{"id":138,"date":"2022-09-11T05:35:47","date_gmt":"2022-09-11T05:35:47","guid":{"rendered":"https:\/\/teias.institute\/~joshaghani\/?page_id=138"},"modified":"2023-01-08T04:10:45","modified_gmt":"2023-01-08T04:10:45","slug":"macroeconomics-ii-2022","status":"publish","type":"page","link":"https:\/\/draft2.teias.institute\/~joshaghani\/macroeconomics-ii-2022\/","title":{"rendered":"Macroeconomics II \u2013 An Introduction to The Open Economy Macroeconomics"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"138\" class=\"elementor elementor-138\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a59b7f0 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a59b7f0\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e7a810\" data-id=\"7e7a810\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d921500 elementor-section-full_width elementor-section-height-min-height elementor-section-height-default\" data-id=\"d921500\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element 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alt=\"\" srcset=\"https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2021\/09\/TEIAS-LOGO-LIGHT.png 702w, https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2021\/09\/TEIAS-LOGO-LIGHT-300x148.png 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-490e78c\" data-id=\"490e78c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-36166f7 elementor-widget elementor-widget-heading\" data-id=\"36166f7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><p class=\"elementor-heading-title elementor-size-default\">Tehran Institute for Advanced Studies (TeIAS) <\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-859443f elementor-section-boxed 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menu-item-81\"><a href=\"https:\/\/teias.institute\/computer-science-department\/\" class=\"elementor-sub-item\" tabindex=\"-1\">Computer Science<\/a><\/li>\n<\/ul>\n<\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-82\"><a href=\"https:\/\/teias.institute\/about-us\/\" class=\"elementor-item\" tabindex=\"-1\">About Us<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-83\"><a href=\"https:\/\/teias.institute\/contact_us\/\" class=\"elementor-item\" tabindex=\"-1\">Contact Us<\/a><\/li>\n<\/ul>\t\t\t<\/nav>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9e06e62 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9e06e62\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-691fd6b\" data-id=\"691fd6b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b7bb7fe elementor-widget elementor-widget-heading\" data-id=\"b7bb7fe\" data-element_type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-xl\">An Introduction to The Open Economy Macroeconomics <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0875cd5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0875cd5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0c49bf\" data-id=\"c0c49bf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0e13fd6 elementor-widget elementor-widget-text-editor\" data-id=\"0e13fd6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-814a4b6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"814a4b6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2eed88d\" data-id=\"2eed88d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-56fc9f4 elementor-widget elementor-widget-text-editor\" data-id=\"56fc9f4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>This course is the second part of the macroeconomics sequence of the master\u2019s program at <a href=\"https:\/\/teias.institute\/\">TeIAS<\/a>. While classical macroeconomics is concerned about the aggregate economy of a huge and well-diversified, market-oriented economy, such as the US, much of the world economies are relatively small and open economies in which trade shocks, as well as the relative <em>price of non-tradable goods<\/em> (inverse of the <strong>real exchange rate<\/strong>), plays a crucial role in the consumption, saving and labor supply decision of workers. In short, the macroeconomic policy depends on trade and exchange rate policy as well as monetary and fiscal policy.\u00a0<\/p><p>The purpose of this course is twofold. On the theory side, we first review basic open macro models well suited for developing countries. Then we review important literature on consumption, investment, and frictions in the financial markets and how these frictions may be of importance for the development process of an economy. Consumption, savings, and investment decisions of economic agents are intertwined not only with interest rates in the economy (which is most of the classical macro) but also with trade and the economy\u2019s current account balance. On the other hand, financial markets have proved to be crucial for sustainable and long-term economic growth, development, and stabilization of the economy in the short term.<\/p><p>Nevertheless, the malfunctioning financial markets due to their under-supervision or even wrong supervision has proved to be the primary source of economic crises. Therefore, it is essential to review how these parts of the economy work and how they are interconnected. While labor markets are a critical topic in macro, we will not have time to review the vital theories to understand unemployment in this course. These essential topics remain for future macro-labor classes.<\/p><p>On the methodological side, a macroeconomist needs to be able to compare alternative theories. First, we have to use models to predict how the economy may work under the model\u2019s assumptions and for a given set of model parameters. Then we have to be able to \u201ccalibrate\/parametrize\u201d or \u201cestimate\u201d parameters for our models to best match the real-world data. Unfortunately, we don\u2019t have time during this course to cover the latter, which needs another separate entire semester course. But we tangentially cover a few topics in dynamic programming and quantitative tools to simulate those problems.<\/p><p>Here is the <a href=\"https:\/\/www.dropbox.com\/s\/u7ptt5q8k2d6hz0\/syllabus%20macro%20II%20TeIAS%202022.pdf?dl=0\">syllabus<\/a> for this course.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a555bf0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a555bf0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1b334bc\" data-id=\"1b334bc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eaadac6 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"eaadac6\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-divider{--divider-border-style:none;--divider-border-width:1px;--divider-color:#0c0d0e;--divider-icon-size:20px;--divider-element-spacing:10px;--divider-pattern-height:24px;--divider-pattern-size:20px;--divider-pattern-url:none;--divider-pattern-repeat:repeat-x}.elementor-widget-divider .elementor-divider{display:flex}.elementor-widget-divider .elementor-divider__text{font-size:15px;line-height:1;max-width:95%}.elementor-widget-divider .elementor-divider__element{margin:0 var(--divider-element-spacing);flex-shrink:0}.elementor-widget-divider .elementor-icon{font-size:var(--divider-icon-size)}.elementor-widget-divider .elementor-divider-separator{display:flex;margin:0;direction:ltr}.elementor-widget-divider--view-line_icon .elementor-divider-separator,.elementor-widget-divider--view-line_text .elementor-divider-separator{align-items:center}.elementor-widget-divider--view-line_icon .elementor-divider-separator:after,.elementor-widget-divider--view-line_icon .elementor-divider-separator:before,.elementor-widget-divider--view-line_text .elementor-divider-separator:after,.elementor-widget-divider--view-line_text .elementor-divider-separator:before{display:block;content:\"\";border-bottom:0;flex-grow:1;border-top:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--element-align-left .elementor-divider .elementor-divider-separator>.elementor-divider__svg:first-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-left .elementor-divider-separator:before{content:none}.elementor-widget-divider--element-align-left .elementor-divider__element{margin-left:0}.elementor-widget-divider--element-align-right .elementor-divider .elementor-divider-separator>.elementor-divider__svg:last-of-type{flex-grow:0;flex-shrink:100}.elementor-widget-divider--element-align-right .elementor-divider-separator:after{content:none}.elementor-widget-divider--element-align-right .elementor-divider__element{margin-right:0}.elementor-widget-divider:not(.elementor-widget-divider--view-line_text):not(.elementor-widget-divider--view-line_icon) .elementor-divider-separator{border-top:var(--divider-border-width) var(--divider-border-style) var(--divider-color)}.elementor-widget-divider--separator-type-pattern{--divider-border-style:none}.elementor-widget-divider--separator-type-pattern.elementor-widget-divider--view-line .elementor-divider-separator,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:after,.elementor-widget-divider--separator-type-pattern:not(.elementor-widget-divider--view-line) .elementor-divider-separator:before,.elementor-widget-divider--separator-type-pattern:not([class*=elementor-widget-divider--view]) .elementor-divider-separator{width:100%;min-height:var(--divider-pattern-height);-webkit-mask-size:var(--divider-pattern-size) 100%;mask-size:var(--divider-pattern-size) 100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-61f3eb8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"61f3eb8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-78fe722\" data-id=\"78fe722\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b0823fc elementor-widget elementor-widget-text-editor\" data-id=\"b0823fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h1><span style=\"color: inherit; font-family: inherit; font-size: 2.5rem;\">Textbook<\/span><\/h1><p><a href=\"https:\/\/sites.google.com\/view\/pkurlat\/home?authuser=0\"> Pablo Kurlat <\/a>has recently published a comprehensive and advanced-level textbook for undergrad and master\u2019s programs. I recommend this book to every student of modern macro. However, for each part of the course, we use different books and readings:<\/p><ul><li>Pablo Kurlat<em>, A Course in Modern Macroeconomics<\/em>, 2020.<\/li><li>David Romer<em>, Advanced Macroeconomics<\/em>, fifth edition. 2016.<\/li><li><u>Theory of Dynamic Programming<\/u>: Ljungqvist and Sargent.\u00a0<em>Recursive macroeconomic theory<\/em>. MIT Press, 2018.<\/li><li><u>Tools of Dynamic Programming<\/u>: <em>Quantitative economics with Julia<\/em> by Tom Sargent, John Stachurski, and Jesse Perla. 2022: <a href=\"https:\/\/julia.quantecon.org\/index_postgrad.html\">Julia.QuantEcon.org<\/a><\/li><\/ul><p>\u00a0<\/p><p>\u200cFor the open economy macroeconomics, I will thoroughly use the relatively recent book by <a href=\"https:\/\/sais.jhu.edu\/users\/carlos-vegh\">Carlos Vegh<\/a>. In <a href=\"https:\/\/mitp-web.mit.edu\/books\/open-economy-macroeconomics-developing-countries\"><em>Open Economy Macroeconomics for Developing Countries<\/em><\/a>, this Uruguayan economist, trained at the University of Chicago and a Professor of International Economics at the John Hopkins University, reviews the main theoretical toolboxes for analyzing small open economies fairly. Then he introduces monetary economics in the presence of trade and exchange rates. Finally, he uses theoretical models to analyze macroeconomic policies (fiscal and monetary policies) and their applications for developing countries. Every student of Iran\u2019s economy should be acquainted with these tools to understand crises and policy tools to deal with the problems of Iran\u2019s current economy. Unfortunately, mastering classical macroeconomic theories is insufficient for understanding macroeconomy in many developing countries such as Iran.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-dc3b6f6\" data-id=\"dc3b6f6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1f22574 elementor-widget elementor-widget-image\" data-id=\"1f22574\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mitpress.mit.edu\/9780262018906\/open-economy-macroeconomics-in-developing-countries\/\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"441\" height=\"500\" src=\"https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2022\/09\/Open-Economy-Macroeconomics-in-Developing-Countries.jpg\" class=\"attachment-large size-large wp-image-161\" alt=\"\" srcset=\"https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2022\/09\/Open-Economy-Macroeconomics-in-Developing-Countries.jpg 441w, https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2022\/09\/Open-Economy-Macroeconomics-in-Developing-Countries-265x300.jpg 265w\" sizes=\"auto, (max-width: 441px) 100vw, 441px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b785c82 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b785c82\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1464348\" data-id=\"1464348\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-798043a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"798043a\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4c536cd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4c536cd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d143ac5\" data-id=\"d143ac5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a4a23ea elementor-widget elementor-widget-text-editor\" data-id=\"a4a23ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table width=\"958\"><tbody><tr><td width=\"329\">Title<\/td><td width=\"64\">Slides<\/td><td width=\"501\">Readings<\/td><td width=\"64\">Problem Set<\/td><\/tr><tr><td style=\"text-align: center;\" colspan=\"4\"><h3>Part 0: Introduction to Julia Programming Language<\/h3><\/td><\/tr><tr><td>Introduction to Julia<\/td><td>\u00a0<\/td><td width=\"501\"><a href=\"https:\/\/julia.quantecon.org\/\">Quant Econ<\/a> Lectures and <a href=\"https:\/\/julia.quantecon.org\/multi_agent_models\/schelling.html\">Schelling&#8217;s Segregation Model<\/a><\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/oingqk6krr7cs7y\/pset1.pdf?dl=0\">PS1<\/a><\/td><\/tr><tr><td style=\"text-align: center;\" colspan=\"4\"><h3>Part 1: Identification in Macroeconomics<\/h3><\/td><\/tr><tr><td>Fiscal Multiplier and Identification in Macro<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/uhk00xjpp5fkyrx\/Lecture%201%20-%20Fiscal%20Multiplier%20and%20Identification%20in%20Macro%2C%20handout.pdf?dl=0\">Lecture 1<\/a><\/td><td width=\"501\"><p><a href=\"https:\/\/www.aeaweb.org\/articles?id=10.1257%2Faer.104.3.753&amp;te=1&amp;nl=paul-krugman&amp;emc=edit_pk_20200319\">Nakamura and Steinsson (2014, AER)<\/a><br \/><a href=\"https:\/\/www.aeaweb.org\/articles?id=10.1257\/jep.32.3.59\">Nakamura and Steinsson (2018, JEP)<\/a><\/p><p>more slides and teaching material on <a href=\"https:\/\/eml.berkeley.edu\/~enakamura\/teaching.html\">Emi&#8217;s website<\/a>. <a href=\"https:\/\/eml.berkeley.edu\/~enakamura\/teaching\/FiscalStimulusEvidenceSlides.pdf\">Fiscal Multiplier Slide<\/a><\/p><\/td><td>\u00a0<\/td><\/tr><tr><td style=\"text-align: center;\" colspan=\"4\"><h3>Part 2: Dynamic Programming<\/h3><\/td><\/tr><tr><td>Dynamic Optimization<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/dexeo5rure80r1x\/Lecture%202%20-%20Dynamic%20Optimization%20-%20handout.pdf?dl=0\">Lecture 2<\/a><\/td><td>SL, Ch 1&amp;2<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/7s78ct3vl7xez47\/pset2.pdf?dl=0\">PS2<\/a><\/td><\/tr><tr><td>The Principle Of Optimality<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/wj2lt7artt0wrx3\/Lecture%203%20-%20The%20Principle%20Of%20Optimality%20-%20handout.pdf?dl=0\">Lecture 3<\/a><\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Bellman Equation and CMT<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/4e4s2rxdg30yyo0\/Lecture%204%20-%20Bellman%20Equation%20and%20CMT%20-%20handout.pdf?dl=0\">Lecture 4<\/a><\/td><td>SL, Ch 3<\/td><td>\u00a0<\/td><\/tr><tr><td>Applications of DP and CMT<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/0brp7zz1t5gsm2b\/Lecture%205%20-%20Applications%20of%20DP%20and%20CMT%20-%20handout.pdf?dl=0\">Lecture 5<\/a><\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td>Discrete-Time Search Models<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/5jyvwla7a98d278\/Lecture%206%20-%20Discrete-Time%20Search%20Models%20-%20handout.pdf?dl=0\">Lecture 6<\/a><\/td><td>RM, Ch5<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/f8vchbptvtyhsjf\/project1.pdf?dl=0\">Project 1<\/a><\/td><\/tr><tr><td style=\"text-align: center;\" colspan=\"4\"><h3>Part 3: Open Economy Macroeconomics<\/h3><\/td><\/tr><tr><td>The Basic Intertemporal Model<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/7nwy4kqjhxbwu1p\/Lecture%207%20-%20The%20Basic%20Intertemporal%20Model%20-%20handout.pdf?dl=0\">Lecture 7<\/a><\/td><td>OEMDC, Ch 1<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/z92gyqehms2piht\/pset3.pdf?dl=0\">PS3<\/a><\/td><\/tr><tr><td>Capital Market Imperfections<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/4ipmdn82m2unhnm\/Lecture%208%20-Capital%20Market%20Imperfections-%20handout.pdf?dl=0\">Lecture 8<\/a><\/td><td>OEMDC, Ch 2<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/76dpr036q1670dy\/pset4.pdf?dl=0\">PS4<\/a><\/td><\/tr><tr><td>Terms of Trades and the Intertemporal Prices<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/o4gj9ah8f85lplc\/Lecture%209%20-%20Intertemporal%20Prices%20-%20handout.pdf?dl=0\">Lecture 9<\/a><\/td><td>OEMDC, Ch 3<\/td><td>PS5<\/td><\/tr><tr><td>Nontradable Goods and Relative Prices<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/wbmr5x1t3ddh7fc\/Lecture%2010%20-%20Nontradable%20Goods%20and%20Relative%20Prices-handout.pdf?dl=0\">Lecture 10<\/a><\/td><td>OEMDC, Ch 4<\/td><td>PS6<\/td><\/tr><tr><td>The Basic Monetary Model<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/da73rpgd79wmpn7\/Lecture%2011%20-%20The%20Basic%20Monetary%20Model%20-%20handout.pdf?dl=0\">Lecture 11<\/a><\/td><td>OEMDC, Ch 5<\/td><td>Project 2<\/td><\/tr><tr><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><td>\u00a0<\/td><\/tr><tr><td style=\"text-align: center;\" colspan=\"4\"><h3>Part 4: Financial Markets and Development<\/h3><\/td><\/tr><tr><td>Financial Markets and Development<\/td><td><a href=\"https:\/\/www.dropbox.com\/s\/5scqu1gko1mv508\/Lecture%2012%20-%20Financial%20Markets%20-%20handout.pdf?dl=0\">Lecture 12<\/a><\/td><td>AM, Ch10<\/td><td>PS7<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a633c7d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a633c7d\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-top-column elementor-element elementor-element-0629bac\" data-id=\"0629bac\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a7f4d80 elementor-widget elementor-widget-image\" data-id=\"a7f4d80\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"702\" height=\"347\" src=\"https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2021\/09\/TEIAS-LOGO-LIGHT.png\" class=\"attachment-large size-large wp-image-63\" alt=\"\" srcset=\"https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2021\/09\/TEIAS-LOGO-LIGHT.png 702w, https:\/\/draft2.teias.institute\/~joshaghani\/wp-content\/uploads\/2021\/09\/TEIAS-LOGO-LIGHT-300x148.png 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34df852 elementor-hidden-mobile elementor-widget elementor-widget-heading\" data-id=\"34df852\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Tehran Institute for Advanced Studies (TeIAS)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-top-column elementor-element elementor-element-2b18497\" data-id=\"2b18497\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-484acca elementor-widget elementor-widget-heading\" data-id=\"484acca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">17 East Daneshvar St.\n<br>North Shirazi St., Mollasadra Blvd., Tehran, Iran.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7593662 elementor-widget elementor-widget-heading\" data-id=\"7593662\" 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class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/teias.institute\/econ-department\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Economics<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/secureuk80.sgcpanel.com:2096\/cpsess6770147683\/webmail\/Crystal\/index.html?mailclient=roundcube\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Login to email<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-top-column elementor-element elementor-element-0be8563\" data-id=\"0be8563\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e37ca74 elementor-view-stacked elementor-shape-circle elementor-widget elementor-widget-icon\" data-id=\"e37ca74\" data-element_type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"https:\/\/www.linkedin.com\/company\/28666545\">\n\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin\"><\/i>\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Tehran Institute for Advanced Studies (TeIAS) An Introduction to The Open Economy Macroeconomics This course is the second part of the macroeconomics sequence of the master\u2019s program at TeIAS. While classical macroeconomics is concerned about the aggregate economy of a huge and well-diversified, market-oriented economy, such as the US, much of the world economies are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_canvas","meta":{"footnotes":""},"class_list":["post-138","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/pages\/138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/comments?post=138"}],"version-history":[{"count":217,"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/pages\/138\/revisions"}],"predecessor-version":[{"id":386,"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/pages\/138\/revisions\/386"}],"wp:attachment":[{"href":"https:\/\/draft2.teias.institute\/~joshaghani\/wp-json\/wp\/v2\/media?parent=138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}