'>Canadian time series data for HP Filter [<a href="http://www.uoguelph.ca/~kosempel/6040/canada-data.xlsx">xlsx</a>] [<a href="http://www.uoguelph.ca/~kosempel/6040/data.txt">txt</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;&nbsp; </span><span style='font-size:12.0pt'><a href="http://www.uoguelph.ca/~kosempel/6040/a1.pdf">Assignment 1</a></span></p> <p class=1Paragraph style='margin-left:72.0pt;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'><span style='font-size:12.0pt'>[1]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Blanchard, O.J. and S. Fischer,  <i>Lectures on Macroeconomics</i>, MIT Press, Cambridge, 1989, 7-12.</span></p> <p class=1Paragraph style='margin-left:36.0pt;text-indent:0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt'><span style='font-size:12.0pt'>[2]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Baxter, M. and R.G. King,  Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series, <i>The Review of Economics and Statistics</i>, 81(4), 1999, 575-593.</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:54.0pt'><span style='font-size:12.0pt'>[3]</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>Journal of 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:54.0pt'><span style='font-size:12.0pt'>[4]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>King, R.G. and S.T. Rebelo, Low frequency filtering and real business cycles, <i>Journal of Economic Dynamics and Control</i> 17<b> </b>(1993), 207-231.</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:54.0pt'><span style='font-size:12.0pt'>[5]</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 1986, pages 9-22. Also published in <i>Carnegie-Rochester Conference Series on Public Policy</i>, (Autumn 1986), pages 11-44.</span></p> <p class=MsoListParagraph>&nbsp;</p> <p class=1Paragraph style='margin-left:54.0pt'><span style='font-size:12.0pt'>[6]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>*Williamson, S.D.,  <i>Macroeconomics - Third Canadian Edition</i>, Pearson, Toronto, 2010, Chapter 3. [departmernt library]</span></p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=96 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 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'>2.</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'><span style='font-size:12.0pt'>2.1</span><span style='font-size:7.0pt'>&nbsp; </span><span style='font-size:12.0pt'>Exogenous growth models with exogenous savings rates</span></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;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [<a href="http://www.uoguelph.ca/~kosempel/6040/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;&nbsp; </span><span style='font-size:12.0pt'>MATLAB code: [<a href="http://www.uoguelph.ca/~kosempel/6040/solow.m">Solow</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;&nbsp; </span><span style='font-size:12.0pt'><a href="http://www.uoguelph.ca/~kosempel/6040/a2.pdf">Assignment 2</a></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, <i>Economic Growth</i>, MIT Press, 2004, <a href="http://www.uoguelph.ca/~kosempel/6040/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., <i>Advanced Macroeconomics</i> second edition, McGraw-Hill, 2001, Chapter 1.</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'><span style='font-size:12.0pt'>2.2</span><span style='font-size:7.0pt'>&nbsp; </span><span style='font-size:12.0pt'>Exogenous growth models with consumer optimization</span></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'>MATLAB code: [Ramsey] </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'>Assignment 3</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, <i>Economic Growth</i>, MIT Press, 2004, <a href="http://www.uoguelph.ca/~kosempel/6040/barro1-3.pdf">Chapters 2 &amp; 3</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., <i>Advanced Macroeconomics</i> second edition, McGraw-Hill, 2001, Chapter 2.</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'>[5]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>Smith, W.T.,  <a href="http://www.bepress.com/cgi/viewcontent.cgi?article=1356&amp;context=bejm">A Closed Form Solution to the Ramsey Model</a>, <i>Contributions to Macroeconomics</i>: 6(1), 2006.</span></p> <p class=MsoNormal style='margin-left:18.0pt;text-align:justify'>&nbsp;</p> <p class=MsoNormal style='margin-left:36.0pt;text-align:justify;text-indent: -18.0pt;text-autospace:none'>2.3<span style='font-size:7.0pt'>&nbsp; </span>Endogenous growth models</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;&nbsp; </span><span style='font-size:12.0pt'>Lectures Notes: [1; 2]</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'>MATLAB code: [Lucas]</span></p> <p class=1Paragraph style='margin-left:72.0pt;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'><u>Readings</u>:</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: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, <i>Economic Growth</i>, MIT Press, 2004, Chapters 4 &amp; 5.</span></p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=96 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 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'>3.</span><span style='font-size:7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:14.0pt'>Dynamic Stochastic General Equilibrium (DSGE) Theory </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=MsoListParagraph style='text-align:justify;text-indent:-18.0pt'>3.1<span style='font-size:7.0pt'>&nbsp; </span>The RBC model</p> <p class=MsoNormal style='margin-left:72.0pt;text-align:justify;text-indent: -72.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><span style='font-size:12.0pt'>3.2</span><span style='font-size:7.0pt'>&nbsp; </span><span style='font-size:12.0pt'>Solution techniques and computer simulations </span></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'>MATLAB code: [RBC(1); RBC(2)]</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'>Assignment 4 </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'>Assignment 5</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: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'><span style='font-size:12.0pt'>[1]</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; <i>Quarterly Review</i>, Federal Reserve Bank of Minneapolis, Fall 1986, pages 9-22. Also published in <i>Carnegie-Rochester Conference Series on Public Policy</i>, (Autumn 1986), pages 11-44.</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:54.0pt'><span style='font-size:12.0pt'>[2]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>King, R.G., C.I. Plosser, and S.T. Rebelo,  <a href="http://www.sciencedirect.com/science/article/B6VBW-45NHW40-H/2/4fdad6da08df49b5519c95038bdb4ff9">Production, growth and business cycles : I. The basic neoclassical model</a>, <i>Journal of Monetary Economics</i> 21, 1988, 195-232.</span></p> <p class=1Paragraph style='margin-left:90.0pt'><span style='font-size:12.0pt; font-family:Wingdings'>Ä</span><span style='font-size:7.0pt'>&nbsp; </span><span style='font-size:12.0pt'>*<a href="http://ideas.repec.org/a/kap/compec/v20y2002i1-2p87-116.html">Technical appendix</a></span></p> <p class=1Paragraph style='margin-left:72.0pt;text-indent:0cm'><span style='font-size:12.0pt'>&nbsp;</span></p> <p class=1Paragraph style='margin-left:54.0pt'><span style='font-size:12.0pt'>[3]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>*Hansen, G.D. and T.F. Cooley,  The Inflation Tax In A Real Business Cycle Model , <i>American Economic Review</i> 79(4), 1989, 733-48.[available at <a href="http://www.jstor.org/">JSTOR</a>]</span></p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=96 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 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'>2.</span><span style='font-size:7.0pt'>&nbsp;&nbsp;&nbsp;&nbsp; </span><span style='font-size:14.0pt'>Heterogeneous Agent Models</span></p> <p class=MsoNormal style='margin-left:72.0pt;text-align:justify;text-indent: -72.0pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p> <p class=1Paragraph style='margin-left:36.0pt;text-align:justify'><span style='font-size:12.0pt'>2.1</span><span style='font-size:7.0pt'>&nbsp; </span><span style='font-size:12.0pt'>The life-cycle model</span></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=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'>[1]</span><span style='font-size:7.0pt'>&nbsp;&nbsp; </span><span style='font-size:12.0pt'>*Heer, B. and A. Maussner, <i>Dynamic General Equilibrium Modelling</i>, Springer, 2005, Chapter 7.</span></p> <p class=MsoNormal>&nbsp;</p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=96 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 valign=top style='width:694.55pt;padding:0cm 5.4pt 0cm 5.4pt'></td> </tr> <tr style='mso-yfti-irow:7'> <td width=96 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 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;mso-yfti-lastrow:yes'> <td width=1022 colspan=2 valign=top style='width:766.5pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.4pt 0cm 5.4pt'> <p class=MsoNormal align=center style='text-align:center'><i>Last Updated: January 30, 2012</i></p> </td> </tr> </table> <p class=MsoNormal style='margin-top:5.0pt;margin-right:36.0pt;margin-bottom: 0cm;margin-left:0cm;margin-bottom:.0001pt'><span lang=EN-US style='mso-ansi-language: EN-US'>&nbsp;</span></p> </div> </body> </html>