Universität Wien
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040039 UK Applied Macroeconomics (BA) (2022W)

8.00 ECTS (4.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung
VOR-ORT

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Details

max. 50 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine (iCal) - nächster Termin ist mit N markiert

Montag 03.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 05.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 10.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 12.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 17.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 19.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 24.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 31.10. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 07.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 09.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 14.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 16.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 21.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 23.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 28.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 30.11. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 05.12. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 07.12. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 12.12. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 14.12. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 09.01. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 11.01. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 16.01. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 18.01. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 23.01. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Mittwoch 25.01. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß
Montag 30.01. 13:15 - 14:45 Hörsaal 5 Oskar-Morgenstern-Platz 1 Erdgeschoß

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

To what extent can monetary and fiscal policy stabilize economic activity? How does the economy evolve in the aftermath of a financial market disruption? What is the effect of an increase in uncertainty on macroeconomic variables?

In this course, we learn how macroeconomists address such questions empirically. The class has two components. First, we lay the groundwork and study the most common econometric time-series methods macroeconomists use today. Second, we apply these methods and study contemporaneous macroeconomic questions and phenomena. We also contrast the empirical findings with the theories you learned over the course of your degree.

Art der Leistungskontrolle und erlaubte Hilfsmittel

Two problem sets (each accounts for 1/3 of the final grade) and a final exam (accounts for 1/3 of the final grade).

The minimal requirement for a positive course grade is to achieve half of all possible points.

Mindestanforderungen und Beurteilungsmaßstab

- Good knowledge of basic econometrics (Introductory Econometrics)
- Basic knowledge of macroeconomics

Prüfungsstoff

- Time-series econometric methods (autoregressive models & moving average models)
- Structural identification strategies used by macroeconomists
- Understanding and interpretation of empirical findings

Literatur

Lecture slides

Background reading: Hamilton (1994). Time Series Analysis, Princeton University Press.
Ramey (2016). Macroeconomic Shocks and Their Propagation, Handbook of Macroeconomics, Elsevier.

Further material (if interested, not required!!)

Methodology:

Jorda (2005). Estimation and Inference of Impulse Responses by Local Projections. The American Economic Review, 95(1):161–182.

Sims, C. (1980). Macroeconomics and Reality, Econometrica 48(1), 1–48

Fiscal Policy: Government Spending

Auerbach, A. J. and Gorodnichenko, Y. (2012b). Measuring the output responses to fiscal policy. American Economic Journal: Economic Policy, 4(2):1–27

Auerbach, A. J. and Gorodnichenko, Y. (2012a). Fiscal multipliers in recession and expansion. In Fiscal Policy after the Financial Crisis, pages 63–98. Uni- versity of Chicago press.
Barro, R. J. and Redlick, C. J. (2011). Macroeconomic effects from government purchases and taxes. The Quarterly Journal of Economics, 126(1):51–102.

Blanchard, O. and Perotti, R. (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on output. The Quarterly Journal of Economics, 117(4):1329–1368.

Ramey, V. A. (2011). Identifying government spending shocks: it’s all in the timing. The Quarterly Journal of Economics, 126(1):1–50.

Ramey, V. A. and Zubairy, S. (2016). Government spending multipliers in good times and in bad: evidence from US historical data. Journal of Political Econ-omy, forthcoming.

Mountford, A. & Uhlig, H. (2009). What are the effects of fiscal policy shocks?, Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol 24(6), pages 960-992.

Fiscal Policy: Tax Changes

Blanchard, O. and Perotti, R. (2002). An empirical characterization of the dy- namic effects of changes in government spending and taxes on output. The Quarterly Journal of Economics, 117(4):1329–1368.

Cloyne, J. (2013). Discretionary tax changes and the macroeconomy: new narrative evidence from the United Kingdom. The American Economic Review, 103(4):1507–1528.

Mertens, K. and Ravn, M. O. (2013). The dynamic effects of personal and corpo- rate income tax changes in the United States. The American Economic Review, 103(4):1212–1247.

Mertens, K. and Ravn, M. O. (2014). A reconciliation of SVAR and narrative estimates of tax multipliers. Journal of Monetary Economics, 68:S1–S19.

Perotti, R. (2012). The effects of tax shocks on output: not so large, but not small either. American Economic Journal: Economic Policy, 4(2):214–237.

Romer, C. D. and Romer, D. H. (2010). The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks. The American Economic Review, 100:763–801.

Mountford, A. & Uhlig, H. (2009). What are the effects of fiscal policy shocks?, Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol 24(6), pages 960-992.
Monetary Policy

Cloyne, J. and Huertgen, P. (2016). The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom. American Economic Journal: Macroeconomics, 8(4):75–102.

Giorgio E. Primiceri, 2005. Time-varying structural vector autoregressions and monetary policy. Oxford University Press, vol. 72(3), pages 821-852.

Romer, C., and D. Romer. (1994). A New Measure of Monetary Shocks: Derivation and Implications, American Economic Review 94 (4): 1055–84, 2004

Tenreyro, S. and G. Thwaites. (2016). Pushing on a String: US Monetary Policy Is Less Powerful in Recessions, American Economic Journal: Macroeconomics, 8(4): 43-74

Uhlig, H. What are the effects of monetary policy on output? Results from an agnostic identification procedure, Journal of Monetary Economics, vol. 52(2), pages 381-419, March 2005

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 10.10.2022 09:48