Econ 219: Intermediate Macroeconomics

Welcome to this web page! This class is usually taught in several sections, and this page is relevant for the section taught by Christian Zimmermann. This section meets on Mondays, Wednesdays and Fridays 1-1:50 PM in room 213, Monteith Building.

Office hours for this class are Mondays and Wednesdays 2-3:15 PM or by appointment.

Textbook

This class will use the following textbook: Macroeconomics, by Steve Williamson. It should be available at the UConn Bookstore (Co-op). Each new book comes with a code that allows you to register on the publisher web site and enjoy some supplementary material, such as the study guide (which I will encourage you to use), Conference Board data and PowerPoint files. We may use Conference Board data (or some other data). I will not use PowerPoint. Those who have a used textbook main not be able to log into the website, as the codes expire after a session (when used).

We will not cover every chapter of the textbook, and I will cover some material not covered in the textbook. Supplementary material along with links to more on certain topics on the web are provided below.

Schedule

The schedule is still a little bit up in the air. This is a tentative schedule and I will amend it as we progress. The recommended exercices are from the study guide (C=Chapter, S=Short answer question, G=Graphical/numerical question).

Date Topic Textbook Pages Recommended Exercices

1 22 Jan Course Introduction

2 24 Jan Macroeconomic measurement I 39-45 C2: S1-6, G1

3 27 Jan Macroeconomic measurement II 45-63 C2: S8-9, S12, G2

4 29 Jan Dealing with business cycle data I 65-75, notes 1-11

5 31 Jan Dealing with business cycle data II 65-75, notes 1-11

6 3 Feb Business cycle facts I 75-83, notes 12-21 C3: S1-3

7 5 Feb Business cycle facts II 75-83, notes 12-21

8 7 Feb Quiz 1, Business cycles facts III, Data problem handed out notes 12-21

9 10 Feb Household decisions I 89-103 C4: S1-2, G1-2, G6

10 12 Feb Household decisions II 103-112 C4: S3, G3-4

11 14 Feb Firm decisions 113-126 C4: S5, G5

17 Feb (Canceled)

12 19 Feb Quiz 2, A first macroeconomic model: statics I 131-134

13 21 Feb Data problem due, A first macroeconomic model: statics II 134-149 C5: S2-5, S7, S10-12, G3

14 24 Feb Review session

15 26 Feb Mid-term I Material: all until page 146

16 28 Feb Bringing some dynamics: consumption and savings I 165-173 C6: S1-2, G1

17 3 Mar Bringing some dynamics: consumption and savings II 173-192 C6: S4-6, G3

18 5 Mar Bringing some dynamics: Ricardian equivalence I 192-196 C6: S8-9, G4

19 7 Mar Quiz III, Bringing some dynamics: Ricardian Equivalence II 196-204

20 10 Mar Bringing some dynamics: investment and investment I 215-227

21 12 Mar Bringing some dynamics: investment and investment II, market equilibrium I 228-243 C7: S1-4, G1

22 14 Mar Quiz IV, Bringing some dynamics: market equilibrium II 243-249

23 24 Mar Bringing some dynamics: policy 249-259 C7: S7-9, G2

24 26 Mar Growth: introduction, the Maltusian model notes 1-8

25 28 Mar Growth: modern stylized facts notes 8-12

26 31 Mar Growth: Growth accounting, the Solow model 265-280

27 2 Apr Review session

28 4 Apr Mid-term II pages 147-280

29 7 Apr Growth: Solow revisited 280-283 C8: S3-7

30 9 Apr Growth: Golden Rules 283-297 C8: G1-2

31 11 Apr Engogenous growth: a survey 297-309 C9: S9-10

32 14 Apr Money: what it is I 317-319, 513-517 C9: S1, C14: S1-4

33 16 Apr Quiz V, Money: what it is II 517-520, 321-323

34 18 Apr Money: what it does I 323-330 C9: G1, S2-3

35 21 Apr Money: what it does II 330-339 C9: S4

36 23 Apr Money: what it does III 339-347 C9: S5-6

37 25 Apr Quiz VI, Money: what it does IV 347-363 C9: S7-8

38 28 Apr Money surprises, Instructor Evaluation 411-417 C11: S5-9

39 30 Apr Coordination failures 426-438 C11: S15-18

40 2 May Reality watch: Discussion of current economic news (theme TBA)

41 5 May Review Session

16 May Final exam All of the above Monteith 213, 8-10 am

Grades...

There will be two "mid-terms" and a final exam. Each will last a full class. I will also sprinkle a certain number of quizzes here and there, both to entice you to work without delay and to allow me to check we are on the right track. The formula will be:

25% mid-term 1
25% mid-term 2
25% final exam
15% quizzes (five best of six)
10% data project

Yes, there will be a data project... More later.

A word about grades. When I grade, the average is usually around 60%. This allows me to reward better those who do well. Do not be too alarmed when you get a grade that is lower than those you get in other classes. But if it is really low, you should do something about it...

There are past exams available on the Fall 2002 page. If I encourage you to do particular exercices, keep in mind that I may ask similar questions.

Mailing list

Students registered for this class receive regular emails with various updates about the material covered and about grading. Be sure to give me a valid email address that you regularly use.

Supplementary material and links

Classified by chapter, not necessarily by the order we cover the topics in class.

1. Introduction
2. Measurement: Gross Domestic Product, Prices, Savings, and Wealth.: Data sources
Statistical offices around the world.
The Boskin Report
3. Measurement: Business Cycles.: The Hodrick-Prescott filter, various codes for various softwares.
The article that first used the Hodrick-Prescott filter. Published two decades after its writing...
US business cycle dates, as determined by the NBER.
An article on stylized facts for US business cycles.
A working paper with stylized facts for many countries.
An article on the robustness of business cycles facts through time, in particular the comovement between output and prices.
4. Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization.
5. A Closed-Economy One-Period Macroeconomic Model.
6. A Two-Period Model: The Consumption-Savings Decision and Ricardian Equivalence.
7. Investment and the Determination of Aggregate Output, the Real Interest Rate, and Employment.
8. Economic Growth.: Economic Growth Resources
Malthus' Essay on the Principle of Population.
The Penn World Tables.
An interactive tutorial for the Solow growth model (bad link, try this)
Robert Solow
Simon Kuznets
Paul Romer
9. A Model of a Monetary Economy: Money Neutrality, Long-Run Inflation, and Money Demand.
Milton Friedman
10. Keynesian Business Cycle Theory: The Sticky Wage Model.
11. Market-Clearing Models of the Business Cycle.: The QM&RBC home page, with lots of material on RBC theory.
The article that started RBC theory.
A critisism of RBC theory by Gregory Mankiw.
A response by Charles Plosser
A criticism of the representative agent construct.
A response by Charles Plosser.
Finn Kydland
Edward Prescott
12. Trade in Goods and Assets.
13. Money in the Open Economy.
14. Money, Banking, and Central Banking.: Central banks around the world.
15. Unemployment: Search and Efficiency Wages.
16. Inflation, the Phillips Curve, and Central Bank Commitment.

To contact me: Phone: 6-3272, Email: christian.zimmermann@uconn.edu

	Date	Topic	Textbook Pages	Recommended Exercices
1	22 Jan	Course Introduction
2	24 Jan	Macroeconomic measurement I	39-45	C2: S1-6, G1
3	27 Jan	Macroeconomic measurement II	45-63	C2: S8-9, S12, G2
4	29 Jan	Dealing with business cycle data I	65-75, notes 1-11
5	31 Jan	Dealing with business cycle data II	65-75, notes 1-11
6	3 Feb	Business cycle facts I	75-83, notes 12-21	C3: S1-3
7	5 Feb	Business cycle facts II	75-83, notes 12-21
8	7 Feb	Quiz 1, Business cycles facts III, Data problem handed out	notes 12-21
9	10 Feb	Household decisions I	89-103	C4: S1-2, G1-2, G6
10	12 Feb	Household decisions II	103-112	C4: S3, G3-4
11	14 Feb	Firm decisions	113-126	C4: S5, G5
	17 Feb (Canceled)
12	19 Feb	Quiz 2, A first macroeconomic model: statics I	131-134
13	21 Feb	Data problem due, A first macroeconomic model: statics II	134-149	C5: S2-5, S7, S10-12, G3
14	24 Feb	Review session
15	26 Feb	Mid-term I	Material: all until page 146
16	28 Feb	Bringing some dynamics: consumption and savings I	165-173	C6: S1-2, G1
17	3 Mar	Bringing some dynamics: consumption and savings II	173-192	C6: S4-6, G3
18	5 Mar	Bringing some dynamics: Ricardian equivalence I	192-196	C6: S8-9, G4
19	7 Mar	Quiz III, Bringing some dynamics: Ricardian Equivalence II	196-204
20	10 Mar	Bringing some dynamics: investment and investment I	215-227
21	12 Mar	Bringing some dynamics: investment and investment II, market equilibrium I	228-243	C7: S1-4, G1
22	14 Mar	Quiz IV, Bringing some dynamics: market equilibrium II	243-249
23	24 Mar	Bringing some dynamics: policy	249-259	C7: S7-9, G2
24	26 Mar	Growth: introduction, the Maltusian model	notes 1-8
25	28 Mar	Growth: modern stylized facts	notes 8-12
26	31 Mar	Growth: Growth accounting, the Solow model	265-280
27	2 Apr	Review session
28	4 Apr	Mid-term II	pages 147-280
29	7 Apr	Growth: Solow revisited	280-283	C8: S3-7
30	9 Apr	Growth: Golden Rules	283-297	C8: G1-2
31	11 Apr	Engogenous growth: a survey	297-309	C9: S9-10
32	14 Apr	Money: what it is I	317-319, 513-517	C9: S1, C14: S1-4
33	16 Apr	Quiz V, Money: what it is II	517-520, 321-323
34	18 Apr	Money: what it does I	323-330	C9: G1, S2-3
35	21 Apr	Money: what it does II	330-339	C9: S4
36	23 Apr	Money: what it does III	339-347	C9: S5-6
37	25 Apr	Quiz VI, Money: what it does IV	347-363	C9: S7-8
38	28 Apr	Money surprises, Instructor Evaluation	411-417	C11: S5-9
39	30 Apr	Coordination failures	426-438	C11: S15-18
40	2 May	Reality watch: Discussion of current economic news (theme TBA)
41	5 May	Review Session
	16 May	Final exam	All of the above	Monteith 213, 8-10 am