Semester | Mand. | Option | Filières |
x |
Lecture | 28 |
Exercises | 14 |
Study plan | Semester | Mand. | Option | Filières |
EDMT - Management of Technology 2019-20 | x |
Cursus | Sem. | Type |
---|---|---|
Management of technology | Obl. |
The
course will focus on six model economies and you will learn how to write these models in
recursive form, characterize the equilibrium and compute it. The course is structured in six
lectures (morning), each followed by an exercise sessions (afternoon) where you will learn
numerical methods to solve for the equilibrium of the model presented in the lecture. We will
use Matlab as our main programming language.
The course has no prerequisites and most concepts will be introduced during the course.
Nevertheless, prior knowledge of economics will be useful.
Lectures will take place on Wednesday, 9:15 to 12:00 in ODY -10019.1; exercises will take
place after lectures, 13:15 to 16:00 in the same room. Lunch will be provided between lecture
and exercise session. Students will have to bring their own laptop (with a recent version of
Matlab including the symbolic toolbox) to exercise sessions. Exercise time will focus on
working on the problem sets, doing exercises and going over some class material. Teaching
assistants will not solve problem sets for students but help them.
This is a 4-credit course over 6 weeks, which is equivalent to 9.5 hours of work per week
(including class and exercise time). You should not expect to complete your assignment
during exercise time.
Problem sets 100%
Problem sets will be given out after the lecture on Wednesday and need to be returned to the instructors at the beginning of class the following Wednesday. The solution to the problem set will be posted on the class web page after class. Late problem sets are not accepted. Students are expected to work independently on their problem sets, unless otherwise stated. Copied problem sets will receive a score of zero. Every student should turn in her/his problem set.
The course will rely on journal articles and lectures notes. You can find a list of relevant reading material below. Lectures, problem sets, solutions to problem sets and additional material will all be posted on the course web page.
Heathcote, Jonathan and Fabrizio Perri, "Financial Autarky and International Business Cycles", Journal of Monetary Economics, 2002. Heathcote, Jonathan and Fabrizio Perri, "Assessing International Efficiency", Handbook of International Economics, 2013.
Stockman, Alan C. and Linda L. Tesar, “Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Co-Movements”, American Economic Review, 1995.
Mark Gertler and Nobuhiro Kiyotaki, “Financial intermediation and credit policy in business cycle analysis”, Handbook of Monetary Economics, 2010.
Galo Nuño and Carlos Thomas, “Bank leverage cycles”, American Economic Journal: Macroeconomics, 9(2):32–72, 2017.
Tobias Adrian and Hyun Shin, “Procyclical leverage and value-at-risk”, Review of Financial Studies, 27(2):373–403, 2014.
Ignazio Angeloni and Ester Faia. “Capital regulation and monetary policy with fragile banks”, Journal of Monetary Economics, 60(3):311–324, 2013.
Gali, Jordi, “Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework”, 2nd ed, Princeton University Press (2015)
Erceg, Christopher J., Dale W. Henderson, and Andrew T. Levin, “Optimal Monetary Policy with Staggered Wage and Price Contracts”, Journal of Monetary Economics, 2000.
House, Christopher L., Christian Proebsting, and Linda L. Tesar, “Austerity in the Aftermath of the Great Recession”, NBER Working Paper, 2017.
Gali, Jordi, “Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework”, 2nd ed, Princeton University Press (2015)
Barsky, Robert, Christofer House, and Miles Kimball, “Sticky-Price Models and Durable Goods," American Economic Review, 2007, 97 (3), 984-98.
Erceg, Christopher and Andrew Levin, “Optimal Monetary Policy with Durable Consumption Goods," Journal of Monetary Economics, 2006, 53 (7), 1341-59.
Monacelli, Tommaso, “New Keynesian Models, Durable Goods, and Collateral Constraints," Journal of Monetary Economics, 2009, 56 (2), 242-54.
Iacoviello, Matteo and Stefano Neri, “Housing Market Spillovers: Evidence from an Estimated DSGE Model," American Economic Journal: Macroeconomics, 2010, 2 (2), 125-64.
Forlati, Chiara and Luisa Lambertini, “Risky Mortgages in a DSGE Model,” International Journal of Central Banking, Vol. 7, No. 1, March 2011, 285-335
Guerrieri, L. and M. Iacoviello, 2015, “Occbin: A Toolkit for Solving Dynamic Models with Occasionally Binding Constraints Easily”, Journal of Monetary Economics 70, 22-38.
Holden, Tom D., 2016, Computation of solutions to Dynamic Models with Occasionally Binding Constraints, available at http://www.tholden.org/papers/
obligatoire
obligatoire
Cours
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