Welcome to the homepage for ECON 332, Intermediate Macroeconomic Theory. Below you will find links to all class lectures, as well as some relevant videos and information I’ve created or pulled together from the Internet. If you have anything you think would be worth adding, please let me know. Office hours will be daily M-T between 11:00am-12:00pm, and might be rescheduled due to conflicts. I do not sit around waiting for people to show up for this, so if you would like to meet you should make an appointment.

Note on textbook: This semester we are using Charles I. Jones, Macroeconomics, 5th edition textbook. There are several ways to purchase this textbook. Paperback ISBN: 978-0-393-41734-0, $138.00 to buy at the bookstore or EBook - purchase at https://digital.wwnorton.com/macro5.

Syllabus

Lectures

Material for each lecture and section of the course is linked below.

Outside readings for the course are required reading, and are provided on Canvas. When reading these articles, your job is to get the general point, and be able to say something thoughtful about how the material relates to our in class discussions and textbook reading. The point is not to ‘rederive’ the models or ‘summarize’ the work, but it is more about interpretation and thinking critically about the works and how they relate to one another. Please pay attention to the “starred” bullet points below, as they will be relatively more important than the others.

Unit 0 Reviewing Introductory Macroeconomics

  • Watch first video lecture and take quiz (VQ0)

Unit 1 Introduction to Macroeconomics

  • Jones - Chapter 1 (Chapter 01 Quiz)

Unit 2 Measuring the Macroeconomy

  • Jones - Chapter 2

Unit 3 Long-Run Growth and a Model of Production

  • Jones - Chapters 3 and 4
  • :star: Olson - Big Bills Left on the Sidewalk
    • Comin, Easterly, and Gong - Was the Wealth of Nations Determined in 1000 B.C.?

Unit 4: The Solow Model and Romer Model

  • Jones - Chapters 5 and 6
  • Solow - A Contribution to the Theory of Growth
  • Romer - Endogenous Technical Change
  • Jones - R&D Models of Economic Growth
  • :star: Sachs: End of Poverty excerpts
    • Chapter 2
    • Chapter 3
    • Chapter 4
  • :star: Easterly: White Man’s Burden excerpts
    • Chapters 1 & 2

Unit 5: The Labor Market, Wages, & Unemployment

  • Jones - Chapter 7
  • Jones - Pareto and Piketty: Macroeconomics of Top Income and Wealth Inequality
  • :star: Mankiw, Romer, and Weil - A Contribution to the Empirics of Economic Growth
    • Galor and Weil - Population Technology and Growth
    • Jones - Was the Industrial Revolution Inevitable?
  • Growth Videos

Unit 6: Inflation

  • Jones - Chapter 8
    • Leamer - Inflation Chapter 5

Unit 7: Short-Run and Great Recession

  • Jones - Chapters 9 and 10

Unit 8: The IS Curve

  • Jones - Chapter 11

Unit 9: Monetary Policy and the Phillips Curve

  • Jones - Chapter 12
  • :star: My banking chapter
    • Bernanke and Gertler - Inside the Black Box: The Credit Channel of Monetary Policy Transmission

Unit 10: Stabilization Policy and AD/AS Framework and The Great Recession and the Short-Run Model

  • Jones - Chapters 13 and 14
  • :star: Clarida, Gali, and Gertler - The Science of Monetary Policy: A New Keynesian Perspective
  • :star: Carlin and Soskice - The 3-Equation New Keynesian Model: A Graphical Exposition
    • Mian and Sufi - House Prices and Home Equity Based Borrowing and the US Leverage Crisis
    • Mian and Rao - Household Balance Sheets, Consumption, and the Economic Slump
    • Piketty - Putting Distribution Back at the Center of Economics: Reflections on Capital in the Twenty-First Century
    • Kindleberger - Chapter 2 of Manias, Panics and Crashes

:arrow_down: Unit 11: DSGE Models - The Frontier of Business Cycle Research

  • Jones - Chapter 15
  • Smets and Wouters - Shocks and Frictions in US Businesss Cycles: A Bayesian DSGE Approach
    • At the very least, read this until you are completely lost… then read the conclusion.
  • Lucas - Nobel Lecture: This discusses the fundamental shift caused from his earlier research.

General: Readings and Videos