HEC Lausanne - Business cycle -M-

HEC Lausanne − Business cycle −M−
Business cycle −M−
• Enseignement: Aude Pommeret
• 3 crédits
• 2 heures de cours hebdomadaires (Eté)
• Formation concernée: Licence/économie politique
étudiants MSE: 4 crédits / autres étudiants: 3 crédits
Cours donné en anglais
Objective
The ultimate aim is to construct a simple representation of the economy whose ability to reproduce the
relevant cyclical characteristics of the economy can be evaluated using simulation techniques. The idea is to
explain both the reasons and the mechanisms generating fluctuations.
Contents
Chapter 1: Introducing business cycles
Chapter 2: The real business cycle canonical model
Chapter 3: Solving the labor market puzzle
Chapter 4: Introducing money
Chapter 5: Conclusion (The new−classical synthesis + Do we care about fluctuations?)
References
No text book. Among others:
Burnside C., Eichenbaum M. and Rebelo S. (1993), «Labor Hoarding and the Business Cycle», Journal of
Political Economy, 101(2), 245−273.
Christiano L. (1998), «Why does Inventories fluctuate so much?», Journal of Monetary Economics, 21(2/3),
247−280.
Cho J. et Cooley T. (1995), «The Business Cycle with Nominal Wage Contracts», Economics Theory 6,
13−33.
Christiano L., Eichenbaum M. (1992), «Current Real Business Cycle Theories and Agregate Labor Market
Fluctuations», American Economic Review, 82, 430−450.
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HEC Lausanne − Business cycle −M−
Cooley T. and Hansen G. (1989), «The Inflation Tax in a Real Business Cycle Model», American Economic
Review, 79(4), 733−747.
Danthine J.−P. et Donaldson J. (1990), «Efficiency Wages and the Business Cycle Puzzle», European
Economic Review, 7(34), 1275−1301.
Hansen G. (1985), «Indivisible Labor and the Business Cycle», Journal of Monetary Economics, 16(3),
309−327.
King R., (2000), «The New IS−LM Model: Language, Logic and Limits», Quarterly Review, Federal Reserve
Bank of Richmond, 86(3).
King Plosser Rebelo (1988), «Production, Growth and Business Cycles», Journal of Monetary Economics,
21(2/3), 196−232.
Lucas R.E. (1977), «Understanding Business Cycles», Carnegie−Rochester Conference on Public Policy, 5,
7−29, reprinted in Studies in Business−Cycles Theory, MIT Press, 215−239.
Mankiw G., (1990), «A Quick Refresher Course in Macroeconomics», journal of Economic Literature, 28,
1645−1660. Traduction partielle en français dans Problèmes économiques, no 2243, 1991.
Evaluation
Written exam at the end of the semester; oral exam for the remedial.
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