ECON 220A
MONETARY ECONOMICS
Fall 2011
ECON 220A
Syllabus
Handbook of Monetary Economics, Volume 3, Pages 3-1520, I1-I77 (2010)
Kiyotaki-Moore, Clarendon Lecture 1
Kiyotaki-Moore, Clarendon Lecture 2
Kocherlakota, Money is Memory.
Adam Smith (1776) "Of the Origin and Use of Money," Book I, Ch. IV, in An
Inquiry Into the Nature and Causes of The Wealth of Nations
Karl Menger (1892) "On the Origin of Money," Economic Journal 2, 239-255.
Slides 1
Money-in-the-Utility function (Walsh, Monetary Theory and Policy)
Cash-in-Advance constraint (Walsh, Monetary Theory and Policy)
Search Models (Rupert et al., The search-theoretic approach to monetary economics: a primer)
Monetary models without money (Cashless Economy) (Woodford, Interest and Prices)
How important is money in the conduct of monetary policy?, Woodford, JMCB
Christiano, Eichenbaum, and Evans (1999). Monetary Policy Shocks: What Have We Learned, and To What End
McCandless and Weber (1995). Some Monetary Facts
Sims and Zha (1999). What Does Monetary Policy Do?, BPEA
Bernanke, Boivin, and Eliasz (2005) Measuring Monetary Policy: A Factor Augmented Vector Autoregressive (FAVAR) Approach, QJE
Bernanke, Ben S., and Ilian Mihov (1998), "Measuring Monetary Policy," QJE 113, 869-902.
Romer D. and Romer C. (2004), "A New Measure of Monetary Shocks: Derivation and Implications," AER.
Olivei and Tenreyro (2007) The Timing of Monetary Policy Shocks, AER
Cochrane (1998), What do the VARs mean? Measuring the output effects of monetary policy, JME
Slides 2
Woodford, Interest and Prices, 2003. Chapters 2-5.
Walsh, Monetary Theory and Policy. Chapter 5
Gali', Monetary Policy, Inflation, and the Business Cycle.
Clarida, Gali, and Gertler, (1999). The Science of Monetary Policy: a New Keynesian Perspective, Journal of Economic Literature.
Goodfriend and King, (1997). The New Neoclassical Synthesis and the Role of Monetary Policy, NBER Macroeconomics Annual.
McCallum and Nelson, (1999). An Optimizing IS-LM Specification for Monetary Policy and Business Cycles Analysis, JMCB.
King, (2000). The New IS-LM Model: Language, Logic, and Limits , Economic Quarterly, FRB Richmond.
Gali and Gertler, (2007). Macroeconomic Modeling for Monetary Policy Evaluation , JEP.
Woodford, (1998). Doing without Money: Controlling Inflation in a Post-Monetary World , RED.
Slides 3
Clarida, Gali, and Gertler, (1999). The Science of Monetary Policy: a New Keynesian Perspective, Journal of Economic Literature.
Benigno and Woodford, (2007). Linear-Quadratic Approximation of Optimal Policy Problems .
Woodford, (2002). Inflation Stabilization and Welfare .
Giannoni and Woodford, (2002). Optimal Interest-Rate Rules: I. General Theory.
Giannoni and Woodford, (2002). Optimal Interest-Rate Rules: II. Applications.
Woodford, Interest and Prices, 2003.
Walsh, Monetary Theory and Policy.
Gali', chapter 3.
Slides 4
Bils and Klenow, (2004). Some Evidence on the Importance of Sticky Prices, JPE
Nakamura and Steinsson, (2007). Five Facts About Prices: A Reevaluation of Menu Cost Models
Eurosystem Inflation Persistence Network, (2005). Sticky prices in the euro area: a summary of new micro evidence
Blinder et al., (1998). Asking About Prices: A New Approach to Understanding Price Stickiness
Davis and Hamilton, (2004). Why Are Prices Sticky? The Dynamics of Wholesale Gasoline Prices, JMCB
Golosov and Lucas, (2007). Menu Costs and Phillips Curves, JPE
Midrigan, (2006). Menu Costs, Multi-Product Firms and Aggregate Fluctuations
Eichenbaum et al., (2009). Reference Prices and Nominal Rigidities
Gagnon, (2009). Price Setting during Low and High Inflation: Evidence from Mexico, QJE
Slides 5
Smets and Wouters, (2003). An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, JEEA
Smets and Wouters, (2005). Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE Approach, JAE
Schorfheide, (2000). Loss Function-based Evaluation of DSGE Models, JAE
Christiano, Eichenbaum, and Evans (2005). Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, JPE
Giannoni and Woodford (2003). Optimal Inflation Targeting Rules
Rabanal and Rubio-Ramirez (2005). Comparing New Keynesian Models of the Business Cycle : A Bayesian approach, JME
Fernandez-Villaverde and Rubio-Ramirez (2005). Estimating Dynamic Equilibrium Economies: Linear versus Nonlinear Likelihood, JAE
Justiniano and Primiceri (2005). The Time Varying Volatility of Macroeconomic Fluctuations
br> Fernandez-Villaverde, Rubio-Ramirez, and Santos (2006). Convergence Properties of the Likelihood of Computed Dynamic Models, Econometrica
Del Negro, Schorfheide, Smets, and Wouters, (2005). On the fit and forecasting performance of New-Keynesian models
Sims, (2000). Solving Linear Rational Expectations Models, Computational Economics.
An and Schorfheide, (2005). Bayesian Analysis of DSGE Models.
Gary Koop, Bayesian Econometrics
John Geweke, Contemporary Bayesian Econometrics and Statistics
Fabio Canova, Methods for Applied Macroeconomic Research
Schorfheide, Bayesian Methods for Macroeconometrics
Fernandez-Villaverde, Methods in Macroeconomic Dynamics
DeJong and Dave, Structural Macroeconometrics
Slides 6
Adaptive Learning in Macroeconomics
Evans and Honkapohja (1999). Learning Dynamics, Handbook Macro. Evans and Honkapohja (2001). Learning and Expectations in Macroeconomics. Carceles-Poveda and Giannitsarou (2004). Adaptive Learning in Practice, Toolbox Programs, Toolbox Manual. Evans and Honkapohja (2003). Adaptive Learning and Monetary Policy Design, JMCB. Evans and Honkapohja (2005). Monetary Policy, Expectations and Commitment, SJE. Bullard and Mitra (2002). Learning about monetary policy rules, JME. Preston (2005). Learning About Monetary Policy Rules When Long-Horizon Expectations Matter, IJCB. Evans (2001). Economics of Expectations. McCallum (1999). Role of the Minimal State Variable Criterion in Rational Expectations Models. Bullard (2006). The Learnability Criterion and Monetary Policy. Milani, Fabio (2007). Expectations, Learning and Macroeconomic Persistence Milani, Fabio (2011). Expectation Shocks and Learning as Drivers of the Business Cycle
Ireland (2003). Irrational Expectations and Econometric Practice, Comment.
Evans and Honkapohja, Learning as a Rational Foundation for Macroeconomics and Finance \
Evans and Honkapohja, Expectations, Learning and Monetary Policy: An Overview of Recent Research
Evans and Honkapohja, Learning and Macroeconomics
Marcet and Sargent, Convergence of least squares learning mechanisms in self-referential linear stochastic models
Preston, Learning About Monetary Policy Rules When Long-Horizon Expectations Matter
Orphanides and Williams, The decline of activist stabilization policy: Natural rate misperceptions, learning, and expectations
Huang, Liu, and Zha, Learning, Adaptive Expectations, and Technology Shocks
Eusepi and Preston, Expectations, Learning and Business Cycle Fluctuations
SARGENT, WILLIAMS, and ZHA, SHOCKS AND GOVERNMENT BELIEFS: THE RISE AND FALL OF AMERICAN INFLATION
Slides 7
Slides 8
Presentations