sylutmacro2sp06 - Economics 387L Macroeconomics II Spring...

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Economics 387L. Macroeconomics II. Spring 2006. Department of Economics, University of Texas Professor: Dean Corbae, O ce: BRB 3.134A, Phone: 512-475-8530 Email: [email protected], web:˜corbae O ce hours: Thursday, 3:30-5pm Teaching Fellows: Pablo D’Erasmo, e-mail:[email protected], Of- f ce hrs: Monday 11-12:30pm, O ce: BRB 4.122. Je f Thurk, e-mail:[email protected], O ce hrs: Wednesday 12-2pm, O ce: BRB 4.128. Review Sessions: Friday 2-3:30pm, BRB1.118. Syllabus This class will be organized around trying to answer the following ques- tion. What is the optimal (labor, capital, and in F ation) tax in industrial economies? It will use a simple benchmark environment to answer the ques- tion; a representative agent growth model. For certain variants of the ques- tion, we may need a richer environment. We will often use recursive methods, whichwillproveusefulwhenyoutrytosolvehardproblemsonthecomputer or when you apply game theory (in particular, subgame perfection) to prob- lems where the government cannot commit to a given policy. Therewillbeamidterm(40%)and f nal(60%),aswellasweeklyproblem sets and computer assignments (P/F-you are allowed one F and after that your grade falls by one place). It is university policy that no professor is obli- gated to provide a makeup exam unless the student provides documentation that he/she could not have been present at the time of the exam due to such events as hospitalization or presence at the funeral of an immediate family member. The following texts will be helpful. Several copies have been ordered for the book store. (L-S) Ljungqvist, L. and T. Sargent. 2004. Recursive Macroeconomic Theory . Cambridge: MIT Press. Second Edition. (ISBN 0-262-12274-X) (S-L) Stokey, N. and R. Lucas. 1989. Recursive Methods in Economic Dynamics . Cambridge: Harvard University Press. (ISBN 0-674-75096-9) You should treat L-S as background on the articles that I will focus on in class. Material that will be covered intensely in class is denoted with a superscript *. 1
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I. A look at the data Tools introduced: Filters, Reduced form VARs and Structural VMAs, Identi f cation. L-S, Ch. 2. 1. Blanchard, O.J. and D. Quah (1989) “The Dynamic E f ects of Aggre- gate Demand and Supply Disturbances”, American Economic Review , Vol. 79, pp. 655-73. 2.
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This note was uploaded on 08/06/2008 for the course ECON 387 taught by Professor Corbae during the Spring '07 term at University of Texas.

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sylutmacro2sp06 - Economics 387L Macroeconomics II Spring...

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