Business 33-040:  Macroeconomics

Erik Hurst

Winter 2012 Syllabus (Final)

Winter 2012 Reading List (Final)

NEW: MACRO ANALYSIS WORKSHEET

Macro Analysis Worksheet (with gridlines)

  How to Access Readings from Economist Online

*******************************************

Links to Readings Not From the Economist or BusinessWeek

Artilcle 1 "Size Does Matter:  In Defense of Macroeconomics" (by Krugman, published in Slate on 7/10/98)

Article 2 "Baby Sitting the Economy" (by Krugman, published in Slate on 8/14/98)

Article 4 "Diamond and Kashyap Primer"

Article 6: "What May Cause A Two-Track Recession" (Casey Mulligan's Blog)

Article 16 "How Did Economists Get it So Wrong" (by Krugman, published in NY Times Mag 9/2/09)

Article 17 "Cochrane's Response to Krugman"

Article 28 "Why Employers are Slow to Fill Jobs) (Bloomberg.com)

Article 44 "The Tax and Spending Compromise/The Tax Deal - A Second Stimulus?" (read both Becker and Posner's posts, 12/26/2010)

Article 45: "The New Vodoo" (Paul Krugman, 12/30/2010)

Article 46: "The Blur Betwen Spending and Taxes" (Greg Mankiw in New York Times, 2/20/2010)

Article 47 "Why the War Against Terror Will Boost the Economy" (by Robert Barro, BusinessWeek, 1/11/05)

Article 50 "Ugly Modeling" (by Veronique de Rugy, Reason, June 2011)

Article 51 "Government Spending is No Free Lunch" (by Robert Barro, WSJ, 1/22/2009)

Article 64 '2 Million 'Open Jobs'? Yes, Bust U.S. Has Skills Mismatch" (NPR, 1/15/2011)

Article 65 "What Happened to the Phillips Curve" (by DeLong, NY Times 3/9/2000)

Article 68 "Monetary Rules" (by Gramlich, Federal Reserve Speech, 2/27/98)

Article 69 "Central Bank Independence, Transparency, and Accountability" (by Bernake, Federal Reserve Speech, 5/25/10)

Article 73 "The Financial Crisis and the Bailout:  A Primer" (by Steve Kaplan)

Article 82 "As 'Junk' Bonds Fall, Some Blame Fed" (WSJ, 6/10/2011)

Article 90 "A Falling Dollar Will Mean a Faster U.S. Recovery" (Marty Feldstein, WSJ, 8/1/2011)

**********************************
Erik's Supplemental Course Notes
(These are printed in the course pack -
I list them here for those who didn't buy the course pack)

Notes 1:  Real versus Nominal Variables

Notes 2:  The Yield Curve

Notes 3:  The Aggregate Production Function

Notes 4:  Labor Markets and Unemployment

Notes 5:  Investment and Inventories

Notes 6:  Consumption Overview

Notes 7:  Consumption and Taxes

Notes Extra:   Transfers

Notes 8:  The Banking System, Money Supply and Money Demand

Notes 9:  Putting the Economy Together - the IS/LM Curves

Notes 10:  An Equation Based Model of the Macroeconomy

Notes 11:  Examples of Fiscal Policy - Government Spending and Taxes

Notes 12:  Monetary Neutrality

Notes 13:  Summary of G increasing with/with out Fed Intervention

Notes 14:  Examples in Action - the 1990 recession, the 1974 recession, and
the expansion of the late 1990s

Notes 15:  International Economics

* Those Outside the University of Chicago - Do not cite or reproduce any of the above notes
without permission from Professor Hurst

**********************************

**********************************
A History of Monetary Policy in Action
(these are real world policy discussions that we can understand
- usually I editorialize/comment within the article)

Greenspan Testimony: Feb. 2000 Testimony to Congress on Monetary Policy *

Greenspan Testimony: Feb 2001 Testimony to Congress on Monetary Policy

Greenspan Testimony on Fiscal Policy:  March 2001

Greenspan Testimony:  Feb. 2002 Testimony to Congress on Monetary Policy

Greenspan Testimony: Feb. 2003 Testimony to Congress on Monetary Policy *

 Greenspan Testimony: Feb. 2004 Testiminony to Congress on Monetary Policy

Greenspan Testimony:  Feb 2005 Testimony to Congress on Monetary Policy

Bernanke Testimony:  Feb 2006 Testimony to Congress on Monetary Policy *

Bernanke Testimony: Feb. 2007 Testimony to Congress on Monetary Policy *

Bernanke Testimony: July 2007 Testimony to Congress on Monetary Policy

Bernanke Testimony:  November 2007 Testimony to Joint Economic Committee of Congress   

Bernanke Testimony: February 2008 Testimony to Congress on Monetary Policy

Bernanke Testimony:  February 2009 Testimony to Congress on Monetary Policy *

Bernanke Testimony:  February 2010 Testimony to Congress on Monetary Policy

Bernanke Testimony:  July 2011 Testimony to Congress on Monetary Policy *

Bernanke Testimony:  February 2012 Testimony to Congress on Monetary Policy *

Fed Stated Policy Objectives: January 2012 *

**********************************