Fall 2026 Syllabus: download

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OPTIONAL Books for the course

• ​Garin-Lester-Sims, Intermediate Macroeconomics by Julio Garin, Robert Lester and Eric Sims. ("GLS Macro").  This is a truly modern macro textbook that is really more of an "advanced undergraduate" macro book than an "intermediate" book.​

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Macroeconomic Review Materials Plus

• Macro Review 00: Micro Supply and Demand Analysis

• Macro Review 01: National Income Identity

• Macro Review 02: Definitions and Nominal vs Real Variables

• Review AS-AD Basics

• Time Paths

• Practice Problems

  • Practice Problems: AS-AD Review and Time Paths

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MODULE 1: Island Setup, Linear Modeling and Allocation

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• Module 1: Handwritten Notes

• Practice Problems: Module 1 Practice Problems​

• Appendix and Notes

  • Island and 3 Key Economic Questions All Societies Face

    • HO Setup and Agg Production​

  • Aggregating Individual Preferences

    • Preferences_Individuals_vs_Aggregate​

  • Static Optimal Allocation

    • Intro to Marginal Benefit Marginal Cost Analysis​

    • More Technical MB-MC Analysis and Rates of Transformation

  • ​​​Linear Production, Productivity, Wages and Innovation

    • HO Linear Prod MPL Scanned​

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MODULE 2: Concave Modeling and the NeoClassical Theory of Income Distribution

• Module 1: Handwritten Notes

• Practice Problems: Module 1 Practice Problems

• Appendix and Notes​

  • Concave Production, CRTS, Marginal Products

    • HO Concave Functions in Economics

  • NeoClassical Theory of Income Distribution

    • HO Distribution of Income Broader Thoughts

    • HO Distribution of Income Conclusion

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​​EXAM 1: TBD

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​MODULE 3: The Solow Growth Model and Allocation over Time

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• Solow Growth Model​​

  • HO Solow Growth Handwritten Notes​

  • Optional Material

    • Kaldor Stylized Facts (Wiki)

    • World Bank Graph: US and Germany

    • Word Bank Graph: US and Japan​

  • Practice Problems: Solow Growth Model​​

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• Allocation Decisions: Static and Dynamic​

  • HO Budget Constraints

  • HO Preferences

  • HO Utility

  • HO Allocation 1: MB = MC

  • HO Allocation 2: Log Utility and Formulas

  • HO Allocation 3: Transformation Technology

  • HO Allocation 4: Solving the Micro Problem

  • HO Allocation 5: The Macro Problem

  • HO Allocation 6: Allocation Over Time Setup

  • HO Allocation 7: Allocation Over Time Solution

  • HO Allocation 8: Examples Over Time

  • HO Allocation 9: Graphing Budget Constraints

  • HO Allocation 10: Graphing Utility

  • Practice Problems: Allocation 1 Euler​​​​

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​​EXAM 2: TBD

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​MODULE 3: Money and Macroeconomic Policy

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• Transaction Costs and Institutions​​

  • HO The Birth of Money Part 2

  • HO The Birth of Money Part 1

  • HO Transaction Costs​

  • Optional READINGS:​

    • The Island of Yap (Chap 1 in Milton Friedman's Money Mischief)

    • The Mystery of Money (First pages of Chap 2 in Friedman's Money Mischief)

    • BBC Article on YAP today (2018)

    • Wikipedia's YAP page

  • Practice Problems

  • Practice Problems: The Birth of Money and MV=Py

• Monetary Policy

  • Modern Monetary Policy: Taylor Rules and New Keynesian Views

    • An AS-AD basis for monetary policy action

    • The idea of Interest Rate Rules: The Taylor Rule

    • The Effects of Interest Rates on Inflation in Our Allocation Model

  • Practice Problems

    • Practice Problems:

  • ​The Challenge of Monetary Policy, the Phillips Curve and Losing Control

    • HO "Dangerous Expectations"

    • Monetary Policy and AS-AD: Pt 1 - The Phillips Curve​

    • Monetary Policy and AS-AD: Pt 2 - Loosing Control

  • Practice Problems

    • Practice Problems:

  • The Monetary System​

    • HO Chap 4 The Monetary System Notes​​​​

  • Practice Problems

    • Practice Problems:

• Allocation Decisions: Static and Dynamic​

  • HO Real Money Markets

  • Practice Problems

  • Practice Problems: Real Money Market Analysis​​

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EXAM 3: TBD

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APPENDIX: Optional Readings, Econ Review, and Math Notes

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• Economics Review

  • Review AS-AD Basics

  • Time Paths

  • Review of the Law of One Price

  • Review Basic S&D Analysis

    • Practice Problems for Review of Supply and Demand​

• Math Review/Notes

  • Basic Math, Graphing and Intro to S&D

  • Derivatives in 10 Minutes or Less

  • Geometric Series

  • Percentage Changes “Three Ways to Calculate”​

• READINGS

  • Ronald Coase's (1937) Nature of the Firm

  • Douglas North's (1992) Transaction Costs, Institutions and Econ Performance

  • Acemoglu's (2015) Institutions, Human Capital and Development

  • Macroeconomics of Time Allocation (Chap 4 Handbk of Macro)

  • Milton Friedman's (1992) Story of Yap

  • FA Hayek's (1945) "Use of Knowledge in Society" AER​

  • Capitol_Hill_Babysitting_Co-op (Wiki Link)

  • Milton Friedman's (1968) Address on the Role of Monetary Policy

  • 2023 Perspective on Labor's (Declining) Share in the USA

  • Michael Bordo's (2017) History of Financial Stability and Monetary Policy

  • Syverson's (2011) What Determines (Disaggregate) Productivity

  • ChatGPT Notes "Socialist Calculation Debate Full" (Nov 6, 2025)

• The Birth of Government

  • The Birth of Money

  • The Birth of Government (Fiscal Authority)

• Fiscal Policy

  • HO Gov Fin Pt 1 Constraints

  • HO Gov Fin Pt 2 Further Thoughts

  • HO Gov_Finances_Pt_3_FTPL

  • OPTIONAL: Congressional Budget Office

• Money Market Basics

  • HO Money Markets Pt 1 Nominal 2023

  • Chris Youtube Videos​: "The Nominal Money Market" or "The Market for Nominal Money Balances"

  • HO Money Markets Pt 2 Real 2023

• Allocation Decisions: Static and Dynamic​

  • (See more details and notes at bottom of page if you are interested)

  • HO Allocation 1: MB = MC

  • HO Allocation 2: Log Utility and Formulas

  • HO Allocation 3: Transformation Technology

  • HO Allocation 4: Solving the Micro Problem

  • HO Allocation 5: The Macro Problem

  • HO Allocation 6: Allocation Over Time Setup

  • HO Allocation 7: Allocation Over Time Solution

  • HO Allocation 8: Examples Over Time

  • HO Allocation 9: Graphing Budget Constraints

  • HO Allocation 10: Graphing Utility

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