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University of Toronto
Department of Economics
Macroeconomic Theory I
ECO 2021
Fall 2012
Professor Diego Restuccia
This course uses recursive and other methods to study dynamic economic
problems. We will cover a small set of topics including economic growth,
business cycles, unemployment/labor supply, and heterogeneity in wealth and
firms.
Requisites: Grades will be based on a final exam. Active class participation will
count towards minor grade adjustments. The final exam is scheduled for (in
class) Monday October 22, 9-11 am.
There will be 4 assignments but these assignments will not be graded. The TA
will hold 4 optional tutorials. Tutorials are aimed at discussing assignments and
other problems in preparation for the final exam. The TA will sketch the solution
of assignments during tutorials. You are expected to work on these assignments
before tutorials. Tutorials are only effective if you are prepared for them. A small
part of the assignments may involve computer solution of models using MATLAB.
Outline:
1) Growth and Development
Lecture 1:
Solow growth model and neoclassical extension
Recursive competitive equilibrium
Lecture 2:
Neoclassical growth model with distortions
Augmented neoclassical growth model
2) Business Cycles and Depressions
Lecture 3:
Stochastic growth model
Recursive stochastic growth
Real business cycles (Cooley and Prescott, 1995)
Real business cycles with indivisible labor (Hansen, 1985)
Lecture 4:
Great depressions (Cole and Ohanian, 1999)
3) Unemployment and Labor Supply
Lecture 5:
Search and matching models of unemployment
(Ljungqvist and Sargent, 2004, Chapter 6 and 26)
Lecture 6:
Labor supply across countries (Prescott, 2004; Rogerson, 2009)
Structural transformation and the sectoral allocation of hours
(Rogerson, 2008)
4) Heterogeneity in Macroeconomics
Lecture 7:
Heterogeneity and the wealth distribution
(Ljungqvist and Sargent, 2004, Chapter 17)
Lecture 8:
Heterogeneity across establishments
(Restuccia and Rogerson, 2008)
References for ECO 2021
Fall 2012 - Prof. Diego Restuccia
Cole, H. and L. Ohanian (1999) “The Great Depression in the United States from
a Neoclassical Perspective,” Federal Reserve Bank of Minneapolis Quarterly
Review 23(1): 2-24.
Cooley, T. and E. C. Prescott (1995) “Economic Growth and Business Cycles,”
Chapter 1 in Frontiers of Business Cycle Research, T. Cooley Editor, Princeton
University Press, New Jersey.
Hansen, G. (1985) “Indivisible Labor and the Business Cycle,” Journal of
Monetary Economics 16: 309-327.
Kehoe, T. and E. C. Prescott (2007) Great Depressions of the Twentieth Century,
Federal Reserve Bank of Minneapolis, Minnesota.
Klenow, P. and A. Rodriguez-Clare (1997) “The Neoclassical Revival in Growth
Economics: Has It Gone Too Far?” In Bernanke and Rotemberg eds., NBER
Macroeconomics Annual, Cambridge, MA: MIT Press.
Ljungqvist, L and T. Sargent (2004) Recursive Macroeconomic Theory, Second
Edition, MIT Press, Cambridge MA.
Mankiw, N. G., D. Romer, and D. Weil (1992) “A Contribution to the Empirics of
Economic Growth,” Quarterly Journal of Economics 107(2): 402-37.
Prescott, E. C. (1986) “Theory Ahead of Business Cycle Measurement,” Federal
Reserve Bank of Minneapolis Quarterly Review 10(4): 9-22.
Prescott, E. C. (2004) “Why Do Americans Work So Much More than
Europeans?” Federal Reserve Bank of Minneapolis Quarterly Review 28(1): 2-
13.
Restuccia, D. and C. Urrutia (2001) “Relative Prices and Investment Rates,”
Journal of Monetary Economics 47: 93-121.
Restuccia, D. and R. Rogerson (2008) “Policy Distortions and Aggregate
Productivity with Heterogeneous Establishments,” Review of Economic
Dynamics 11(4): 707-20.
Rogerson, R. (2008) “Structural Transformation and the Deterioration of
European Labor Market Outcomes,” Journal of Political Economy, 116: 235-59.
Rogerson, R. (2009) “Market Work, Home Work, and Taxes: A Cross Country
Analysis," Review of International Economics, 17(3): 588-601.
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