Lecture plan
Book:
Gali, Jordi: Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, 2008. Princeton University Press.
Articles (changes may occur):
Bernanke, Ben S., Mark Gertler and Simon Gilchrist: Vol. 1, 1999 (eds: J.B. Taylor and M. Woodford. The Financial Accelerator in a Quantitative Business Cycle Framework, Handbook of Macroeconomics.
Chari, V.V., P. J. Kehoe and E.R. McGrattan: "New Keynesian Models: Not Yet Useful for Policy Analysis" in American Economic Journal Macroeconomics, vol 1, number 1, pp 242-266.
Christiano, L. J., M. Eichenbaum og C.L. Evans: Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, Journal of Political Economy, feb 2005, vol. 113, Issue 1, pp. 1-45.
Clarida, R., Galí, J. and Gertler, M. : Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory, 2000. Link.
Clarida, R. Gali, J. and Gertler, M.: The Science of New Monetary Policy - a Keynesian Perspective, 1999. The Journal of Economic Literature. Link.
de Grauwe, Paul: 2011. The Governance of a Fragile Eurozone.
Diamond, Douglas W: "Banks and Liquidity Creation: A Simple Exposition of the Diamond-Dybvig Model" in Economic Quarterly, Vol 93, Number 2. pp 189–200.
Holden, Steinar: "Monetary regimes and the co-ordination of wage setting" in European Economic Review 49, 2005, 833-843.
Holmsen, A, J.F. Qvigstad, ?. R?island and K. Solberg-Johansen: Communicating monetary policy intentions: The case of Norges Bank, Norges Bank Working Paper 2008/20.
The Norges Bank Monetary Policy Report (March 2013).
The Norges Bank Watch 2013 report.
Woodford, M: "Convergence in Macroeconomics: Elements of a New Synthesis" in American Economic Journal Macroeconomics, vol 1, number 1, pp 267-279.
Material distributed in connection with lectures.
Supplementary reading
Bean, Charlie: The great Modernation, the great Panic and the great contraction, Schumpeter Lecture 25. august 2009.
Bernanke, Ben S: The crisis and the policy response, Speech Jan. 13.
Brunnermeier, Markus. K.: "Deciphering the Liquidity and Credit Crunch 2007-2008" in Journal of Economic Perspectives (2009) vol 23, number 1, pp 77-100.
Bullard, J. and Mitra, K.: Learning about monetary policy rules, 2002. Journal of Monetary Economics, volume 49, issue 6.
Gali, J: Modern Perspectives on Fiscal Stabilization Policies, 2005. CESifo Economic Studies, Vol. 51, 4/20. p. 587-599. link.
Gali, J, Mark Gertler and J. David López-Salido: Markups, Gaps, and the Welfare Costs of Economic Fluctuations, The Review of Economics and Statistics February 2007, 89 (1), pp. 44-59.
Iacoviello, M: House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle, Americal Economic Review, 95 (3): 739-764.
Woodford, M.: Financial Intermediation and Macroeconomic Analysis, 2011. Forthcoming in Journal of Economic Perspectives. link.