Updated: July 2011
The Macro Bootcamp is a short and intensive reading group that serves as a refresher for a graduate level class in contemporary macroeconomics. It aims to cover the seminal texts of the most prominent schools of thought, and act as a foundation for applications to current policy debates.
1. Advanced reading
Participants are advised to read the following book, which provides an excellent introduction to modern macroeconomics from a school-of-thought approach. The interviews at the end of the book in particular are worth attention:
- Snowden, Vane & Wynarcyz (1994), A Modern Guide to Macroeconomics, Edward Elgar
2. Reading list: key articles
History of thought/background
- Woodford, Michael (1999) “Revolution and Evolution in Twentieth-Century Macroeconomics”, Working Paper
- Krugman, Paul (2000) “How Complicated Does the Model Have to Be?” Oxford Review of Economic Policy Vol. 16 No.4
- N. Gregory Mankiw, (2006) “The Macroeconomist as Scientist and Engineer,” Journal of Economic Perspectives, vol. 20(4), pages 29-46, Fall.
Real Business Cycles
- Long, John B. and Plosser, Charles. (1983) “Real Business Cycles,” Journal of Political Economy, 39-69.
- “The Prescott-Summers debate” (1986) Federal Reserve Bank of Minneapolis Quarterly Review Vol. 10, No. 4
- Stadler, George. (1994) “Real Business Cycles,” Journal of Economic Literature, XXXII, 1750-1783.
- Clower, R., and Leijonhufvud, A., (1975) “The Coordination of Economic Activities: A Keynesian Perspective,” American Economic Review 65(2):182-188
- “Symposium: Keynesian Economics Today,” (1993) Journal of Economic Perspectives, 7(1):3-82*
- Mortensen, Dale and Pissarides, Christopher. (1994) “Job Creation and Job Destruction in the Theory of Unemployment,” Review of Economics Studies
- Taylor, John. (2000) “Reassessing Discretionary Fiscal Policy,” Journal of Economic Perspectives, 21-36.
- Caplin, Andrew and Spulber, Daniel. (1987) “Menu Costs and the Neutrality of Money,” Quarterly Journal of Economics, 703-725
- Taylor, John B. (1993) “Discretion Versus Policy Rules in Practice,” Carnegie-Rochester Conference Series on Public Policy, 39, pp. 195-214
- “Symposium on the Monetary Transmission Mechanism,” (1995) Journal of Economic Perspectives, 9(4): 3-96*
- Shafir, Eldar, Diamond, Peter, and Tversky, Amos. (1997) “Money Illusion,” Quarterly Journal of Economics, 341-374
3. Further reading
The classic graduate text for macro is David Romer. It is the best treatment of the alternative growth models, and then has a chapter on each variable of national income accounting. Participants are advised to grapple with it after the bootcamp has taken place
- David Romer (2001), Advanced Macroeconomics, McGraw Hill [Note: the 4th edition is due out in November 2011]
It is also a good idea to see how various Austrian, Keynesian and Moneratist ideas can be integrated into a heterodox narrative. See Arnold Kling’s “Lectures on Macroeconomics“.
Participants are also advised to keep abreast of the conversation of economics:
- Scott Sumner’s ‘Money Illusion‘
- Arnold Kling on ‘EconLog‘
- Alex Tabarrok & Tyler Cowen’s ‘Marginal Revolution‘
- Advanced Austrian Economics, Foundation for Economic Education (FEE)
- Econ Talk, Library of Economics and Liberty
- Milton Friedman on Money, August 28th 2006
- Allan Meltzer on Inflation, Feb 23rd 2009
- Charles Calomiris on the Financial Crisis, Oct 26, 2009
- Scott Sumner on Growth and Economic Policy, June 21st 2010
4. Reading list: applications & policy debates
The Great Depression
- Bernanke, Essays on the Great Depression, 1995, JMCB
- Higgs, R., Regime Uncertainty
- Friedman & Schwartz
- Larry White, “Hayek and Robbins on the Great Depression” JMCB
The Great Recession
- Global savings glut (Bernanke)
- Macro and Growth Policies in the Wake of the Crisis, Washington, DC, March 7 and 8, 2011
- 1994 JEP symposium on New Growth Theory
Session 1 Thursday 28th July
2pm-3:45pm: History of thought/background
4pm-5:45pm: Real Business Cycles
Session 2: Tuesday 2nd August
2pm-3:45pm: Keynesian economics
4pm-5:45pm: Monetary policy
Session 3: Spring 2012
2pm-3:45pm: The Great Depression
4pm-5:45pm: The Great Recession
The meetings will take place in central London, but are by invitation only.