how sad that today is the last lecture of Advanced Macroeconomics with my inspiring lecturer. though i'll still have to bear with the its final exam on May 29 which i don't want to think about right now. i had great great great times learning chapters form William Scarth in this class *also Dornbusch, Barro, and Romer*.
starting with Microeconomics Foundation: firms in standard macro model, household in standard macro model, and labor market. Structural Equation: introduction of Expectation Augmented Phillips Curve for AS. Classical and Keynesian *with one s, of course* Model: labor market for AS. classical dichotomy, money-wage rigidity and price rigidity. Expectation: perfect oresight, rational expectation, forget another one.
and then go on with Rational Expectation and Lucas Critique: how not stupid are the agents, how microeconomic foundation underpinning macroeconomics in the behavioral assumptions (maximizing utility and minimizing cost). Intrinsic Dynamics: Ricardian Equivalence concept which doesn't change consumption behaviour in normal condition, Budget Deficits and Government budget constraint, also how it finance it (bond issuing or money creation). Open Economy: Mundell-Fleming model, nominal and fixed exchange rates, how exchange rates regime affect the effectiveness of economic policies. Growth Theory: Solow model (F,K,A), exogenous of technology, knowledge, etc., and the Sticky Wages, Menu-Cost, Union etc.
All I can say is I LOVE ADVANCED MACROECONOMICS!!!
starting with Microeconomics Foundation: firms in standard macro model, household in standard macro model, and labor market. Structural Equation: introduction of Expectation Augmented Phillips Curve for AS. Classical and Keynesian *with one s, of course* Model: labor market for AS. classical dichotomy, money-wage rigidity and price rigidity. Expectation: perfect oresight, rational expectation, forget another one.
and then go on with Rational Expectation and Lucas Critique: how not stupid are the agents, how microeconomic foundation underpinning macroeconomics in the behavioral assumptions (maximizing utility and minimizing cost). Intrinsic Dynamics: Ricardian Equivalence concept which doesn't change consumption behaviour in normal condition, Budget Deficits and Government budget constraint, also how it finance it (bond issuing or money creation). Open Economy: Mundell-Fleming model, nominal and fixed exchange rates, how exchange rates regime affect the effectiveness of economic policies. Growth Theory: Solow model (F,K,A), exogenous of technology, knowledge, etc., and the Sticky Wages, Menu-Cost, Union etc.
All I can say is I LOVE ADVANCED MACROECONOMICS!!!
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