Professor Karl Shell |
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Professor:
Teaching Assistant:
There are two lectures per week: Mondays and Wednesday, 1:50 pm to 3:05 pm, in Baker 135. There is one section meeting per week: Friday, 10:30 am to 11:45 am, in Baker 335. Problem Sets Problem Set 1 (due Friday, February 4) Problem Set 2 (due Monday, February 7) Problem Set 3 (due Friday, February 11) Problem Set 4 (due Wednesday, February 16) Problem Set 5 (due Monday, February 21) Problem Set 6 (due Wednesday, February 23) Problem Set 7 (due Friday, March 18) Problem Set 8 (due Monday, March 28) Problem Set 9 (due Friday, April 1) Problem Set 10 (due Monday, April 4) Problem Set 11 (due Wednesday, April 20) Problem Set 12 (due Friday, April 29) Problem Set 13 (due Monday, May 9) First Midterm Quiz: Second Midterm Quiz: Final Exam: Macroeconomics Qualifying Exams: Monday, June 13, 2005 Thursday, August 8, 2005
Reading List A. Introduction J. Hicks, 2.0.CO;2-E" target="_blank">"Mr. Keynes and the Classics," Econometrica, April 1937, 147-159. K. Arrow, "The Role of Securities in the Optimal Allocation of Risk-Bearing," Review of Economic Studies, April 1964, 91-96. R. Lucas, "Asset Prices in an Exchange Economy," Econometrica, November 1978, 1429-1445. Y. Balasko and K. Shell, "Lump-Sum Taxation: The Static Economy," in General Equilibrium, Growth, and Trade: The Legacy of Lionel McKenzie, II. (R. Becker, M. Boldrin, R. Jones and W. Thomson, eds.) New York: Academic Press, 1993, 168-180. W. Baumol, "The Transactions Demand for Cash: an Inventory Theoretic Approach," Quarterly Journal of Economics, November 1952, 545-556. J. Tobin, "The Interest-Elasticity of the Transactions Demand for Cash," Review of Economics and Statistics, August 1956, 241-247. H. Uzawa, "On
a Two-Sector Model of Economic Growth II," Review of Economic
Studies, 1963, 105-118. B. Overlapping Generations K. Shell and B. Smith, "Overlapping-Generations Model and Monetary Economics," in the New Palgrave Dictionary of Money and Finance (J. Eatwell, M. Milgate, and P. Newman, eds.), Vol. 3, London: Macmillan, 1992, 104-109. Paul A. Samuelson, "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, December 1958, 467-482. D. Cass and K. Shell, "In Defense of a Basic Approach," in Models of Monetary Economics, (J. Kareken and N. Wallace, eds.) Federal Reserve Bank of Minneapolis, 1980, 251-260. P. Diamond, "National Debt in a Neoclassical Growth Model", American Economic Review, December 1965, 1126-1150. K. Shell, "Notes on the Economics of Infinity," Journal of Political Economy, September/October 1971, 1002-1011. D. Gale, "Pure Exchange Equilibrium of Dynamic Economic Models," Journal of Economic Theory, February 1973, 12-36. C. Extrinsic Uncertainty R. Shiller, "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," American Economic Review, June 1981, 421-436. K. Shell, "Monnaie et Allocation Intertemporelle," [title and abstract in French, text in English] mimeo, Séminaire d'Econométrie Roy-Malinvaud, Centre National de la Recherche Scientifique, Paris, November 21, 1977. (Forthcoming in Macroeconomic Dynamics.) D. Cass and K. Shell, "Do Sunspots Matter?" Journal of Political Economy, April 1983, 193-227. C. Azariadis, "Self-Fulfilling Prophecies," Journal of Economic Theory, December 1981, 380-396. K. Shell and R. Wright, "Indivisibilities, Lotteries and Sunspot Equilibria," Economic Theory, January 1993, 1-17. K. Shell, "Sunspot Equilibrium," in The New Palgrave: A Dictionary of Economics (J. Eatwell, M. Milgate, and P. Newman, eds.), Vol. 4, New York: Macmillan, 1987, 549-551. Karl Shell and Bruce Smith, "Sunspot Equilibrium", in the New Palgrave Dictionary of Money and Finance (J. Eatwell, M. Milgate, and P. Newman, eds.), Vol. 3, London: Macmillan, 601-605. Joydeep Bhattacharya, Mark G. Guzman and Karl Shell, "Price Level Volatility: A Simple Model of Money Taxes and Sunspots", in Journal of Economic Theory, Vol. 81, August 1998, 401-430. D. Growth R. M. Solow, "A Contribution to the Theory of Economic Growth," Quarterly Journal of Economics, February 1956, 65-94. D. Cass, "Optimum Growth in an Aggregative Model of Capital Accumulation," Review of Economic Studies, July 1965, 233-240. K. Shell, "Toward a Theory of Inventive Activity and Capital Accumulation," American Economic Review, May 1966, 62-68. K. Shell, "Inventive Activity, Industrial Organization and Economic Growth," in Models of Economic Growth, (J. Mirrlees and N. Stern) Macmillan and Halsted, 1973, 77-100 P. Romer, "Increasing Returns and Long-Run Growth," Journal of Political Economy, October 1986, 1002-1037. P. Romer, "Endogenous Technological Change," Journal of Political Economy, October 1990, S71-S102. K. Shell, "Applications of Pontryagin's Maximum Principle to Economics" in Mathematical Systems Theory and Economics, I (H.W. Kuhn and G.P. Szegö, eds.), Berlin: Springer Verlag, 1969, 241-292. (The "Varenna Lectures.") . E. Banking D. Diamond, and P. Dybvig, "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, June 1983, 401-19. F. Money and Search N. Kiyotaki and R. Wright, "On Money as a Medium of Exchange," Journal of Political Economy, August 1989: 927-954.
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