Econ 311 Readings & Handouts

Handouts and other notes

• Income-Expenditure Equilibrium

  • A bit on the derivation of the multiplier

• Consumption

• Neoclassical Growth Model

• Perfect Competition and Monopsony

• Savings, Investment, and Interest Rates

• Taylor Rule

• Derivation of the Policy Rule

• 3-equation Model Practice

• Leverage Tricks

• Discounted Cash Flows

• Forward Guidance

• Fiscal Policy in an Open Economy

Readings

• Movie:  Recommended  Panic: The Untold Story of the 2008 Financial Crisis - VICE Special Report | HBO (2018)

• Babysitting Co-op - Joan and Richard Sweeney, Journal of Money, Credit, and Banking, February 1977

  • Desert Island - Tom the Dancing Bug

• Monopoly & Monopsony handout

  • Aaron Steelman & John A. Weinberg, "A New Normal?  The Prospects for Long-Term Growth in the United States"  (pp. 5-22, also as an easily printable PDF attached at the bottom of this page)

  • Robert Gordon (NU economist) TED Talk on Economic Growth  (Also good:  "Is US economic growth over?  Faltering innovation confronts the six,"  VoxEU, September 2012)

• Hans Rosling - Video:  "200 Countries, 200 Years, 4 Minutes"

  • Pete Klenow "The Allocation of Talent and US Economic Growth"

  • CoreEcon sections 9.1-9.6

  • Monopsony - Paul Krugman, The New York Times (May 20, 2018)

  • Monopoly & Monopsony

  • Brookings - "What does the unemployment rate measure?" Stephanie Aaronson (February 18, 2021)  

  • Unemployment - "Why Different Measures of Unemployment Tell (Mostly) the Same Story," Tim Taylor (November 7, 2014)

  • Beveridge Curve relating the unemployment rate to the job vacancy rate

  • Nir Jaimovich & Henry Siu on the loss of routine occupations (VoxEU, November 6, 2012)

  • David Auter on the China Trade Shock (Zeeshan Aleem, Vox, March 29, 2017)   (Data from David Auter and his co-authors)

  • Atul Gawande - "Why Americans are Dying from Dispair," The New Yorker (March 16, 2020)

  • IS-LM - Paul Krugman

  • Keynes on the Gold Standard (video) 

• "Policy Rules" - Stephen G. Cecchetti and Kermit L. Schoenholtz

  • "The Phillips Curve:  A Primer" - Stephen G. Cecchetti and Kermit L. Schoenholtz

  • Fed's Inflation Expectations

• Inflation - "The Inflation Puzzle:  Why has it moved so little for 25 years?," Tim Taylor (January 27, 2020)

  • FDR’s First Fireside Chat, March 12, 1933 (13 minutes long.  President Franklin Roosevelt was inaugurated 8 days earlier, on March 4th, 1933)

  • Fed Video 1, Fed Video 2 - Videos from Marginal Revolution University 

  • Anat Admati (Stanford Finance professor) TED talk on Leverage

  • "Understanding Bank Capital:  A Primer" - Stephen G. Cecchetti and Kermit L. Schoenholtz

• "Moral Hazard:  A Primer" - Stephen G. Cecchetti and Kermit L. Schoenholtz

  • "Uncorking CDOs" (video)

• Jim Cramer rant - August 3, 2007

• Rick Santelli rant - February 19, 2009

• "Bank Capital and Stress Tests" - Stephen G. Cecchetti and Kermit L. Schoenholtz 

• "Adverse Selection:  A Primer" - Stephen G. Cecchetti and Kermit L. Schoenholtz

  • "A Brief History of Money" - James Surowiecki

  • POW Camp - R. A. Radford (1945)

  • "Central Bank Independence:  A Primer" - Stephen G. Cecchetti and Kermit L. Schoenholtz

• "Lender of Last Resort" - Video from Marginal Revolution University

• "Is Inflation Coming?" - Stephen G. Cecchetti and Kermit L. Schoenholtz (February 15, 2021)

• "The Brave New World of Monetary Policy Operations" - Stephen G. Cecchetti and Kermit L. Schoenholtz

• "Unconventional Monetary Policy" - Glenn Rudenbush, Federal Reserve Bank of San Francisco (December 2018)

  • Lawrence Christiano - "The Great Recession:  A Macroeconomic Earthquake," Federal Reserve Bank of Minneapolis (February 7, 2017)

  • "Money Creation in the Modern Economy" - Bank of England Quarterly Review (2014 Quarter 1)

• Fed Chairs

  • "Alternatives to the Fed's 2% inflation target" David Wessel, Brookings (June 7, 2018)

• "Debt (Fiscal) Sustainability:  A Primer" - Stephen G. Cecchetti and Kermit L. Schoenholtz 

  • "Time Consistency:  A Primer" - Stephen G. Cecchetti and Kermit L. Schoenholtz

  • "Budget Basics" - Anna Malinovskaya & Louise Sheiner, Brookings (December 13, 2018)

  • Big Max Index - Stephen G. Cecchetti and Kermit L. Schoenholtz

  • Trilemma - Mundell-Fleming model of exchange rates - The Economist Magazine

• China & US Bonds:  "China Cannot Weaponize Its U.S. Treasury Bonds" - Michael Pettis (May 28, 2019)