Intermediate Macroeconomics
2023 Fall

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General Information

  • Course Number: ECON2403
  • Lectures: Wednesday (all weeks): 1-3 (Shang Yuan 203), 11-13 (Shang Yuan 101)
  • Office Hour: Wednesday 14:00pm-16:30am or by appointment
  • Phone: 021-52301191
  • My email: jhqian At sjtu.edu.cn

Econ 2403 is an intermediate-level course in macroeconomics. The major pillars of this course are classical theory (economy in the long run), neoclassical growth theory (economy in the very long run), business cycle theory (economy in the short run), and macroeconomic policies. Intuition, technical ability, and empirical knowledge and skills are equally emphasized.

Although not required, students are encouraged to learn the materials in a bilingual manner.

Prerequisites

Principles of economics, calculus

Lectures

  1. 导言, Introduction (Notes: macro01)
  2. 宏观数据, Macroeconomic data (Notes: macro02)
  3. 古典理论, Classical theory (Notes: macro03)
  4. 经济增长, Economic growth (Notes: macro04)
    5. (Solow1.xlsx)
  5. 经济波动, Economic fluctuation (Notes: macro05)
    6. (dynamic_adas.xlsx, simple_adas.xlsx)
  6. 平准政策, Stabilization policies (Notes: macro06)

Home Works

hw0 (math tools) hw1 hw2 hw3 hw4 hw5 hw6 hw7 hw8 hw9 hw10

Readings

1.

  • Hayek, F. A., 1945, The Use of Knowledge in Society. The American Economic Review, 35(4), 519–530.
  • Radford, R.A., 1945, The Economic Organisation of a P.O.W. Camp. Economica, 12 (48), 189–201.
  • Akerlof, G.A., 2002, Behavioral Macroeconomics and Macroeconomic Behavior. The American Economic Review 92 (3): 411–433.

2.

  • Landefeld, J. Steven, Eugene P. Seskin, and Barbara M. Fraumeni, 2008, Taking the Pulse of the Economy: Measuring GDP. Journal of Economic Perspectives 22(2), 193-216.
  • Bureau of Economic Analysis, 2015, Measuring the Economy: A Primer on GDP and the National Income and Product Accounts. Available online at https://www.bea.gov/resources/methodologies/measuring-the-economy.

3.

  • Fisher, Irving, 1930, The Theory of Interest (as Determined by Impatience to Spend Income and Opportunity to Invest It). New York: The Macmil-lan Company. Available online at https://fraser.stlouisfed.org/title/theory-interest-6255.
  • Michael McLeay, Amar Radia and Ryland Thomas, Bank of England, 2014, Money creation in the modern economy, Quarterly Bulletin 2014 Q1.

4.

  • Lewis, Arthur W., 1954, Economic Development with Unlimited Supplies of Labour, The Manchester School, 22 (2), 139-191.
  • Solow, R., 1957, Technical Change and the Aggregate Production Function, Review of Economics and Statistics, 39 (3), 312-320.
  • Romer, Paul M., 1994, The Origins of Endogenous Growth, The Journal of Economic Perspectives, 8 (1), 3-22.

5.

  • Keynes, J.M., 1936, Chapter 12, The state of long-term expectation, The general theory of employment, interest, and money.
  • Mundell, Robert A., 1963, Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates. Canadian Journal of Economics and Political Science. 29 (4), 475–485.
  • Dornbusch, Rudiger, 1976, Expectations and Exchange Rate Dynamics, Journal of Political Economy , Dec., 84 (6), 1161-1176.
  • Minsky, H.P., 1992, The financial instability hypothesis. Jerome Levy Economics Institute Working Papers No. 74.

6.

  • Mishkin, F.S., 1996, The channels of monetary transmission: lessons for monetary policy. NBER working paper 5464.
  • Qian, Junhui, 2016, The 2015 Stock Panic of China. SSRN Working paper available at https://dx.doi.org/10.2139/ssrn.2795543.
  • Ihrig, Jane, and Scott Wolla, 2020, Let's Close the Gap: Revising Teaching Materials to Reflect How the Federal Reserve Implements Monetary Policy. Finance and Economics Discussion Series 2020-092. Washington: Board of Governors of the Federal Reserve System.
  • Yi, Gang (the governor of the People’s Bank of China), 2021, China's Interest Rate System and Market-Based Reform of Interest Rate, Financial Research (in Chinese, 金融研究), 495 (9), 1-11.

Grading

Problem sets (20%), quizzes (30%), final exam (50%).

Textbooks

  • 宏观经济学（第九版），Gregory N. Mankiw，中国人民大学出版社。
  • Macroeconomics (9 ed.), Gregory N. Mankiw, Worth Publishers.
  • My lecture notes.
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