PhD Macroeconomics

**FIVE CANONICAL MODELS**

Spring 2019

Time: Tuesdays, 2:00 - 4:00, Room 745

8 January | The Classical Optimal Growth Model calculus of variations, phase diagrams, analytical solution of pairs of linear first-order difference equations |
Lecture 1 | |

15 January |
Two Representative Agent Models with Money in the Utility Function |
Lecture 2 | |

22 January | Brock's Discrete-Time Representative Agent Model necessary and sufficient conditions for optimality |
Lecture 3 | |

29 January | The Overlapping Generations Model Shell's economics of infinity Wallace's model of fiat money: existence and optimality Karaken and Wallace's model of exchange rate indeterminacy |
Lecture 4 | |

5 February | Time-Invariant Decision Rules and Dynamic Programming Bellman's equation Blackwell optimal policies |
Lecture 5 |