“[…] The characteristic ruminant activity of ungulate animals, which consists in the regurgitation of what has already been chewed over, is anything but stimulating to my appetite…”
~Carl Jung
“One of the painful signs of years of dumbed-down education is how many people are unable to make a coherent argument. They can vent their emotions, question other people’s motives, make bold assertions, repeat slogans—anything except reason.”
~Thomas Sowell
Fall 2022
Economics is microeconomics. Macroeconomics emerges from a taxonomy -sometimes useful but oftentimes a harmful intellectual shortcut– and it generally refers to the study of the aggregate consequences of both individuals and firms’ behavior. While the primary focus will be on fundamentals, we will look at data and evidence to help motivate our theories and/or to assess competing ones. This course will bring your current understanding of macroeconomics closer to the frontier, that is, to the research as done by economists in academia, central banks, and research institutes. In other words, this course will close the gap between you and the state-of-the-art knowledge.
During the semester, between depth and breadth we will always choose the former –perhaps following, unfortunately, Frost’ steps.
Remember, these slides are far from capturing everything we cover in class; they are just a guide to help you follow the lectures.
- Notes 1 – Introduction, Math, and Measurement
- Problem Set 1 – Solution set was provided.
- Problem Set 2 – Solution set was provided.
- Problem Set 3 – Solution set was provided.
- Problem Set 4 – Solution set was provided.
- Problem Set 4B – Not due.
- Problem Set 5 – Solution set was provided.
- Problem Set 6 – Due on Monday 11/7.
- Problem Set 7 – Due on Friday 11/11.
Please, go here to download the last version of our textbook (current version: 3.0.0).
Previously Taught
At CMC
This course is a continuation of what you learned in intermediate macroeconomics. The focus will be on tools and frameworks that will prepare you to read academic research as done by economists studying the aggregate consequences of individuals’ and firms’ behavior.
Remember, these slides are far from capturing everything we cover in class; they are just a guide to help you follow the lectures.
- Problem Set 1 and Data – Due on January 30.
- Problem Set 2 – Due on February 10.
- Problem Set 3 – Due on February 24.
- Problem Set 4 – Due on April 15.
Please, go here to download the lastest version of the GLS textbook (current version: 3.0.0).
Additional textbooks:
- Introduction to Modern Economic Growth, Daron Acemoglu, Princeton University Press, 2008.
- Recursive Macroeconomic Theory, Lars Ljungqvist & Thomas Sargent, Fourth Edition. MIT Press, 2018.
- Notes on Macroeconomic Theory, Steve Williamson, Unpublished Notes. University of Iowa, 1999.
At UGA
This is the second of two core classes in macroeconomic theory. The course will place a heavy emphasis on the models and techniques that macroeconomists use. Syllabus
Remember, these slides are far from capturing everything we cover in class; they are just a guide to help you follow the lectures.
- Slides 1 – Math Preliminaries
- Slides 2 – Dynamic Programming
- Slides 3 – Complete Markets
- Notes 4 – Real Business Cycle Models
- Notes 5 – Heterogeneous Agents
- Problem Set 0 and Data – Solution set has been posted.
- Problem Set 1 – Solution set has been posted.
- Problem Set 2 – Solution set has been posted.
- Problem Set 3 – Solution set has been posted.
- Problem Set 4 – Solution set has been posted.
- Problem Set 5 – Solution set has been posted.
- Problem Set 6 – Search problem set; sent over email.
Most Recent Evaluations (Complete and unedited)
- Evaluations and Students’ Comments – Spring 2015 (Response rate: 66.67%)
- Overall, the instructor was effective at teaching: 4.89/5.0
- The course challenged me to think and learn: 5.0/5.0
- I learned a lot in this course: 5.0/5.0
- Evaluations and Students’ Comments – Spring 2014 (Response rate: 100%)
- Overall, the instructor was effective at teaching: 5.0/5.0
- The course challenged me to think and learn: 5.0/5.0
- I learned a lot in this course: 5.0/5.0
This course aims to give you a solid understanding of macroeconomics. While the primary focus will be on theory, we will look at data and evidence to help motivate our theories and/or to assess competing ones. Since an extremely important question is what –if anything– can policymakers do in order to improve individuals’ welfare, we will also consider the implications of the theories for the decisions made by policymakers. Syllabus
Please, go here to download the last version of our textbook (current version: 1.0.0).
Lectures 1 to 3: Appendix ALectures 4 to 7: Chapter 1Lecture 8: Chapters 2 & 3Lecture 9: Chapter 4Lectures 10 to 16: Chapters 5, 6, and 7Lecture 17: MIDTERMLectures 18 to 21: Chapter 8Lectures 22 to 25: Chapter 9Lectures 25 to 28: Chapter 10Lecture 29: MIDTERMLectures 30 to 32: Chapter 11Lecture 33: Chapter 12Lecture 34: Chapter 15Lecture 35 to 38: Chapter 16Lecture 39: Chapter 13
- Problem Set 1
- Problem Set 2
- Problem Set 3
- Problem Set 4
- Problem Set 5
- Problem Set 6
- Problem Set 7
Most Recent Evaluations (Complete and unedited)
- Evaluations and Students’ Comments – Fall 2015 (Response rate: 90.24%)
- Overall, the instructor was effective at teaching: 4.62/5.0
- The course challenged me to think and learn: 4.92/5.0
- I learned a lot in this course: 4.73/5.0
- Evaluations and Students’ Comments – Spring 2014 (Response rate: 88.37%)
- Overall, the instructor was effective at teaching: 4.68/5.0
- The course challenged me to think and learn: 4.92/5.0
- I learned a lot in this course: 4.84/5.0
This course will provide you with an introduction to macroeconomics. We will focus on a core set of fundamental concepts that help us to understand a broad range of macroeconomic issues. Along the way, we will look at newspaper and research articles and a variety of data and evidence that relate to the concepts covered in class. Syllabus
- Problem Set 1 – Answer Key
- Problem Set 2 – Answer Key
- Problem Set 3 – Answer Key
- Problem Set 4 – Answer Key
- Problem Set 5 – Answer Key
- Problem Set 6 – Answer Key
- Problem Set 7 – Answer Key
- Problem Set 8 – Answer Key
- Reading Assignment
- Problem Set 1
- Problem Set 2
- Problem Set 3
- Problem Set 4
- Problem Set 5
- Problem Set 6
- Problem Set 7
- Problem Set 8
Most Recent Evaluations (Complete and unedited)
- Evaluations and Students’ Comments – Spring 2015 – Section 1 (Response rate: 85.71%)
- Overall, the instructor was effective at teaching: 4.94/5.0
- The course challenged me to think and learn: 4.87/5.0
- I learned a lot in this course: 4.78/5.0
- Evaluations and Students’ Comments – Spring 2015 – Section 2 (Response rate: 79.31%)
- Overall, the instructor was effective at teaching: 4.83/5.0
- The course challenged me to think and learn: 4.78/5.0
- I learned a lot in this course: 4.83/5.0
At Notre Dame
The objective of this course is twofold. First, it will provide you with an introduction to statistics and basic probability so that you will become familiar with definitions, methods, and procedures that will help you to have a better understanding of statistics presented in the media and in basic research. Second, it will also prepare you for advance courses in Economics, particularly Econometrics. Syllabus
Most Recent Evaluations (Complete and unedited)
- Instructor Summary and Detailed Distribution Report (Response rate: 90%)
- Overall Effectiveness of Teaching: 4.8/5.0
- Students’ Comments and Response Report