Welcome to the homepage for ECON 332, Intermediate Macroeconomic Theory. Below you will find links to all class lectures, as well as some relevant videos and information I’ve created or pulled together from the Internet. If you have anything you think would be worth adding, please let me know. You can find me in my office on: Monday 9am-10am; Monday 1:35pm-2:20pm; Wednesday 1:35pm-2:30pm; Wednesday 3:30-5:05; Friday 1:35pm-2:20pm. Please try to make an appointment before coming by.
Note on textbook: This semester we are using Charles I. Jones, Macroeconomics, 3rd edition textbook. There are several ways to purchase this textbook.
Hardcover ISBN: 978-0-393-60376-7, $144.75 to rent, or $193 to buy at the bookstore
EBook – purchase ISBN: 978-0-393-61539-5.
Looseleaf ISBN: 978-0-393-61534-0 $124.25 from Norton; $135.25 in bookstore. You can also get this book on Amazon.
Frequently Asked Questions and Answers:
- When is my midterm/assignment due? Look at the calendar.
- When is my final exam? Search Google for “JMU Final Exam Schedule,” or if you have trouble with that website, just click here or here for Fall 2017 schedule.
- Where is the final exam? In our regular classroom.
- Where do I find PowerPoint slides? Here. Scroll down.
- When are office hours? Look in the syllabus ↵, or move your gaze up a couple of inches.
Material for each lecture and section of the course is linked below.
Lecture 1: Introduction and Preliminary
- Readings are chapters 1 and 2 from the Jones textbook.
Lecture 2: Long-Run Growth and an Introduction to Solow Model
- Readings are chapters 3 and 4 from the Jones textbook.
Lecture 3: Solow Model and Growth
Growth Readings – Why Growth Matters? [Listed in order of priority]
- Sachs – End of Poverty (excerpts) Ch. 2, Ch. 3, & Ch. 4
- Easterly – White Man’s Burden (excerpts) Ch 1 & 2
Articles for the course are required reading, and are provided on Canvas. When reading these articles, your job is to get the general point, and be able to say something thoughtful about how the material relates to our in class discussions and textbook reading. The point is not to ‘rederive’ the models or ‘summarize’ the work, but it is more about interpretation and thinking critically about the works and how they relate to one another.
- Olson – Big Bills Left on the Sidewalk
- Mankiw, Romer, and Weil – A Contribution to the Empirics of Economic Growth
- Comin, Easterly, and Gong – Was the Wealth of Nations Determined in 1000 B.C.?
- Galor and Weil – Population Technology and Growth
- Jones – Was the Industrial Revolution Inevitable?
Lecture 4: Inflation
- Leamer – Chapter 5 on Inflation
- Money Multiplier Myth
- Ball and Romer – Real Rigidities and the Non-Neutrality of Money.
Lecture 5: The Short Run
- Carlin & Soskice – Three Equation New Keynesian Model
Lecture 6: IS and Consumption
Lecture 7: MP and Inflation (Phillips)
Lecture 8: AD/AS Model (Based on IS-MP)
- Jones – Pareto and Piketty
- Piketty – Reflections on Capital in the 21st Century
- Kindleberger – Chapter 2 of Manias, Panics, and Crashes
- Mian and Sufi – House Prices
Lecture 9: DSGE, AD/AS Model (Based on IS-LM) and Government
- Smets and Wouters – Bayesian DSGE (At the very least, read this until you are completely lost… then read the conclusion.)
- IS-LM (Chapters from Mankiw’s textbook Part I and Part II)
- Lucas – Nobel Lecture: This discusses the fundamental shift caused from his earlier research.
General: Readings and Videos
- Ray Dalio – How the Economic Machine Works – 30 minute video.
- Dalio and Summers discussing Dalio’s theories.
- Cassidy on Reinhart and Rogoff – “A Summing Up“.