UCL- Econ 081 Advanced Macroeconomics: Models with Heterogeneous Agents, 2023/2024
José Víctor Ríos Rull and Wei Cui
There is class this Tuesday Dec 5. Please tell each other
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 7 Nov, 14:00-17:00, Chandler House 118
- We go the rationale for using heterogeneous agents in Macro using the great recession as an anchor. We look at this slides (we did not look at all of them but we are done for now.
- Teaching Slides Intro
- Handhout Slides Intro
- We go the rationale for using heterogeneous agents in Macro using the great recession as an anchor. We look at this slides (we did not look at all of them but we are done for now.
- Wednesday 8 Nov, 13:30-16:00 Drayton House B19 (because of Macro Seminar)
- We cover measure theory, industry equilibria and we discuss an approximation method based on loglinear approximations in sequence space.
- 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 an approximation method based on loglinear approximations in sequence space.
- Thursday 9 Nov, 13:00-15:00 Tottenham Court Road (188) Room 04
- We look at the Huggett and Aiyagari models using the same slides as the previous day. We also talked about a couple of extensions. Somebody asked for a recent paper with firms. Here is one. Capital Reallocation and the Cyclicality of Aggregate Productivity by Russell W. Cooper, and Immo Schott
- We look at the Huggett and Aiyagari models using the same slides as the previous day. We also talked about a couple of extensions. Somebody asked for a recent paper with firms. Here is one. Capital Reallocation and the Cyclicality of Aggregate Productivity by Russell W. Cooper, and Immo Schott
- Tuesday 21 Nov, 14:00-17:00, Chandler House 118
- Wednesday 22 Nov, 13:37-16:00 Drayton House B19 (because of Macro Seminar)
- Thursday 23 Nov, 13:00-15:00 Tottenham Court Road (188) Room 04
- Tuesday 6 December, 14:00-17:00, Chandler House 118 Last Day of Classes
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.