Week 1: Measuring the Macroeconomy

Reading / Resources

Exercises

Week 2: Optimal Behavior of Consumers and Producers

Reading / Resources

  • Optimal consumption and leisure decisions of a representative household: Williamson, Chapter 4, pp. 98-117
  • Optimal labor demand and production decisions of a representative firm: Williamson, Chapter 4, pp. 122-135
  • Class Slides

Exercises

Week 3: Socially Optimal Model

Reading / Resources

  • Socially optimal allocation of consumption and leisure: Williamson, Chapter 5, pp. 142-150
  • Pareto optimality of competitive equilibrium: Williamson, Chapter 5, pp. 150-155
  • Optimal responses of the economy to government expenditure and technology shocks, Chapter 5, pp. 155-164
  • Class Slides (PDF)

Exercises

Week 4: Solow Growth Model

Reading / Resources

  • Solow growth model: Williamson, Chapter 7, pp. 249-255
  • Long-run effects from changes to savings, technology, depreciation, labor force growth, Chapter 7, pp. 255-264
  • Class Slides (PDF)

Exercises

Week 6: Growth Models and Income Disparity

Reading

  • Convergence & divergence in economic development: Williamson, Chapter 8, pp. 281-290
  • Endogenous growth with human capital accumulation: Chapter 8, pp. 290-300
  • Class Slides

Exercises

Week 7: Consumption and Saving

Reading

  • CConsumption and savings decisions: Williamson, Chapter 9, pp. 306-321
  • Effects on decisions from changes in income: Chapter 9, pp. 321-324
  • Effects on decisions from changes in interest rates for savers and borrowers: Chapter 9, pp. 327-332
  • Ricardian Equivalence: Chapter 9, pp. 337-343
  • Class Slides

Exercises

Week 8: Dynamic Model of Consumer and Producer Decisions

Reading

  • Two-period dynamic model - Consumer decisions for consumption, saving, leisure, and labor supply: Williamson, Chapter 11, pp. 379-388
  • Two-period dynamic model - Producer decisions for labor demand, investment demand, and production: Chapter 11, pp. 389-397

Exercises

Week 10: Dynamic General Equilibrium Model

Reading

  • Competitive general equilibrium in the two-period dynamic model: Williamson, Chapter 11, pp. 401-414
  • Dynamics macroeconomic effects from changes in government expenditures: Chapter 11, pp. 414-417
  • Dynamics macroeconomic effects from changes in capital stock: Williamson, Chapter 11, pp. 417-421
  • Dynamics macroeconomic effects from changes in total factor productivity: Chapter 11, pp. 421-425

Exercises

Week 11: Dynamic Model with Money

Reading and Resources

  • Dynamic model of money supply and demand: Williamson, Chapter 12, pp. 442-457
  • Complete dynamic macroeconomic model with money: Chapter 12, pp. 457-459
  • Money neutrality: Williamson, Chapter 12, pp. 460-464
  • Shifts in Money Demand: Chapter 12, pp. 464-467
  • Class Slides

Exercises

Week 12: New Keynesian Model

Reading

  • New Keynesian model framework: Williamson, Chapter 14, pp. 509-513
  • Non-neutrality of money: Chapter 14, pp. 513-515
  • Government policy in the New Keynesian model: Williamson, Chapter 14, pp. 515-518

Exercises

Instructor

James Murray, Ph.D.

  2106 Wittich Hall
  608-785-6828
    608-406-4068
  jmurray@uwlax.edu

Student Hours Appointments

Student hours appointments are available with as little as a 30-minute notice, and are generally available at the following times:

  • 8:30 AM - 10:30 AM Mon/Wed/Fri
  • 1:30 PM - 2:30 PM Mon/Wed/Fri
  • 2:30 PM - 4:30 PM Tue/Thurs
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Student Hours Satisfaction Guaranteed!

I guarantee that coming to student hours to ask questions will increase your grade in the class. If you come and still get questions wrong on the exam about the topic we discussed, I will refund those points! This guarantee is subject to the following conditions:

  1. Refund points are good for up to two topics on each exam, and up to a total of 10 percentage points per exam.
  2. You and I must agree in writing using the following online form: https://murraylax.org/studentguarantee/
    It takes just a minute to fill out the form. On this form, we document very specifically what we discussed and we both agree that I have explained the topic sufficiently and that you have acquired a good understanding from our discussion.
  3. Often we discuss more than one topic in student hours. In such circumstances, a guarantee for the student hours visit will not cover everything we discussed, only one specific topic.
  4. You must fill out the above form on the same day of your appointment.
  5. You must have attended class when the topic was initially taught or had an excused absence and completed any online work that served as a substitute, including watching any instructional videos.
  6. Only three guarantee forms may be filed before each exam.
  7. Only one guarantee form may be filed on a single day. Therefore, filing two or three guarantee forms before an exam will require at least two or three separate office hours visits, respectively.
  8. After the exam, if you get questions wrong that were guaranteed, it is your responsibility to recognize this and present your copy of the guarantee form to notify me you should get the points refunded.