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FABRIZIO PERRI Personal
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University
of Minnesota Fall 08 Mini 1
Basic info Instructor: Fabrizio Perri, fperri@umn.edu, 612 625-7504 (U) 612 204-5526 (Fed), Office: Heller 1169, OH: after class and by appt. Lectures: T,Th, 14.30-15.45, Blegen 415 TA: Ali Shourideh, OH W. 5-7PM, web-page Recitations: T, 16.00-17.15, Blegen 260 Requirements: Homeworks (30%), Midterm (30%), Final (30%), Class participation (10%). The midterm will during recitation time on Tuesday February 19, the final will be during class time on Thursday March 13. Topics: The foundations of the representative agent model. Asset pricing. Distributional dynamics with complete markets. Departing from the representative agent The international real business cycle model with different asset structures Income fluctuations problem. Economies with incomplete markets without and with aggregate uncertainty. Transitions. Distributions as state variables. Material: Will be indicated or posted here after or before each lecture
Lectures Lecture 1. Deriving the representative agent result in a simple framework. Lecture Note 1 Lecture 2. Complete markets with heterogeneous preferences or skills. Maliar and Maliar Lectures 3-4. The evolution of wealth distribution under complete markets. Lecture note 2. Caselli and Ventura, Chatterjee Lectures 5-6. A basic model with heterogeneous agents. The IRBC model. Lecture note 3. Backus Kehoe and Kydland, Baxter and Crucini Lectures 7-8. Models with a large number of agents: Income Fluctuations problems. Lecture note 4 Lecture 9. More on income fluctuations. Lecture note 5 Lecture 10. Numerical methods for solving income fluctuations problems (IFP) . Notes on numerical methods Lecture 11. IFP in general equilibrium: stationary equilibria with exponential utility. Wang Lecture 12. IFP in general equilibrium: stationary equilibria with general utility. Lecture note 6. Aiyagari, Huggett Lectures 13 & 14. IFP in general equilibrium: transitions and aggregate uncertainty. Lecture note 7. Krusell and Smith
Problem sets Problem 1. Due Jan. 29 in class Problem 2. Due Feb. 7 in class Problem 3. Due Feb. 14 in class Problem 4. Due Mar. 11 in class
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