Econ 274 - Workshop in Macroeconomics & Monetary Economics

For Ph.D. students in economics who are at the early stages of their research careers as well as for those who are engaged in dissertation work in macroeconomics and monetary economics. Topics vary from quarter to quarter depending on the interests of participants.
    Carl Walsh [Homepage]

 Papers to Read 


    Liquidity, Business Cycles, and Monetary
Policy [.PDF]
by Nobuhiro Kiyotaki and John Moore (v1 2001, v2 2008)

Notes on Kiyotaki and Moore: Liquidity,
Business Cycles, and Monetary Policy [PDF]
(April 2008)
notes by Carl Walsh


    Inefficient Credit Booms [.PDF]
by GUIDO LORENZONI (MIT 2007)

    Financial Intermediation, Loanable Funds, 
and The Real Sector* [.PDF]
by BENGT HOLMSTROM AND JEAN TIROLE (1997)



    “House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle,” [.PDF]
By Iacoviello, Matteo,American Economic Review, 95:3, June 2005, 739-764. 



COORDINATION FAILURES AND THE LENDER OF LAST RESORT: WAS BAGEHOT RIGHT AFTER ALL? [.PDF]
by Jean-Charles Rochet & Xavier Vives
Journal of the European Economic Association December 2004 2(6):1116–1147


On the Need for a New Approach to Analyzing Monetary Policy [PDF]
by Andrew Atkeson (Sept 2008) 50 pages


New Keynesian Models: Not Yet Useful for Policy Analysis [PDF]
by V. V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan (2009) 25 pages


On the Need for a New Approach to Approaching Monetary Policy [PDF]
by Andrew Atkeson & Patrick Kehoe (March 2008) 51 pages



Reassessing the Ins and Outs of Unemployment
[PDF]
by Robert Shimer Oct2007



 Holmstrom, Bengt and Jean Tirole, “Private and Public Supply of Liquidity,” Journal of Political Economy. 106: 1-40, 1998.  

Goodfriend, Marvin and Ben McCallum, “Banking and Interest Rates in Monetary Policy Analysis, Journal of Monetary Economics, (54) 2007, 1480-1507.

Rochet, Jean-Charles and Xavier Vives, “Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?” Journal of the European Economic Association, 2:6, 2005, 1116-1147.

Chari, V.V, Pat Kehoe, and Ellen McGrattan, “New Keynesian Models: Not yet useful for Policy Analysis,” American Economic Journal: Macroeconomic, 1:1, 2009, 242-266. 

Atkeson, Andrew and Pat Kehoe, “On the Need of a New Approach to Analyzing Monetary Policy,” March 2008. 

Other readings:

De Firore. F.  and O. Tristani, “Optimal Monetary Policy in a Model of the Credit Channel,” Sept. 2008. 

Eggertsson, Gauti and Mike Woodford, “The Zero Bound on Interest Rates and Optimal Monetary Policy,” Brookings Papers on Economic Activity, 2003.

Monacelli, T., “New Keynesian Models, Durable Goods, and Collateral Constraints,” Journal of Monetary Economics 56:2, Mar. 2009, 242-254






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