Universität Wien FIND

040039 UK Applied Macroeconomics (BA) (2019W)

Track in Macroeconomic Policy

8.00 ECTS (4.00 SWS), SPL 4 - Wirtschaftswissenschaften
Continuous assessment of course work

Registration/Deregistration

Details

max. 50 participants
Language: English

Lecturers

Classes (iCal) - next class is marked with N

Monday 07.10. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 08.10. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 14.10. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 15.10. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 21.10. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 22.10. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 28.10. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 29.10. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 04.11. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 05.11. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 11.11. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 12.11. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 18.11. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 19.11. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 25.11. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 26.11. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 02.12. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 03.12. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 09.12. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 10.12. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 17.12. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 07.01. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 13.01. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 14.01. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 20.01. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 21.01. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
Monday 27.01. 09:45 - 11:15 Hörsaal 7 Oskar-Morgenstern-Platz 1 1.Stock
Tuesday 28.01. 11:30 - 13:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock

Information

Aims, contents and method of the course

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 parts. In Part I, we lay the groundwork and study the most common econometric time-series methods macroeconomists use today. In Part II, 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.

Assessment and permitted materials

One in-class quiz, two problem sets (each accounts for 20% of the final grade) and a final exam (accounts for 40% of the final grade).

The minimal requirement for a positive course grade is to achieve 50%.

Minimum requirements and assessment criteria

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

Examination topics

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

Reading list

Part I: Lecture slides
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), 1–48

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

Association in the course directory

Last modified: Tu 01.10.2019 10:47