{"id":910,"date":"2016-02-10T06:36:00","date_gmt":"2016-02-10T05:36:00","guid":{"rendered":"http:\/\/dottorati.unica.it\/sea\/?p=910"},"modified":"2016-02-10T06:36:00","modified_gmt":"2016-02-10T05:36:00","slug":"advanced-macroeconomics","status":"publish","type":"post","link":"https:\/\/dottorati.unica.it\/sea\/2016\/02\/10\/advanced-macroeconomics\/","title":{"rendered":"Advanced Macroeconomics"},"content":{"rendered":"<p><strong>Syllabus of the course<\/strong><\/p>\n<p><strong>Starting day: 10 Mar 2016 <\/strong><\/p>\n<p><strong>Instructors: Prof. Fabio Cerina, Prof. Miguel Leon-Ledesma, Prof. Alessio Moro<\/strong><\/p>\n<p>Contacts: <a href=\"mailto:amoro@unica.it\">amoro@unica.it<\/a>; <a href=\"mailto:fcerina@unica.it\">fcerina@unica.it<\/a>; <a href=\"mailto:M.A.Leon-Ledesma@kent.ac.uk\">M.A.Leon-Ledesma@kent.ac.uk<\/a>&gt;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Module 1:<\/strong> <em>Models of Structural Change<\/em>, Prof. Alessio Moro.<\/p>\n<p>Lecture 1: <strong>Facts of structural transformation and benchmark model of structural transformation<\/strong>, 12 Mar 2016, h. 10:30 \u2013 12:30<\/p>\n<p><strong>Reading:<\/strong><\/p>\n<ul>\n<li>Berthold Herrendorf, Richard Rogerson, \u00c1kos Valentinyi, 2014. Chapter 6 &#8211; Growth and Structural Transformation, Volume 2, <em>Handbook of Economic Growth<\/em>.<\/li>\n<\/ul>\n<p>Lecture 2: <strong>Economic forces behind structural transformation<\/strong>, 10 Mar 2016, h. 12:30 \u2013 14:00<\/p>\n<p><strong>Readings:<\/strong><\/p>\n<ul>\n<li>Kongsamut, Piyabha, Rebelo, Sergio, Xie, Danyang, 2001. Beyond balanced growth. <em>Review of Economic Studies<\/em> 68, 869\u2013882.<\/li>\n<li>Ngai, L. Rachel, Pissarides, Chrisopher A., 2007. Structural change in a multisector model of growth. <em>American Economic Review<\/em> 97, 429\u2013443.<\/li>\n<li>Berthold Herrendorf, Richard Rogerson, \u00c1kos Valentiny. 2013. Two Perspectives on Preferences and Structural Transformation. <em>American Economic Review<\/em>, 103, 2752-2789.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Lecture 3: <strong>Structural transformation, growth and volatility<\/strong>, 17 Mar 2016, h. 10:30 \u2013 12:30<\/p>\n<p><strong>Readings:<\/strong><\/p>\n<ul>\n<li>Echevarria,Cristina, 1997. Changes in sectoral composition associated with economic growth. <em>International Economic Review<\/em> 38, 431\u2013452.<\/li>\n<li>Koren, Miklos, and Silvana Tenreyro. 2007. Volatility and Development, <em>Quarterly Journal of Economics<\/em> 122 (1): 243-287.<\/li>\n<li>Moro, Alessio, 2012. The Structural Transformation Between Manufacturing and Services and the Decline in the US GDP Volatility, <em>Review of Economic Dynamics<\/em> 12 (3), 402-415.<\/li>\n<li>Carvalho, Vasco, Gabaix, Xavier, 2013. The great diversification and its undoing, <em>American Economic Review<\/em> 103(5): 1697-1727.<\/li>\n<li>Moro, Alessio, 2015. Structural Change, Growth and Volatility, forthcoming in <em>American Economic Journal: Macroeconomics<\/em>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Lecture 4: <strong>Home production and Structural Transformation<\/strong>, 17 Mar 2016, h. 12:30 \u2013 14:00<\/p>\n<p><strong>Readings:<\/strong><\/p>\n<ul>\n<li>Ngai, L. Rachel, Pissarides, Chrisopher A., 2008. Trends in Hours and Economic Growth. <em>Review of Economic Dynamics<\/em>, 11, 239-256.<\/li>\n<li>Ngai, L. Rachel, Petrongolo, Barbara., 2014. Gender Gaps and the Rise of the Service Economy. IZA DP8134. CEPR DP9970.<\/li>\n<li>Moro, Alessio, Moslehi, Solmaz, Satoshi Tanaka, 2015. Does Home Production Drive Structural Transformation? Monash DISCUSSION PAPER 20\/15<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Module 2:<\/strong> <em>Topics in international economics<\/em>, Prof. Miguel Leon-Ledesma.<\/p>\n<p>&#8211; Lecture 5: <strong>Intertemporal models of the current account<\/strong>, 12 Apr 2016, h. 10:00 \u2013 13:00<\/p>\n<p><strong>\u00a0<\/strong><strong>Reading:<\/strong><\/p>\n<ul>\n<li>Chapters 4.1.1 and 4.3 of Le\u00f3n-Ledesma, M.A. and Mihailov, A. (forthcoming). Advanced International Macroeconomics and Finance. Oxford University Press. (I will be providing incomplete versions of the relevant chapters)<\/li>\n<li>Obstfeld and Rogoff, Ch. 1, sections 1.1.1 to 1.1.6, 1.6. and 2.1<\/li>\n<li>Chang, Y. and Smith, R.T. (2014) \u2018Feldstein-Horioka Puzzles\u2019, European Economic Review 72, 98-112.<\/li>\n<li>Taylor, A.M., (2002) \u2018A century of current account dynamics,\u2019 Journal of International Money and Finance 21, 725-748.<\/li>\n<li>Ghosh, Atish R. (1995), \u201cInternational Capital Mobility Among the Major Industrialised Countries: Too Little or Too Much?&#8221; The Economic Journal 105, 107-128.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Lecture 6: <strong>Risk, uncertainty and asset markets<\/strong>, 13 Apr 2016, h. 10:00 \u2013 13:00<\/p>\n<p><strong>Reading:<\/strong><\/p>\n<ul>\n<li>Chapters Ch. 5.1.1-5.1.7 and 5.3 of Le\u00f3n-Ledesma, M.A. and Mihailov, A. (forthcoming). Advanced International Macroeconomics and Finance. Oxford University Press. (I will be providing incomplete versions of the relevant chapters)<\/li>\n<li>Obstfeld-Rogoff (1996), Ch. 5.1.1-5.1.7 and 5.3.<\/li>\n<li>Asdrubali, Pierfederico and Soyoung Kim (2008), \u201cIncomplete Intertemporal Consumption Smoothing and Incomplete Risk Sharing,&#8221; Journal of Money, Credit and Banking 40, 1521-1531.<\/li>\n<li>Pakko, M.R. (1998) \u2018Characterizing international consumption correlations\u2019 Review of Economics and Statistics 80, 169-174.<\/li>\n<li>Becker, Sascha O. and Mathias Hoffmann (2006), \u201cIntra- and International Risk Sharing in the Short Run and the Long Run,&#8221; European Economic Review 50, 777-806.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Lecture 7: <strong>International business cycles<\/strong>, 14 Apr 2016, <em>h. 10:00 \u2013 13:00<\/em><\/p>\n<p><strong>\u00a0<\/strong><strong>Reading:<\/strong><\/p>\n<ul>\n<li>Le\u00f3n-Ledesma and Mihailov (forthcoming) Chapter 7.3.<\/li>\n<li>M and Gopinath, G. 2007, Emerging market business cycles: the cycle is the trend, Journal of Political Economy, 115 (1).<\/li>\n<li>Backus, D. and G. Smith, 1993, Consumption and Real Exchange Rates in Dynamic Economies with Non-Traded Goods\u201d, Journal of International Economics, 35, pp.297-316.<\/li>\n<li>Baxter, M. and M. Crucini, 1995, Business cycles and the asset structure of foreign trade, International Economic Review, 36 (4), pp.821-854.<\/li>\n<li>Corsetti, G. Dedola, L. and Leduc, C. 2008, International risk sharing and the<br \/>\ntransmission of productivity shocks, Review of Economic Studies, 75 (2).<\/li>\n<li>Schmitt-Grohe, S. and M. Uribe, 2003, Closing small open economy models, Journal of International Economics, 61 (1), pp.163-181.<\/li>\n<li>Stockman, A. and L. Tesar, 1995, Tastes and technology in a two-country model of the business cycle: explaining international comovements, American Economic Review, 85 (1), pp.168-185.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Module 3:<\/strong> <em>Agglomeration<\/em>, <em>growth and trade<\/em> Prof. Fabio Cerina.<\/p>\n<p>Lecture 8: Models of growth and agglomeration, 20 April 2016, h. 11:00 \u2013 13:00<\/p>\n<p><strong>\u00a0<\/strong><strong>Readings:<\/strong><\/p>\n<ul>\n<li>Baldwin, R. E. and Martin, P. (2004). \u201d<a href=\"http:\/\/www.brown.edu\/Departments\/Economics\/Faculty\/henderson\/GeoGroHdb11feb.pdf\">Agglomeration and regional growth<\/a>\u201d, in Henderson J. V. and Thisse J. F. (eds.), <em>Handbook of Regional and Urban Economics<\/em>, vol. 4, Elsevier, Amsterdam, 2671-2711.<\/li>\n<li>Martin, P. and Ottaviano, G. I. P. (1999). \u201c<a href=\"https:\/\/www.dropbox.com\/s\/fcwxrk0ayboqqcw\/MarinOttaviano%20growing%20locations%20EER%2099.pdf?dl=0\">Growing locations: Industry location in a model of endogenous growth<\/a>\u201d. <em>European Economic Review<\/em>, 43: 281-302.<\/li>\n<li>Baldwin, R. E., Martin, P. and Ottaviano, G. I. P. (2001). \u201c<a href=\"https:\/\/www.dropbox.com\/s\/l1am94bzufxecdx\/takeoff_journal_version.pdf?dl=0\">Global income divergence, trade, and industrialization: The geography of growth take-offs<\/a>\u201d. <em>Journal of Economic Growth<\/em>, 6: 5-37.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Lecture 9: <strong>Agglomeration, aggregate growth and regional imbalances<\/strong>, 20 April 2016, h. 14:00 \u2013 16:00<\/p>\n<p><strong>\u00a0<\/strong><strong>Readings: <\/strong><\/p>\n<ul>\n<li>Martin, P. (1999). \u201c<a href=\"http:\/\/www.enpc.fr\/ceras\/martin\/PUBPOL4.pdf\">Public policies, regional inequalities and growth<\/a>\u201d. <em>Journal of Public Economics<\/em> 73: 85-105.<\/li>\n<li>Dupont, V., Martin, P. (2006). \u201c<a href=\"https:\/\/www.dropbox.com\/s\/tm61u1gwmuojo4u\/Subsidies_Poor_Regions_JEG2006.pdf?dl=0\">Subsidies to poor regions and inequalities: some unpleasant arithmetic<\/a>\u201d. <em>Journal of Economic Geography<\/em> 6: 223-240.<\/li>\n<li>Cerina F., Mureddu F. (2014), \u201d<a href=\"https:\/\/www.dropbox.com\/s\/cma2rt9h3i6ujpx\/Is_Agglomeration_JUE_2014.pdf?dl=0\">Is agglomeration really good for growth? Global efficiency, interregional equity and uneven growth<\/a>\u201d, <em>Journal of Urban Economics<\/em> 84: 9-22.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Lecture 10: \u2018New\u2019 new trade theory: firms\u2019 heterogeneity, 21 May 2016, h. 11:00 \u2013 13:00<\/p>\n<p><strong>\u00a0<\/strong><strong>Readings:<\/strong><\/p>\n<ul>\n<li>Melitz, M. (2003). \u201c<a href=\"http:\/\/scholar.harvard.edu\/files\/melitz\/files\/aggprod_ecma.pdf\">The impact of trade on intra-industry reallocations and aggregate industry productivity<\/a>\u201d. <em>Econometrica,<\/em> 71: 1695-1725.<\/li>\n<li>Melitz, M. and Ottaviano, G. I. P. (2008). \u201c<a href=\"http:\/\/scholar.harvard.edu\/melitz\/files\/melot_restud_final.pdf\">Market size, trade, and productivity<\/a>\u201d. <em>Review of Economic Studies<\/em>, 75: 295-316.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Lecture 11: \u2018New\u2019 new economic geography: agglomeration and growth when firms are heterogenous, 21 April 2016, h. 14:00 \u2013 16:00<\/p>\n<p><strong>Readings:<\/strong><\/p>\n<ul>\n<li>Baldwin, R. E. and Okubo, T. (2006). \u201c<a href=\"https:\/\/www.dropbox.com\/s\/863l1ygsdjvfo9g\/Het_Firms_Agglomeration_Baldwin_Okubo_JEG2006.pdf?dl=0\">Heterogeneous firms, agglomeration and economic geography: Spatial selection and sorting<\/a>\u201d. <em>Journal of Economic Geography<\/em>, 6: 323-346.<\/li>\n<li>Ottaviano G.I.P. (2010), \u201c\u2018<a href=\"https:\/\/www.dropbox.com\/s\/jbuxfcl1nmvpncb\/%E2%80%98New%E2%80%99%20new%20economic%20geography_%20firm%20heterogeneity%20and%20agglomeration%20economies.pdf?dl=0\">New\u2019 new economic geography: firm heterogeneity and agglomeration economies<\/a>\u201d, <em>Journal of Economic Geography<\/em>, 11: 231-240.<\/li>\n<li>Baldwin R., Robert-Nicoud F., (2008), \u201d<a href=\"http:\/\/www.nber.org\/papers\/w12326.pdf\">Trade and growth with heterogeneous firms<\/a>\u201d, <em>Journal of International Economics<\/em>, 74: 21-34.<\/li>\n<\/ul>\n<p><strong>Course Material<\/strong><\/p>\n<p>There is no textbook for this course. See the reading lists above.<\/p>\n<p><strong>Assessment<\/strong><\/p>\n<p>The grading will be based on two parts:<\/p>\n<ul>\n<li>an essay dealing with topics treated in one of the three modules<\/li>\n<li>a written exam on the other two modules<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Syllabus of the course Starting day: 10 Mar 2016 Instructors: Prof. Fabio Cerina, Prof. Miguel Leon-Ledesma, Prof. Alessio Moro Contacts: amoro@unica.it; fcerina@unica.it; M.A.Leon-Ledesma@kent.ac.uk&gt; &nbsp; Module 1: Models of Structural Change, Prof. Alessio Moro. Lecture 1: Facts of structural transformation and benchmark model of structural transformation, 12 Mar 2016, h. 10:30 \u2013 12:30 Reading: Berthold Herrendorf, <a href='https:\/\/dottorati.unica.it\/sea\/2016\/02\/10\/advanced-macroeconomics\/' class='excerpt-more'>[&#8230;]<\/a><\/p>\n","protected":false},"author":1858,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-910","post","type-post","status-publish","format-standard","hentry","category-senza-categoria","category-1-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/posts\/910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/users\/1858"}],"replies":[{"embeddable":true,"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/comments?post=910"}],"version-history":[{"count":1,"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/posts\/910\/revisions"}],"predecessor-version":[{"id":911,"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/posts\/910\/revisions\/911"}],"wp:attachment":[{"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/media?parent=910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/categories?post=910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dottorati.unica.it\/sea\/wp-json\/wp\/v2\/tags?post=910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}