University of Minnesota
ECON 8107, Macroeconomic Theory
Fall 2009, Mini 2
Basic
info
Instructor:
Fabrizio Perri,
fperri@umn.edu,
612 625-7504 (U) 612 204-5526 (Fed), Office: Hanson, 4-177, OH:
after class and by appt.
Lectures: T,Th,
14.30-15.45, csom 1.143
TA: Tayyar Buyukbasaran, tayyarbuyuk@yahoo.com; 612-625 3922, Office Hanson 3-159, OH M. 1.30-3.20pm
Recitations:
T, 4.45-6.00pm, Blegen 245
Requirements:
Homeworks (30%), Midterm (30%), Final (30%), Class participation (10%)
The midterm will be during recitation time on Tuesday November 17.
The
final will be during class time on Tuesday December 15. Final is cumulative
Topics:
The foundations of the representative agent model. Asset pricing.
Distributional dynamics with complete markets.
A quasi representative agent
Departing from the representative agent
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. A 30 minutes history of macro from the great depressionr to the current crisis. Deriving the representative agent result in static and dynamic economies. On the state of macro.
Lecture
Note 1
Lecture 2. Asset pricing with representative agent. Sargent, Dynamic macroeconomic theory, Chapter 3. Financial Markets and the Real Economy. Lecture note 2
Lecture 3. Distributional dynamics with complete markets. Lecture note 3. Caselli
and Ventura, Chatterjee
Lecture
4. Complete markets with heterogeneous preferences or skills. Maliar and Maliar. Lecture note 4
Lecture 5. Income Fluctuations Problems I. Lecture note 5
Material up to this point will be included in the midterm
Lecture 6. Income Fluctuations Problems II. Lecture note 6
Lecture 7. Income fluctuations in general equilibrium, I, Exponential utility, Wang
Llecture 8. Income fluctuations in general equilibrium II, Aiyagari, Lecture note 7
Lecture 9. Transitions and aggregate uncertainty. Lecture note 8
Problem sets
Problem set 1. Due Thursday, Nov. 5, in class
Problem set 2. Due Tuesday, Nov. 17, in class
Problem set 3. Due Thursday, Dec. 3, in class
Problem set 4. Due Tuesday Dec 15, in class
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