COURSES 2010

FALL 2010 WEEK 1 (August 30- September 3, 2010)

FINANCIAL FRICTIONS AND THE MACROECONOMY

Instructor:     Prof.  Larry Christiano

Northwestern University and NBER

August 30- September 3 2010

Topics Covered:

  • Introduction to models of financial frictions: asymmetric information with costly state verification (CSV, Townsend), moral hazard (mh, Holmstrom-Tirole), and liquidity (Kiyotaki-Moore).
  • Integrating csv into a dynamic general equilibrium model (DSGE-CSV).
  • Construction,  estimation and evaluation of dsge-csv.
  • The role of credit market variables in the management of monetary policy.
  • Monetary policy and interest rate spreads.
  • Unconventional monetary policy.


FALL 2010 WEEK 2 (September 6-September 10, 2010)

I.THE MACROECONOMICS OF LABOR MARKETS: BASIC CONCEPTS

Instructor:     Prof.  Christopher Pissarrides

                       London School of Economics and CEPR

September 6-8 2010

Topics covered:

  • Key facts about the functioning of the labour market
  • The basics of search and matching: unemployment
  • Wages: bargaining, efficiency wages and wage inequality
  • The role of labour market policy
  • Unemployment and wage volatility

II.THE MACROECONOMICS OF LABOR MARKETS: ADVANCED TOPICS

Instructor:     Prof. Claudio Michelacci

CEMFI and CEPR

September 8-10 2010

Topics covered:

  • Real business cycles with unemployment
  • New Keynesian models and monetary policy
  • Sources of business cycle fluctuations
  • The effects of technology shocks
  • Growth and unemployment

SPRING 2010 WEEK 1 (March 22-26 2010)

I. SOLVING, CALIBRATING AND EVALUATING STRUCTURAL MODELS

Instructor:     Prof.  Fabio Canova

Universitat Pompeu Fabra, ICREA, and CEPR

March 22-24 2010

Topics covered:

  • Basic DSGE models: first and second order solution
  • Calibration of DSGE models Stochastic simulations
  • Evaluation of calibrated models. Conditional Forecasting
  • Applications and Examples (with Matlab and Dynare)  

II. EMPIRICAL TIME SERIES METHODS FOR POLICY ANALYSES

Instructor:     Prof. Fabio Canova

Universitat Pompeu Fabra, ICREA, and CEPR

March 24-26 2010

Topics covered:

  • VARs and Structural VARs: policy analyses and forecasting
  • Bayesian VARs
  • FAVAR and Factor models: estimation and interpretations
  • Applications and Examples (with Matlab)

SPRING 2010 WEEK 2 (March 29- April 2 2010)

I. INFLATION AND THE NOMINAL SIDE OF THE ECONOMY: CLOSED AND OPEN ECONOMY CONSIDERATIONS

Instructor:     Prof. Tommaso Monacelli

Universita Bocconi, IGIER, and CEPR

March 29-31 2010

Topics covered:

  • The New Keynesian Framework
  • Monetary Policy in the New Keynesian Model: Interest Rate Rules, Inflation Dynamics, the Optimal Setting of Policy.
  • Monetary Policy in an Open Economy NK Framework
  • Incomplete Exchange Rate Pass-Through
  • Monetary Policy in Medium-Scale Open Economy DGSE Models

II. MANAGING MONETARY POLICY IN A SMALL DEVELOPING ECONOMY

Instructor:     Prof. Zvi Eckstein

Deputy Governor, Central Bank of Israel and Tel Aviv University

March 31- April 2 2010

Topics covered:

  • Models for Monetary Policy Analysis
  • The interest rate decision process
  • Exchange rate interventions: dilemmas and practices
  • Pass through and inflation
  • Managing the financial crisis: policy response and open questions

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