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Transcript of © DEPARTMENT OF ECONOMICS UNIVERSITY OF OSLO ECON 3410/4410 International Macro and Finance Spring...
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
ECON 3410/4410 International Macro and Finance
Spring 2005
Some start-up remarks
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v05/
– Time and place, detailed reading list,– Official announcements of examination dates will be
posted here– Click Lecture notes and handouts
to attain the work page of the course.» Lecture plan» Lecture notes, data,» Copies of slides in pdf format » etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars• The seminars start in week 5 (31/1 - 4/2)• The exercise set will be available from the internet
on Wednesday19th January. • The two first seminars will take you through several
“warm-up” exercises (theoretical and operational concepts, linear and log-linear model etc)
• Exercise 3-8 are meant to train you in the theory and methodology that make out the main content of the course (see for example next slipe for outline).
• Exercise 9, is an earlier exam question set.• In addition: Optional introduction to PcGive ( in
connection with ECON 4150).
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course-outline by topic1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Monetary policy
Follow link on homepage for detailed plan.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
ECON 3410/4410
2. Wage and price setting
Phillips curve and battle of mark-upB&W 12
Norw model of inflation
Phillips cure versionCh 2 of IDM
General battle of mark-up versionCh2 of IDM
3. Models of inflation and the macroeconomy
Natural rate of unemploymentIt's model dependency!
Phillips curve AD-AS model
B&W 13
Short and long run version of the model
Fiscal Policy
Methodology of analysizing short and long run effects
B&W 15-17
4. Financial markets and the macroeconomy
B&W 9.1-9.7
OEM: 1 og 3.1
B&W 19
5. Monetary policyMonetary policy
OEM 3.4, 10.1
Rødseth (K)
B&W 20
Fiscal policy
1. Introduction to dynamic modelsCh 1 of IDM
Targets, instruments
Money targeting
Flexible monetary policy
OEM: Open Economoy Macroeconomics
IDM: Introduction to Dynamic Macroeconomics
B&W: Burda og Wyplosza
Rødseth (k): Kompendium article
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text, third edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and 19-20.
• Introductory Dynamic Macroeconomics. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University Press (2000). Chap. 1,3.1, 3.4, 10.1.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad (eds) : Choosing a Monetary Policy Target. Scandinavian University Press (1997)
See course page for details
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Home assignment and exam• Compulsory assignment
• Week 8 or thereabout
• There will be a limit on the lenght of the term paper, in terms of pages and/or words
• The paper will be not be marked,
• In May: 3 hour school exam, graded (A-F)
• Question will be in English, but you can write in English or Norwegian (Swedish/Danish)