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' r ( Econ 7040-001 MACROECONOMIC THEORY II SPRING 199·1 TENTATIVE SYLLABUS Prof. B~irbara J. Robles Required Texts: Dynamic Macroeconomic Theory by T. Sargent (S) Lectures on. Macroeconomics by Blanchard & Fischer (B&F) Recommended Texts: Macroeconomic Theory by T. Sargent (2nd Ed.) Exercises in Dynamic Macroeconomic Theory by R. Manuelli & T. Sargent I. Introduction Fischer, S. (1988) "Some Recent Developments in Macroeconomics, " The Economic Journal, Vol. 98 , (June), pp. 294-339. II. Consumption S: Chapter 3 pp. 92-95 B&F: Section 6.2 pp.279-291 Flavin, M. (1985) "Excess Sensitivity of Consumption to Current Income: Constraints or Myopia?" Canadian Journal of Economics, 18 February . Liquidity Campbell, J. and G. Mankiw (1989) "Consumption, Income, and Interest Rates : Reinterpreting the Time Series Evidence," NBER Macroeconomics Annual. Poterba, J. (1988) "Are Consumers Forward Looking? Evidence from Fiscal Experiments," American Economic Review, Papers and Proceedings, 78 ,2 May, pp. 413-418. III . Investment S: Exercises pp.47-54 B&F: pp.291-307 Handout: Sargent's Macroeconomic Theory Chapter VI m. Investment (continued) Soderstrcfm, H. (1976) "Production and Investment under Costs of Adjustment: Zeitschrift fur Nationaliikonomie, Vol.36, pp. 369-388. A Survey, " Mortenson, D. (1973) "Generalized Costs of Adjustment and Dynamic Facto r Demand Theory," Econometrica, Vol.4 1, pp.657-666. Epstein, L. and M. Denny (1983) "The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to U.S. Manufacturing, "Econometrica , Vol.51 , No.3, pp.647-674. Summers, L. (1981) "Taxation and corporate investment: A q-theory Approach," Brookings Papers on Economic Activity, l , pp .67-140. Hayashi, F. (1982) "Tobin's marginal q and average q: A Neoclassical Interpretatio n," Econometrica, vol.SO, pp.2 13-224. Bernake, B. (1983) "The Determinants of Investment: Another Look," American Economic Review (Papers and Proceedings), May , pp.71-75. IV. Money S: Chapter 4 pp. 137-153 B&F: Chapter 4; Section 9.6 pp.478-489; Section 10.1 Poterba, J. and J. Rotemberg (1987) "Money in the Utility Function: An Empirical Impl ementation," in New Approaches to Monetary Economics, Barnett, W. and K. Singleto n, (eds.), Proceedings of the Second International Symposium in Economic Theory and Econometrics, (Cambridge Press: Cambridge, MA), pp.2 19-240. Friedman, B. (1983) "The Roles of Money and Credit in Macroeconomic Analysis ," in Macroeconomics, Prices and Quantities, Tobin , J. (ed.), (Brooki ngs Institution: Washington, D.C.), pp. 161- 199. Fischer, S. (1974) "Money in the Production Function," Economic Inquiry, (December), pp . 517-533. Bl inder, A. & J. Stiglitz (1983) "Money, Credit Constraints and Economic Activity," American Economic Review (Papers and Proceedings), Vol. 73 , No . 2 (May), pp. 297302. Scheinkman, J. & L. Weiss (1986) "Bo rrowing Constraints and Aggregate Econom ic Activity," Econometrica , Vol. 54, No. 1, (January), pp . 23-45. Stockman, A. (1989) "The Cash-in-Advance Constraint in International F in ance Constraints and the Theory of Money by S. C. Tsiang. Economics," in V. Labor B&F: Chapter 9 Blanchard, 0. & L. Summers (1988) "Beyond the Natural Rate Hypothesis," American Economic Review, Vol. 78, No. 2, (May), pp. 182-187. Bils, M. (1985) "Real Wages over the Business Cycle: Evidence from Panel Data," Journal of Political Economy, Vol. 93, (August), pp. 666-689. Lindbeck, A. and D. Snower (1986) "Wage Setting, Unemployment, and Insider-Outsider Relations," American Economic Review (Papers and Proceedings), Vol. 76, pp. 235239. VI. Uncertainty in Macro Models B&F: Chapter 6 Handout: Sargent's Macroeconomic Theory, Chapter XIV VII. Business Cycles ( B&F: Chapter 7 Kydland, F. and E. Prescott (1982), "Time to Build and Aggregate Fluctuations," Econometrica, Vol.50, No.6, pp. 1345-1370. Zarnowitz, V. (1985), "Recent Work on Business Cycles in Historical Perspective: A Review of Theories and Evidence," Journal of Economic Literature, Vol. 23, No. 2, (June), pp. 523-580. Plosser, C. (1989) "Understanding Real Business Cycles,"Journal of Economic Perspectives, Vol. 3, No.3, (Summer), pp. 51-77. Mankiw, G. (1989) "Real Business Cycles: A New Keynesian Perspective," Journal of Economic Perspectives, Vol. 3, No. 3, (Summer), pp. 79-90. Blinder, A. and S. Fischer (1981), "Inventories, Rational Expectations and the Business Cycle," Journal of Monetary Economics, (November), Vol. 8, No. 3, pp.277-304. Long, J. and C. Plosser (1983) "Real Business Cycles," J ournal of Political Economy, Vol. 91, No. 1, (February), pp. 39-69 .