14.461 Advanced Macroeconomics I, Fall 2009
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14-461-fall-2009/contents/index.htm
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Author(s)
Lorenzoni, Guido
Guerrieri, Veronica
Alternative Title
Advanced Macroeconomics I
Date Issued
December 2009
Abstract
This course covers three sets of topics. The first part will cover business cycle models with imperfect information. We will ask questions such as: What shocks drive business cycles? What is the relative role of shocks to fundamentals and shocks affecting expectations about (current and future) economic developments? How do informational frictions affect the shape of the responses to various shocks? The second part will cover models of investment with credit constraints. We will ask questions such as: What is the transmission mechanism from shocks to the financial sector to the real economy? What determines optimal decisions about capitalization at the individual and at the social level? The third part will cover search models of decentralized trade applied both to labor markets and to financial markets. In particular, the models will have informational imperfections.
Subjects
news about the future and fluctuations
dispersed information
estimating models with imperfect information
models with limited pledgeability
models with corporate control problems
models with intermediation and securitization
financial frictions
investment
labor market search and inefficiency
wage dispersion
moral hazard
optimal unemployment insurance
money search
liquidity
adverse selection and lemons problem
decentralized trading in financial markets
MIT Department
Massachusetts Institute of Technology. Department of Economics
Massachusetts Institute of Technology. Department of Aeronautics and Astronautics
Massachusetts Institute of Technology. Department of Chemical Engineering
Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science
Massachusetts Institute of Technology. Department of Nuclear Science and Engineering
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