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Dynamic Graduate Course on Macro Topics: Presentations, Research, and Innovative Ideas

This graduate course offers a unique focus on two essential aspects of academic growth: skill-building and idea generation. Students engage with core papers through discussions, presentations, and critical analysis. Each class is divided into two parts: one student's presentation on an assigned paper and a review of additional related research. Active participation and presentations are mandatory for success. The course aims to cultivate effective communication and research skills while exploring macroeconomic themes, including uncertainty, innovation, and productivity.

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Dynamic Graduate Course on Macro Topics: Presentations, Research, and Innovative Ideas

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  1. MACRO TOPICS (14.456)Nick BloomOverview

  2. COURSE OVERVIEW • There are four things I can teach: • Content – i.e. papers, chapters from textbooks • Techniques – i.e. estimators, dynamic programming • Skills – i.e. presentations, writing papers etc • Ideas – i.e. feedback on your research • I want to focus much more on the last two as these are • much harder to self-teach – this will make this non-standard • as a graduate course • But this is flexible, so feedback is very useful

  3. DRAFT SCHEDULE (1/4) • Classes cover topics in two parts: • First half – 1 core paper which we all read in advance. One person (nominated in advance) presents. Everyone else prepares a 5 slide discussion, focusing on: • Good stuff – what the paper did well • Bad stuff – what the paper didn’t do well • Extensions – what you could do extending this • Second half – I will summarize about 3 more related papers. You don’t need to read any of these in advance • So you only have to read 1 paper in advance – but please • read this in detail so we can discuss and deconstruct this

  4. DRAFT SCHEDULE (2/4) • To pass the class you have to: • Present one paper in the term (to be allocated shortly) • Every class have a 5-slide discussion prepared for the class-paper • - Good stuff – what the paper did well • - Bad stuff – what the paper didn’t do well • - Extensions – what you could do extending this • Turn up, keep awake, and ask the occasional question

  5. DATES SCHEDULE (3/4) Individual Session Dates: Tuesday 4th November and 4th December – no class Thursday 13th November – Presentations & job market Tuesday 25th November– “tips & trick” Finally, I will pay for a class dinner. We should do this about midway – nearer the time I’ll ask Jean-Paul to coordinate

  6. DATES SCHEDULE (4/4) • Individual Topics to Cover Include • Reallocation • Adjustment costs and uncertainty • Micro to macro – partial equilibrium • Micro to macro – general equilibrium • Great moderation • Volatility & Growth • Uncertainty • IT and productivity • Innovation • Skill biased technical change Census data Aggregation, volatility and uncertainty Technology

  7. OTHER ISSUES Office hours – just e-mail/ask me, I’m happy to meet up Slides – I’ll put all these up on my website after the lecture Breaks – we’ll have a 5 minute coffee break at about 1:45

  8. Session 1: Adjustment Costs and Real Options Student presents (volunteer): (30 minutes) “Investment and Employment Dynamics in the Short-Run and the Long-Run”, Avinash Dixit, OEP (1997)

  9. Session 2: Aggregation in Partial Equilibrium Student presents (volunteer): (30 minutes) “Irreversibility and Aggregate Investment”, Giuseppe Bertola and Ricardo Caballero, RESTUD (1994)

  10. Session 3: Aggregation in General Equilibrium Student presents (volunteer): (30 minutes) “Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics”, Aubhik Kahn and Julia Thomas, Econometrica (2008)

  11. Session 4: The Great Moderation Student presents (volunteer): (30 minutes)“Has the business cycle changed and why?” Stock and Watson (2002, NBER Macro Annual)

  12. Session 5: Volatility and Growth Student presents (volunteer): (30 minutes)“Volatility and Development” Koren and Tenreyro (2006, QJE)

  13. Session 6: Uncertainty Student presents (volunteer): (30 minutes)“Impact of uncertainty shocks” Bloom (2008, CE Econometrica)

  14. Session 7: Innovation Student presents (volunteer): (30 minutes)“A Model of Growth Through Creative Destruction”, Aghion and Tirole (Econometrica, 1992)

  15. Session 8: IT and Productivity Student presents (volunteer): (30 minutes)“Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions”, Atkeson and Kehoe (AER, 2008)

  16. Session 9: Skill Biased Technical Change Student presents (volunteer): (30 minutes)“Trends in US Wage Inequality: Revising the Revisionists”, Autor, Katz and Kearney (2008, RESTAT) Additional paper: “Technical Change, Inequality, and the Labor Market”, Acemoglu (2002, JEL)

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