390026 SE PhD-VGSE: Macroeconomics with Household Heterogeneity (2014S)
Continuous assessment of course work
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This course will be held by Dirk Krüger (University of Pennsylvania), 11.6. - 20.6.2014
Room 3.307, 3rd Floor, VGSE, Oskar-Morgenstern-Platz 1, 1090 ViennaPlease contact Maarten Janssen (maarten.janssen@univie.ac.at) to register for this course. To attend this course you should have the required background knowledge, be ambitious in progressing with your research, and participate actively in class.
Room 3.307, 3rd Floor, VGSE, Oskar-Morgenstern-Platz 1, 1090 ViennaPlease contact Maarten Janssen (maarten.janssen@univie.ac.at) to register for this course. To attend this course you should have the required background knowledge, be ambitious in progressing with your research, and participate actively in class.
Registration/Deregistration
Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).
- Registration is open from Mo 17.02.2014 09:00 to Tu 25.02.2014 16:00
- Deregistration possible until Fr 14.03.2014 23:59
Details
max. 24 participants
Language: English
Lecturers
Classes
Wednesday, June 11, 15.00 - 17.30 h
Thursday, June 12, 10.00 - 12.00 h
Thursday, June 12, 13.30 - 15.00 h
Friday, June 13, 10.00 - 12.00 h
Friday, June 13, 13.30 - 15.00 h
Saturday, June 14, 10.00 - 12.00 h
Saturday, June 14, 13.30 - 15.00 h
Monday, June 16, 10.00 - 12.00 h
Monday, June, 16, 13.30 - 15.00 h
Tuesday, June 17, 13.30 - 15.30 h
Wednesday, June 18, 10.00 - 12.00 h
Wednesday, June 18, 15.30 - 17.00 h
Information
Aims, contents and method of the course
Assessment and permitted materials
Minimum requirements and assessment criteria
I want to prepare you to write your
rst research paper and, eventually, a
dissertation in this area, which is overlaps the elds of macroeconomics, labor
economics and applied microeconomics. After having taken this course you will
know how to write down dynamic consumption models, solve them (numerically,
if required) in general equilibrium, map these models to the data and use them
for applied policy question. I also hope expose you to open research questions
in this area so that you, if you wish, can apply the techniques acquired and
the substance studied in this course to start your own research agenda. Most
importantly, we want to have fun with this course!!!
dissertation in this area, which is overlaps the elds of macroeconomics, labor
economics and applied microeconomics. After having taken this course you will
know how to write down dynamic consumption models, solve them (numerically,
if required) in general equilibrium, map these models to the data and use them
for applied policy question. I also hope expose you to open research questions
in this area so that you, if you wish, can apply the techniques acquired and
the substance studied in this course to start your own research agenda. Most
importantly, we want to have fun with this course!!!
Examination topics
Tentative Outline of the CourseLecture 1 Motivation and Data Chapter 1-2
Lecture 2 Standard Complete Markets: Allocation and Asset Prices Chapter 3.1
Lecture 3 Standard Complete Markets: Empirical Tests Chapter 3.2-3
Lecture 4 Standard Incomplete Markets (SIM) in PE: Certainty Equivalence & PIH Chapter 4.1-2
Lecture 5 SIM in PE: Precautionary Saving I: Prudence & Liquidity Constraints Chapter 4.3-4
Lecture 6 SIM in PE: Precautionary Saving II: Theory, Computation,Implications Chapter 4.5-7
Lecture 7 SIM in GE: Stationary Equilibrium Chapter 6.1
Lecture 8 SIM in GE: Applications to Bankruptcy/Foreclosure Chapter 6.2
Lecture 9 SIM in GE: Transition Paths Chapter 6.3
Lecture 10 SIM in GE: Transition Paths: Applications to Public Finance Chapter 6.3
Lecture 11 SIM in GE: Aggregate Shocks Chapter 6.4
Lecture 12 SIM in GE: Aggregate Shocks: Applications to Crises Chapter 6.4
Lecture 13 Limited Commitment Models: Idea and an Example Chapter 7.1-5
Lecture 14 Limited Commitment Models: Stationary Equilibrium Chapter 7.6
Lecture 2 Standard Complete Markets: Allocation and Asset Prices Chapter 3.1
Lecture 3 Standard Complete Markets: Empirical Tests Chapter 3.2-3
Lecture 4 Standard Incomplete Markets (SIM) in PE: Certainty Equivalence & PIH Chapter 4.1-2
Lecture 5 SIM in PE: Precautionary Saving I: Prudence & Liquidity Constraints Chapter 4.3-4
Lecture 6 SIM in PE: Precautionary Saving II: Theory, Computation,Implications Chapter 4.5-7
Lecture 7 SIM in GE: Stationary Equilibrium Chapter 6.1
Lecture 8 SIM in GE: Applications to Bankruptcy/Foreclosure Chapter 6.2
Lecture 9 SIM in GE: Transition Paths Chapter 6.3
Lecture 10 SIM in GE: Transition Paths: Applications to Public Finance Chapter 6.3
Lecture 11 SIM in GE: Aggregate Shocks Chapter 6.4
Lecture 12 SIM in GE: Aggregate Shocks: Applications to Crises Chapter 6.4
Lecture 13 Limited Commitment Models: Idea and an Example Chapter 7.1-5
Lecture 14 Limited Commitment Models: Stationary Equilibrium Chapter 7.6
Reading list
I will mainly rely on my lecture notes and original articles.
Please refer to the table of contents for the articles we plan to cover in
detail, and to the bibliography of the lecture notes for further referencesSuggested Background Reading:
1. Angus Deaton Understanding ConsumptionOxford University Press, 1992
2. Orazio Attanasio Consumption, in Handbook of Macroeconomics, Vol. 3B, Elsevier, 1999.
3. J. Heathcote, K. Storesletten and G. Violante (2009), Quantitative Macroeconomics with Heterogeneous Households,Annual Review of Economics, 1, 319-354.
4. F. Guvenen (2012), Macroeconomics with Heterogeneity: A Practical Guide,Federal Reserve Bank of Richmond Economic Quarterly.
Please refer to the table of contents for the articles we plan to cover in
detail, and to the bibliography of the lecture notes for further referencesSuggested Background Reading:
1. Angus Deaton Understanding ConsumptionOxford University Press, 1992
2. Orazio Attanasio Consumption, in Handbook of Macroeconomics, Vol. 3B, Elsevier, 1999.
3. J. Heathcote, K. Storesletten and G. Violante (2009), Quantitative Macroeconomics with Heterogeneous Households,Annual Review of Economics, 1, 319-354.
4. F. Guvenen (2012), Macroeconomics with Heterogeneity: A Practical Guide,Federal Reserve Bank of Richmond Economic Quarterly.
Association in the course directory
Last modified: Mo 07.09.2020 15:46
It rst covers basic models of a single households intertemporal consumption
(and labor supply) allocation decision under various assumptions about the life
horizon and labor income process of the household as well as the capital market structure. However, this year I will mainly focus on general equilibrium versions
of these models as well as their applications to public nance and household
nance. For details see the attached table of contents for the course.