040039 UK Applied Macroeconomics (BA) (2018W)
- Registration is open from Mo 10.09.2018 09:00 to Th 20.09.2018 12:00
- Deregistration possible until Mo 15.10.2018 23:59
Classes (iCal) - next class is marked with N
Aims, contents and method of the course
Assessment and permitted materials
Minimum requirements and assessment criteria
- Basic knowledge of macroeconomics
- Structural identification strategies used by macroeconomists
- Understanding and interpretation of empirical findings
Background reading: Hamilton (1994). Time Series Analysis, Princeton University Press.Part II: Lecture slides
Background reading: 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), 1–48Fiscal Policy: Government SpendingAuerbach, A. J. and Gorodnichenko, Y. (2012b). Measuring the output responses to fiscal policy. American Economic Journal: Economic Policy, 4(2):1–27Auerbach, 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 ChangesBlanchard, 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 PolicyCloyne, 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, 2004Tenreyro, S. and G. Thwaites. (2016). Pushing on a String: US Monetary Policy Is Less Powerful in Recessions, American Economic Journal: Macroeconomics, 8(4): 43-74Uhlig, 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