ECON5002_Macroeconomic Theory_2010 Semester Summer_Course Outline 5002 Summer 2010

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宏观经济学习题及答案 (1)

Introduction to MacroeconomicsMultiple Choice Questions1.Macroeconomics is the study of ________ while microeconomics studies ________:a.firm behavior; market behaviorrge biological systems; political implications of nanotechnologyc.an individual firm; the overall economic performance of a nationd.the overall economic performance of the world; the economy of a single countrye.the overall economic activity and prices; an individual firm, household, or market2.An endogenous variable is typically:a.Taken as a given.b.Strictly explained by data.c.Strictly explained outside the model.d.Strictly explained inside the model.e.Strictly explained by graphical analysis.3.Which statement is true of an exogenous variable in an economic model?a.It is often a policy variable.b.It is explained inside the model.c.Its value within the model cannot be changed.d.It has no direct relation to the endogenous variables.e.All of the above.4.Macroeconomic models particularly focus on the following three economic data series.a.Inflation, unemployment, and business cycles.b.Bankruptcies, the unemployment rate, and depressions.c.Nominal GDP, the employment rate, and budget deficits.d.Endogenous variables, exogenous variables, and parameters.e.None of the above.Introduction to Macroeconomics5.An increase in government spending might be an example of a ________ policy for the purpose of :a.monetary; lowering unemploymentb.monetary; reducing inflationc.monetary; increasing savingd.fiscal; reducing inflatione.fiscal; lowering unemployment6.An increase in interest rates might be an example of a ________ policy for the purpose of:a.monetary; reducing inflationb.monetary; lowering unemploymentc.monetary; increasing the quantity of moneyd.fiscal; reducing inflatione.fiscal; lowering unemployment7.Nonactivists propose doing nothing in the face of economic hardship because:a."Markets self-correct pretty rapidly anyway".b.Activist policies can kick in at the wrong time and be counterproductive.c.In the face of high unemployment, activist policies would likely lead to surges in inflation.d.All of the above.e.None of the above.Introduction to MacroeconomicsDiscussion Questions1.Explain the difference between monetary policy and fiscal policy. What are some of the reasons that thesemacroeconomic policies are used?Fiscal policy refers to a government’s changing its taxes or spending or both.Monetary policy is a central bank’s control of interest rates and the amount of money in an economy.These policies are used for such purposes as influencing an economy’s saving rate, reducing or expanding the size of a government’s budget deficit, influencing the inflation rate and unemployment rate in an economy, or limiting business cycle fluctuations and stabilizing economic activity.2.What is stabilization policy? What two important debates occur among macroeconomists regarding its use andwho are the parties to these debates?Stabilization policy is the use of fiscal and monetary policies to stabilize economic activity by reducing business cycle fluctuations. One debate concerns how active stabilization policy should be. It pits nonactivists, macroeconomists who believe that the economy has a self-correcting mechanism that works rapidly to reduce unemployment without the need for stabilization policy, against activists who think this self-correcting mechanism is too slow and therefore call for the active use of fiscal and monetary policies to reduce unemployment when it is unacceptably high. A second debate arises between macroeconomists who advocate the use of policy rules to specify in advance precisely how policymakers must react to changes in unemployment or inflation and those who would allow policymakers greater latitude to use their discretionary judgment to formulate the policy response they believe is most appropriate in a given situation.3.For each of the following statements, explain which would make a reasonable hypothesis to test. Use theconcepts of normative and positive statements in your answers.a.Increases in the duration of unemployment benefits lead to higher rates of unemployment.b.Immigrations is bad for society.c.Increases in the labor force cause output to rise.d.Welfare payments make workers lazy.e.Higher tax rates increase work effort.Statements (a), (c), and (e) are positive statements that could be tested directly. Statements (b) and (d) are normative statements that involve value judgments and thus cannot be tested in an objective way.Introduction to Macroeconomics4.If you were studying the following relationships, which variable would be exogenous and which would beendogenous?a.The effect of investment growth on the growth rate of GDP.Investment, exogenous; GDP, endogenous.b.The relationship between the amount of sunshine and plant growth.Sunshine, exogenous; growth, endogenous.c.The relationship between hours of studying and grade point average.Studying, exogenous; GPA, endogenous.。

Microeconomic Theory by Mas-Colell, Whinston, and Green

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will be low' Moreover, this fact may evenfurtherexacerbate adverse the selection problem: thepricethat can be received selling used is verylow, If by a car only sellers with really bad cars will offer them for sale.As a result,we may see little trade in marketsin which adverse selection present, is evenif a greatdeal of trade would occurwereinformation symmetrically held by all marketparticipants. We also introduceand study in Sectionl3.B an important conceptfor the analysis marketintervention settings asymmetric of in of information: notion of the a constrained Paretooptimalallocation. These allocations are that cannotbe pareto improved upon by a centralauthoritywho,like marketparticipants, cannotobserve individuals'privately information. Pareto-improving held A marketintervention can be achieved suchan authorityonly whenthe equilibrium by allocation fails to be a constrained Paretooptimum.In general, central the authority's inabilityto observe individuals' privatelyheld informationleadsto a more stringenttest for paretoimproving marketintervention. "'-In Sections'13.Cand'13.D; study we how mark'eibehavior may adpi in response to these informational asymmetries. Section In 13.C, consider possibility we the that informed individuals may find waysto signal infot'mation abouttheir unobservable knowledge throughobservable actions. example, seller a used couldoffer For a of car to allow a prospective buyerto takethe car to a mechanic. Because sellers who have good carsare more likely to be willing to take suchan action,this offercan serve as a signalof quality.In Section13.D,we consider possibility the that uninformed parties may develop mechanisms distinguish, screen, to or informed individuals who have differinginformation.For exampie, insurance an companymay ot1ertwo policies: with no deductible a high premiumand another one at with a significant deductibleat a much lower premium. Potentialinsuredsthen sefse lect, with high-abilitydriverschoosingthe policy with a deductible and low-abilitydrivers choosing no-deductible the policy.In both sections, consider welfare we the characteristics theresulting of marketequilibria and thepotential Pareto-improving for market intervention. For expositional purposes, present theanalysis followsin termsof the we all that labormarketexample we shouldnevertheless (i)' emphasize widerange settings the of and fieldswithin economics which these in issues arise. Someof these examples are developed the exercises the end of the chaoter. in at

宏观经济学习题及答案(9)

Drivers of Growth: Technology, Policy, and InstitutionsMultiple Choice Questions1.Physical objects are rival in the sense that:a.They are nontrivial.b.They are necessarily in opposition to one another.c.When they are used in one activity, they cannot be used in another.d.Some countries possess natural resources ,e.g. oil, while other countries do not.2.The non-rivalrous character of technological ideas suggests that:a.Ideas can be used over and over again.b.Patent law protection is ultimately inefficient.c.Technological change follows a logarithmic pattern.d.Technology developed in one industry,e.g. the vodka industry, cannot be used in another industry, e.g.the automobile industry.3.Because original ideas are likely to become known and used by others without the inventor's knowledge orconsent:a.We refer to ideas as rival.b.Technology is inherently exogenous.c.New ideas contribute little to economic growth.d.Technology is the key driver of economic growth.4.Investments in public infrastructure:a.May boost productivity and income.b.Are not subject to diminishing returns.c.Are a misallocation of national savings.d.Typically decline during periods of rapid economic growth.Drivers of Growth: Technology, Policy, and Institutions5.Building infrastructure is left to the government because:a.Inflation tends to erode the real value of debt.b.Borrowing costs make such projects prohibitively expensive.c.The cost of such projects would not be economical for any individual firm.d. A natural monopoly would result if this activity were undertaken by an individual private firm.6. A key difference between human capital and technology is that:a.Human capital is nonrival.b.Human capital is excludable.c.Technology is an input in the production of new technology.d.Scarce resources are used in the production of human capital.ernment spending on public health promotes economic productivity by:a.Building infrastructure.b.Increasing human capital.c.Increasing national saving.d.Encouraging research and development.8.Private businesses tend to spend too little on research and development, because:a.Technology is often nonexcludable.b.Patent laws make it difficult to reap the benefits of such spending.ernments tend to spend too much on research and development.d.Investments to increase the capital stock are a better way to boost productivity.9.According to Nobel Prize winner Douglass North, the most important factor in limiting economic growth indeveloping countries today is:a.The relatively low level of saving.b.The relatively high rate of inflation.c.The inadequate state of the health care system.d.The inability to develop effective low-cost contract enforcement.Drivers of Growth: Technology, Policy, and Institutions10.The Doing Business reports are considered by many economists to have contributed to economic growth andpoverty reduction. The effectiveness of the reports may be attributed to:a.Their exposing of corrupt officials and practices.b.Their deepening of economists' understanding of economic growth.c.Their encouragement to governments to reduce impediments to business.d.Their encouragement to businesses to migrate to business-friendly locations.Discussion Questions1.As an input to production, how does technology differ from labor and capital inputs?As physical objects, labor and capital inputs are rival and excludable: They can only be used in oneproductive activity at a time, so that using them to produce one thing precludes their use to producesomething else, and they cannot be used by producers who have not obtained permission to do so.Technology (ideas) differs completely in these important characteristics. Ideas can be used in more than one productive activity at the same time, and are more likely to be nonexcludable, so that other people can use them without permission or payment for their use. In these respects, technology has thecharacteristics of public goods.2.What government policies can be used to promote productivity growth?Government can promote productivity growth by designing policies that lead to more spending oninfrastructure, human capital, and research and development. These policies might take the form ofincreased government spending in these areas or instead provide greater incentives for privateindividuals and investors to undertake the increased expenditures.3.Why may private R & D expenditures be too low?Because of the non-excludable nature of technology, many of the benefits of new technology will beexternal. This means that private businesses who invest in R&D will not get the full benefits of the newtechnology they create and therefore may not expect to earn enough profits to justify the R&Dinvestment necessary to develop the new technology.Drivers of Growth: Technology, Policy, and Institutions4.What are property rights and how do they influence economic growth?Property rights protect property owners from government and others that might want to extort theirwealth. They promote economic growth by providing incentives to save and invest and allocate capital toits most productive uses.5.What role does the legal system play in promoting property rights?Property rights are no better than the legal system that defines, interprets, and enforces them. Topromote strong property rights a society needs an effective legal system that enforces contracts,has adequate resources (courts and judges) to hear and decide cases within a reasonable time, andprovides access to lawyers so aggrieved parties can have their day in court.6.The U.S. government has provided billions of dollars for broadband Internet access nationwide, includinggrants for rural broadband access, expansion of computer center capacity, and sustainable broadband adoptioninitiatives. Is there a good rationale for such a policy? Discuss.This is the U.S. government’s effort to support and expand broadband internet access across the UnitedStates. The idea is to increase technology and to make each U.S. worker more productive. Easier andfaster internet access can reduce businesses’ costs, for example by allowing faster inventory updates. Itcan also create opportunities for new businesses as the internet has already done for many entrepreneurs.7.How might the effects of government spending on proper sewage infrastructure, which results in improvedsanitation for crowded cities in poor countries, promote economic growth?Government spending in infrastructure can increase productivity in many ways. Government spendingin education and health usually has high returns. Improving health conditions in poor countries’ c cities usually decreases the prevalence of transmissible diseases like cholera. This reduces the costsassociated with treating patients at the same time it increases returns to education (e.g., children do notmiss as many school days as before). This results in a healthier and therefore more productive laborforce, increasing the balanced growth part of output per capita.Drivers of Growth: Technology, Policy, and Institutions8.The International Property Rights Index (IPRI) ranks countries according to the significance and protection ofboth intellectual and physical property rights. What correlation between income-per-capita growth and the IPRIranking might you expect? Why?We should expect that countries that have better designed and enforced property rights are the ones withbetter standards of living. Properly enforcing property rights increases individuals’ and firms’recover their investment needed to advance technology. After the period from which the innovation ismade excludable by patents laws (or the enforcement of some other property right), technology spillsover and benefits the whole society, even the world. Countries in which individuals and firms have theincentives to engage in R&D will benefit the most from this innovation process. As predicted, the IPRIranking and per capita income growth are strongly correlated.9.Do you think corruption affects the enforcement of property rights or is it that badly designed institutions createopportunities for corruption? In other words, does corruption determine the enforcement and design of propertyrights or is it the other way around, with causality running from the design of property rights to corruption.Explain your arguments.Unfortunately there is no clear answer for this question. There are valid arguments for both positions.The prevalence of corruption in a society makes the enforcement of property rights very difficult, asgovernment officials are often bribed in exchange for preferential treatments or concessions. Also, in asociety in which most people are corrupt it often pays off to behave as a corrupt individual, making thisproblem even worse. It is also true, however, that badly designed institutions can promote corruption.This is the case when bureaucracies create positions (usually government officials) that create theopportunity for individuals to exert some power. If you have to pay many license fees to obtain a permitto conduct your businesses, it is probable that the higher the number of licenses you have to obtain atdifferent government offices, the more bribes you will be asked to pay. This is an example of a viciouscircle from which it is very difficult to escape. Poor countries often exhibit a combination of poorlydesigned and enforced property rights and corruption.Analytical QuestionsThese questions should be answered based on the standard models of analysis developed in class.The information in the various parts of the question is sequential and cumulative.Drivers of Growth: Technology, Policy, and Institutions1.Suppose that an economy that can be described by the Solow Growth Model is initially at its steady state with abalanced (government) budget and a labor force growth rate of 4%.a.Based only on this information, use a Solow Growth Model diagram to clearly and accurately showthe economy’s initial (1) level of output-per-worker, (2) capital-to-labor ratio, and (3) steady state.This diagram should be drawn in B LACK.Drivers of Growth: Technology, Policy, and Institutionsb.The government then enacts a permanent reduction in personal income tax rates that leads to a steadilyincreasing labor force participation rate. Incorporating only this new information, clearly andaccurately show in your diagram above what, if anything, happens to the economy’s (1) level of economic output-per-worker, (2) capital-to-labor ratio, and (3) steady state. These changes should bedrawn in RED.c.Provide an economic explanation for what you have shown in your diagram above. Discuss what, ifanything, happens to the economy’s (1) level of economic output-per-worker, (2) capital-to-labor ratio, and (3) steady state. Be sure to explain why these take place and what causes them.The permanent reduction in personal income tax rates has two effects:First, it lowers both the government saving rate and national saving rate. This is representedby a downward rotation of the saving- and investment-per-worker curve from S/L =s0*A0*f(K/L) to S/L = s1*A0*f(K/L), where s1 < s0.Second, it also results in a steadily increasing labor force participation rate. This leads tofaster labor force growth. This is represented by an upward rotation of the balancedinvestment line from I b/L = (g L0 + δ0)*K/L to I b/L = (g L1 + δ0)*K/L, where g L1 > g L0.At the initial steady state capital-to-labor ratio, (K/L)S, actual investment-per-worker is now lessthan balanced investment-per-worker. As a result, the capital-to-labor ratio begins to decline. Asthe capital-to-labor ratio declines, output-per-worker declines along the production function Y/L= A0*F(K/L), actual saving- and investment-per-worker declines along the new saving- andinvestment-per-worker curve S/L = s1*A0*f(K/L), and balanced investment-per-worker declinesalong the new balance investment-per-worker line I b/L = (g L1 + δ0)*K/L. This process continuesuntil actual investment-per-worker exactly equals balanced investment-per-worker at steadystate “A”.Once the economy moves from its initial steady state “S” to its new steady state “A”:(1)Output-per-worker falls from (Y/L)S to (Y/L)A and(2)The capital-to-labor ratio falls from (K/L)S to (K/L)A.Drivers of Growth: Technology, Policy, and Institutionsd.The government then passes a series to measures to significantly strengthen property rights. One of theresults of these measures is that national saving-per-worker returns to its initial level. Incorporatingonly this new information, clearly and accurately show in your diagram above what, if anything,happens to the economy’s (1) level of output-per-worker, (2) capital-to-labor ratio, and (3) steady state.These changes should be drawn in BLUE.e.Provide an economic explanation of what you have shown in your diagram above. Discuss what, ifanything, happens to the economy’s (1) level of output-per-worker, (2) capital-to-labor ratio, and (3) steady state. Be sure to explain why these take place and what causes them.The government passes a series of measures to significantly strengthen property rights. Strongerproperty rights increase total factor productivity. This is represented by an upward rotation ofthe per-worker production function from Y/L = A0*f(K/L) to Y/L = A2*f(K/L) and an upwardrotation of the per-worker saving and investment function from S/L = s1*A0*f(K/L) to S/L =s1*A2*f(K/L), where A2 > A0.If national saving-per-worker returns to its initial level, then the upward rotation of the saving-and investment-per-worker curve is such that S/L = s1*A2*f(K/L) equals S/L = s0*A0*f(K/L).At the steady state “A” capital-to-labor ratio of (K/L)A, actual investment-per-worker is nowgreater than balanced investment-per-worker. As a result, the capital-to-labor ratio increases. Asthe capital-to-labor ratio increases, output-per-worker increases along the new, higherproduction function Y/L = A2*F(K/L), actual saving- and investment-per-worker increases alongthe new, higher saving- and investment-per-worker curve S/L = s1*A2*f(K/L), and balancedinvestment-per-worker increases along the balance investment-per-worker line I b/L = (g L1 +δ0)*K/L. This process continues until actual investment-per-worker exactly equals balancedinvestment-per-worker at a new steady state “B”.Once the economy moves from steady state “A” to its new steady state “B”:(1)Output-per-worker increases from (Y/L)A to (Y/L)B, which is greater than (Y/L)S, i.e.,(Y/L)A < (Y/L)S < (Y/L)B,and(2)The capital-to-labor ratio increases from (K/L)A to (K/L)B, which is less than (K/L)S, i.e.,(K/L)A < (K/L)B < (K/L)S.。

Macroeconomics

Of all

GDP includes all items produced in the economy and sold legally on markets.
Market value of housing provided by the economy’s stock of housing also included.

GDP is the market value

GDP adds together many products into a single measure of the value of economic activity.
Market prices are used since they reflect the value of the goods/services.
Always have your application materials reviewed by someone who is a better editor than you are
3. Be patient and persistent Set aside time every week to check for job postings, to do research on employers in your field, and to send out a manageable number of applications 4. Don't treat an interview as an interrogation If you are fortunate enough to land an interview, do not be shy in letting the interviewer know how much you know about the employer and how much you want to work there. Be enthusiastic, not desperate. 5. Practice out loud. 6. Be "on" from the start

第十章_博弈论的理论与方法 (1)

浙江大学经济学院
MICROECONOMICS | 微观经济学
2. 博弈论的发展
① 博弈论产生于30-50年代 A、1944年，冯· 诺依曼、摩根斯坦恩合作发表《博弈论与经济行为》，将博弈论引入关于经济不确定性分析（预期效用概念），是博弈论正式诞生的标志； B、1950年代初，普林斯顿大学数学系在塔克教授指导下，形成了一个博弈论研究的博士生小组，从“囚徒困境”分析中创立了“纳什均衡”，奠定了现代博弈论基础。
§2 两人常数和博弈模型（Two-person Constant-sum Game）
利用博弈论来分析寡头垄断厂商行为的基本方法是先构造出一个支付表或者支付矩阵，以表明寡头垄断厂商可能采用的各种不同的策略以及这些策略的组合和相应的结果。假设A和B为两家寡头垄断的厂商，它们各自的总收益不仅是自己的产品价格的函数，同样也是对方的产品价格的函数。
厂商A的支付表
B A
B1 a11=50
B2 a12=100
A1 A2
a21=80
a22=120
浙江大学经济学院
MICROECONOMICS | 微观经济学
厂商B的支付表 B A A1 A2 B1 b11=50 b21=20 B2 b12=0 b22=-20
浙江大学经济学院
MICROECONOMICS | 微观经济学
浙江大学经济学院
MICROECONOMICS | 微观经济学
这种厂商的策略选择行为，在博弈论中称为“从最小收益中选择最大收益（ Maximize the Minimun Payoffs ）” , 其数学表达式形式为：
min a1j=a11=50 j min a2j=a21=80 j max min aij=a21=80 i j

何帆：哈佛经济学家是怎样炼成的？

在遥远的极北之地，有一个叫做“经济学”的部落。

这个部落占据了一大片荒凉的冻土。

由于“经济学人”生活在这样的天寒地冻之中，也由于他们多少有些排外，在外界看来，“经济学人”过的是一种与世隔绝的艰苦生活。

在“经济学”部落，未成年者被叫做“研究生”。

他们要经过庄严的成人仪式才能被接纳为部落的正式成员。

成人仪式中最重要的部分就是，每个“研究生”必须做出一种叫“模型”的东西，并得到“系”里的老人们认可。

这是莱琼霍夫德（Leijonhufvud）在一篇寓言式的文章《经济学部落的生活》（Life amo ng the Econ）中对经济学界的描绘。

从这篇寓言中我们能够得到的启示是：如果说在亚当·斯密和大卫·李嘉图的时代经济学还是一个相对开放的学科，那么时到如今，经济学已经成了一个对外封闭而又有着严格的内部纪律的“部落”。

如何才能成为一名经济学家？在实际经济部门或政策决策部门的工作经验、经邦济世的雄心壮志、对经济史和经济思想史的熟悉并不能帮上多大的忙，唯一的正途是进入研究生院受训，拿到Ph.D，这才是成为经济学家的“入门砖”----或者更准确地说在美国是这样。

根据美国调查局的统计数字，美国约有13万名经济学家。

但这其中包括了许多在企业界工作、自称是经济学家的人。

如果我们把经济学家的定义限制在那些至少拥有经济学硕士学位或博士学位的人，人数便分别减少到6万人和1.75万人。

而那些真正活跃在学术界的经济学家只有大约两三千人，其中站在研究前沿的“核心”经济学家约有五六百人，其余两千左右的“外围”经济学家大多是“核心”经济学家的学生、助手和崇拜者，他们传播、发展和捍卫“核心”经济学家的思想。

一流的经济学家主要集中在最著名的几所研究大学（esearch university）的经济系，如哈佛、MIT、斯坦福、芝加哥等。

如果你翻翻排名前10名的经济系教师们的简历，就会发现他们基本上也都是这前10名高校的毕业生。

Macroeconomics宏观经济学

Macroeconomics----------------------------------------------------------------------------------------------------------------------Part I IntroductionChapter 1 The Science of Macroeconomics【Mainpoints】1.Exogenous Variables and Endogenous VariablesExample: The total quantity and price level of pizza in a country.Exogenous variables are given in a model. [aggregate income, price of materials]Endogenous variables are what a model explains. [price level and total quantity of pizza]2.Flexible Price and Sticky PriceFlexible price: easy to adjust, in short run.Sticky price: hard to adjust, in long run.===========================================Chapter 2 The Data of Macroeconomics【Mainpoints】1.GDP(1) Real GDP and Nominal GDP, GDP deflator(2) economy's income = economy's expenditure(3) GDP = C + G + I + NX2.CPI(1) CPI measures the price of a basket of goods(2) CPI = ∑P m Q / ∑P n Q(3) difference between GDP deflator and CPI3. The Unemployment Rate(1) Labour Force = Number of Unemployment + Number of Employment(2) Unemployment Rate = Number of Unemployment / Labour Force × 100%---------------------------------------------------------------------------------------------------------------------- Part II Classical Theory: The Economy in the Long Run ---- Flexible Price Chapter 3 National Income: Where It Comes From and Where It Goes【Mainpoints】1.Total Production(1) Production Function: Y = F(L,K)(2) constant returns to scale: zY = zF(L,K)2. National Income Distribution(1) Factor Prices ---- Labour:MPL = F(L+1,K) - F(L,K)ΔProfit = ΔRevenue - ΔCost = MPL×P - WIn order to maximize profit, make ΔProfit = 0. So MPL=W/P, Real WageLabour Income = MPL×L(2) Factor Prices ---- CapitalMPK = F(L,K+1) - F(L,K)ΔProfit = ΔRevenue - ΔCost = MPK×P - RIn ordet to maximize profit, make ΔProfit= 0 . So MPK=R/P, Real Rental Price ofCapitalCapital Income = MPK×K3)The Cobb-Douglas Production FunctionLabour Income = MPL×L = (1-α)YCapital Income = MPK×K = αY→F(K,L) = AKαL(1-α) , A measures the productivity of the available technology3.Total Demand1)Consumption:Determined by disposable incomeC=C(Y-T)Marginal Propensity to ConsumeMPC=C(Y-T+1)-C(Y-T)2)Investment:Determined by interest rateI=I(r)When r is high, investors will give upinvestment because cost of loan is higherthan rate of return.3) Government PurchasesG vs T, measures government budget5. Equilibrium (in a closed economy)(1) Market of Goods and ServicesY=C(Y-T)+I(r)+G(2) Market of Loanable FundsS=Y-C(Y-T) - G = I(r)investment is crowded out ===========================================Chapter 4 Money and Inflation【Mainpoints】1.Concept of Money(1) Funtions of Money: 1) Store of Value. Example: You can hold your money and trade itfor goods and services at some time in the future.2) Unit of Account. Example: In store people use money to showprice.3) Medium of Exchage. Example: People use money as tool toexchange goods.(2) Types of Money: 1) Fiat Money. No value, example: Paper Money.2) Commodity Money. With value, example: Gold and Silver.(3) Control of Money: 1) Institution: Central Bank. Example: Deutsche Bundesbank2) Method: Open-Markt Operation. Example: Buy governmentbonds to increase money supply.2.The Quantity Theory of Money(1) Quantity Equation: MV=PT →MV=PYQuantity Theory of Money: MV=PY(2) Real Money Balances: M/P , measured in quantity of goods and services.The Money Demand Function: (M/P)d = L(Y,i) = M/P← Money Supply. Y↑, d↑; i↑,d↓(3) Money and Inflation: ΔM% + ΔV% = ΔP% + ΔY% So M↑, P↑3.Inflation and Interest Rate(1) Fisher Equation: i = r + π===========================================Chapter 5 The Open Economy【Mainpoints】1.International Trade in a Samll Open Economy(1) View of goods and capital flow: NX = Y- (C+G+I)(2) View of capital flow: NX = Y-C-G-I = S-I= S-I(r*)r* is World Interes Rate(3) Trade Policies: 1) Domestic Fiscal Policy, influenceG↑,T↓→S↓→NX↓2) Fiscal Policy Abroad, influenceG e↑, T e↓→S e↓→r*↑→NX↑3) Shift in investment demand. Example: Government provides aninvestment tax credit2.Exchange Rates(1) Nominal Exchange Rates(e) and Real Exchange Rates(ε)Nominal exchange rates are measured in currency. Example: 100 yen / 1 dollarReal exchage rates are measured in goods and services. Example: 2 Japan Car / 1 USA car ε = e × (P/P*) , P* means price level of foreign countries.(2) The Real Exchange Rates and Trade Balance:NX = NX(ε)ε↓, P/P*↓, means domestic goods and servicesare cheaper than abroad. NX↑When NX(ε) = S - I, ε is equilibrium real ex.rate.(3) Trade Policies: 1) Domestic Fiscal Policy:G↑,T↓ → S↓(Expansionary Fiscal Policy)2) Fiscal Policy Abroad:G e↑, T e↓→S e↓→r*↑→I↓3) Shift in investment demand.4) Shift in NX(ε) Example: Protectionist Trade Policies(4) Inflation and nominal exchange rates:e = ε × (P*/P) → Δe%= Δε% + (π* - π)(5) PPP(Purchasing-Power Parity): 1 Dollar can buy the same quantity of wheat in anycountry.===========================================Chapter 6 Unemployment【Mainpoints】1.Natual Rate of Unemployment(1) Concept: The rate of unemployment which the economy get closed to in the long run.(2) Calculation: L-Labour Froce, E-Number of Employed, U-Number of Unemployed, f-rate of job fiding, s-rate of job seperating.L=E+U, fU=sE → U/L=1/(1+f/s)2.Causes for Unemployment(1) Frictional Unemployment:Unemployed people need time to find jobs.e.g. sectoral shift, unemploymetn insurance.(2) Structural Unemployment:Wage Rigidity. Wage is above the equlibrium level.e.g. Minimum-Wage Laws, Unions, Efficiency Wages.---------------------------------------------------------------------------------------------------------------------- Part III Growth Theory: The Economy in the Very Long Run ---- Solow Growth Model Chapter 7 Economic Growth I: Capital Accumulation and Population GrowthAssumption: Constant Return to Scale【Mainpoints】1.Capital Accumulation(1) Production Function per worker: zY=F(zK,zL)→Y/L=F(K/L,1)→y=f(k),MPK=f(k+1)-f(k)(2) Output and consumption per worker: y=c+i→c=(1-s)y→i=sy→i=sf(k)(3) The Steady State: Capital stock growth Δk = 0Δk=i-δk, δ is depreciation rate→Δk=sf(k)-δk=0→sf(k*)=δk*(4)Golden Rule level of capital: k*gold which maximizes cc=y-i→c=f(k)-sf(k)→c*=f(k*)-δk*→c max:MPK=δ2. Population Growth(at rate of n)(1) The Steady State:Δk=i-k(δ+n)→Δk=sf(k)-k(δ+n)=0→sf(k*)=(δ+n)k*(2) Golden Rule level of capital:k*gold, c=y-i→c max:MPK=δ+nChapter 8 Economic Growth I: Technology, Empirics, and Policy1.Technological Progress in the Solow ModelAssumption: Technology growth is a given exogenous variable g(1) Efficiency of Labour: Y=F(K,EL)(2) The Steady State: Δk=sf(k)-(g+n+δ)k=0→sf(k*)=(g+n+δ)k*(3) Golden Rule level of capital: k*gold , c=y-i→MPK=g+n+δ2.Endogenous Growth TheoryAssupmtion: Technolgy growth is a endogenous function g(μ), capital includes knowledge (1) 2 Sector Model: Y=F[K,(1-μ)EL], ΔE=g(μ)E, ΔK=sY-δK---------------------------------------------------------------------------------------------------------------------- Part IV Business Cycle Theory: The Economy in the Short Run ---- Sticky Price Chapter 9 Introduction to Economic Fluctuations【Key Concepts】Recession: A period of falling output and rising unemployment.Business Cycle: Short-run fluctuations in output and employment.【Mainpoints】1.GDP and unemployment(1) Okun's Law: ΔReal GDP%=3%-2×ΔUnemployment Rate(2) Leading Economic Indicators: Forecasts. Example: Average work time, Index of stock prices, Money Supply....2.Aggregate Demand and Aggregate Supply( P=P(Y))(1) The Quantity Theory of Money→AD: MV=PY→M/P=(M/P)d=kY(2) AS: SRAS---P=P, LRAS---Y=Y(3) From Short Run to Long Run: M changes AD, Y is unchanged inthe long run, but P in the long run changes. (A→B→C)(4) Shocks to AD and AP:1) Shocks to AD. Example: Credit Card makes V rise.Policy: Reduce the Money Supply.2) Shocks to AP. Example: A drought that destroys crops. Cartel. Union. etc. P↑Policy: Wait! Then price returns original level eventually(But it takes longtime). Or expand AD(But price level will be high in long period of time).===========================================Chapter 10 Aggregate Demand I: Building the IS-LM Model (Y-r)【Mainpoints】1.IS Curve(1) Good and Service Market→The Keynesian Cross: Y=C+I+G, PE=AE(2) IS curve:Y=C(Y-T)+I(r)+G 1) r↑→I↓→Y↓ 2) Fiscal Policy: G↑→Y↑→IS→, Governmetn-purchases multiplier, tax multiplier.2.LM Curve(1) Money Market→The Theory of Liquidity Peference: M/ P=L(r), M s=M d(2) LM Curve: M/P=L(r,Y). 1) Y↑,M d↑, r↑ 2)M s↑,r↓,LM←3. The Short-Run Equilibrium=========================================== Chapter 11 Aggregate Demand II: Applying the IS-LM Model (Y-P) 【Mainpoints】1.IS-LM Model as a Theroy of Aggregate Demand(1) Derivation: P↑,(M/P)s↓,r↑,LM↑→Y↓(2) Shift in AD: G,T,M→IS/LM→Y(3) In long run and short run: In long run Y<Y===========================================Chapter 12 The Open Economy Revisited: The Mundell-Fleming Model and the Exchange Rate Regime【Mainpoints】1.Mundell-Fleming Model(1) IS* Curve: Y=C(Y-T)+I(r*)+G+NX(ε) (2) LM* Curve: M/P=L(r*,Y)2.Under Floating Exchange Rates(1)Fiscal Policy:Shift IS*,ineffectual; Monetary Policy:Shift LM*; Trade Policy:Shift NX(ε)→IS* 3.Under Fixed Exchange Rates(1) Theory: Arbitrageur arbitrage so that M changes.(2)Fiscal Policy shifts IS*→LM*; Monetary Policy:Shift LM*, ineffectual; Trade Policy: ShiftNX(ε)→IS*→LM*4. Policy Choice: Impossible Trinity5. Mundell-Fleming Model in Short andLong RunChapter 13 AS and the Short-Run Tradeoff Between Inflation and Unemployment1.Aggregate Supply ModelY=Y+α(P-P e)2.Inflation, Unemployment and Phillips Curve(1)Y=Y+α(P-P e)→P-P-1=P e-P-1+1/α(Y-Y)+v→π=πe+β(μ-μn)+v [Okun's Law] v-supply shock(2) Sacrifice Ratio: π↓1%, GDP ↓ ? %----------------------------------------------------------------------------------------------------------------------Part V Macroeconomic Policy DebateChapter 14 Stabilization Policy1.Inside Lag and Outside Lag(1) Inside lag is the time between economy shock and the policy anction responds. Example: Policy makers need time to recognize a shock and react.(2) Outside lag is the time between a policy action and its influence on the economy. Example: Change in money supply and interest rate.===========================================Chapter 15 Government Debt and Budget Deficits1.The Traditional View of Government Debt(1) In the short run, T↓,C↑,S↓,r↑,I↓,lower steady-state K and a lower level of Y.(2) In the lo ng run, T↓,C↑,IS→,AD↑, finally Y=Y, P is higher.(3) In open economy, T↓,C↑,IS→, ε↑2.The Ricardian View of Government Debt(1) Ricardian Equivalence: Consumers are forward-looking.They think that government will raise tax at some point in the future, in order to afford budget. So they won't change consumption. --------------------------------------------------------------------------------------------------------------------- Part VI More on the Microeconomics Behind MacroeconomicsChapter 18 Money Supply, Money Demand and the Banking System1.Money Supply(1) Money Supply (M) = Currency (C) + Demand Deposits (D)(2) Reserves: The money that bank receive but don't lend out. Reserve-deposit ratio-rr1) 100% Reserve Banking. 1C→1D, M remains constant.2) Fractional-Reserve Banking. 1C→rrD+(1-rr)C, M increases. And (1-rr)C can be put into another bank, the process of money creation can be continued.(3) Money Supply Model: M=C+D.B(Monetary Base)=C+R [Control by Central Bank]→ M=(cr+1)/(cr+rr)×B=m×B [cr is currency-deposit ratio](4) Monetary Policy Tool: open-market operation, reserve requirements, discout rate[the rate that banks borrow from central bank].2.Money Demand(1) Quantity Theory: (M/P)d=L(i;Y)(2) Portfolio Theory: (M/P)d=L(r s,r b,πe,W) [r s-expected real return on stock, r b-expected real return on bonds, W-real wealth]。

宏观经济学习题及答案 (2)

4.
Which of the following will be counted as an expenditure in the measurement of GDP? (Assume that none of the transactions is concealed from the relevant authorities.) a. b. c. d. e. Purchase of flour by a bakery. Purchase of a loaf of bread using food stamps. Purchase of a lamp at a neighborhood garage sale. Payment by a parent to her child for doing household laundry. The value of a used automobile that remains unsold on the dealer's lot.
3.
If C is consumption, I is investment, G is government purchases and NX is net exports, according to the expenditure approach, Y would stand for ________; and the national income identity could be written as ________. a. b. c. d. e. CPI; Y = C + I + G + NX GDP; Y - C - I = G + NX transfers; Y = C + I + G – NX income; Y = C - I - G + NX the real interest rate; Y = C + I + G + NX

tutorial8[1]

TUTORIAL8–WEEK9ECON2102–Macroeconomics2Session2,2010i).Discussion:What are the eﬀects on this year’s quantity of labor supplied,L s1,from the following changes:a)an increase in the interest rate,i1..b)a permanent increase in the real wage rate,wP.c)a temporary increase in the real wage rate,wP+K0).d)a one-time windfall,which raises initial real assets,(B0Pii).True/False:Indicate whether the statement is true or false.1.Intertemporal substitution eﬀects are substitution eﬀects over time.2.The model predicts that in response to a permanent positive change in technology real consumption will be procyclical.3.When the capital utilization rate,κ,is added to the model the interest rate becomes countercyclical.4.Unemployment will exist in a market clearing model,if it takes some search time for workers toﬁnd jobs.iii).Multiple Choice Questions:Identify the choice that best completes the statement or answers the question.5.An equilibrium business-cycle model:es shocks to GDP toﬁnd equilibrium conditions.es GDP toﬁnd equilibrium shocks to the economy.es equilibrium conditions to determine how shocks aﬀect real GDP and other macroe-conomic variables..es GDP toﬁnd equilibrium conditions.6.During an economic expansion due to an increase in technology,A,consumption will:a.tend to rise due to the income eﬀect.b.may rise or fall depending on whether the income eﬀect is greater than the substitution eﬀect or not.c.tend to fall due to the intertemporal substitution eﬀect of the interest rate rising.d.none of the above.7.A variable that moves in the same direction as real GDP is known as:a.acyclical.b.procyclical.c.countercyclical.d.exogenous. real consumer expenditure since1954has been:a.procyclical.b.countercyclical.c.a cyclical.d.exogenous.9.With a temporary change in technology the model predicts:a.the interest rate will be procyclical.b.a lower interest rate will motivate households to increase current real consumption.c.a higher interest rate will motivate households to increase current real saving.d.all of the above.10.A higher real wage:a.makes consumption more expensive.b.makes it a worse deal for households to work an extra hour.c.makes leisure less expensive.d.makes leisure more expensive.11.A higher interest rate makes:a.future consumption and leisure more expensive.b.future consumption cheaper and future leisure more expensive.c.future consumption and leisure cheaper.d.future consumption more expensive and future leisure cheaper.12.In the US since1964total hours worked and employment have been:a.acyclical.b.countercyclical.c.procyclical.d.exogenous.13.When we allow a capital utilization rate,κ,less than100%,then the rate of return form owning capital becomes:a.(R/P)−δ.b.(R/P)·κ−δ(κ).c.(R/P)·κ−δ.d.(R/P)−δ(κ).14.GDP might rise in an expansion due to:a.an increase in technology,A,directly increasing GDP.b.an increase in technology,A,causing an increase in labor,L and GDP.c.an increase in technology,A,causing an increase in the capital utilization rate,the quantity of capital services and GDP.d.all of the above.15.If the rental price of capital increases,then the capital utilization rate,κ,:a.also increases.b.decreases.c.remains the same.d.depends on whether the substitution rate is greater than the income eﬀect.16.If the labor force is100million,there are95million people employed,there are98million jobs that employers want occupied,then the number of unemployed workers in the labor force is:a.5million.b.3million.c.2million.d.none of the above.iv)Short Answer Questions17.If there is a positive technological change,what happens in the labor market?18.What is the relationship between real GDP and the cyclical part of GDP?19.How does the capital utilization rate aﬀect the depreciation rate and why?20.How can there be unemployment in a market clearing model?。

哥伦比亚大学佩里梅林货币银行学中英翻译4-微观和宏观的货币观

The Money View, Micro and Macro微观和宏观的货币观(see full matrix at beginning) Notable features—household deleveraging, switching from credit to money, instrument discrepancy is repo, sectoral discrepancies(⻅开始的完整矩阵)显着特征——家庭去杠杆化，信贷向货币的转变，回购⼯具分化，部⻔分化Last time we saw how the US banking system was born from the strains of war ﬁnance andﬁnancial crisis, and we also saw how understanding balance sheet relationships can help us to understand the underlying processes. Today we focus more speciﬁcally on the balance sheet approach that will be used throughout the course, and to aid that focus we conﬁne our discussion to the most placid of events, namely the use of the banking system to facilitate ordinary daily exchange.上⼀次，我们看到了美国银⾏体系是如何在战争⾦融和⾦融危机的压⼒下诞⽣的，我们还看到了理解资产负债表的关系如何帮助我们理解基本流程。

今天，我们将更具体地关注在整个课程中使⽤的资产负债表⽅法，为了有助于集中精⼒，我们将讨论限制在最普遍的事件上，即使⽤银⾏系统促进⽇常交易。

ECON5002_Macroeconomic Theory_2010 Semester Summer_Econ 5001 Lecture 10A

Revenue Equivalence 4
• Finally, consider the Dutch or descending price auction • This is strategically identical to first-price, sealed bid auction. Again, in both: – bidders observe no other information about other bidder’s value prior to making a bid – Winner pays the winning bid – Optimal strategy is the same in both So, winning bid is again $84.50 Revenue Equivalence: Regardless of auction type, the winning bid or payment is always $84.50
Revenue EquivalenБайду номын сангаасe 3
• Now Consider First-Price, sealed bid auction – bidders observe no other information about other bidder’s value prior to making a bid – Winner pays the winning bid – Suggested Strategy: Bid an amount equal to one’s best guess of next highest bid • Treat your value as the highest (if it’s not, winning is too costly) • If valuations are uniform, next highest is (N – 1)/N of your value • E.g., bidder with value $85, bids (N –1)/N *$85 = $84.50, N = 170 – Here again, winning bid is $84.50 out

北大光华专业课参考书目

●硕士参考书目020200 应用经济学、027000 统计学、120100 管理科学与工程、120200 工商管理、120222 财务管理、120223 金融工程管理860 微观经济学①《微观经济学》平迪克等中国人民大学出版社025400 （专业学位）国际商务硕士434 国际商务专业基础不提供参考书目070103 概率论与数理统计725 高等数学①《数学分析》陈纪修高等教育出版社②《线性代数》（第二版）居余马清华大学出版社 2002.9861概率论与数理统计①《数理统计讲义》郑明、陈子毅、汪嘉冈编著复旦大学出版社②《概率论基础（第2版）》李贤平高等教育出版社 1997③《概率论与数理统计教程》，峁诗松等，高等教育出版社，2005070105运筹学与控制论:725 高等数学同070103862 线性规划①《线性规划》魏国华, 王芬高等教育出版社 1989年第1版②《线性规划及其应用》胡清淮、魏一鸣科学出版社 2004年第1版●博士参考书目020200 应用经济学2300 高级微观经济学①Advanced Microeconomic Theory, Jehle and Reny, Shanghai University of Finance and Economics Press, 2003;②Microeconomic Theory, 2005, Mas-Colell, Whinston, and Green, ShanghaiUniversity of Finance and Economic Press. （中译本，中国社会科学出版社）③Varian “Microeconomic Analysis” (W.W. Norton, 3e: 1992) （中译本）④Fudenberg, Drew, and Jean Tirole, 1991, Game Theory, The MIT Press.（《博弈论》，中国人民大学出版社，2002年版。

经典经济学教材

经典经济学教材微观经济学:●Intermediate Microeconomics (A Modern Approach) Varian H.----------------世界永恒的经典中级微观经济学中文版上海三联上海人民出版社●Andrew Mas-colell, Michael Whinston and Jerry Green (1995): Microeconomic Theory,Oxford University Press;----------------高级微观经济学世界排名第一●Varian.Hal.R, 1992，Microeconomic Analysis. Third Edition. W.W. Norton & Company；----------------高级微观经济学世界排名第二●Jehle.G and P. Reny, Advanced Microeconomic Theory. Second Edition. Addison-Wesley.2001. 上海财经大学出版社----------------高级微观经济学比以上两本简单一点宏观经济学:●Macroeconomics (fourth edition) N. Gregory Mankiw宏观经济学(第四版) 中文版人大出版社●全球视角下的宏观经济学萨克斯拉瑞恩--------------世界上最优秀的中级宏观经济学中文版上海三联、上海人民出版社，；●David Romer，2003，advanced macroeconomics ，英文版上海财经大学出版社---------------高级宏观经济学经典教材●Blanchard & Fisher, 1989, lectures on macroeconomics, 经济科学出版社1998中译本。

----------------高级宏观经济学经典教材但是难度较大计量经济学:●Basic Econometrics Gujarati D.N.初级计量经济学----------------计量经济学经典教材翻译版人民大学出版社●计量经济学导论--------现代观点Woodtridge----------------最新美国经典中级计量经济学教材中译本，中国人民大学出版社●Econometric Methods Johnstone计量经济方法----------------经典教材(介于中级与高级之间) 翻译版中国经济出版社●Econometric Analysis (4’rd edition)Greene W.H.计量经济分析----------------计量经济学圣经(难度较大) 英文版清华大学出版社博弈论与信息经济学:●张维迎，1996年，《博弈论与信息经济学》，上海三联、上海人民出版社，；--------------------中国最好的博弈论教材●Laffont J-J and Martimor D.(2002), 《The Theory of Incentives：The Principal-AgentModel》, Princeton University Press，激励理论--------------------世界永恒的经典教材中译本，中国人民大学出版社产业组织理论:●Tirole.Jean，1988，The Thoery Of Industrial Organization，MIT Press, Cambridge, MA;--------------------世界永恒的经典教材中文本人大出版社●Laffont, J.-J., and J. Tirole (1993): A Theory of Incentives in Procurement and Regulation.MIT Press, Cambridge, MA--------------------世界永恒的经典教材中文本上海三联、上海人民出版社。

高级宏观经济学讲义,经济学诺贝尔奖得主萨金特(Sargent)版本,北京大学版lecture9

Table 1: Wealth Dynamics in Income Fluctuation Problems Necessary Condition Deterministic Income Stochastic Income Wealth Dynamics Diverging Diverging Stationary Diverging Stationary Stationary
Review Incomplete-market Model with CARA Preference
Policy Function General Equilibrium Numerical Example
I
De…ne the Laplace transform ζ (k) =
Z
exp (kz) dv (z)
By modifying the third assumption, we study the compactness of the state space and the necessary condition for existence of stationary equilibrium. Note that In the partial equilibrium, interest rate is exogenous given. When the horizon is …nite, the state space is obviously compact regardless of risk and interest rate. This is because agents consume all of their wealth towards the end of life. In the general equilibrium models with many overlapping generations, each of which faces an income ‡uctuation problem, have become popular tools to analyze policy reforms, from social security reform to fundamental tax reform.

宏观经济学习题及答案 (11)

Business Cycles: An IntroductionMultiple Choice Questions1. A leading countercyclical variable:a.Reaches a peak before the peak of the business cycle.b.Reaches a trough before the peak of the business cycle.c.Reaches a trough along with the trough of a business cycle.d.All of the above.e.None of the above.2.GDP is a good proxy for the business cycle itself since:a.It typically goes up in a boom and down in a recession.b.Its real investment spending component is procyclical and coincident.c.Its real consumption spending component is procyclical and coincident.d.All of the above.e.None of the above.3. A characteristic of the unemployment rate is that:a.It typically goes down in a boom.b.It typically goes up in a recession.c.It is not clear whether it is a leading or a lagging indicator.d.All of the above.e.None of the above4. A characteristic of the inflation rate is that:a.It is a lagging indicator.b.It typically goes down in a boom.c.It typically goes up in a recession.d.All of the above.e.None of the above.Business Cycles: An Introduction5.Classical economists believe that:a.It takes a long time for economic variables to reach equilibrium.b.Short-run fluctuations are too infrequent and mild to be of much interest.c.Real variables like output and investment are not determined by nominal variables.d.All of the above.e.None of the above.6.Keynesian economists believe:a.That the long run is more important than short-run fluctuations.b.That economies move quickly to their long run equilibrium levels.c.That the government should pursue active policies to stabilize economic fluctuations.d.All of the above.e.None of the above.7.Keynesian economists:a.Believe that the classical dichotomy does not hold in the short run.b.Observe that prices respond slowly to changes in supply and demand.c.Believe that monetary policy affect aggregate output and the real interest rate.d.All of the above.e.None of the above.8.In a perfectly competitive market:a.Buyers and sellers are price takers.b.Prices adjust quickly to equilibrium.c.The goods purchased are assumed to be standardized products.d.All of the above.e.None of the above.Business Cycles: An Introduction9.Under monopolistic competition:a.Prices adjust slowly to equilibrium.b.Many goods and services are not standardized.c.Even if there is substantial competition in the market, some firms can set prices.d.All of the above.e.None of the above.10.Menu costs:a.Are the cost a firm bears when it changes its prices.b.Are one source of price stickiness because changing prices involves many hidden costs.c.Are one source of price stickiness because firms may not want to change their "menus" too oftenand risk alienating customers.d.All of the above.e.None of the above.Discussion Questions1.How do macroeconomists distinguish between flexible and sticky prices and wages?Flexible prices and wages rise and fall in response to demand and supply shocks and move to new long-run equilibrium values following these shocks. Sticky prices may rise and fall some but do not move to new long-run equilibrium values when these shocks occur.2.What is the difference between the short-run and the long-run in macroeconomic analysis? Why domacroeconomists differentiate between the two time horizons?In the long run, prices and wages are completely flexible and fully adjust to their long-run equilibrium values. In the short run, prices and wages are sticky and do not fully adjust to long-run equilibrium. Macroeconomists make the distinction between the two time horizons because only in the long run, when all price and wage adjustments have taken place, will the classical dichotomy hold. In the short run, before all price and wage adjustments occur, monetary neutrality does not hold and thus changes in the money supply affect the values of real variables as well as nominal ones in the short run.Business Cycles: An Introduction3.How do Keynesian economic views on macroeconomic fluctuations differ from those of classicalmacroeconomists?Classical macroeconomists hold that prices and wages are flexible so that the economy adjusts quickly to long-run equilibrium following demand and supply shocks. (In other words, the short run is a very short period of time.) They advise that government policymakers therefore should focus more on promoting the economy’s long-run economic growth than on reacting to its short-run ups and downs. Keynesians hold opposing views. They think that because of sticky prices and wages the economy adjusts slowly to long-run equilibrium (the short run is a very long period of time) and therefore believe government can and should play an important role in countering economic fluctuations.4.How do conflicting views of market structure influence the ideas of classical and Keynesianmacroeconomists and how quickly the economy adjusts to long-run equilibrium?Classical macroeconomists treat economic actors as price takers who buy or sell standardized products at prices determined in perfectly competitive markets. Given this market structure, prices and wages adjust rapidly to changes in demand and supply conditions. Keynesians think it is more realistic to assume that firms have some market power and that they are able to set prices even if there is competition in markets. This means that if firms find it advantageous to do so, they can keep their prices fixed even when market demand and supply conditions are changing, which will slow the speed of price and wage adjustment.5.How do menu costs contribute to sticky prices?Menu costs refer to the costs a firm incurs when it changes its prices. These costs may include printing new catalogs, price lists, or menus, informing salespeople of new prices, advertising to inform customers of the new prices, and re-marking the prices of goods on shelves and in inventories.Also, a firm may be concerned that price changes will anger its customers. Because of menu costs, changing prices is not costless and a firm will only change its prices if it believes the benefits of adopting new prices will exceed the costs of changing them. Given the menu costs it faces, a firm likely will change prices less frequently than it would if it ignored these costs. Thus, menu costs slow the pace of price adjustments following changes in market demand and supply conditions.Business Cycles: An Introduction6.For each of the following products state whether they are sold in a perfectly competitive market or in amonopolistically competitive market?a.Dairy products, e.g., milk, cheese, etc.Dairy products are considered to be quite standardized. The market for dairy products istherefore a pretty competitive market, in which buyers and sellers are price takers.b.AutomobilesThe production of motor vehicles in the United States is dominated by a few bigmanufacturers. Although competition is fierce in this market, it cannot be considered aperfectly competitive market. Car manufacturers, through advertising, encourageconsumers to develop a preference for their brand (e.g., associate a Corvette with a givenlifestyle), which enables them to havesome control over prices. This market is better described as a monopolistically competitivemarket.7.Suppose that in a given economy all goods and services produced are sold in perfectly competitive markets.Would you represent this economy using the classical or Keynesian approach? Explain why.If an economy is composed of only competitive markets, then prices would be more flexible than inan economy in which firms have some market power. In this particular case, the classical assumptionof flexible prices holds and would therefore be a better representation of that economy.8.Do you think that the hourly wage (i.e., the price of labor) is a relatively flexible or a relative sticky price?Explain why?There are a few aspects of wage determination that contribute to their relative stickiness, inparticular in the downward direction. Wages are usually set for a year or maybe more. Employersand employees decide on a given wage and benefits for some time, and this contributes to wagerigidity. On the other hand, wages are mostly determined in competitive markets and thereforerespond to supply and demand conditions in the labor market. During contractions, when thedemand for labor decreases, wages usually decrease as well. Since wages are such an important pricein the economy, there is an ongoing debate about their relative rigidity or flexibility.。

谢丹阳高级宏观经济学第一讲

第一讲：概论既是博客，便有些随兴而至。

又是讲堂，当以讲为主，比较口语化，不讲究文法词句。

为图方便，将中英文齐上。

同时，讲课中将用到很多他人的书籍甚至课件，除了在附录二中一并致谢外，将不再一一指明。

本课程基于我给香港科技大学经济系博士生开设的高级宏观第一学期的讲义。

课程简介及阅读材料见附录。

大家可能注意到我并未讨论有关于货币方面的内容；我只涉及实体经济(the Real Economy)。

货币方面的内容属宏观二。

除了讲解模型之外，我也将提一些问题供大家讨论。

有些问题时为了帮大家回忆和总结初级中级宏观所讲过的一些概念，另一些侧重于概念的应用。

欢迎大家踊跃提问和参与讨论。

先谈一下Major Theoretical Development in Macroeconomics: 1970 to Present•1970s: Business Cycle Models based on Rational Expectationso Lucas, Sargent, Prescott, Barro, Hall•Late 1970s and Early 1980s: Time Consistencyo Kydland, Prescott, Barro, Lucas, Svensson, Persson•1980s: Real Business Cycle Theoryo Kydland, Prescott, Long, Plosser, King, Rebelo•Late 1980s: Endogenous Growtho Paul Romer, Lucas, Gene Grossman, Helpman, Rebelo, Barro •Late 1990s: New Keynsian Sticky Price Models (Closed and Open Economies) o Mankiw, Obstfeld, Rogoff, Woodford, Svensson, Gali, Ireland •Late 1990s: Credit Cycleso Bernanke, Gertler, Kiyotaki, Moore•2000s: New Dynamic Public Finance合理预期概念由 John Muth 于60年代初提出。

ofMacroeconomics(宏观经济学加州大学詹姆斯·布

– no detailed model of expectations
– the short run was seen as lasting for decades
– fiscal policy was emphasized, while the role of monetary policy was downplayed
PPT文档演模板
ofMacroeconomics(宏观经济学加州大学詹姆斯·布
The Future of Macroeconomics: Real Business Cycles?
• Real business cycle theory assumes that the level of output will vary with shocks to the economy
• What additional changes took place twenty years before that--from roughly 1960 to roughly 1980?
• What direction will macroeconomics take if the real business cycle research program is successful?
– the IS-LM model was created
– the relationship between interest rates and the money supply was investigated
– the difference between the behavior of the macroeconomy in the flexible-price long run and the fixed-price short run was clarified

药学统计学

教材和主要参考书
教材：罗旭毕开顺《医药统计学》高等教育出版社 2010年
主要参考书：罗旭《化学统计学》科学出版社 2001年
参考书：
1 方积乾《卫生统计学》人民卫生出版社 2003年 2 孙振球《医学统计学》人民卫生出版社 2010年 3 杨德《试验设计与分析》中国农业出版社出版 2002年 4 徐叔云《药理实验方法学》人民卫生出版社 2009年 5 张均用《现代药理实验方法》北京医科大学/协和医科大学出版社 2002年
Statistica、Stata、S-PLUS、Graphpad Prism 数学软件: Mathematica 、 MATLAB、Maple
前言
药学统计学的定义
(pharmaceutical statistics, pharmacometrics)
—— 研究数据的搜集或产生、描述、分析、综合和解释，以获得新的药学知识或信息，或做出新的药学推断的学科
描述统计学和推断统计学
➢ 区别:描述统计研究的是数据收集、处理、汇总、图表描述、概括与分析等统计方法。推断统计是研究如何利用样本数据来推断总体特征的方法。
➢ 联系：现代统计学的两个组成部分，相辅相成、缺一不可。 ➢ 描述统计学——现代统计学的基础和前提 ➢ 推断统计学——现代统计学的核心和关键
前言
近代和现代统计学的发展
t分布显著性检验方法方差分析
未来统计学的发展趋势
依赖数学、结合计算机技术与实质性学科、统计软件、现代信息相结合从描述现状、反映规律，向抽样推断、预测未来变化发展
前言
统计学的一般定义和解释
是以概率论和数理统计为基础，对研究对象的数据进行搜集、整理和分析，揭示事物总体特征和规律的方法论科学。

Carl Walsh高宏经济学教学大纲

Economics 205C Spring 2010 UCSC C. WalshAdvanced Macroeconomic TheoryEconomics 205CThis course is the third of the three-quarter sequence in macroeconomics for students in the Ph.D. Program in International Economics. The main emphasis will be on new Keynesian models for closed and open economies, optimal monetary policy, and financial frictions.The basic text for the course will be C. E. Walsh, Monetary Theory and Policy (3nd ed., MIT Press, 2010). Required readings are denoted by *. Other readings not listed as required are useful references if you are interested in pursuing a particular topic It is important that you do the required readings before coming to lecture!Your evaluation in this course will be based on an in-class midterm (tentatively scheduled for Monday, May 3rd), a referee report, a three hour final exam, and your participation in class discussions. The final exam is scheduled for Wednesday, June 9 7:30-10:30pm. Exercises and many of the readings will be posted at /~walshc/205Csp10/.My office hours will be Tuesday 9-10am and Wednesday 3:30-4:30 (or by appointment) in 467 E2. My office phone is 9-4082 and my email address is walshc@.I. Nominal frictions, time dependent and state dependent models of price adjustment*Walsh, C. E., Monetary Theory and Policy, 3rd ed. 2009, chapter 6.Nakamura, E. and J. Steinsson, “Five Facts about Prices: An Evaluation of Menu Cost Models,” Quarterly Journal of Economics, 123(4), Nov. 2008, 1415-1464.Klenow, Peter J. and Oleksiy Kryvtsov, “State-Dependent or Time-Dependent Pricing: Does it Matter for Recent U.S. Inflation?” Quarterly Journal of Economics, 123(3), Aug. 2008, 863-904.II. The basic new Keynesian frameworkII. 1 *Walsh, C. E., Monetary Theory and Policy, 3rd ed. 2009, chapter 8, sections 1-3.Woodford, M., Interest and Prices, Princeton University Press, 2003, Chapters 3 and 4.II.2 Linear quadratic toolsLjungqvist and Sargent, Sections 5.1-5.5.Svensson, L. E. O., “Optimization under Commitment and Discretion, the Recursive Saddlepoint Method, and Targeting Rules and Instrument Rules: Lecture Notes,” January 2010, http://people.su.se/~leosven/papers/CommDiscTRIR.pdfII.3 Policy issues*Walsh, C. E., Monetary Theory and Policy, 3rd ed. 2009, chapter 8, sections 4-5.Clarida, R., J. Galí, and M. Gertler, “The Science of Monetary Policy: A New Keynesian Perspective,” Journal of Economic Perspectives, 37(4), 1999, 1661-1707.Chari, V. V., P. J. Kehoe and E. R. McGrattan. 2009. “New Keynesian Models: Not Yet Useful for Policy Analysis,” American Economic Journal Macroeconomics, 1(1): 242-266.II.4 Fiscal policy*Walsh, Monetary Theory and Policy, 3rd ed., 4.1-4.5, 11.1-11.4.*Gali, J., J. Valles, and D. Lopez-Salido, Understanding the effects of government spending on consumption, Journal of the European economic Association March 2007, 5(1): 227-270.Woodford, M., Simple Analytics of the Government Expenditure Multiplier, NBER Working paper 15714, Jan. 2010.III. The open economy*Walsh, Ch. 9, sections 9.4-9.5.*Galí, J. and T. Monacelli, Monetary Policy and Exchange Rate Volatility in a Small Open Economy, Review of Economic Studies, 707-734, 2005.Galí, J. and T. Monacelli, Optimal Monetary and Fiscal Policy in a Currency Union, Journal of International Economics, December 76 (2008), 116-132.IV. Financial factorsIV.1. Interest rates*Walsh, Ch. 10, sections 10.1-10.4Eggertsson, G. B. and M. Woodford. 2003. “The Zero Bound on Interest Rates and Optimal Monetary Policy,” Brookings Papers on Economic Activity, 1, 139-211.Rudebusch, G. D., and T. Wu, "A Macro-Finance Model of the Term Structure, Monetary Policy, and the Economy,” Economic Journal 118, July 2008, 906-926.Ang, A. and M. Piazzesi, “A No-Arbitrage Vector Autoregression of Term Structure Dynamics with Macroeconomic and Latent Variables,” Journal of Monetary Economics, 50,2003, 745-787.Piazzi, M.,IV.2. Market segmentation*Walsh, Ch. 5, section 5.3.Alvarez, F., A. Atkeson, and P. J., Kehoe, “Money, Interest Rates, and Exchange Rates with Endogenously Segmented Markets,” Journal of Political Economy 2002, vol. 110 (1), 73-112.Carlstrom, C. T. and T. S. Fuerst, "Interest Rate Rules vs. Money Growth Rules: A Welfare Comparion in a Cash-in-Advance Economy," Journal of Monetary Economics, 36(2), Nov. 1995, 247-267.IV.3. Imperfect and asymmetric information*Walsh, Ch. 10, sections 10.5—10.6*Akerlof, George A., "The market for `lemons': Quality uncertainty and the market mechanism," Quarterly Journal of Economics, 84(3), Aug. 1970, 488-500.*Gertler, M. and N. Kiyotaki, “Financial Intermediation and Credit Policy in Business Cycle Analysis,” October 2009Diamond, Douglas W., "Banks and liquidity creation: A simple exposition of the Diamond-Dybvig model," Federal Reserve Bank of Richmond Economic Quarterly, 93(2), Spring 2007.Bernanke, B. S. and M. Gertler, "Agency Costs, Net Worth, and Business Fluctuations,"American Economic Review, 79(1), Mar. 1989, 14-31.Carlstrom, C. T., and T. S. Fuerst, "Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis," American Economic Review, 87(5), Dec. 1997, 893-910.IV.4. And optimal policyC. T. Carlstrom, T. S. Fuerst and M. Paustian, "Optimal Monetary Policy in a Model with Agency Costs," Aug. 2009.Cúrdia, V. and M. Woodford. 2008. "Credit Frictions and Optimal Monetary Policy," Discussion Papers 0809-02, Columbia University.De Fiore, F. and O. Tristani. 2009. "Optimal Monetary Policy in a Model of the Credit Channel." March.Faia, E. and T. Monacelli. 2007. "Optimal Interest rate Rules, Asset Prices, and Credit Frictions," Journal of Economic Dynamics and Control. 31: 3228-3254.Iacoviello, M. 2005."Housing Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review 95(3): 739-764.V. Real FrictionsV.1. Informational frictions*Walsh, Ch. 5, section 5.2.Mankiw, N. G. and R. Reis, “Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve,” Quarterly Journal of Economics, 2002, 1295-1328.Mankiw, N. G. and R. Reis,”Imperfect Information and Aggregate Supply," NBER Working Papers 15773, 2010.Mankiw, N. G. and R. Reis,”Sticky Information in General Equilibrium," Journal of the European Economic Association, MIT Press, 2007, vol. 5(2-3), pages 603-613, 04-05.V.2. Variable capital utilization, habit persistence in empirical DSGE modelsChristiano, L. J., M. Eichenbaum, and C. Evans, “Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy,” Journal of Political Economy 113(1), Feb. 2005, 1-45.Smets, F. and R. Wouters, “An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area,” Journal of the European Economic Association, 1(5), 2003, 1123-1175.Smets, F. and R. Wouter, “Shocks and Frictions in US Business Cycles: A Bayesian Approach,” American Economic Review, 97(3), June 2007, 586-606.Adolfsen, M., S. Laséen, J. Lindé, and M. Villani, “Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through,” Journal of International Economics,72(2), July 2007, 481-511.V.3. UnemploymentSearchMortensen, D. T. and C. A. Pissarides, “Job creation and job destruction in the theory of unemployment,” Review of Economic Studies, 61 (3), July 1994, 397-416.Shimer, Robert, “The Cyclical Behavior of Equilibrium Unemployment and Vacancies,” American Economic Review, 2005, 95(1), 25-49.Walsh, C. E., “Labor market search, sticky prices, and interest rate policies,” Review of Economic Dynamics, 8(4), Oct. 2005, 829-849.Ravenna, F. and C. Walsh, “Welfare-based optimal monetary policy with unemployment and sticky prices: A linear-quadratic framework,” March 2010.。

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ECON5002Macroeconomic TheorySummer, 2010 Unit of Study OutlineCoordinator: Dr Matthew SmithOffice Room 444, Merewether Building (H04)Phone 9036 9413Email mattsmith@.auConsultation (teaching weeks) Thursday 11am-1pm, or by appointmentClassesTime(s): Tuesday 2pm-5pm and Thursday 2pm-5pm (starts 5 January)Venue(s): Peter Nicol Russell Tutorial Rm. 3151.Unit of study information1.1.Faculty Handbook descriptionMacroeconomics is the study of economic interactions in national and international economies. It looks at the linkages between investment and consumption decisions, government taxation and expenditure decisions, monetary policy, the banking system and the interactions between Australia and the rest of the world. We will discuss what determines the level of saving and investment, unemployment, inflation and business cycles, the term structure of interest rates, stock market indices, and we will investigate the contributions to economic growth and explanations of the balance of payments and exchange rates. We will begin with an overview of the performance of the Australian and a tour of the world and then develop a solid theoretical framework for our analysis of well-functioning economies. We will end with a study of macroeconomic pathologies, such as the Great Depression, hyperinflations, the Asia crisis and Japan‟s deflation.1.2.Aims and contextECON5002 provides a basic understanding of Macroeconomics. As well as giving a basic grounding in how the aggregate economy works, it provides a basis for other postgraduate options in economics. It is a core unit in the MEc, MCom, MIB, GradDipEc, GradDipCom and GradDipIB, and a compulsory unit in the economics major of a MBus or GradDipBus.2.Learning outcomes, teaching and learning activities & assessment2.1.Intended learning outcomesThis course is concerned with macroeconomics and begins with some stylized …facts‟ about Australia‟s major macroeconomic variables. Various macroeconomic models are developedand used to explain the …facts‟ and to examine policy issues e.g. unemployment, inflation, balance of payments and foreign debt. There are also sections on the microfoundations of macroeconomics and on long-term economic growth.An understanding of the economic environment is essential for managerial decision-making. Macroeconomics is all about the economic environment is which businesses and households operate. Making informed decisions about business activity, whether by a consumer or a firm, requires an understanding of the interactions between the key economic variables in the national and international economies. It is vital for any forward-looking manager to understand the macroeconomic determinants of interest rates and stock market prices. With the foundations developed in this subject, practicing managers should be able to understand the various economic indicators presented to them and make informed decisions about their own businesses.In this subject, the intention is:To explain the economic indicators (e.g. wage and price inflation, unemployment,exchange rates, interest rates, stock market indices, the current account) that shouldbe part of every manager‟s information set;To provide a framework for analyzing macroeconomic policy and to understand itslimitations; andTo enable managers to use this understanding to improve decision-making.The design of this course also helps students develop valuable graduate attributes, as outlined in table on the following page:2.2.Learning and teaching activities2.2.1 Prescribed TextOlivier Blanchard & Jeffrey Sheen, Macroeconomics, Pearson, 3rd Australasian edition, 2009 (hereafter BS)This textbook is essential for the course. Do not buy the Blanchard book with the same title. The Australasian edition by BS is significantly different.The textbook has a website(.au/au_be_blanchardsheen_macroec_3/) with chapter-by-chapter practice multiple choice and essay questions, as well as related articles. Practice questionswill also be made available on Blackboard for each topic after the lecture. Guidelines for answers will be available later on Blackboard.A secondary text which can also be employed on some topic material isBruce Littleboy and John Taylor, Macroeconomics, John Wiley, 3rd edition, 2006 (hereafter LT).This is a first year text which covers some basic principles of the material in the first half of the course comprehensively. It is available on special reserve at the Fisher library.In the topic outline in section 5 below, there are references to chapters in BS as well as to LT, and to additional readings which can all be downloaded electronically. All journal articles can be downloaded if you go through the Fisher Library website for journals(.au/ejournals/ ). You will need your login details for Fisher Library.ECON5002, Semester 2, 2009 Page 3 of 8 Page 3 of 82.2.2 Blackboard and other electronic sitesLecture outlines along with all handouts, announcements about classes or assessment and other communications will be available on the Faculty's Blackboard site. Your unit is(ECON5002_SUMMER_2010)) Macroeconomic Theory. If you are enrolled properly in the unit through the University, you will be enrolled automatically on the Blackboard site.You are expected to check the site regularly. The week‟s lecture slides will be available on Blackboard before the lecture.How to get to BlackboardFaculty IT will send you an email containing instructions for activating your Faculty Blackboard account. Please check your university email, and follow the instructions given. Once you have activated your account, access Blackboard in the following manner.Start a web browser and open .auOn this page, click on the Login button:Login: Login using your UniKey account detailsAfter login you will see the page which states all the courses that you are enrolled in (according to the Student Information Office) and are activated by your lecturers. Your units can take up to 48 hours to appear in Blackboard after you‟ve enrolled. If you login after this time and it still doesn‟t appear, please contact the Student Information O ffice.Further information:For information regarding enrolments, please contact the Student Information Office.For information regarding the subject content please contact your lecturer.For information regarding technical questions or problems, please contact the faculty IT department in room 118 of building H69.).2.3.Assessment2.3.1 Types and due dates of assessment2.3.2Explanation of assessment• 5 online quizzes.These will be available on Blackboard under “Quizzes” on designated Wednesdays at 12:00pm. Students are advised to attempt and complete online quizzes regularly after they have covered and fully studied the relevant topics. All quizzes will be available online until 5pm Monday 15 February. The timetable for online quizzes is:You must do these quizzes alone. Do not allow anyone to see your answers, and do not ask anyone to help you do yours. When you consult the online tutor, do not ask for the answersto quiz questions.You will usually have to do 20 multiple-choice questions, randomly selected and ordered for you from a large set. Make sure that you allocate sufficient time to do them. Do not expect to complete them at the last minute—computers are not always available. Computer unavailability is not an acceptable excuse.NOTE: Provided a quiz is still available and not yet SUBMITTED, you can correct any previously saved answer.On the assignment page, you will find two buttons in the bottom right hand corner -"Save", "Submit". You may save your work by clicking on the "Save" button and continue the assignment at a later time. DO NOT CLICK on the "SUBMIT" button unless you have completed the assignment and want to get it graded.You can submit the assignment only "ONCE".The quizzes will be computer-marked. After the assignment is submitted, you will be able to see your score, and the GRADE is FINAL. It cannot be helped if you mistakenly submit your quiz too early.If you do not submit answers by the deadline for a quiz, you will not get marks.•One mid-semester test (90 minutes) scheduled to be held in-class on 28 January 2010. The mid-semester test will be closed-book. It will involve multiple choice questions and essay questions on topics studied in the course.•One final exam (two hours plus ten minutes reading time) held 1.50pm-5pm, 16 February at Civil Engineering Drawing Office. The final exam will be closed-book. It will involve multiple choice questions, essay questions based on ALL topics studied in the course. Questions will primarily come from the second-half of the course, but not exclusively.2.4.Workload and minimum requirementsAcademic Board guidelines state that one credit point equates to approximately 1.5 to 2 hours of student effort per week for a typical 13 week semester. This means that if you are an average student seeking to get an average result for this Unit then you should plan to spend at least 9 hours each week on learning in this unit. In a summer school course with 6 weeks of lectures you will need to spend 18-20 hours on average each week. If you are studying two x 6 credit point UoS you should plan to spend at least 36 hours each week on your study. These recommended hours assume that you are actively engaged in learning during this time. Your learning activities will include creating notes in your own words, visiting lecturers or tutors in consultation hours, discussing your work with friends to learn together, revising, researching in the library or online, reading, completing practice questions, participating in online discussionforums, preparing for tutorials and lectures by pre-reading, completing assessments. For more information on workload see the University Workload page2.5.FeedbackThe results from the mid-semester test will be posted as soon as they are marked, and answer scripts returned at the next lecture after that. Contact your online tutor on the Blackboard Discussion Board if you don‟t understand any assessment in a quiz or the mid-semester test.2.6.Academic honesty and plagiarismCommencing students should complete the academic honesty module available via Blackboard before their first assessment submission. Students should refer to theUniversity‟s policies on academic honesty and plagiarism (.au/policy), the Faculty‟s procedures for dealing with allegations (.au/sio) and use the assessment cover sheet.Academic honesty is important to protect students' right to receive due credit for work submitted for assessment. It is clearly unfair for students to submit work for assessment that dishonestly represents the work of others as their own and gain marks and degrees, which are not based on their own efforts and abilities. Deliberate breaches of academic honesty constitute academic misconduct. These breaches include: plagiarism, fabrication of data, recycling previously submitted material, engaging someone else to complete an assessment on one‟s behalf and misconduct during supervised assessments.The penalties for academic misconduct may include: a mark of zero on the assessment; a fail grade in the unit of study, additional assessment (including an unseen exam), and reference of the matter to the University Registrar.3.Student evaluation and feedbackThis unit has been taught many times in the past, and the feedback from students has been very helpful. For example, the availability of an online tutor was a recommendation by past students. The Discussion Board on Blackboard has become a very active and useful tool.At the end of the unit, a unit evaluation questionnaire will be distributed. Your suggestions will be welcomed. If you have any problems or suggestions during the semester, please contact your lecturer. If you have any suggestions for improvement during the semester, please put them on the Blackboard Discussion Board.4.University policies and servicesAll students must comply with and follow all Faculty and University policies and procedures. Faculty policies are contained in the Administration Manual for Students at.au/StudentManual (e.g. special consideration, appeals, late submission, feedback mechanisms, academic honesty and plagiarism). Assistance is available from the Fac ulty‟s Student Information Office at .au/sioUniversity policies at .au/policy include: academic honesty.au/ab/policies/Academic_Honesty_Cwk.pdf, plagiarism.au/senate/policies/Plagiarism.pdf. Assistance is available fr om the University‟s Student Centre .au/studentcentreThe code of conduct is an important policy which outlines the University‟s expectations about treating all staff employees and students with respect, dignity, impartiality, courtesy and sensitivity and refrain from acts of discrimination, harassment or bullying..au/ab/policies/Student_code_conduct.pdfLinks to other student services and resources are included on Blackboard and on the Faculty‟s Learning and Teaching website .au/students/learningsupport (e.g. counselling services)5.Topic and assessment scheduleNote: You are advised to obtain your textbook and download all readings by the end of the first week. Dates shown below are only approximate.Topic 1(5 January)Introduction; a brief look at global conditions wi th a focus on Australia‟s recent performance; national accounting; output and business cycles, inflation, unemployment.(Note: *is required reading)Blanchard and Sheen (B & S)* Chs 1, 2Littleboy and Taylor (L&T) Chs 1, 2 & 3Various statements & speeches on monetary policy and economic conditions/outlook in 2008 and 2009 Reserve Bank of Australia: .au/PublicationsAndResearch/ StatementsOnMonetaryPolicy/index.html; e.g. …Statement on Monetary Policy, 8 May 2009‟ ; …The Road to Recovery‟ speech by RBA Governor Glenn Stevens, April 2009; and for longer term background ,see Gruen, D. and G. Stevens (2000), “Australian Macroeconomic Performance and Policies in the 1990s”, in Gruen and Shrestha (eds.): The Australian Economy in the 1990s, Reserve Bank of Australia Conference Proceedings, July2000:.au/PublicationsAndResearch/Conferences/2000/GruenStevens.pdfTopic 2(7 January)The IS-LM model: Short-run goods market and money market equilibrium; monetary policy & fiscal policy; the policy mix – comparing a money supply rule with an interest rate rule.B&S* Chs 3, 4, 5L&T Chs 6, 7 & 8“Monetary Policy” Reserve Bank of Australia .au/Education/monetary_policy.html D Romer (2000), Keynesian Macroeconomics Without the LM Curve, Journal of Economic Perspectives, Spring, pp 149-169, and also NBER Working Paper No. 7461, Cambridge, January. [/papers/w7461]Topic 3(12 January)The labour market; wage and price setting in the medium run; the natural rate of unemployment; tax distortions and full employment.B&S* Ch 6L&T Ch 5OECD, 2006, “Boosting Jobs and Incomes - Policy Lessons from Reassessing the OECD Job Strategy”, /dataoecd/47/53/36889821.pdfTopic 4(14 January)The AS-AD model: All markets together from the short run to the medium run; aggregate supply; aggregate demand with a fixed money supply and with an interest rate rule using a price level target; monetary, fiscal and oil price shocks in the AS-AD model.B&S* Ch 7L&T Chs 9, 10 & 11G Stevens “Inflation Targeting: A Decade of Australian Experience” RBA 2003,.au/PublicationsAndResearch/Bulletin/bu_apr03/bu_0403_3.pdfS Grenville “Monetary Policy: The End of History?” RBA Bulletin, July 2001.au/Speeches/2001/sp_dg_200701.htmlTopic 5(19 January)Evolution of the Phillips curve; theories of expected inflation; inflation & economic activityB&S* Chs 8, 9D.Gruen, A Pagan, C Thompson “The Phillips Curve in Australia” RBA 1999,.au/PublicationsAndResearch/RDP/RDP1999-01.htmlTopic 6 (21 January)The Long run:Sources and theories of economic growth and productivity; convergence across countries - PPP comparisons; growth over 2000 years; savings and capital accumulation; the golden rule savings rateB&S* Chs 10, 11L&T, Ch. 4P Romer “The Origins of Endogenous Growth” Journal of Economic Perspectives Winter 1994Topic 7(2 February)Technology, population growth and the Solow model; …new‟ vs …old‟ economies; IT and growth; technology & unemploymentB&S* Chs 12, 13R Gordon “Does the …New Economy‟ Measure up to the Great Inventions of the Past?” Journalof Economic Perspectives Fall 2000, & /papers/W7833J Simon & S Wardrop “Australian Use of Information Technology and its Contribution to Growth” RBA 2002 .au/PublicationsAndResearch/RDP/RDP2002-02.htmlTopic 8(4 February)Expectations - expected presented discounted value; nominal vs real interest rates; interest rates and monetary policy; the Fisher hypothesis; macroeconomic determinants of the yield curve or term structure; and of stock market prices; housing prices;expectations and consumption & investment; Tobin‟s q; expectations and the ISLM model.B&S* Chs 14, 15, 16, 17Topic 9: (9 February)The exchange rate; nominal & real, bilateral & multilateral exchange rates; the balance of payments; interest parity condition; the goods market in an open economy; exchange rates and net exports; J-curve; saving, investment and the trade balance.B&S* Chs 18, 19L&T Ch 15Reserve Bank Bulletin, “Recent Trends in World Saving and Investment Patterns” October 2005, .au/PublicationsAndResearch/Bulletin/bu_oct05/recent_trends.htmlTopic 10: (11 February)The Mundell-Fleming model under floating exchange rates (with interest rate setting and inflation targeting); fixed exchange rates and exchange rate crises; exchange rate overshooting; choosing the exchange rate regime.B&S* Chs 20, 21I MacFarlane “Recent Influences on the Exchange Rate”, RBA Bulletin December 2000,.au/PublicationsAndResearch/Bulletin/bu_dec00/bu_1200_1.pdf。