This is short course on Modern Macroeconomics. It will discuss a few
topics. I plan to have six sessions.
Introduction Main Questions in Macro. Why Heterogeneity.
The General Macro Model with Heterogeneity: A stationary
Aiyagari Economy. Rationales for Inequality.
Towards a joint Theory of Earnings and Wealth: Wage determination.
Housing and its Finances.
Crisis triggered by Credit Problems: Endogenous
Productivity. Reallocation of Resources. Wage determination.
This is a course with the aim of both opening a window into parts of
modern quantitative macroeconomics and an invitation to join. I will
discuss why heterogeneity is important and how to implement it. In
particular we will look at how to advance in getting wages (including
relative wages) to be an output of the model. We will also look at
housing and household leverage, how to think of what it does to people
and how it shapes aggregates. We will also worry about how to model
fluctuations and in particular what could be its causes.
The course is also going to be flexible, this is, it will respond to
the needs and interests of the participating students. The whole point
is for attendants to get something out of it.
Finally, throughout the course I 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.
Will be available in the homepage above. Including any Slides
that I may use.
Some Graduate Work in Economics.
Will be able to see heterogeneity as a feature to embrace in
Will be able to implement it in a Model.
Will have a strategy to plan the calculation of non stationary allocations.
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