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Minicourse Macro and Micro, by Per Krussel and Kurt Mittman, October 24 – November 8th 2018 Swedish House of Finance

Micro to Macro Minicourse

Syllabus
Per Krusell & Kurt Mitman
Contacts: per.krusell@iies.su.se, kurt.mitman@iies.su.se

Location: ”Fama” Room at SHoF

Dates:

  • Oct 24 & 25 14.30-17.00
  • Oct 31 14.30-17.00, Nov 1 9.00-11.30
  • Nov 7 & 8 9.00-11.30

Aim of the course: Go over models and empirical analysis of macroeconomics and inequality.

Course plan: Here is a rough outline for the six lectures of the course:

  • Introduction, covering a key method: recursive competitive equilibrium. Different macroeconomic
    household structures: OG vs. dynastic vs. in-between, heterogeneity in one or
    more dimensions.
  • Wealth inequality: models with complete markets, and a discussion of facts surrounding
    the distribution of wealth, income and consumption.
  • Models with (exogenously) incomplete markets: equilibrium determination of wealth inequality.
    Discussion of models with endogenous default. Short discussion of frictions in
    the labor markets.
  • Aggregate uncertainty. Models and questions: Ricardian equivalence, the welfare costs of
    business cycles, asset pricing, portfolio choice, aggregate labor supply, and other applications.
  • Heterogeneity and macroeconomic policy: implications of heterogeneity for the transmission
    and efficacy of monetary and fiscal policy.
  • Computation of incomplete markets models: steady states, MIT shocks and aggregate
    uncertainty.

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