Old "breaking news"

 



February 25: Next lectures

Wednesday, February 28 (slides are ready)
        1. What are the "stylized facts" about money and economic aggregates?
            Does money matter for output and prices?
            Are the responses to money shocks different in the short and long run?
        2. Empirical problems/issues
Literature: Walsh (2017, Chapter 1)

 


March 7: Next lectures

Wednesday, March 7 (slides are ready)
        "0" SVAR material from last lectures completed
        1. Money in the utility function (start)
            a. The basic money in the utility function model
            b. Optimal behavior and steady-state equilibrium properties:
                Long-run superneutrality of money
Literature: Walsh (2017, Chapter 2, pp. 41--61)



Thursday, March 8
        1. Money in the utility function (continued)
            a. Potential non-superneutrality of money
            b. Dynamics and calibration: Examples
Literature: Walsh (2017, Chapter 2, pp. 67--83. Check the Appendix 2.7.1--2.7.2 as well;
                                i.e., get a grip on (or relive) the log-linearization technique)


 
Wednesday, March 14
        1. A Cash-in-Advance Model
Literature: Walsh (2017, Chapter 3, pp. 103--122 and Appendix)
                                (NB: Preceding Material on shopping-time models "only" recommended)

 


March 8: Next lectures
 

Thursday, March 8 (slides are ready)
        1. Money in the utility function (start)
            a. The basic money in the utility function model
            b. Optimal behavior and steady-state equilibrium properties:
                Long-run superneutrality of money
Literature: Walsh (2017, Chapter 2, pp. 41--61)



Wednesday, March 14
        1. Money in the utility function (continued)
            a. Potential non-superneutrality of money
            b. Dynamics and calibration: Examples
Literature: Walsh (2017, Chapter 2, pp. 67--83. Check the Appendix 2.7.1--2.7.2 as well;
                                i.e., get a grip on (or relive) the log-linearization technique)


Wednesday, March 21
        1. A Cash-in-Advance Model
Literature: Walsh (2017, Chapter 3, pp. 103--122 and Appendix)
                                (NB: Preceding Material on shopping-time models "only" recommended)

 




Wednesday, March 14 (slides are ready) (codes are available)
        0. Long-run superneutrality of money in MIU model
        1. Money in the utility function (continued)
            a. Potential non-superneutrality of money
            b. Dynamics and calibration: Examples
Literature: Walsh (2017, Chapter 2, pp. 67--83. Check the Appendix 2.7.1--2.7.2 as well;
                                i.e., get a grip on (or relive) the log-linearization technique)

 

 


Wednesday, March 21 (slides are ready, as are Dynare codes for the stochastic CIA model)
        1. On the optimal rate of inflation in flex-price models
        2. A Cash-in-Advance Model
Literature: Walsh (2017, Chapter 3, pp. 103--122 and Appendix)
                                (NB: Preceding Material on shopping-time models "only" recommended)

 


Wednesday, March 28 (slides are ready)
    "0". Inflation "bubbles" - the last two pages from March 22 slides   <-------- NOTE
    1. Inflation and quantitative easing
    2. Open-market operations at the zero lower bound for interest rates
Literature: Auerbach and Obstfeld (2005, AER), pp. 110-117, until Section IV)

 


April 4:   Next lectures:

Wednesday, April 4 (slides are ready as are an expository note with some derivations)
        "0" Finish Auerbach and Obstfeld article from March 28 slides (12-17)    <-------- NOTE
        Money in the short run: Incomplete nominal adjustment (I) (on the slides, only to page 9)
            1. Sticky Prices and Wages: Early models
Literature: Walsh (Chapter 7, pp. 277-292)

 

 


 


March 20
: Revised Working Schedule posted.


March 25: An FAQ has been posted.

 

April 4:   Next lectures (a slight change of plan; this material is too important to
                rush over):
 

Thursday, April 5
      1.     Money in the short run: Incomplete nominal adjustment (I) (part 2)
              (April 4 slides continued with staggered price setting;
              the expository note pertains to this material)
Literature: Walsh (Chapter 7, pp. 277-292)


Wednesday, April 11
        1. Money in the short run: Incomplete nominal adjustment (II)
            Sticky Prices and Wages: Calvo and alternatives
Literature: Walsh (Chapter 7, pp. 292-315; Chapter 5 pp. 200-204)


 

April 10:   Next lectures:

Wednesday, April 11 (slides are ready)
        1. Money in the short run: Incomplete nominal adjustment (II)
            Sticky Prices and Wages: Calvo and alternatives
Literature: Walsh (Chapter 7, pp. 292-315; Chapter 5 pp. 200-204)

 


 

March 25: Two exercises have been posted. Go through them - I will post the solutions in a near future.


April 10: Updated Working Schedule has been uploaded.


April 15: Typos document has gotten a new entry
 

April 15: Next lectures

Wednesday, April 18 (slides are ready as is an expository note on some calculus) This was done Thursday 19.
        0. End April 11 material on empirical evidence on Phillips curves
        1. Operating procedures and choice of monetary policy instrument
        2. Intermediate targets in policymaking
Literature: Walsh (2017, Chapter 12, pp. 561-578)

 

April 17:     The internal evaluation (to be discussed April 18). Note that
                     the report mixes the very early evaluation and the new one.

 


April 24: Next lecture:

Thursday, April 25, New-Keynesian models of monetary policy (I) (slides are ready)
        1. Model basics
        2. Uniqueness?
Literature: Walsh (2017, Chapter 8, 319-339; including Appendix 8.7.1)

 


 

April 22: Two set of solutions to exercises have been posted. More exercises to follow.

 

 


 

Thursday, May 3: New-Keynesian models of monetary policy (II/III) (slides are ready and some codes)
We continue the May 2 slides on monetary policy in the NK model:
    1. Policy trade-offs and optimal policy
    2. Discretion versus commitment (begin)
Literature (on policy trade-offs): Walsh (2017, Chapter 8, 341--354; Appendix 8.7.2---recommended)


 

April 22: Updated Working Schedule has been uploaded. Note the announcement of extra lectures
                 on our regular "even weeks" times, May 16 and 17
                 (and note that the room for Wednesday, May 16 is 2-1-12; is not our regular one).

 


May 6: New exercise is posted (on the simple New Keynesian model with a Taylor-type rule)



May 8: Updated Working Schedule has been uploaded. Note again extra lectures
                 on our regular "even weeks" times, May 16 and 17
                 (and note that the room for Wednesday, May 16 is 2-1-12; is not our regular one).


May 8: Next lectures
 

Wednesday, May 9: New-Keynesian models of monetary policy (II/III cont.) (slides are ready as are codes used)
    1. Discretion versus commitment (end)
    2. Extensions and forward guidance example
Literature: Walsh (2017, Chapter 8, 354--369).
 


 

May 15: Next lectures
 

Wednesday, May 16 (NB: CSS 2-1-12):
        Credit constraints and the macroeconomy (slides are ready)
Literature: Walsh (2017, Chap. 10, pp. 478--491; 495--500; 501--505 recommended).

 


May 17: Last lecture:


Thursday, May 17 (regular room: CSS 7-0-34):
Advice and information about the exam (no slides - you will get them afterwards)