Innis Lecture: Explorations in Medium Run Macroeconomics

Macroeconomics II Lecture notes (1) on: The natural rate of unemployment and the long-run Phillips curve

The …rst serious attack to the theoretical propositions and policy implications put forward by the "neoclassical synthesis" is due to Milton Friedman (1968) and Edmund Phelps (1967). At the end of the 1960s, they independently developed similar ideas aimed at explaining the positive correlation between output ‡uctuations and in‡ation in the short-run, preserving the neoclassical property of lon...

Toward a Macroeconomics of the Medium Run

T hese days macroeconomics has become more respectable than it used to be. I can remember when many economists liked to say: Microeconomics is not problematic, but I just don’t understand macroeconomics. There was a definite implication that something must be wrong with macroeconomics, not with the observer. Of course macroeconomics cannot be “exact;” it has to work by rough analogy and empiric...

Natural Concepts in Macroeconomics

Ragnar Frisch proposed in 1936 a procedure for estimating natural variable values by modifying what are now called structural macroeconometric models. This paper shows that Frisch’s procedure can be used to illuminate natural concepts using today’s models. The procedure also forces one to be precise regarding the assumptions used in moving from a short-run model to a medium-run or long-run model.

Introduction to Macroeconomics Lecture Notes

Lecture notes for Macroeconomics I , 2004

Please do NOT distribute without permission! Comments and suggestions are welcome. 1 2 Chapter 1 Introduction These lecture notes cover a one-semester course. The overriding goal of the course is to begin provide methodological tools for advanced research in macroeconomics. The emphasis is on theory, although data guides the theoretical explorations. We build entirely on models with microfounda...