Transcript general infomation
Slide 1
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 2
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 3
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 4
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 5
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 6
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 7
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 8
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 9
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 2
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 3
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 4
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 5
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 6
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 7
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 8
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS
Slide 9
UNIVERSITY OF OSLO
ECON 3410, International Macro and
Finance
Overview, spring 2004
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Course pages on the internet:
• http://www.uio.no/studier/emner/sv/oekonomi/ECON4410/v04/
– Time and place, detailed reading list,
– Official announcements of examination dates will be posted
here
– Click Lecture notes and handouts
to attain the work page of the course.
» Lecture plan
» Lecture notes, data,
» Copies of slides in pdf format
» etc
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The seminars
• The seminars start in in week 5 (last week of January)
• The exercise set will be available from the internet
Monday 21. January.
• The exercises will signal some of the essential learning
objectives.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The reading list
See course page for details
• Burda, M. and C. Wyplosz: Macroeconomics. A European Text,third
edition. Oxford University Press (2001), Chap 9, 12-13, 15-17 and
19-20.
• A lecture note on Dynamic models. See home page:
http://folk.uio.no/rnymoen/rnyteach.html
• Rødseth, A: Open Economy Macroeconomics. Cambridge University
Press (2000). Chap. 1,3.1, 3.4, 10.1.
• DeGrauwe, P : Economics of Monetary Union.
• The chapter by A. Rødseth, in Christiansen A. B, and J. F Qvigstad
(eds) : Choosing a Monetary Policy Target. Scandinavian University
Press (1997)
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
How do we approach the main books?
B&W:
Lectures will be critical and research-based:
• Why are the issues and topics of the book important
• What are the strengths and weaknesses of the analysis
in the book (i.e., “the models”).
OEM:
Lectures will aim to help learning the book’s approach
to the modelling of the market for foreign exchange
DeGrauve:
Here the aim is to get an overview of main topics and
lines of argument in the book.
Mainly “self-study”.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
The topics of the course
1. Introduction to dynamic models
2. Wage and price setting
3. Models of inflation and the macroeconomy
4. Financial markets and the macroeconomy
5. Macroeconomic policy
6. International monetary system
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Mid term paper/home assignment
• The assignment is to be completed and
delivered within x (working) days.
• There will be a limit on the lenght of the term
paper (in terms of words)
• The paper will be marked, the mark will
count the final evaluation, but less than the
school exam (40%).
• Further details are fortcoming.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Introduction to dynamic models
1. Static and dynamic models, and their interpretation
in macroeconomics
2. Concepts of dynamic analysis.
–
–
–
–
Adjustments lags
Short-run and long-run
Steady state
Impact multiplier, dynamic multiplier, long-run multiplier
Reading:
• Lecture note: Dynamic models, sections 1-7.
© DEPARTMENT OF ECONOMICS
UNIVERSITY OF OSLO
Wage and price setting
1. The Phillips curve.
2. The Norwegian model of inflation,
3. “The battle of mark-ups”
Reading:
• Lecture note “Dynamic models”, section 8
• B&W chapter 12.
Note: You will need to “browse” trough earlier chapters in order to
obtain familiarity with notation and concepts which are taken as
given in ch 12.
© DEPARTMENT OF ECONOMICS