Περιεχό"ενο Μαθή"ατος

Οικονο&ικό Πανε+ιστή&ιο Αθηνών Τ"ή"α Οικονο"ικής Ε,ιστή"ης Θέ&ατα υνα&ικής Οικονο&ικής Καθηγητής Γιώργος Αλογοσκούφης Εαρινό Εξά&ηνο 2014-15 Περιεχό"ενο Μαθή"ατος Στο &άθη&α αυτό αναλύονται δυνα&ικά υ+οδείγ&ατα οικονο&ικής &εγέθυνσης, κατανάλωσης και ε+ενδύσεων, οικονο&ικών διακυ&άνσεων, ανεργίας και +ληθωρισ&ού και νο&ισ&ατικής και δη&οσιονο&ικής +ολιτικής. Μεσα α+ό τα υ+οδείγ&ατα αυτά αναδεικνύεται η δυνατότητα της οικονο&ικής ε+ιστή&ης να αναλύει ση&αντικά κοινωνικά και οικονο&ικά ζητή&ατα και να συ&βάλλει στο σχεδιασ&ό της οικονο&ικής +ολιτικής. Κατά τη διάρκεια του &αθή&ατος διδάσκεται η χρήση &αθη&ατικών &εθόδων διαφορικών εξισώσεων και δυνα&ικής βελτιστο+οίησης, εξισώσεων διαφορών και στοχαστικών διαδικασιών +ου χρησι&ο+οιούνται ευρέως στην οικονο&ική ανάλυση. Το &άθη&α α+ευθύνεται σε σ+ουδαστές +ου βρίσκονται στο όγδοο εξά&ηνο σ+ουδών, έχουν +εράσει το &άθη&α Μακροοικονο&ική Θεωρία ΙΙ (το ο+οίο α+οτελεί +ροα+αιτού&ενο) και ενδιαφέρονται να ε&βαθύνουν τις γνώσεις τους στη σύγχρονη &ακροοικονο&ική θεωρία. Το &άθη&α αυτό α+οτελεί ιδανική +ροετοι&ασία για &ετα+τυχιακές σ+ουδές στην οικονο&ική ε+ιστή&η. Το +ροτεινό&ενο σύγγρα&&α είναι το βιβλίο του David Romer, Προχωρη"ένη Μακροοικονο"ική, Εκδόσεις Τυ+ωθήτω, 2006. Παράλληλα χρησι&ο+οιούνται +ρωτογενείς +ηγές και αναλυτικές ση&ειώσεις των διαλέξεων, α+ό το υ+ό έκδοση βιβλίο του Γ. Αλογοσκούφη, υνα"ική Μακροοικονο"ική, Αθήνα, 2015. Οι ση&ειώσεις αναρτώνται στον ιστότο+ο http://dynamicecon.wordpress.com Ο ιστότο+ος αυτός είναι +ροσβάσι&ος και &έσω του, www.alogoskoufis.gr

Η ύλη του &αθή&ατος και η σχετική βιβλιογραφία έχει ως εξής: 1. Α"οτα&ιεύσεις, Ε"ενδύσεις και Οικονο&ική Μεγέθυνση: Το Υ"όδειγ&α του Solow. Romer (Κεφ. 1), Αλογοσκούφης (Κεφ. 1). Jones C. (2002), Introduction to Economic Growth, New York, Norton. Mankiw G., Romer D. and Weil D. (1992), A Contribution to the Empirics of Economic Growth, Quarterly Journal of Economics, 107, pp. 407-438. Solow R.M. (1956), A Contribution to the Theory of Economic Growth, Quarterly Journal of Economics, 70, pp. 65-94. Swan T.W. (1956), Economic Growth and Capital Accumulation, Economic Record, 32, pp. 334-361. 2. Το Υ"όδειγ&α του Αντι"ροσω"ευτικού Νοικοκυριού. Romer (Κεφ. 2.Α), Αλογοσκούφης (Κεφ. 2). Cass D. (1965), Optimum Growth in an Aggregative Model of Capital Accumulation, Review of Economic Studies, 32, pp. 233-240. Koopmans T. (1965), On the Concept of Optimal Economic Growth, in The Economic Approach to Development Planning, Amsterdam, Elsevier. Ramsey F. (1928), A Mathematical Theory of Saving, Economic Journal, 38, pp. 543-559. 3. Υ"οδείγ&ατα Ε"αλλήλων Γενεών. Romer (Κεφ. 2.Β), Αλογοσκούφης (Κεφ. 3). Blanchard O.J. (1985), Debts, Deficits and Finite Horizons, Journal of Political Economy, 93, pp. 223-47. Diamond P. (1965), National Debt in a Neoclassical Growth Model, American Economic Review, 55, pp. 1126-50. Samuelson P.A. (1958), An Exact Consumption-Loan Model of Interest, with or without the Social Contrivance of Money, Journal of Political Economy, 66, pp. 467-82. Weil P. (1989), Overlapping Families of Infinitely-Lived Agents, Journal of Public Economics, 38, pp. 183-98. N2

4. Ο Εισοδη&ατικός Περιορισ&ός της Κυβέρνησης και οι Μακροχρόνιες Ε"ι"τώσεις της η&οσιονο&ικής Πολιτικής. Romer (Κεφ. 11), Αλογοσκούφης (Κεφ. 4) Barro R.J. (1974), Are Government Bonds Net Wealth, Journal of Political Economy, 82, pp. 1095-117. Blanchard O.J. (1985), Debts, Deficits and Finite Horizons, Journal of Political Economy, 93, pp. 223-47. Diamond P. (1965), National Debt in a Neoclassical Growth Model, American Economic Review, 55, pp. 1126-50. 5. Χρή&α και Οικονο&ική Μεγέθυνση Αλογοσκούφης (Κεφ. 5). Brock W. (1974), Money and Growth: The Case of Long Run Perfect Foresight, International Economic Review, 15, pp. 750-777. Sidrauski M. (1967), Rational Choice and Patterns of Growth in a Monetary Economy, American Economic Review, 57, pp. 534-544. Tobin J. (1965) Money and Economic Growth, Econometrica, 33, pp. 671-684. Weil P. (1987), Permanent Budget Deficits and Inflation, Journal of Monetary Economics, 20, pp. 393-410. Weil P. (1991), Is Money Net Wealth, International Economic Review, 32, pp. 37-53. 6. Υ"οδείγ&ατα Ενδογενούς Οικονο&ικής Μεγέθυνσης. Romer (Κεφ. 3), Αλογοσκούφης (Κεφ. 6). Arrow K.J. (1962), The Economic Implications of Learning by Doing, Review of Economic Studies, 29, pp. 155-173. Lucas R.E. Jr (1988), On the Mechanics of Economic Development, Journal of Monetary Economics, 22, pp. 3-42. Romer Paul (1986), Increasing Returns and Long Run Growth, Journal of Political Economy, 94, pp. 1002-1037. 7. Κατανάλωση και Ε"ενδύσεις Romer (Κεφ. 8, 9), Αλογοσκούφης (Κεφ. 7, 8). Abel A. (1982), Dynamic Effects of Permanent and Temporary Tax Policies in a q model of Investment, Journal of Monetary Economics, 9, pp. 353-373. N3

Abel A. (1990), Consumption and Investment, in Friedman B. and Hahn F. (eds), Handbook of Monetary Economics, Amsterdam, North Holland. Friedman M. (1957), A Theory of the Consumption Function, Princeton N.J., Princeton University Press. Gould J. (1968), Adjustment Costs in the Theory of Investment of the Firm, Review of Economic Studies, 35, pp. 47-55. Hall R. (1978), Stochastic Implications of the life cycle permanent income hypothesis: Theory and Evidence, Journal of Political Economy, 86, pp. 971-987. Hall R. and Jorgenson D. (1967), Tax Policy and Investment Behavior, American Economic Review, 57, pp. 341-414. Hayashi F. (1982), Tobin s marginal q and average q: A neoclassical interpretation, Econometrica, 50, pp. 213-224. Lucas R. (1967), Adjustment Costs and the Theory of Supply, Journal of Political Economy, 75, pp. 321-334. Merton R.C. (1969), Lifetime Portfolio Selection under Uncertainty: The Continuous Time Case, Review of Economics and Statistics, 51, pp. 247-257. Samuelson P.A. (1969), Lifetime Portfolio Selection by Dynamic Stochastic Programming, Review of Economics and Statistics, 51, pp. 239-246. 8. Η Αγορά Χρή&ατος, το Ε"ί"εδο Τι&ών και ο Πληθωρισ&ός Romer (Κεφ. 11.9), Αλογοσκούφης (Κεφ. 9). Cagan P. (1956), The Monetary Dynamics of Hyperinflation, in Friedman M. (ed), Studies in the Quantity Theory of Money, Chicago, University of Chicago Press. Clower R.W. (1967), A Reconsideration of the Microfoundations of Monetary Theory, Western Economic Journal, 6, pp. 1-9. Fischer S., Sahay R. and Vegh C. (2002), Modern Hyper and High Inflations, Journal of Economic Literature, 40, pp. 837-880. Lucas R.E. Jr (1980), Equilibrium in a Pure Currency Economy, in Kareken J.H. and Wallace N. (eds), Models of Monetary Economies, Minnesota, Federal Reserve Bank of Minneapolis. Lucas R.E. Jr. (1982), Interest Rates and Currency Prices in a Two Country World, Journal of Monetary Economics, 10, pp. 335-359. Patinkin D. (1956), Money, Interest and Prices, (2nd Edition, 1965), New York, Haprer and Row. Samuelson P.A. (1958), An Exact Consumption-Loan Model of Interest, with or without the Social Contrivance of Money, Journal of Political Economy, 66, pp. 467-82. N4

9. Η Νέα Κλασσική Θεωρία των Οικονο&ικών ιακυ&άνσεων Romer (Κεφ. 5), Αλογοσκούφης (Κεφ. 10). King R.E. and Rebelo S.T. (1999), Resuscitating Real Business Cycles, Ch. 14 in Taylor J. B. and Woodford M. (1999), Handbook of Macroeconomics, (Volumes IA, IB, IC), Amsterdam, North-Holland. Campbell John Y. (1994), Inspecting the Mechanism: An Analytical Approach to the Stochastic Growth Model, Journal of Monetary Economics, 33, pp. 463-506. Kydland F.E. and Prescott E.C. (1982), Time to Build and Aggregate Fluctuations, Econometrica, 50, pp. 1345-1370. Long J.B. and Plosser C.I. (1983), Real Business Cycles, Journal of Political Economy, 91, pp. 39-69. Lucas R.E. Jr and Rapping L. (1969), Real Wages, Employment and Inflation, Journal of Political Economy, 77, pp. 721-754. Prescott E.C. (1986), Theory Ahead of Business Cycle Measurement, Carnegie-Rochester Conference Series on Public Policy, 25, pp. 11-44. Alogoskoufis G. (1983), The Labor Market in an Equilibrium Business Cycle Model, Journal of Monetary Economics, 11, pp. 117-128. Alogoskoufis G. (1987), On Intertemporal Substitution and Aggregate Labor Supply, Journal of Political Economy, 95, pp. 938-960. 10. Η Κεϋνσιανή Προσέγγιση και η Σχέση &εταξύ Ανεργίας και Πληθωρισ&ού Romer (Κεφ. 6.Α), Αλογοσκούφης (Κεφ. 11) Friedman M. (1968), The Role of Monetary Policy, American Economic Review, 58, pp. 1-17. Hicks J.R. (1937), Mr Keynes and the Classics: A Suggested Interpretation, Econometrica, 5, pp. 147-159. Keynes J.M. (1936), The General Theory of Employment, Interest and Money, Macmillan, London. Phelps E.S. (1967), Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time, Economica, 34, pp. 254-281. Phillips A.W. (1958), The Relationship between Unemployment and the Rate of Change of Money Wages in the United Kingdom, 1861-1957, Economica, 25, pp. 283-299. Samuelson P.A. and Solow R.M. (1960), Analytical Aspects of Anti-Inflation Policy, American Economic Review, 50, pp. 177-194. N5

11. Η Νέα Κεϋνσιανή Θεωρία των Οικονο&ικών ιακυ&άνσεων Romer (Κεφ. 6.Β, 7), Αλογοσκούφης (Κεφ. 12, 14). Calvo G. (1983), Staggered Prices in a Utility Maximizing Framework, Journal of Monetary Economics, 12, pp. 393-398. Christiano L.J., Eichenbaum M. and Evans C. (2005), Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, Journal of Political Economy, 113, pp. 1-45. Fischer S. (1977), Long Term Contracts, Rational Expectations and the Optimal Money Supply Rule, Journal of Political Economy, 85, pp. 191-205. Goodfriend M. and King R.G. (1997), The New Neoclassical Synthesis and the Role of Monetary Policy, NBER Macroeconomics Annual, 12, pp. 231-283. Gray Jo-Anna (1976), Wage Indexation: A Macroeconomic Approach, Journal of Monetary Economics, 2, pp. 221-235. King R.G. and Wolman A.L. (1996), Inflation Targeting in a St. Louis Model of the 21st Century, Federal Reserve Bank of St. Louis Review, 78, pp. 83-107. Rotenberg J. (1982), Monopolistic Price Adjustment and Aggregate Output, Review of Economic Studies, 44, pp. 517-531. Smets F. and Wouters R. (2003), An Estimated Dynamic Stochastic General Equilibrium Model for the Euro Area, Journal of the European Economic Association, 1, pp. 1123-1175. Taylor J. (1979), Staggered Wage Setting in a Macro Model, American Economic Review, 69, pp. 108-113. Yun T. (1996), Nominal Price Rigidity, Money Supply Endogeneity and Business Cycles, Journal of Monetary Economics, 37, pp. 345-370. 12. Ανεργία και Σύζευξη στην Αγορά Εργασίας Romer (Κεφ. 9), Αλογοσκούφης (Κεφ. 15) Hall R.E. (1999), Labor Market Frictions and Employment Fluctuations Ch. 17 in Taylor J. B. and Woodford M. (1999), Handbook of Macroeconomics, (Volumes IA, IB, IC), Amsterdam, North-Holland. Mortensen D.T. and Pissarides C.A. (1999), Job Reallocation, Employment Fluctuations and Unemployment, Ch. 18 in Taylor J. B. and Woodford M. (1999), Handbook of Macroeconomics, (Volumes IA, IB, IC), Amsterdam, North-Holland. Pissarides C. (1985), Short Run Dynamics of Unemployment, Vacancies and Real Wages, American Economic Review, 75, pp. 676-690. Pissarides C. (2000), Equilibrium Unemployment Theory, MIT Press, Cambridge Mass. N6

Shimer R. (2005), The Cyclical Behavior of Equilibrium Unemployment and Vacancies, American Economic Review, 95, pp. 25-49. 13. Αξιο"ιστία, Πληθωρισ&ός και Νο&ισ&ατική Πολιτική. Romer (Κεφ. 10), Αλογοσκούφης (Κεφ. 13) Barro R.J. and Gordon D.B. (1983), Rules, Discretion and Reputation in a Model of Monetary Policy, Journal of Monetary Economics, 12, pp. 101-121. Kydland F.E. and Prescott E.C. (1977), Rules Rather than Discretion: The Inconsistency of Optimal Plans, Journal of Political Economy, 85, pp. 473-492. Rogoff K. (1985), The Optimal Degree of Commitment to an Intermediate Monetary Target, Quarterly Journal of Economics, 100, pp. 1169-1189. Alogoskoufis G. (1994), On Inflation, Unemployment and the Optimal Exchange Rate Regime, in van der Ploeg F. (ed), Handbook of International Macroeconomics, Oxford, Blackwell. 14. Υ"οδείγ&ατα η&οσιονο&ικής Πολιτικής Romer (Κεφ. 11), Αλογοσκούφης (Κεφ. 16) Barro R.J. (1979), On the Determination of Public Debt, Journal of Political Economy, 87, pp. 940-971. Alesina A. and Drazen A. (1991), Why are Stabilizations Delayed, American Economic Review, 81, pp. 1170-1188. Calvo G. (1988), Servicing the Public Debt: The Role of Expectations, American Economic Review, 78, pp. 647-661. Persson T. and Svensson L. (1989), Why a Stubborn Conservative Would Run a Deficit: Policy with Time-Inconsistent Preferences, Quarterly Journal of Economics, 104, pp. 325-345. Rogoff K. (1990), Equilibrium Political Budget Cycles, American Economic Review, 80, pp. 21-36. Tabellini G. and Alesina A. (1990), Voting on the Budget Deficit, American Economic Review, 80, pp. 37-49. N7