B r i e f T a b l e o f C o n t e n t s
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1 B r i e f T a b l e o f C o n t e n t s Chapter 1. Introduction Part I. CAPITAL ACCUMULATION AND ECONOMIC GROWTH Chapter 2. Neoclassical Growth Models Chapter 3. Endogenous Growth Models Chapter 4. Some Other Growth Models Part II. NEOCLASSICAL MODELING Chapter 5. Consumption Chapter 6. Investment Chapter 7. Government Expenditure and Fiscal Policy Chapter 8. The Current Account Part III. MONEY, GROWTH, AND INFLATION Chapter 9. Demand for Money Chapter 10. Money and Growth Chapter 11. Inflationary Finance Part IV. BUSINESS CYCLES Chapter 12. Standard Keynesian Theory Chapter 13. Rational Expectations Chapter 14. Real Business Cycles Chapter 15. A New Keynesian Model Chapter 16. Unemployment Part V. STABILIZATION POLICY UNDER UNCERTAINTY Chapter 17. Keynesians and Monetarists Chapter 18. The Importance of Expectations Chapter 19. Dynamic Inconsistency Chapter 20. Some Other Useful Models APPENDICES Appendix 1. Stability of Equilibrium Appendix 2. Dynamic Optimization
2 page 2 T a b l e o f C o n t e n t s 1. INTRODUCTION 1.1. A Two-Period Problem An Infinite Horizon Problem 1-7 Readings 1-10 Part I. CAPITAL ACCUMULATION AND ECONOMIC GROWTH 2. NEOCLASSICAL GROWTH MODELS 2.1. Some Stylized Facts About Growth The Solow Model Comparative Statics The Golden Rule The Model with Technological Growth The Ramsey Model The Centralized Economy The Decentralized Economy A Neoclassical Model with Exogenous Productivity Growth 2-18 Readings ENDOGENOUS GROWTH MODELS 3.1. The Rebelo Model A Two-Period Model with Externalities The Decentralized Solution The Centralized Solution Endogenous Technological Growth The Market (Decentralized) Solution The Centralized Solution Human Capital and Growth The Lucas Growth Model 3-15 Readings SOME OTHER GROWTH MODELS 4.1. Overlapping Generations The Decentralized Economy The Centralized Economy Dynastic Concerns Social Security The Aghion-Howitt Model of Economic Growth Poverty Traps and Stagnation Multiple Steady States in the Solow Model Threshold Effects Stagnation at the Subsistence Level 4-20
3 page 3 Readings 4-24 Part II. NEOCLASSICAL MODELING 5. CONSUMPTION 5.1. The Basic Model The Permanent Income Hypothesis Liquidity Constraints Precautionary Saving Durables and Nondurables Consumption of Durables Durables and Nondurables Habit Formation 5-17 Readings INVESTMENT 6.1. The Basic Model Three Special Models The Neoclassical (Jorgenson) Model The Accelerator Model Tobin s q Model Investment Taxes, Subsidies, and Inflation Investment and Uncertainty 6-8 Readings FISCAL POLICY 7.1. Taxes and Growth Lum-Sum Taxes Income Taxes Consumption Taxes Distortionary Taxes andlaffer Curves Distortionary Taxes on Capital Distortionary Taxes on Labor Tax Smoothing The Optimal Government Size 7-13 Readings THE CURRENT ACCOUNT 8.1. A Simple Model of the Open Economy A Production Model of The Open Economy The Case of the Large Open Economy An Infinite Horizon Model 8-12 Readings 8-16
4 page 4 Part III. MONEY, GROWTH, AND INFLATION 9. DEMAND FOR MONEY 9.1. Money as a Store of Value Constant Money Supply Constant Money Growth Transactions Demand for Money The Baumol-Tobin Model The Shopping Model Precautionary Demand for Money 9-12 Readings MONEY AND GROWTH The Tobin Model The Sidrauski Model Superneutrality Revisited Money in the Production Function Leisure in the Utility Function Technological Growth A Cash-in-Advance Model and Interest-Rate Smoothing The Real Economy The Monetary Economy Readings INFLATIONARY FINANCE Welfare Costs of Inflation Hyperinflations The Cagan Model Seignorage Seignorage and Hyperinflation Optimal Seignorage Seignorage as the Only Source of Revenue Icome Tax and Seignorage Readings 11-13
5 page 5 Part IV. BUSINESS CYCLES 12. THE STANDARD KEYNESIAN MODEL Aggregate Demand A Keynesian Aggregate Supply and Output Determination The Friedman-Phelps Supply Function 12-7 Readings RATIONAL EXPECTATIONS The Muth Model The Sargent-Wallace Model of Inflation The Lucas Supply Function Some Business Cycle Implications Readings REAL BUSINESS CYCLES A Stochastic Solow Model A Stochastic Ramsey Model A Multi-Sector Model 14-8 Readings A NEW KEYNESIAN MODEL A New Keynesian Phillips Curve A New Keynesian IS Curve Some Monetary Policy Implications No Built-In Inflationary Bias Built-In Inflationary Bias 15-9 Readings UNEMPLOYMENT Indivisible Labor Models A Simple Model The Model with a Union The Efficiency Wage Model The Persistence of Unemployment A Separation-Finding Model The Hysteresis Theory The Insiders-Outsiders Theory Readings 16-16
6 page 6 Part V. STABILIZATION POLICY UNDER UNCERTAINTY 17. KEYNESIANS AND MONETARISTS Uncertainty About the Effects of Policy Variables The Theil Model The Brainard Model Policy Errors and Lags Asymmetric Effects Optimal Targeting (The Poole Model) A Monetarist Central Bank A Keynesian Central Bank Comparison of the Keynesian and Monetarist Strategies A Combination Policy Fixed vs. Flexible Exchange Rates Flexible Exchange Rate Fixed Exchange Rate Comparison of Fixed and Flexible Regimes Readings THE IMPORTANCE OF EXPECTATIONS No Role for Expectations Adaptive Expectations Rational Expectations Keynesians vs Monetarists vs Rational Expectationists Keynesians and Monetarists Revisited Rational Expectations A Complete Rational Expectations Model 18-8 Readings DYNAMIC INCONSISTENCY The General Problem Output and Inflation A Rule Cheating Discretion Reputation Conservative Central Bankers and Indexation Output Uncertainty and the Optimal Conservative Optimal Contracts for Central Bankers Inflation Uncertainty and Optimal Inflation Protection Macroeconomics and Politics Readings 19-20
7 page 7 Appendices 20. SOME USEFUL MODELS Wage Indexation The Frictionless Equilibrium Fixed Nominal Wages Indexation Monetary Unions and Dollarization A Simple Model A New Keynesian Model A Unified Model of Business Cycles The Walrasian Economy Wage Contracts The Barro Model of Fiscal Policy Exogenous Labor Supply Endogenous Labor Supply Readings A1. STABILITY OF EQUILIBRIUM A1.1 Stability of Linear Systems A1-1 A1.2 Stability of Non-Linear Systems A1-3 A2. DYNAMIC OPTIMIZATION A2.1 Lagrangeans and Hamiltonians: An Example A2-1 A2.2 Dynamic Optimization with Bellman Equations A2-3
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