授業科目の内容
In the first part of the course, we learn the basic dynamic stochastic general equilibrium (DSGE) models under the complete market, or with the representative agent, in other words. We will learn how to derive the model as well as how to obtain the solutions of the rational expectations equilibrium.
We then further discuss both positive and normative analyses using the DSGE models: how the basic model has been developed in order to better explain the data; how such models are used for the optimal policy analysis.
In the second part, we depart from the representative agent assumption and the complete market model and investigate models with heterogeneous agents in incomplete markets. We will learn the skills to solve workhorse models in quantitative macroeconomics with incomplete markets and discuss various topics and papers that use micro-founded dynamic models with heterogeneous agents.
We will study selected papers carefully and in depth, reviewing the model, equilibrium definition and conditions, calibration and computational methods in each of the papers. There will be computational assignments based on the papers we read. We will also read more papers at a faster pace from various topics, based on the interest of the students, that are broad extensions of a Bewley model, such as inequality in income and wealth, life-cycle pattern of consumption, saving and labor supply, fiscal policy and optimal taxation, health and medical expenditures, aging demographics, retirement and social security.
テキスト（教科書）
特に指定しない。
参考書
- Adda, Jerome, and Russell Cooper, Dynamic Economics, MIT Press, 2003.
- Cooley, Thomas, Frontiers in Business Cycle Research, Princeton University Press, 1996.
- Gali, Jordi, Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, 2008.
- Herr, Burkhard, and Alfred Mausner, Dynamic General Equilibrium Modeling: Computational Methods and Applications, Springer, 2009.
- Judd, Kenneth, Numerical Methods in Economics, MIT Press, 1998.
- Ljungqvist, Lars, and Thomas J. Sargent, Recursive Macroeconomic Theory, 3rd edition, MIT Press, 2012.
- Marimon, Ramon, and Andrew Scott, Computational Methods for the Study of Dynamic Economics, Oxford University Press, 1998.
- Pissarides, Christopher, Equilibrium Unemployment, MIT Press, 2000.
- Stachurski, John, Economic Dynamics: Theory and Computation, MIT Press, 2009.
- Stokey, Nancy, Robert Lucas and Edward Prescott, Recursive Methods in Economic Dynamics, Harvard University Press, 1989.
- Walsh, Carl, Monetary Theory and Policy, 3rd edition, MIT Press, 2010.
- Woodford, Michael, Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press, 2003.
