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# Econ720: Advanced Macroeconomic Theory (PhD)

### [%ClassTerm]. Prof. Lutz Hendricks. UNC ###

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[OLG Models][], [Infinite horizon, discrete time][IH1], [Infinite horizon, continuous time][IH2], [Growth][], [Stochastic growth], [Search and Matching][Search], [Contracts][]

## Announcements ##

* **Final exam**: Dec-**10**, 9-11am, Gardner 210 (the official time is 8-11, but we don't need 3 hours).
	* Material covered: everything up to (including) search / matching.
* New office hours: Tue, Thr 2:30 - 3:30 p.m.
* Last class: Dec 2 (W)
* [Syllabus](syllabus720.html)

## Modern Macro #

Aug-19 (W): [SL](GenEquil_SL.pdf)

## OLG Models #

* Aug-24 (M): [Model](olg/OLG_SL.pdf) (Slides)
* Aug-26 (W): [Dynamics and steady state](olg/olg_analysis_sl.pdf), [solution for example](olg/OLG_example.pdf), [PS1](olg/OLG_PS.pdf) [answers]
* Aug-28 (Fri): Recitation, OLG examples
* Aug-31 (M): [Efficiency and Social Security](olg/OLG_SS_SL.pdf), [RQ](olg/OLG_RQ.pdf) (review questions, not to be handed in)
	* [Bequests](olg/OLG_Bequest_SL.pdf)
* Sep-2 (W): [Money in OLG models](olg/OLG_Money_SL.pdf), [PS2](olg/OLG_Money_PS.pdf) [answers]
* Sep-4 (Fri): Reciation: PS1
* Sep-7 (Mon): Labor day

## Infinite Horizon, Discrete Time Models [IH1]#

* Sep-9 (Wed): [The growth model](ih1/IH1_SL.pdf) 
* Sep-11 (Fri): Recitation: PS 2
* Sep-14 (Mon): [Dynamic programming](ih1/ih1_dp_sl.pdf)
* Sep-16 (Wed):
	* [Competitive equilibrium](ih1/ih1_equil_sl.pdf)
	* [RQ](ih1/IH1_RQ.pdf), [PS3](ih1/IH1_PS.pdf) [answers][ih1psa]
* Sep-18 (Fri): Recitation - dynamic programming and growth model examples
* Sep-21 (Mon): [Dynamic programming theorems](ih1/DP_SL.pdf), [Notes on Dynamic Programming](ih1/Dp_ln.pdf) 
* Sep-21: [Example: Asset pricing](ih1/IH1_Asset_SL.pdf), [RQ](ih1/ih1_asset_rq.pdf)
* Sep-23 (Wed): [Cash in advance models](ih1/CIA_SL.pdf), [RQ](ih1/CIA_RQ.pdf), [PS4](ih1/CIA_PS.pdf) [answers][ciapsa]
* Sep-23: [Two sector models](ih1/TwoSec_SL.pdf), [RQ](ih1/TwoSec_RQ.pdf)
* Sep-25: Recitation: PS3
* Sep-28 (Mon): [Final example](ih1/ih1_final_example_sl.pdf)

## Infinite Horizon, Continuous Time Models [IH2]##

* Sep-28: [Solow model](ih2/solow_SL.pdf)
* Sep-30 (Wed): [Optimal control](ih2/OptControl_SL.pdf)
* Oct-5 (Mon): [The growth model](ih2/Ramsey_SL.pdf)
* Oct-7 (Wed)[Dynamics and phase diagrams](ih2/PhaseDiagrams_SL.pdf), [RQ](ih2/IH2_RQ.pdf), [PS5](ih2/IH2_PS.pdf) [answers][ih2psa]
* Oct-9: NO Recitation
* Oct-14 (W): [Money in the utility function](ih2/miu_sl.pdf)
* Oct-16: NO Recitation
* Oct-19 (M): * [Perpetual youth](ih2/PerpetualYouth_SL.pdf)
* [Aggregation issues](ih2/Aggregation_SL.pdf)

### Oct-12: Midterm. ###

Material covered: up to (including) the growth model in continuous time, excluding phase diagrams.

[Midterm with answers](exams/midterm2015_720.pdf)

## Endogenous Growth [Growth] ##

* Oct-21 (W): [Endogenous growth: AK model](growth/AK_SL.pdf), [RQ](growth/AK_RQ.pdf)
	* [Phase diagram](growth/phase_diagram_sl.pdf)
* Oct-23: Recitation: Midterm + examples
* Oct-26 (M): [R&D driven growth](growth/RandD_SL.pdf)
* Oct-28 (W): [Increasing varieties](growth/Varieties_SL.pdf), [RQ](growth/RandD_RQ.pdf)
* [Knowledge spillovers and scale effects](growth/ScaleEffects_SL.pdf), [PS6](growth/RandD_PS.pdf), [answers][randpsa]
* Oct-30: Recitation (examples)
* Nov-2 (M): [Quality ladders](growth/Schumpeter_SL.pdf)

## Stochastic Growth

* Nov-4 (W): [Stochastic optimization](stochastic/Stochastic_SL.pdf)
	* [Dynamic programming](stochastic/theorems_sl.pdf) -- we will not talk about this in class. Think of it as a simple user guide to the results that are out there.
* Nov-6: Recitation: 
* Nov-9 (M): [Asset pricing](stochastic/AssetTheory_SL.pdf)
	* [Extensions](stochastic/asset_extensions_sl.pdf), [RQ](stochastic/Asset_RQ.pdf), [PS7](stochastic/Asset_PS.pdf), [Answers][assetpsa]
* Nov-11 (W): [Stochastic growth model](stochastic/Stoch_Growth_SL.pdf), [RQ](stochastic/Stoch_Growth_RQ.pdf)
	* [Bewley model](stochastic/Bewley_SL.pdf)
* Nov-13: Recitation
* Nov-16 (M): Incomplete markets: 
	* [Huggett 1996](stochastic/huggett96_sl.pdf)
	* [Krusell and Smith](stochastic/Krusell_Smith_SL.pdf)
* Nov-20: Recitation

## Search and Matching [Search]##

* Nov-18 (W): [McCall model](search/McCall_SL.pdf)
* Nov-23 (M): [Mortenson-Pissarides](search/MortensonPissarides_SL.pdf),
	[RQ](search/Search_RQ.pdf)

<!---
* Dec-2 (M): [Search models of money](search/Search_Money_SL.pdf)
	* last class
--->

## Contracts ##

* Nov-25 (W): Thanksgiving
* Nov-27: Recitation
* Nov-30 (M): [Limited commitment](contracts/Contract1_SL.pdf)
	* [Asymmetric information](contracts/Contract2_SL.pdf), [RQ](contracts/Contracts_RQ.pdf)
* Dec-2 (W)
	* last class -- examples and Q&A

<!---
* Unemployment insurance
--->

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[ciapsa]: <> (ih1/CIA_PSA.pdf)

[ih1psa]: <> (ih1/IH1_PSA.pdf)

[assetpsa]: <> (stochastic/Asset_PSA.pdf)

[ih2psa]: <> (ih2/IH2_PSA.pdf)

[randpsa]: <> (growth/RandD_PSA.pdf)
