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urn:uuid:87ba80cb-eebd-4576-a8c4-a82a1b5bf19a 03 15 9781909890701 00 EB E101 10 01 01 Advanced Macroeconomics An Easy Guide 1 A01 Filipe Campante Filipe Campante is Bloomberg Distinguished Associate Professor of International Economics at Johns Hopkins University and a Research Associate at the National Bureau of Economic Research (NBER). His work focuses on political economy and economic development, and has been published in leading academic journals such as the American Economic Review and the Quarterly Journal of Economics. He was previously Associate Professor of Public Policy at the Harvard Kennedy School, where he taught macroeconomics for many years. Born and raised in Rio de Janeiro, Brazil, he holds a Ph.D. in Economics from Harvard University. 2 A01 Federico Sturzenegger Federico Sturzenegger is Full Professor at Universidad de San Andrés, Visiting Professor at Harvard’s Kennedy School, and Honoris Causa Professor at HEC, Paris. His work focuses on macroeconomics and international finance and has been published in leading academic journals such as the American Economic Review and the Journal of Economic Literature. He was previously President of Banco Ciudad, a representative in Argentina’s National Congress, and served as Governor of the Central Bank of Argentina. Born and raised in Argentina, he holds a Ph.D. in Economics from MIT. 3 A01 Andrés Velasco Andrés Velasco is Professor of Public Policy and Dean of the School of Public Policy at the London School of Economics. He is also a Research Fellow of CEPR and an Associate Fellow at Chatham House, the Royal Institute of International Affairs. Earlier he held professorial roles at the Harvard Kennedy School, Columbia University and New York University. He served as the Minister of Finance of Chile between 2006 and 2010. In 2017-18 he was a member of the G20 Eminent Persons Group on Global Financial Governance. He holds a B.A. and an M.A. from Yale University and a Ph.D. in economics from Columbia University 01 eng 00 418 03 10 BUS039000 23 Economic Policy 12 K 23 Macroeconomic Policy Discussions 23 Economic Theory 23 Fiscal and Monetary Policy 12 KCA 23 Business Cycles 23 Economics 12 KCB 23 Economic Fluctuations 23 Economics 23 Economic Growth 23 Macroeconomics 23 Advanced macroeconomics 01 06 03 00 Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike. 04 00 1. Introduction 2. Growth theory preliminaries 3. The neoclassical growth model 4. An application: The small open economy 5. Endogenous growth models I: Escaping diminishing returns 6. Endogenous growth models II: Technological change 7. Proximate and fundamental causes of growth 8. Overlapping generations models 9. An application: Pension systems and transitions 10. Unified growth theory 11. Consumption 12. Consumption under uncertainty and macro finance 13. Investment 14. Real business cycles 15. (New) Keynesian theories of fluctuations: A primer 16. Unemployment 17. Fiscal policy I: Public debt and the effectiveness of fiscal policy 18. Fiscal policy II: The long-run determinants of fiscal policy 19. Monetary policy: An introduction 20. Rules vs Discretion 21. Recent debates in monetary policy 22. New developments in monetary and fiscal policy 23. Appendix A: Very brief mathematical appendix 24. Appendix B: Simulating an RBC model 25. Appendix C: Simulating a DSGE model LSE Press 01 LSE Press 04 01 20211011 02 WORLD 06 15 9781909890688 06 15 9781909890695 06 15 9781909890701 06 15 9781909890718 WORLD 09 LSE Press 20 01