ISCTE-IUL > Education > DEc

Advanced Topics in Macroeconomics II (1 º Sem 2017/2018)

Code:	03107
Acronym:	03107
Level:	3rd Cycle
Basic:	No
Teaching Language(s):	English
Friendly languages:

Be English-friendly or any other language-friendly means that UC is taught in a language but can either of the following conditions:
1. There are support materials in English / other language;
2. There are exercises, tests and exams in English / other language;
3. There is a possibility to present written or oral work in English / other language.

Semester	ECTS Credits	Theoretical Lesson (T)	Theoretical and Pratical Lesson (TP)	Practical and laboratorial lesson (PL)	Seminary (S)	Field Work (TC)	Training Period (E)	Tutorial Orientation (OT)	Contact Hours	Autonomous Work	Others (O)	Total Load Hours [?]Contact Hours + Autonomous Work
1	6.0	0.0 h/sem	24.0 h/sem	0.0 h/sem	0.0 h/sem	0.0 h/sem	0.0 h/sem	1.0 h/sem	25.0 h/sem	125.0 h/sem	0.0 h/sem	150.0 h/sem


Since year	2017/2018
Pre-requisites	-
Objectives	This module aims to contribute for the advanced understanding of macroeconomic theory, more specifically in the monetary area.
Program	1. Computation1: Local methods (Linearization) 2. Computation2: Dynare 3. Computation 3: Global methods (Projection) 4. Monetary policy in the New Keynesian Model (NKM) 5. Fiscal Policy in the NKM 6. Empirical evidence on the relationship between money, inflation and output 7. NKM in closed and open economy 8. Monetary policy and financial markets 9. Financial frictions and the credit market 10. Unconventional monetary policy 11. Theory of endogenous money
Evaluation Method	The student's assessment uses the types of exams and evaluation dates in ISCTE's evaluation regulations. In the "1.ª Época", the student can choose between: - Continuous evaluation: individual assignments (50%), and final test ("frequência") (50%) - Final exam (100%) In the "2ª Época" the final exam is the only instrument of assessment. In order to participate in the continuous evaluation, the student needs to have a rate of attendance to classes equal or larger than 80%.
Teaching Method	The module uses the following teaching methods: - Lectures to present the theoretical frameworks. - Participative classes to solve exercises. - Active, related with individual assignment - Self-study related to the student's independent work, as set out in the planning of classes. - Tutorials, namely in the office hours.
Observations	-
Basic Bibliographic	Clarida, R., J. Gali and M. Gertler (1999). "The Science of Monetary Policy: A New Keynesian Perspective", Journal of Economic Literature, Vol. XXXVII, 1661--1707. Gali, Jordi. Monetary Policy, Inflation, and the Business Cycle, 2nd Edition, Princeton University Press, Princeton. Heer, B., and A. Maussner (2009). Dynamic General Equilibrium Modeling: Computational Methods and Applications, Springer, Berlin. Judd, K. L. (1998). Numerical Methods in Economics, 2nd Edition, MIT, Cambridge, Mass. Novales, A., E. Fernández, J. Ruiz, (2014). Economic Growth: Theory and Numerical Solution Methods, Springer, Berlin. Walsh, C. (2017), Monetary Theory and Policy, 4th edition, MIT Press. Wickens, M. (2008), "Macroeconomic Theory: A dynamic general equilibrium approach", Princeton University Press
Complementar Bibliographic	Blanchard, O., and C.M. Kahn. (1980). The solution of linear difference models under rational expectations. Econometrica 48(5): 1305--1311. Bernanke, B., Gertler, M. and Gilchrist, S. (1996), "The financial accelerator and the flight to quality", The Review of Economics and Statistics, Vol. LXXVIII (1), Feb. Boivin, J., Kiley, M., and Mishkin, F. F. (2011), "How has the monetary transmission mechanism evolved over time", in Friedman, B.M. and Woodford, M. (eds), Handbook of Monetary Economics, Volume 3A, Elsevier. European Central Bank (2004), The Monetary Policy of the ECB, ECB Fontana, G. (2003), Post Keynesian Approaches to Endogenous Money: a time framework explanation, Review of Political Economy, 15 (3), p. 291-14. Galí, J., Gertler, M. (1999), "Inflation dynamics: A structural econometric analysis", Journal of Monetary Economics, 44, pp. 195-222. Gertler, M. and Kiyotaki, N. (2011), "Chapter 12 - Financial intermediation and credit policy in business cycle analysis", in Friedman B.M. and Woodford, M. (Eds), Handbook of Monetary Economics, Vol. 3 Goodfriend, M. (2002), "Monetary policy in the New Neoclassical synthesis: A primer", International Finance, 5:2, pp. 165-191. Henry, S.G.B., Pagan, A.R. (2004), "The econometrics of the New Keynesian policy model: Introduction", Oxford Bulletin of Economic and Statistics, 66, Supplement. Jafee, D. and Stiglitz, J. (1990), "Credit Rationing", in Friedman, B.M. and Hahn, F. H. (eds.), Handbook of Monetary Economics, Elsevier. Miao, J. (2014). Economic Dynamics in Discrete Time, MIT Press, Cambridge, Mass. Miranda, M. and P. L. Fackler (2002). Applied Computational Economics and Finance, MIT, Cambridge, Mass. Mishkin, F. S. (2008), "Exchange rate pass-through and monetary policy", NBER Working Paper 13889, April. Romer, D. (2011), Advanced Macroeconomics, 4th edition, McGraw-Hill.