macro monetaria y financiera

syllabus and grading policies

semana 1 (january 28):
MAG data - empirical evidence
RED math review, math review

McCandless and Weber (1995) “Some Monetary Facts” Federal Reserve Bank of Minneapolis Quarterly Review 19(3): 2-1. [paper]***

DeGrauwe and Polan (2005) “Is Inflation Always and Everywhere a Monetary Phenomenon?” [paper]
Rongrong Sun (2014) "Review over Empirical Evidence on Real Effects of Monetary Policy" Mimeograph. [paper]
Nagel and Parker (2003) "Empirical Macroeconomics: The Effects of Monetary Policy" [paper]

Walsh (2010) capítulo 1***

semana 2 (february 4):
MAG intro to money
RED ejercicios (intro dinero)

Heijdra, Ben "Foundations of modern macroeconomics", 3rd edition 2017. Oxford University Press (Ch 10)

semana 3 (february 11):
MAG intro to money II,
RED ejercicios (intro dinero)

Heijdra, Ben "Foundations of modern macroeconomics", 3rd edition 2017. Oxford University Press (Ch 10)

semana 4 (february 18):
MAG olg
RED olg: the planner's problem

Wallace, N., 1978. The overlapping generations model of fiat money. in Models of Monetary Economies. Federal Reserve Bank of Minneapolis. [paper]
Wallace and McCandless, 1992. Introduction to Dynamics Macroeconomic Theory. Harvard University Press. (Ch1)***
Champ, B., Freeman, S., Haslag, J., 2011. Modeling monetary economies. Cambridge University Press. (Ch1)***

semana 5 (february 25):
MAG olg money growth, inflation and seigniorage
RED: revision HW 1, seign ex

Wallace and McCandless, 1992. Introduction to Dynamics Macroeconomic Theory. Harvard University Press. (Ch1)***
Champ, B., Freeman, S., Haslag, J., 2011. Modeling monetary economies. Cambridge University Press. (Ch1, Ch3, Ch6 & Ch7)***

Wallace, N., 2008. Competitive trade using money. Unpublished classnotes. [link]

seigniorage in the EU: link

seigniorare and negative rates: link

semana 6 (march 4):
MAG inflationary surprises
RED olg with capital

expectation and monetary policy: Maradona theory of interest rates

semana 7 (march 11):
MAG inflationary surprises
RED ejercicios (inflationary surprises)

semana 8 (march 18):
MAG central banks
RED ejercicios (cb)

Jakab Z, Kumhof, M (2015) Banks are not intermediaries of loanable funds - and why this matters [link]
Champ, B., Freeman, S., Haslag, J., 2011. Modeling monetary economies. Cambridge University Press. (Ch8)

Rule G 2015 "Understanding the Central Bank Balance Sheet" [link]

Keister T and McAndrews J, 2009 "Why Are Banks Holding So Many Excess Reserves?" [link]

semana 9 (march 25):
MAG midterm review,
RED midterm

semana 10 (april 1):
MAG bank risk, ejercicios (runs)

carry trade, banks' exposure and the Euro crisis: link

semana 11 (april 8):
MAG budget constraints,
RED public debt (ch 14 Champs et al)

Giannitsarou and Scott (2006) “Inflation Implications of Rising Government Debt” NBER Working paper series. Paper 12654. [paper]
Buiter (1982) "The Proper Measurement of Government Budget Deficits: comprehensive wealth accounting or permanent income accounting for the public sector: its implications for policy evaluation and design" NBER Working Paper No. 1013 [paper]

Walsh (2010) capítulo 4***
Fischer (1989) "The economics of the government budget constraint" [link]***

semana april 15: Easter Break

semana 12 (april 22): no class on monday
MAG fiscal/monetary interaction (unpleasant)
RED (ch 16 Champs et al)

Fowley and Neely (2013) Four Stories of Quantitative Easing [link]

semana 13 (april 29): no class on wed/thursd/frid, no RED class
MAG reglas versus discrecionalidad

semana 14 (may 6):
MAG reglas versus discrecionalidad
RED

Note: *** means mandatory bibliographic reference

midterm: reducidos semana of march 25th

homeworks

hw 1 (deadline february 25, 23.55hs)

hw 2 (deadline march 31, 23.55hs)

hw 3 (deadline may 3, 23.55hs)

hw 4 (deadline may 15, 23.55hs)

submission: aula global (acceso via aula global)

Note: many of the exercises of the hws are from Champ et al (2011). You are strongly encouraged to solve other exercises in the book.

bibliography

Champ, Freeman and Haslag "Modelling Monetary Economies" (3rd Edition, May 2011) Cambridge University Press

Mc Candless and Wallace "Introduction to Dynamic Macroeconomic Theory: An Overlapping Generations Approach" (1991) Harvard University Press

Andolfato "Macroeconomic Theory and Policy" (2005)

Walsh "Monetary Theory and Policy" (3rd Edition 2010) The MIT Press (only chapter 1 and chapter 4)

Heijdra, Ben "Foundations of modern macroeconomics", 3rd edition 2017. Oxford University Press (Ch 10)