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COURSE MATERIAL (Preliminary Li
1. Foundations
1.1 What is Money?
Kiyotaki-Moore, Clarendon Lecture 1
Kiyotaki-Moore, Clarendon Lecture 2
Kocherlakota, Money is Memory.
Adam Smith (1776) "Of the Origin and Use of Money," Book I, Ch. IV, in An Inquiry Into the Nature and Causes of The Wealth of Nations
Karl Menger (1892) "On the Origin of Money," Economic Journal 2, 239-255. 1.2 How to Introduce Money in Macro Models?
Money-in-the-Utility function (Walsh, Monetary Theory and Policy)
Cash-in-Advance constraint (Walsh, Monetary Theory and Policy)
Search Models (Rupert et al., The search-theoretic approach to monetary economics: a primer)
Monetary models without money (Cashless Economy) (Woodford, Interest and Prices)
2. Empirical Evidence on the Effects of Monetary Policy
Christiano, Eichenbaum, and Evans (1999). Monetary Policy Shocks: What Have We Learned, and To What End
McCandless and Weber (1995). Some Monetary Facts
Sims and Zha (1999). What Does Monetary Policy Do?, BPEA
Bernanke, Boivin, and Eliasz (2005) Measuring Monetary Policy: A Factor Augmented Vector Autoregressive (FAVAR) Approach, QJE
Bernanke, Ben S., and Ilian Mihov (1998), "Measuring Monetary Policy," QJE 113, 869-902.
Romer D. and Romer C. (2004), "A New Measure of Monetary Shocks: Derivation and Implications," AER.
Olivei and Tenreyro (2007) The Timing of Monetary Policy Shocks, AER 3. The New Keynesian Model
3.1 Assumptions and Model Derivation
Woodford, Interest and Prices, 2003. Chapters 2-5.
Walsh, Monetary Theory and Policy. Chapter 5
Clarida, Gali, and Gertler, (1999). The Science of Monetary Policy: a New Keynesian Perspective, Journal of Economic Literature.
Goodfriend and King, (1997). The New Neoclassical Synthesis and the Role of Monetary Policy, NBER Macroeconomics Annual.
McCallum and Nelson, (1999). An Optimizing IS-LM Specification for Monetary Policy and Business Cycles Analysis, JMCB.
King, (2000). The New IS-LM Model: Language, Logic, and Limits , Economic Quarterly, FRB Richmond.
Gali and Gertler, (2007). Macroeconomic Modeling for Monetary Policy Evaluation , JEP.
Woodford, (1998). Doing without Money: Controlling Inflation in a Post-Monetary World , RED. 3.2 Extensions
Mankiw, Reis, and Weil, (2002). Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve, QJE.
Amato and Laubach, (2002). Rule-of-thumb behaviour and monetary policy, EER. 3.3 Optimal Policy and Interest-Rate Rules
Clarida, Gali, and Gertler, (1999). The Science of Monetary Policy: a New Keynesian Perspective, Journal of Economic Literature.
Benigno and Woodford, (2007). Linear-Quadratic Approximation of Optimal Policy Problems .
Woodford, (2002). Inflation Stabilization and Welfare .
Giannoni and Woodford, (2002). Optimal Interest-Rate Rules: I. General Theory.
Giannoni and Woodford, (2002). Optimal Interest-Rate Rules: II. Applications.
Woodford, Interest and Prices, 2003.
Walsh, Monetary Theory and Policy. 3.4 Sticky Prices
Bils and Klenow, (2004). Some Evidence on the Importance of Sticky Prices, JPE
Nakamura and Steinsson, (2007). Five Facts About Prices: A Reevaluation of Menu Cost Models
Eurosystem Inflation Persistence Network, (2005). Sticky prices in the euro area: a summary of new micro evidence
Blinder et al., (1998). Asking About Prices: A New Approach to Understanding Price Stickiness
Davis and Hamilton, (2004). Asking About Prices: A New Approach to Understanding Price Stickiness, JMCB 3.5 Empirical Evidence
Del Negro, Schorfheide, Smets, and Wouters, (2005). On the fit and forecasting performance of New-Keynesian models 4. Monetary DSGE Models: Estimation
Smets and Wouters, (2003). An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, JEEA
Smets and Wouters, (2005). Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE Approach, JAE
Schorfheide, (2000). Loss Function-based Evaluation of DSGE Models, JAE
Christiano, Eichenbaum, and Evans (2005). Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, JPE
Giannoni and Woodford (2003). Optimal Inflation Targeting Rules
Rabanal and Rubio-Ramirez (2005). Comparing New Keynesian Models of the Business Cycle : A Bayesian approach, JME
Fernandez-Villaverde and Rubio-Ramirez (2005). Estimating Dynamic Equilibrium Economies: Linear versus Nonlinear Likelihood, JAE
Justiniano and Primiceri (2005). The Time Varying Volatility of Macroeconomic Fluctuations
Laforte (2005). Pricing Models: A Bayesian DSGE approach for the US Economy
Levin-Onatski-Williams-Williams (2005). Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models, NBER Macro Annual
Fernandez-Villaverde, Rubio-Ramirez, and Santos (2006). Convergence Properties of the Likelihood of Computed Dynamic Models, Econometrica 4.1 Solving Models with Rational Expectations
Sims, (2000). Solving Linear Rational Expectations Models, Computational Economics. 4.2 Estimation Techniques. Bayesian Estimation.
An and Schorfheide, (2005). Bayesian Analysis of DSGE Models.
Gary Koop, Bayesian Econometrics
John Geweke, Contemporary Bayesian Econometrics and Statistics
Fabio Canova, Methods for Applied Macroeconomic Research
Schorfheide, Bayesian Methods for Macroeconometrics
Fernandez-Villaverde, Methods in Macroeconomic Dynamics
DeJong and Dave, Structural Macroeconometrics5. Modeling Expectations: Rational Expectations vs. Adaptive Learning
Adaptive Learning in Macroeconomics
Evans and Honkapohja (1999). Learning Dynamics, Handbook Macro.
Evans and Honkapohja (2001). Learning and Expectations in Macroeconomics.
Carceles-Poveda and Giannitsarou (2004). Adaptive Learning in Practice, Toolbox Programs, Toolbox Manual.
Evans and Honkapohja (2003). Adaptive Learning and Monetary Policy Design, JMCB.
Evans and Honkapohja (2005). Monetary Policy, Expectations and Commitment, SJE.
Bullard and Mitra (2002). Learning about monetary policy rules, JME.
Preston (2005). Learning About Monetary Policy Rules When Long-Horizon Expectations Matter, IJCB.
Evans (2001). Economics of Expectations.
McCallum (1999). Role of the Minimal State Variable Criterion in Rational Expectations Models.
Bullard (2006). The Learnability Criterion and Monetary Policy.
Milani, Fabio (2007). Expectations, Learning and Macroeconomic Persistence
Sargent, Williams, and Zha (2005). Shock and Government Beliefs: the Rise and Fall of American Inflation, AER
Zha (2005). Dynare lecture notes
Ireland (2003). Irrational Expectations and Econometric Practice, Comment. 6. Topics
6.1 The Great Moderation. The Great Inflation, Economic Beliefs, and Stabilization Policy
McConnell and Perez-Quiros (2000) Output Fluctuations in the United States: What Has Changed since the Early 1980's?, AER
Clarida, Gali, and Gertler (2000) Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, QJE
Orphanides, (2004). Monetary Policy Rules, Macroeconomic Stability and Inflation: A View from the Trenches, JMCB
Lubik and Schorfheide (2004) Testing for Indeterminacy: An Application to U.S. Monetary Policy, AER
Sims and Zha (2005) Were There Regime Switches in US Monetary Policy?, AER
Boivin and Giannoni (2005) Has Monetary Policy Become More Effective?, Review of Economics and Statistics
Milani (2008) Learning, Monetary Policy Rules, and Macroeconomic Stability, JEDC
Canova and Gambetti (2005). Structural Changes in the US Economy: Bad Luck or Bad Policy
Cecchetti et al (2007). Understanding the Evolving Inflation Process
Benati and Surico (2007). Vector Autoregressions and the Great Moderation
Gali' and Gambetti (2007). On the Sources of the Great Moderation
Canova and Gambetti (2007). Do Expectations Matter? The Great Moderation Revisited 6.2 The Effects of Globalization on Inflation Dynamics
Romer (1993). Openness and Inflation: Theory and Evidence, QJE
Rogoff (2003). Impact of Globalization on Monetary Policy
Rogoff (2001). Globalization and Global Disinflation
Temple (2002). Openness, Inflation, and the Phillips Curve: A Puzzle, JMCB
Terra (1998). Openness and Inflation: A New Assessment, QJE
Tootell (1998). Globalization and U.S. Inflation
Gamber and Hung (2001). Has the rise in globalization reduced U.S. inflation in the 1990s?, EI
Wynne and Kersting (2007). Openness and inflation
Ihrig et al. (2007). Some Simple Tests of the Globalization and Inflation Hypothesis
Borio and Filardo (2007). Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation
Mumtaz and Surico (2007). Evolving International Inflation Dynamics: World and Country Specific Factors
Ciccarelli and Mojon (2005). Global Inflation
Boivin and Giannoni (2005). Global Forces and Monetary Policy Effectiveness
Castelnuovo (2007). Tracking US Inflation Expectations with Domestic and Global Indicators
Ball (2006). Has Globalization Changed Inflation?
Razin (2004). Globalization and Disinflation: A Note
Razin and Yuen (2002). The ‘New Keynesian’Phillips curve: closed economy versus open economy
Razin and Binyamini (2007). Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy
D'Agostino and Surico (2007). Does global liquidity help to forecast US inflation?
Guerrieri, Gust, and Lopez-Salido (2008). International Competition and Inflation: A New Keynesian Perspective
Sbordone (2007). Globalization and Inflation Dynamics: A Structural Perspective
Woodford, (2007). Globalization and Monetary Control. 6.3 Monetary and Fiscal Policy Interactions
6.4 The Changing Relationship between Oil and the Macroeconomy
Blanchard and Gali (2007). The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so different from the 1970s? 6.5 Asset Prices, Housing Prices, and their Effect on Macroeconomic Dynamics
6.6 Monetary Politics
7. New Keynesian Model: New Directions
7.1 Labor Frictions
Shimer (2005). Reassessing the Ins and Outs of Unemployment
Walsh (2005) Labor Market Search, Sticky Prices, and Interest Rate Policies, RED
Trigari (2003) Equilibrium Unemployment, Job Flows and Inflation Dynamics
Lubik and Krause (2005). The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions
Christoffel, Kuestee, and Linzert (2005). The Impact of Labor Markets on the Transmission Process of Monetary Policy for the German Economy
Nason and Slotsve (2004). Along the New Keynesian Phillips Curve with Nominal and Real Rigidities
Braun (2005). (Un)Employment Dynamics: The Case of Monetary Policy Shocks
5. Modeling Expectations: Rational Expectations vs. Adaptive Learning
Adaptive Learning in Macroeconomics
Evans and Honkapohja (1999). Learning Dynamics, Handbook Macro.
Evans and Honkapohja (2001). Learning and Expectations in Macroeconomics.
Carceles-Poveda and Giannitsarou (2004). Adaptive Learning in Practice, Toolbox Programs, Toolbox Manual.
Evans and Honkapohja (2003). Adaptive Learning and Monetary Policy Design, JMCB.
Evans and Honkapohja (2005). Monetary Policy, Expectations and Commitment, SJE.
Bullard and Mitra (2002). Learning about monetary policy rules, JME.
Preston (2005). Learning About Monetary Policy Rules When Long-Horizon Expectations Matter, IJCB.
Evans (2001). Economics of Expectations.
McCallum (1999). Role of the Minimal State Variable Criterion in Rational Expectations Models.
Bullard (2006). The Learnability Criterion and Monetary Policy.
Milani, Fabio (2007). Expectations, Learning and Macroeconomic Persistence
Sargent, Williams, and Zha (2005). Shock and Government Beliefs: the Rise and Fall of American Inflation, AER
Zha (2005). Dynare lecture notes
Ireland (2003). Irrational Expectations and Econometric Practice, Comment. 6. Topics
6.1 The Great Moderation. The Great Inflation, Economic Beliefs, and Stabilization Policy
McConnell and Perez-Quiros (2000) Output Fluctuations in the United States: What Has Changed since the Early 1980's?, AER
Clarida, Gali, and Gertler (2000) Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, QJE
Orphanides, (2004). Monetary Policy Rules, Macroeconomic Stability and Inflation: A View from the Trenches, JMCB
Lubik and Schorfheide (2004) Testing for Indeterminacy: An Application to U.S. Monetary Policy, AER
Sims and Zha (2005) Were There Regime Switches in US Monetary Policy?, AER
Boivin and Giannoni (2005) Has Monetary Policy Become More Effective?, Review of Economics and Statistics
Milani (2008) Learning, Monetary Policy Rules, and Macroeconomic Stability, JEDC
Canova and Gambetti (2005). Structural Changes in the US Economy: Bad Luck or Bad Policy
Cecchetti et al (2007). Understanding the Evolving Inflation Process
Benati and Surico (2007). Vector Autoregressions and the Great Moderation
Gali' and Gambetti (2007). On the Sources of the Great Moderation
Canova and Gambetti (2007). Do Expectations Matter? The Great Moderation Revisited 6.2 The Effects of Globalization on Inflation Dynamics
Romer (1993). Openness and Inflation: Theory and Evidence, QJE
Rogoff (2003). Impact of Globalization on Monetary Policy
Rogoff (2001). Globalization and Global Disinflation
Temple (2002). Openness, Inflation, and the Phillips Curve: A Puzzle, JMCB
Terra (1998). Openness and Inflation: A New Assessment, QJE
Tootell (1998). Globalization and U.S. Inflation
Gamber and Hung (2001). Has the rise in globalization reduced U.S. inflation in the 1990s?, EI
Wynne and Kersting (2007). Openness and inflation
Ihrig et al. (2007). Some Simple Tests of the Globalization and Inflation Hypothesis
Borio and Filardo (2007). Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation
Mumtaz and Surico (2007). Evolving International Inflation Dynamics: World and Country Specific Factors
Ciccarelli and Mojon (2005). Global Inflation
Boivin and Giannoni (2005). Global Forces and Monetary Policy Effectiveness
Castelnuovo (2007). Tracking US Inflation Expectations with Domestic and Global Indicators
Ball (2006). Has Globalization Changed Inflation?
Razin (2004). Globalization and Disinflation: A Note
Razin and Yuen (2002). The ‘New Keynesian’Phillips curve: closed economy versus open economy
Razin and Binyamini (2007). Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy
D'Agostino and Surico (2007). Does global liquidity help to forecast US inflation?
Guerrieri, Gust, and Lopez-Salido (2008). International Competition and Inflation: A New Keynesian Perspective
Sbordone (2007). Globalization and Inflation Dynamics: A Structural Perspective
Woodford, (2007). Globalization and Monetary Control. 6.3 Monetary and Fiscal Policy Interactions
6.4 The Changing Relationship between Oil and the Macroeconomy
Blanchard and Gali (2007). The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so different from the 1970s? 6.5 Asset Prices, Housing Prices, and their Effect on Macroeconomic Dynamics
6.6 Monetary Politics
7. New Keynesian Model: New Directions
7.1 Labor Frictions
Shimer (2005). Reassessing the Ins and Outs of Unemployment
Walsh (2005) Labor Market Search, Sticky Prices, and Interest Rate Policies, RED
Trigari (2003) Equilibrium Unemployment, Job Flows and Inflation Dynamics
Lubik and Krause (2005). The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions
Christoffel, Kuestee, and Linzert (2005). The Impact of Labor Markets on the Transmission Process of Monetary Policy for the German Economy
Nason and Slotsve (2004). Along the New Keynesian Phillips Curve with Nominal and Real Rigidities
Braun (2005). (Un)Employment Dynamics: The Case of Monetary Policy Shocks
1. Foundations
1.1 What is Money?
Kiyotaki-Moore, Clarendon Lecture 1 Kiyotaki-Moore, Clarendon Lecture 2 Kocherlakota, Money is Memory. Adam Smith (1776) "Of the Origin and Use of Money," Book I, Ch. IV, in An Inquiry Into the Nature and Causes of The Wealth of Nations Karl Menger (1892) "On the Origin of Money," Economic Journal 2, 239-255. 1.2 How to Introduce Money in Macro Models?
Money-in-the-Utility function (Walsh, Monetary Theory and Policy) Cash-in-Advance constraint (Walsh, Monetary Theory and Policy) Search Models (Rupert et al., The search-theoretic approach to monetary economics: a primer) Monetary models without money (Cashless Economy) (Woodford, Interest and Prices) 2. Empirical Evidence on the Effects of Monetary Policy
Christiano, Eichenbaum, and Evans (1999). Monetary Policy Shocks: What Have We Learned, and To What End McCandless and Weber (1995). Some Monetary Facts Sims and Zha (1999). What Does Monetary Policy Do?, BPEA Bernanke, Boivin, and Eliasz (2005) Measuring Monetary Policy: A Factor Augmented Vector Autoregressive (FAVAR) Approach, QJE Bernanke, Ben S., and Ilian Mihov (1998), "Measuring Monetary Policy," QJE 113, 869-902. Romer D. and Romer C. (2004), "A New Measure of Monetary Shocks: Derivation and Implications," AER. Olivei and Tenreyro (2007) The Timing of Monetary Policy Shocks, AER 3. The New Keynesian Model
3.1 Assumptions and Model Derivation
Woodford, Interest and Prices, 2003. Chapters 2-5. Walsh, Monetary Theory and Policy. Chapter 5 Clarida, Gali, and Gertler, (1999). The Science of Monetary Policy: a New Keynesian Perspective, Journal of Economic Literature. Goodfriend and King, (1997). The New Neoclassical Synthesis and the Role of Monetary Policy, NBER Macroeconomics Annual. McCallum and Nelson, (1999). An Optimizing IS-LM Specification for Monetary Policy and Business Cycles Analysis, JMCB. King, (2000). The New IS-LM Model: Language, Logic, and Limits , Economic Quarterly, FRB Richmond. Gali and Gertler, (2007). Macroeconomic Modeling for Monetary Policy Evaluation , JEP. Woodford, (1998). Doing without Money: Controlling Inflation in a Post-Monetary World , RED. 3.2 Extensions
Mankiw, Reis, and Weil, (2002). Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve, QJE. Amato and Laubach, (2002). Rule-of-thumb behaviour and monetary policy, EER. 3.3 Optimal Policy and Interest-Rate Rules
Clarida, Gali, and Gertler, (1999). The Science of Monetary Policy: a New Keynesian Perspective, Journal of Economic Literature. Benigno and Woodford, (2007). Linear-Quadratic Approximation of Optimal Policy Problems . Woodford, (2002). Inflation Stabilization and Welfare . Giannoni and Woodford, (2002). Optimal Interest-Rate Rules: I. General Theory. Giannoni and Woodford, (2002). Optimal Interest-Rate Rules: II. Applications. Woodford, Interest and Prices, 2003. Walsh, Monetary Theory and Policy. 3.4 Sticky Prices
Bils and Klenow, (2004). Some Evidence on the Importance of Sticky Prices, JPE Nakamura and Steinsson, (2007). Five Facts About Prices: A Reevaluation of Menu Cost Models Eurosystem Inflation Persistence Network, (2005). Sticky prices in the euro area: a summary of new micro evidence Blinder et al., (1998). Asking About Prices: A New Approach to Understanding Price Stickiness Davis and Hamilton, (2004). Asking About Prices: A New Approach to Understanding Price Stickiness, JMCB 3.5 Empirical Evidence
Del Negro, Schorfheide, Smets, and Wouters, (2005). On the fit and forecasting performance of New-Keynesian models 4. Monetary DSGE Models: Estimation
Smets and Wouters, (2003). An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, JEEA Smets and Wouters, (2005). Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE Approach, JAE Schorfheide, (2000). Loss Function-based Evaluation of DSGE Models, JAE Christiano, Eichenbaum, and Evans (2005). Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, JPE Giannoni and Woodford (2003). Optimal Inflation Targeting Rules Rabanal and Rubio-Ramirez (2005). Comparing New Keynesian Models of the Business Cycle : A Bayesian approach, JME Fernandez-Villaverde and Rubio-Ramirez (2005). Estimating Dynamic Equilibrium Economies: Linear versus Nonlinear Likelihood, JAE Justiniano and Primiceri (2005). The Time Varying Volatility of Macroeconomic Fluctuations Laforte (2005). Pricing Models: A Bayesian DSGE approach for the US Economy Levin-Onatski-Williams-Williams (2005). Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models, NBER Macro Annual Fernandez-Villaverde, Rubio-Ramirez, and Santos (2006). Convergence Properties of the Likelihood of Computed Dynamic Models, Econometrica 4.1 Solving Models with Rational Expectations
Sims, (2000). Solving Linear Rational Expectations Models, Computational Economics. 4.2 Estimation Techniques. Bayesian Estimation.
An and Schorfheide, (2005). Bayesian Analysis of DSGE Models. Gary Koop, Bayesian Econometrics John Geweke, Contemporary Bayesian Econometrics and Statistics Fabio Canova, Methods for Applied Macroeconomic Research Schorfheide, Bayesian Methods for Macroeconometrics Fernandez-Villaverde, Methods in Macroeconomic Dynamics DeJong and Dave, Structural Macroeconometrics5. Modeling Expectations: Rational Expectations vs. Adaptive Learning
Adaptive Learning in Macroeconomics Evans and Honkapohja (1999). Learning Dynamics, Handbook Macro. Evans and Honkapohja (2001). Learning and Expectations in Macroeconomics. Carceles-Poveda and Giannitsarou (2004). Adaptive Learning in Practice, Toolbox Programs, Toolbox Manual. Evans and Honkapohja (2003). Adaptive Learning and Monetary Policy Design, JMCB. Evans and Honkapohja (2005). Monetary Policy, Expectations and Commitment, SJE. Bullard and Mitra (2002). Learning about monetary policy rules, JME. Preston (2005). Learning About Monetary Policy Rules When Long-Horizon Expectations Matter, IJCB. Evans (2001). Economics of Expectations. McCallum (1999). Role of the Minimal State Variable Criterion in Rational Expectations Models. Bullard (2006). The Learnability Criterion and Monetary Policy. Milani, Fabio (2007). Expectations, Learning and Macroeconomic Persistence Sargent, Williams, and Zha (2005). Shock and Government Beliefs: the Rise and Fall of American Inflation, AER Zha (2005). Dynare lecture notes Ireland (2003). Irrational Expectations and Econometric Practice, Comment. 6. Topics
6.1 The Great Moderation. The Great Inflation, Economic Beliefs, and Stabilization Policy
McConnell and Perez-Quiros (2000) Output Fluctuations in the United States: What Has Changed since the Early 1980's?, AER Clarida, Gali, and Gertler (2000) Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, QJE Orphanides, (2004). Monetary Policy Rules, Macroeconomic Stability and Inflation: A View from the Trenches, JMCB Lubik and Schorfheide (2004) Testing for Indeterminacy: An Application to U.S. Monetary Policy, AER Sims and Zha (2005) Were There Regime Switches in US Monetary Policy?, AER Boivin and Giannoni (2005) Has Monetary Policy Become More Effective?, Review of Economics and Statistics Milani (2008) Learning, Monetary Policy Rules, and Macroeconomic Stability, JEDC Canova and Gambetti (2005). Structural Changes in the US Economy: Bad Luck or Bad Policy Cecchetti et al (2007). Understanding the Evolving Inflation Process Benati and Surico (2007). Vector Autoregressions and the Great Moderation Gali' and Gambetti (2007). On the Sources of the Great Moderation Canova and Gambetti (2007). Do Expectations Matter? The Great Moderation Revisited 6.2 The Effects of Globalization on Inflation Dynamics
Romer (1993). Openness and Inflation: Theory and Evidence, QJE Rogoff (2003). Impact of Globalization on Monetary Policy Rogoff (2001). Globalization and Global Disinflation Temple (2002). Openness, Inflation, and the Phillips Curve: A Puzzle, JMCB Terra (1998). Openness and Inflation: A New Assessment, QJE Tootell (1998). Globalization and U.S. Inflation Gamber and Hung (2001). Has the rise in globalization reduced U.S. inflation in the 1990s?, EI Wynne and Kersting (2007). Openness and inflation Ihrig et al. (2007). Some Simple Tests of the Globalization and Inflation Hypothesis Borio and Filardo (2007). Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation Mumtaz and Surico (2007). Evolving International Inflation Dynamics: World and Country Specific Factors Ciccarelli and Mojon (2005). Global Inflation Boivin and Giannoni (2005). Global Forces and Monetary Policy Effectiveness Castelnuovo (2007). Tracking US Inflation Expectations with Domestic and Global Indicators Ball (2006). Has Globalization Changed Inflation? Razin (2004). Globalization and Disinflation: A Note Razin and Yuen (2002). The ‘New Keynesian’Phillips curve: closed economy versus open economy Razin and Binyamini (2007). Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy D'Agostino and Surico (2007). Does global liquidity help to forecast US inflation? Guerrieri, Gust, and Lopez-Salido (2008). International Competition and Inflation: A New Keynesian Perspective Sbordone (2007). Globalization and Inflation Dynamics: A Structural Perspective Woodford, (2007). Globalization and Monetary Control. 6.3 Monetary and Fiscal Policy Interactions
6.4 The Changing Relationship between Oil and the Macroeconomy
Blanchard and Gali (2007). The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so different from the 1970s? 6.5 Asset Prices, Housing Prices, and their Effect on Macroeconomic Dynamics
6.6 Monetary Politics
7. New Keynesian Model: New Directions
7.1 Labor Frictions
Shimer (2005). Reassessing the Ins and Outs of Unemployment Walsh (2005) Labor Market Search, Sticky Prices, and Interest Rate Policies, RED Trigari (2003) Equilibrium Unemployment, Job Flows and Inflation Dynamics Lubik and Krause (2005). The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions Christoffel, Kuestee, and Linzert (2005). The Impact of Labor Markets on the Transmission Process of Monetary Policy for the German Economy Nason and Slotsve (2004). Along the New Keynesian Phillips Curve with Nominal and Real Rigidities Braun (2005). (Un)Employment Dynamics: The Case of Monetary Policy Shocks 5. Modeling Expectations: Rational Expectations vs. Adaptive Learning
Adaptive Learning in Macroeconomics Evans and Honkapohja (1999). Learning Dynamics, Handbook Macro. Evans and Honkapohja (2001). Learning and Expectations in Macroeconomics. Carceles-Poveda and Giannitsarou (2004). Adaptive Learning in Practice, Toolbox Programs, Toolbox Manual. Evans and Honkapohja (2003). Adaptive Learning and Monetary Policy Design, JMCB. Evans and Honkapohja (2005). Monetary Policy, Expectations and Commitment, SJE. Bullard and Mitra (2002). Learning about monetary policy rules, JME. Preston (2005). Learning About Monetary Policy Rules When Long-Horizon Expectations Matter, IJCB. Evans (2001). Economics of Expectations. McCallum (1999). Role of the Minimal State Variable Criterion in Rational Expectations Models. Bullard (2006). The Learnability Criterion and Monetary Policy. Milani, Fabio (2007). Expectations, Learning and Macroeconomic Persistence Sargent, Williams, and Zha (2005). Shock and Government Beliefs: the Rise and Fall of American Inflation, AER Zha (2005). Dynare lecture notes Ireland (2003). Irrational Expectations and Econometric Practice, Comment. 6. Topics
6.1 The Great Moderation. The Great Inflation, Economic Beliefs, and Stabilization Policy
McConnell and Perez-Quiros (2000) Output Fluctuations in the United States: What Has Changed since the Early 1980's?, AER Clarida, Gali, and Gertler (2000) Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, QJE Orphanides, (2004). Monetary Policy Rules, Macroeconomic Stability and Inflation: A View from the Trenches, JMCB Lubik and Schorfheide (2004) Testing for Indeterminacy: An Application to U.S. Monetary Policy, AER Sims and Zha (2005) Were There Regime Switches in US Monetary Policy?, AER Boivin and Giannoni (2005) Has Monetary Policy Become More Effective?, Review of Economics and Statistics Milani (2008) Learning, Monetary Policy Rules, and Macroeconomic Stability, JEDC Canova and Gambetti (2005). Structural Changes in the US Economy: Bad Luck or Bad Policy Cecchetti et al (2007). Understanding the Evolving Inflation Process Benati and Surico (2007). Vector Autoregressions and the Great Moderation Gali' and Gambetti (2007). On the Sources of the Great Moderation Canova and Gambetti (2007). Do Expectations Matter? The Great Moderation Revisited 6.2 The Effects of Globalization on Inflation Dynamics
Romer (1993). Openness and Inflation: Theory and Evidence, QJE Rogoff (2003). Impact of Globalization on Monetary Policy Rogoff (2001). Globalization and Global Disinflation Temple (2002). Openness, Inflation, and the Phillips Curve: A Puzzle, JMCB Terra (1998). Openness and Inflation: A New Assessment, QJE Tootell (1998). Globalization and U.S. Inflation Gamber and Hung (2001). Has the rise in globalization reduced U.S. inflation in the 1990s?, EI Wynne and Kersting (2007). Openness and inflation Ihrig et al. (2007). Some Simple Tests of the Globalization and Inflation Hypothesis Borio and Filardo (2007). Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation Mumtaz and Surico (2007). Evolving International Inflation Dynamics: World and Country Specific Factors Ciccarelli and Mojon (2005). Global Inflation Boivin and Giannoni (2005). Global Forces and Monetary Policy Effectiveness Castelnuovo (2007). Tracking US Inflation Expectations with Domestic and Global Indicators Ball (2006). Has Globalization Changed Inflation? Razin (2004). Globalization and Disinflation: A Note Razin and Yuen (2002). The ‘New Keynesian’Phillips curve: closed economy versus open economy Razin and Binyamini (2007). Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy D'Agostino and Surico (2007). Does global liquidity help to forecast US inflation? Guerrieri, Gust, and Lopez-Salido (2008). International Competition and Inflation: A New Keynesian Perspective Sbordone (2007). Globalization and Inflation Dynamics: A Structural Perspective Woodford, (2007). Globalization and Monetary Control. 6.3 Monetary and Fiscal Policy Interactions
6.4 The Changing Relationship between Oil and the Macroeconomy
Blanchard and Gali (2007). The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so different from the 1970s? 6.5 Asset Prices, Housing Prices, and their Effect on Macroeconomic Dynamics
6.6 Monetary Politics
7. New Keynesian Model: New Directions
7.1 Labor Frictions
Shimer (2005). Reassessing the Ins and Outs of Unemployment Walsh (2005) Labor Market Search, Sticky Prices, and Interest Rate Policies, RED Trigari (2003) Equilibrium Unemployment, Job Flows and Inflation Dynamics Lubik and Krause (2005). The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions Christoffel, Kuestee, and Linzert (2005). The Impact of Labor Markets on the Transmission Process of Monetary Policy for the German Economy Nason and Slotsve (2004). Along the New Keynesian Phillips Curve with Nominal and Real Rigidities Braun (2005). (Un)Employment Dynamics: The Case of Monetary Policy Shocks 
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