ECON 70428 will provide an overview concerning the latest developments in aggregate general equilibrium models for policy analysis. Particular focus will be given to models that incorporate financial intermediation. Such models will be used to study a number of timely questions, including the macroeconomic consequences of credit shocks, the costs of the zero lower bound, the efficacy of unconventional monetary policy tools, the effects of fiscal shocks, and monetary-fiscal interactions. Course materials will be drawn from recently published academic papers and handouts prepared by the instructor. Evaluation will be based on problem sets, replication exercises, and one cumulative exam.
The most recent (Spring 2021) course materials are available below:
Syllabus: pdf
Notes:
- Log-normal distribution: pdf
- Carlstrom and Fuerst (1997): pdf
- Bernanke, Gertler, and Gilchrist (1999): pdf
- Kiyotaki and Moore (1997): pdf
- Iacoviello (2005): pdf
- Jermann and Quadrini (2012): pdf
- Rudebusch and Swanson (2012): pdf
- Carlstrom, Fuerst, and Paustian (2017): pdf
- Sims and Wu (2021): pdf
Slides:
- Introduction: pdf
- Quadrini (2011): pdf
- Bernanke and Gertler (1989): pdf
- Carlstrom and Fuerst (1997): pdf
- Bernanke, Gertler, and Gilchrist (1999): pdf
- Christiano, Motto, and Rostagno (2014) and Carlstrom, Fuerst, and Paustian (2016): pdf
- Kiyotaki and Moore (1997): pdf
- Iacoviello (2005): pdf
- Jermann and Quadrini (2012): pdf
- Term premium: pdf
- Carlstrom, Fuerst, and Paustian (2017): pdf
- Sims and Wu (2021): pdf
- Sims, Wu, and Zhang (2021): pdf