Lecture slides

Lecture slides - all in pdf format - are posted no later than the morning on the day of the lectures. Bring the slides to the lecture in order to make notes on them. You do not need to read them beforehand. Read the curriculum for the lecture instead.


February 6: Introduction

February 13: Empirics. (Associated data as zip file)

February 16: Money in the utility function models (deterministic) (16/2: Changed dates on last page)

February 20: Money in the utility function (stochastic)

February 27: Welfare costs of inflation and cash-in-advance models (26/2: New version with first four pages reduced to two; only formatting changes)

March 2: Public budget accounting and seigniorage (done March 6)

March 13: Inflation and the zero lower bound

March 16: Incomplete nominal adjustment (I) (done March 20)

March 27: Incomplete nominal adjustment (II)

April 3: Operating procedures and choice of monetary policy instrument

April 24: Interest rate policies and inflation targeting (originally planned for April 10)

May 1: New-Keynesian models of monetary policy (I) (completed May 8)

May 15: New-Keynesian models of monetary policy (II)

May 22: New-Keynesian models of monetary policy (III)

Additional slides:

May 23: Credit constraints and the macroeconomy

May 23: About the exam
               7 Mb pdf file, sorry! Do not print it. It looks as if it is 12 pages long, but actually
                it is 40+pages. So load it, put it in full screen mode and tap you way through it
                while your brain imagines my voice going over the advice. But hey, be creative!
                You are very welcome to substitute my voice with someone you would rather
                hear in your inner ear; Scarlett Johansson, Liam Hemsworth or whoever you prefer. Enjoy!


Typos (revised May 8)