22 de enero, 2010.

INSTITUTO TECNOLGICO AUTNOMO DE MXICO

Licenciatura en Economa
Macroeconoma Avanzada
Prof. Ernesto Revilla Eco 12121. Primavera 2010.
El objetivo del curso es finalizar la secuencia de macroeconoma de la licenciatura
enfocndonos principalmente a temas de poltica econmica y de resoluciones de crisis
macroeconmicas. El curso se impartir los viernes de 7:00am a 10:00am, en el saln 105 de
Ro Hondo. Los laboratoristas del curso sern Fernanda Mrquez Padilla y Rodrigo Snchez
Gavito (mircoles de 17:00 a 18:30, saln 207). La evaluacin del curso estar dada por un
examen parcial y un final que aportarn el 90% de la calificacin total como sigue:
Calificacin de exmenes = max [Calif. Final, *(Calif. Final)+ *(Calif. Parcial)].
Las tareas del curso aportaran el 10% restante. Los libros de texto del curso son:
David Romer, Advanced Macroeconomics, Mc-Graw Hill, tercera edicin.
Doepke, Lehnert y Sellgren. Macroeconomics. Mimeo, University of Chicago, (DLS).
Otros libros sugeridos son:
Sala-i-Martin. Apuntes de Crecimiento Econmico Antoni Bosch, 2 edicin.
Blanchard y Fisher. Lectures on Macroeconomics, MIT Press.
Acemoglu. Introduction to Modern Economic Growth. Princeton University Press.
Cmo contactarme:
Ernesto Revilla
Secretara de Hacienda y Crdito Pblico
Palacio Nacional
Tel: 3688-1377
ernesto_revilla@hacienda.gob.mx
El material del curso est en la pgina de comunidad ITAM.
Ernesto Revilla Macro Avanzada
22 de enero, 2010.
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Las lecturas con asterisco (*) son obligatorias.
0. Introduccin y preliminares.
(*) Lucas, R.E. Jr. What economists do. Mimeo, The University of Chicago. Tambin
en Gaceta de Economa, ITAM No. 23.
(*) SHCP Cuarto Informe Trimestral de la Situacin Econmica, las Finanzas Pblicas y
la Deuda Pblica, 2009.
Blanchard, O., What do we know about macroeconomics that Fisher and Wicksell did
not? Quarterly Journal of Economics, November 2000, 115:4, 1375-1410.
Mankiw, G. A quick refresher course in macroeconomics. Journal of Economic
Literature, vol. 18, 1990.
Mankiw, G. The Macroeconomist as Scientist and Engineer, Journal of Economic
Perspectives, vol. 20, nm. 4, 29-46 pp.
Woodford, M., Revolution and Evolution in twentieth-century macroeconomics, en P.
Gifford, ed., Frontiers of the mind in the twenty-first century, Harvard University Press.
Blanchard, O., y Fisher, S., Lectures on macroeconomics. MIT Press, cap. 1.
The State of Macroeconomics, The Economist, 16 de julio, 2009.
Krugman, Paul, How Did Economists Get It So Wrong?, New York Times Magazine, 2
de septiembre, 2009.
Lucas, Robert, Robert Lucas on Economics, The Economist, 6 de agosto, 2009.
Parte I. Crecimiento econmico y ciclos reales.
1. Crecimiento. El modelo de Ramsey-Cass-Koopmans.
(*) Romer cap. 2a.
(*) Lucas, R.E. Jr. Lectures on economic growth, Harvard University Press.
Introduccin (especialmente subseccin 4).
(*) Acemoglu, cap. 1 y 2.
Sala-i-Martin, X. Apuntes de crecimiento econmico, cap. 2.
Mankiw G., D. Romer, y D.N. Weil. A contribution to the empirics of economic growth,
Quarterly Journal of Economics 107:407-437.
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2. Poltica econmica para el crecimiento.
(*) Hausmann, R., D. Rodrik y A. Velasco, (2005) Growth Diagnostics, en Rodrik, D.,
One Economics, Many Recipes, Princeton, 2007.
Aghion, P. y S. Durlauf. From growth theory to policy design, Mimeo, Abril 2007.
D. Rodrik, Goodbye Washington Consensus, Hello Washington Confusion?, Journal of
Economic Literature, January 2006.
Williamson, J. What should the World Bank think about the Washington Consensus?
World Bank Research Observer Vol. 15, No. 2 (Agosto 2000)
Barro, R. y J.W. Lee Sources of economic growth, Carnegie-Rochester Conference
Series on Public Policy, 1994.
M. Spence, et al. (2008) The Growth Report: strategies for sustained growth and
inclusive development, Comission on Growth and Development, The World Bank.
3. Ciclos reales.
(*) Romer cap. 4.
DLS cap. 9.
Plosser, C. (1989) Understanding Real Business Cycles, Journal of Economic
Perspectives, 3:3, pp. 51-78.
Lettau, M. (2003) Inspecting the mechanism: closed form solutions for asset prices in
real business cycle models, The Economic Journal, 113 July 550-575.
Neumeyer, P. y F. Perri (2005) Business cycles in emerging economies: the role of
interest rates, Journal of Monetary Economics 52, 345-380.
Aguiar, M. y G. Gopinath (2007) Emerging Market Business Cycles: The Cycle Is the
Trend, Journal of Political Economy, Volume 115 (1).
Kim, I. y P. Loungani (1992) The Role of Energy in Real Business Cycle Models.
Journal of Monetary Economics 29, 173-189. North Holland.
Romer, C. (1999) Changes in Business Cycles: Evidence and Explanations, Journal of
Economic Perspectives, Vol. 13, Number 2, pp. 23-44.
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Parte II. Poltica Fiscal
4. Gasto pblico.
(*) DLS cap. 12.
Sols Sobern, Fernando. Los sistemas de pensiones en Mxico y la agenda
pendiente, en Una Agenda para las Finanzas Pblicas de Mxico, Gaceta de
Economa, ITAM, 2000.
Spilimbergo A., S Symansky y M. Schindler, Fiscal Multipliers, IMF Staff Position Note
No. 11, May 2009.
5. Impuestos.
(*) DLS cap. 13.
(*) Easterly, W. y S. Rebelo (1993) Fiscal policy and economic growth: an empirical
investigation, Journal of Monetary Economics, 32:417-458, Dic.
Atkeson, A., V.V. Chari y P.J. Kehoe (1999) Taxing capital Income: A Bad Idea. Federal
Reserve Bank of Minneapolis Quarterly Review, vol. 23, No 3, pp. 3-17.
Aiyagari, S.R., A. Marcet, T. Sargent, y J. Seppala (2002) Optimal Taxation Without
State Contingent Debt, Journal of Political Economy, vol. 110, no. 6.
Aiyagari, S.R. (1989) How should Taxes Be Set?, Federal Reserve Bank of
Minneapolis Quarterly Review Vol. 13, No. 1, pp. 22-32.
6. Deuda y poltica fiscal.
(*) DLS cap. 14.
(*) Romer cap. 11.1 - 11.4.
(*) Barro, R., (1999) Notes on optimal debt management, Mimeo, Harvard University.
(*) Cuevas, A. et al (2001) Pension Reform and the Fiscal Policy Stance, International
Monetary Fund, Working Paper WP/01/214.
Burnside, C., M. Eichenbaum y S. Rebelo (2001) Prospective Deficits and the Asian
Currency Crisis, The Journal of Political Economy, vol. 109, No. 6, pp. 1155-1197.
Lucas, R.E. Jr., y N. Stokey. (1983) Optimal fiscal and monetary policy in an economy
without capital, Journal of Monetary Economics 12:55-93.
Golosov, M., A. Tsivinsky, e I. Werning, (2007), New Dynamic Public Finance: A Users
Guide, NBER Macroeconomics Annual 2006, MIT press.
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Parte III. Coordinacin entre la poltica fiscal y monetaria
7. Poltica fiscal y monetaria.
(*) DLS cap. 18.
(*) Sargent, Tom. The ends of four big inflations, en R. Hall ed., Inflation, Chicago
University Press.
Sargent y Wallace (1981) Some unpleasant monetaristic arithmetic, Federal Reserve
Bank of Minneapolis Quarterly Review, Otoo.
Golosov, M. y A. Tsyvinski (2006a) Optimal Fiscal and Monetary Policy With
Commitment, New Palgrave Dictionary of Economics and Law.
Golosov, M. y A. Tsyvinski (2006b) Optimal Fiscal and Monetary Policy Without
Commitment, New Palgrave Dictionary of Economics and Law.
Parte IV. Intermediacin y crisis financieras.
8. Intermediacin financiera.
(*) DLS cap. 17.
Williamson, S.D., (1987) Financial intermediation, business failures and real business
cycles, Journal of Political Economy, 95(6), pp. 1196-1216.
Diamond, D.W. y P.H. Dybig, (1993). Bank runs, deposit insurance and liquidity,
Journal of Political Economy, 91(3), pp. 401-19.
Freixas X. y J.C. Rochet. Microeconomics of banking MIT Press. caps. 6 y 7.
Dewatripont, M. y J. Tirole. The prudential regulation of banks, MIT Press.
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Parte V. Grandes depresiones y recomendaciones de poltica.
9. La Gran Depresin (1930s).
Bernanke, B. (1994) The Macroeconomics of the Great Depression: A Comparative
Approach, National Bureau of Economic Research, Working Paper No. 4814.
Kehoe, T. J., y Edward Prescott, (2002), Great Depressions of the Twentieth Century,
Review of Economics Dynamics, Vol.5(1), pp.1-18.
Temin, P. (2008): Real Business Cycles Views of the Great Depression and Recent
Events. Journal of Economic Literature, 46:3, 669-684.
Friedman, M. Y A. Schwartz, A monetary history of the US, 1867-1960, Princeton
University Press, Captulo 3.
Fisher, Irving, (1993) The Debt-Deflation Theory of Great Depressions, Econometrica
1:337-357.
Romer, C., (1993), "The Nation in Depression", Journal of Economic Perspecives, 7, 2.
Gandolfi y Lothin (1977), "Did Monetary Forces Cause the Great Depression?", Journal
of Money, Credit and Banking.
10. Japn (1990s).
Hoshi, T., y A. K. Kashyap (1999) The Japanese Financial Crisis: Where Did It Come
From and How Will It End?, National Bureau of Economic Research, Working Paper
7250.
Hoshi, T., y A. K. Kashyap (2004) Japan's Financial Crisis and Economic Stagnation,
Journal of Economic Perspectives, vol.18, No.1.
Hayashi, F., y E. Prescott, (2002) The 1990s in Japan: a Lost Decade, Review of
Economic Dynamics, 5, 206-235.
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11. La Crisis Global (2007-2009). Hechos estilizados y recomendaciones de poltica?
Keynes, J.M. (1933), "An open letter to President Roosevelt", New York Times, Dec. 31.
Reinhart, C., y K. Rogoff, (2008) This Time is Different: A Panoramic View of Eight
Centuries of Financial Crises, NBER Working Paper, No. 13882.
Reinhart, C., y K. Rogoff, (2009) The Aftermath of Financial Crises, AEA Papers and
Proceedings.
Claessens, S., M.A. Kose, y M.E. Terrones (2008) What Happens During Recessions,
Crunches and Busts?, International Monetary Fund, Washington, DC.
Romer, C. y D. H. Romer, (1994) What Ends Recessions?, NBER Macroeconomics
Annual 1994, pp. 13-79.
Spilimbergo A., S. Symansky, O. Blanchard y C. Cottarelli (2008), Fiscal Policy For The
Crisis, IMF Staff Position Note SPN/08/01, International Monetary Fund.
Blanchard, O. and G.M. Milesi-Ferreti, Global Imbalances: In Midstream?, IMF Staff
Position Note No. 29, December 2009.