UCL- Econ 081 Advanced Macroeconomics: Models with Heterogeneous Agents, 2022/2023
José Víctor Ríos Rull and Wei Cui
General Information
This part of the course will be 15 hours, the instructor is José Víctor Ríos Rull.
Please email me with any concerns. Office hours by appointment. vr0j@upenn.edu
Dates, Time, Place and Activity
We will have a subset of these times and places. I place extra time in case there is some conflict. We will talk about which ones in class. I will tell it in class and post it here.
A preliminary plan of the material for each day (I will update it dynamically)
- Tuesday 15 Nov, 14:00-17:00, Foster Court 235
- We go the rationale for using heterogeneous agents in Macro using the great recession as an anchor.
- Teaching Slides Intro
- Handhout Slides Intro
- We go the rationale for using heterogeneous agents in Macro using the great recession as an anchor.
- Wednesday 16 Nov,09:30-12:00 Drayton House B05
- We cover measure theory, industry equilibria and we discuss what is an approximation method and what criteria are there to choose among the many.
- Teaching Slides for Meausure Theory, Industry Equlibria and the Aiyagari Model
- Handout Slides for Meausure Theory, Industry Equlibria and the Aiyagari Model
- We cover measure theory, industry equilibria and we discuss what is an approximation method and what criteria are there to choose among the many.
- Thursday 17 Nov, 13:00-15:00 Gordon House 106
- We look at the Huggett and Aiyagari models.
- Zoom Recording Passcode: .w3%iVJv
- Zoom Recording Passcode: .w3%iVJv
- We look at the Huggett and Aiyagari models.
- Tuesday 22 Nov, 14:00-17:00, Foster Court 235
- We talk about theories of the distribution of wealth and of calibration in general. This part has no slides.
- We finish entrepreneurship
- We then look at Banking in partial Equilibrium.
- Banking in Partial Equilibrium
- Banking in Partial Equilibrium Handout
- Zoom Recording Passcode: &h68TF$b
- Banking in Partial Equilibrium
- We talk about theories of the distribution of wealth and of calibration in general. This part has no slides.
- Wednesday 23 Nov,09:30-12:00 Drayton House B05
- We talk banking in general equilibrium and the possible shortcomings of our way of modeling banks
- Zoom Recording Passcode: 613@UiY1
- Zoom Recording Passcode: 613@UiY1
- We talk banking in general equilibrium and the possible shortcomings of our way of modeling banks
- Tuesday 6 Dec, 14:00-17:00, Foster Court 235
- We talk, about credit, default and credit scores and personality types in general
- Credit Scores Teaching
- Credit Scores Handout
- Zoom Recording Passcode: CiLkg*99
- Credit Scores Teaching
- We talk, about credit, default and credit scores and personality types in general
- Wednesday 7 Dec,09:30-12:00 Drayton House B05
- Thursday 8 Dec, 13:00-15:00 Gordon House 106
Course Description
This is a course with the aim of both opening a window into parts of modern quantitative macroeconomics and an invitation to join. We will discuss why heterogeneity is important and how to implement it. We then will look at a few tools to be able to use the Aiyagari model and most .
We will look then at various topics, such as what determines residual wage inequality, how to think of banking, household default, the use of credit scores, models with OLG, health as a crucial form of shocks. At so on.
The course is also going to be flexible, this is, I will respond to the larges possible extent to the interests of the participating students. The whole point is for attendants to get as much out of the hhcourse as possible.
Finally, throughout the course we will put special emphasis on discussing what is a research project, how we use models to answer quantitative questions and how to interpret the outcome of models.
Material (slides and notes)
The following is part of the material that I will use for teaching.
Grades
In the context of the course, I will ask for active student involvement. This means participation in discussion and a short presentation which can be of own ideas, a brief description of a paper or one of the homeworks that I will ask during lectures.