ECON 701: Advanced Macroeconomics I
Models of economic fluctuations and growth, including models with heterogeneous firms and workers. The class will emphasize both theoretical models as well as empirical evidence for the U.S. and other countries.

ECON 702: Advanced Macroeconomics II
Foundations of and recent advances in monetary economics with an emphasis on information frictions. Topics include empirical evidence on and models of price rigidity and wage rigidity; menu costs, sticky information, dispersed information, rational inattention; monetary policy under complete and incomplete information; coordination of monetary and fiscal policy; the zero lower bound; financial frictions; and, time permitting, connections to the open economy literature.

ECON 747: Macroeconomics of Imperfect Capital Markets
Introduction to theory of imperfect capital markets and applications to topics including limited commitment, the financial accelerator, liquidity, bubbles, crises, the role of credit in monetary economics, and frictions in international capital flows.

Related Course
ECON 630: Computational Methods in Macroeconomics
This course covers some of the essential computational methods frequently used in macroeconomics and international finance. There will be particular focus on approximating the solution to dynamic stochastic general equilibrium models. Methods for representative-agent and heterogeneous-agent models will be extensively studied. Econometric methods such as Generalized Method of Moments, Maximum Likelihood, and Vector Autoregressions are also covered.


Field Requirements in Macroeconomics

Major Field: Econ 701, 702 and 630. Students may ask to substitute one course in political economy, computational economics, international economics, or some other field related to the student's interests; such requests will be considered by the macro faculty on a case by case basis.

Average grade of B+ or better in courses, and field paper with following deadlines: initial proposal due September 15 of the third year, comments from faculty by October 1. First draft by December 1, comments from faculty by December 20. Final draft due February 1. Revisions may be requested on the final draft, with due date specified by macro faculty.
The faculty considers passing the major field as a commitment to work with you as a thesis writer, so the field paper must meet high standards. If your initial proposal or first draft lacks sufficient potential, the faculty will tell you so and encourage you to choose another topic.

Minor field: Two of Econ 701, 702 and 630; must take at least one of 701 and 702. Average grade of B+ or better in courses.