Home Page for Macroeconomic Policy (EC304)
Course Syllabus (pdf
Assignment Due Dates:
**Term Paper Assignment: Rough Draft Due November 19, Final Draft Due December 10**
**Midterm Exam in Class on October 24**
**Written Assignments, Due as Indicated**
Week of September 3
(1) Latest Beige Book Summary: Federal Reserve Board's "Beige Book"
(2) R. Mark Rogers, "Handbook of Key Economic Indicators", Introduction
(3) The Economist, "Guide to Economic Indicators", Chapters 1-4.
(5) Economic Report of the President,
2002, Overview and Chapter 1: Economic
Report of the President, January 2002 (direct link)
Week of September 10
(1) R. Mark Rogers, "Handbook of Key Economic Indicators", Chapters 1, 10, 13 (also skim 2, 8, 12, and 14)
(2) The Economist, "Guide to Economic
Indicators", Chapters 4, 5, 7, and 9.
Week of September 17
(1) R. Mark Rogers, "Handbook of Key Economic Indicators", Chapters 3, 5, 7 and 15 (also skim 4, 6, and 9)
(2) Survey of Current Business Articles on Chain-Type GDP Measure
(3) Bureau of Labor Statistics Articles on the Consumer Price Index
Geometric Weighting As Used in the Official CPI:
New Chained Supplemental CPI Index:
The CPI Research Series:
Weeks of September 24 and October 1
(1) Class and On-line Materials on Fair Model
Ray Fair has a US Model and a Multi-country model on his site, but we will use only the US Model:
In the "Getting Started" link, read items 1-3 listed under the US
Model. Then go to item 4: "US Model Workbook"
In the "US Model Workbook", read the Preface and Chapters 1-3. Skim the rest of the workbook.
In the "Macro Modeling" link read the Preface, Chapter 1, Chapter 2
through section 2.1.5, and Chapter 3 through section 3.2.5. Skim chapter
5 for details on the equations of the model.
Week of October 8
(1) Central Banking in Theory and Practice, Alan Blinder, MIT Press, 1999, Chapters 1 and 2.
(2) Macroeconomics , N.Gregory Mankiw,
Chapter 14, for an overview of this topic.
Weeks of October 15 and October 22
(1) Central Banking in Theory and Practice , Alan Blinder, MIT Press, 1999, Chapter 3.
(2) Inflation, Unemployment, and Monetary Policy, Robert M. Solow and John B. Taylor, MIT Press, 1999, Chapters 1-4.
(3) Explaining the Decline in the NAIRU: "What's Behind
the Decline in the Nairu?" (Includes slides shown in
** Midterm Exam in Class on October 24**
Weeks of October 29 and November 5
(1) Macroeconomics, N.Gregory Mankiw, Chapter 15, for an overview of this topic.
(2) Budget Forecasts
Weeks of November 5 and November 12
(1) Tax Cuts and Inflation
(2) Social Security Readings and Information
(3) Indexed Bonds
"Policy Watch: The Introduction of
Indexed Government Debt in the United States,"
David W. Wilcox, Journal of Economic Perspectives , Vol. 12, Number 1, Winter
**Term Paper Assignment: Rough Draft
Due November 19, Final Draft Due December 10**
Weeks of November 19 and November 26
(1) What's Behind the Recent Surge in Productivity Growth?
"Information Technology and the U.S. Economy," Dale W. Jorgenson, American Economic Review, March 2001.
(2) International Economic Policy Coordination
(3) When Do Expansions End?
Week of December 3
(1) Back from the Brink: The
Greenspan Years , Steven K. Beckner, John Wiley and
(2) Economic Puppetmaster: Lessons
from the Halls of Power , Lawrence B. Lindsey,
AEI Press, 1999.
(3) Maestro: Greenspan's Fed and the
American Boom, Bob Woodward, Simon and Schuster, 2000.
Links to Data Releases:
Bureau of Economic Analysis (GDP, Income, International Trade, Balance of Payments, Regional Data)
Bureau of Labor Statistics (Employment, CPI, PPI, ECI)
Federal Reserve Board (Industrial Production, Interest Rates, Exchange Rates, Flow of Funds)
Census Bureau (Retail Sales, Inventories, Durable Goods Orders, Housing Starts, New Home Sales)
National Association of Purchasing Management (Reports on Business)
National Association of Realtors (Exisiting Home Sales, Home Price Data)
Federal Reserve Bank of St. Louis (Historical Data for Major Macroeconomic Time Series)
Macroeconometric Model Sites:
Other Interesting Sites:
Economic Report of the President, January 2001 (direct link)
Economic Report of the President, February 2000 (direct link)
Iowa Electronic Futures Market
(Futures Contracts for Election Outcomes)
JP Morgan Economic and Policy Research Weekly:
Additional Articles and Readings
(1) Inflation and Unemployment:
(2) Fiscal Policy:
(3) Economic Outlook:
(4) Trade Deficit:
Friend, The Trade Deficit," Washington Post, May 21, 1999
(5) Presidential Election:
Florida Vote Analysis
(Bruce Hansen, University of Wisconsin)
(6) Papers on Role of Computers in Productivity Growth
"Computers and Aggregate Economic Growth: An Update," (Daniel Sichel, Business Economics, April 1999)
"The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?" (Stephen Oliner and Daniel Sichel, Federal Reserve Board, May 2000)
(7) Material on the Duration of Business Cycles
Economic Report of the President, 1996, Chapter 2 (see pages 25-29)
"Business Cycle Duration Dependence: A Parametric Approach" (Daniel Sichel, Review of Economics and Statistics, May 1991)