Motto "... the delightful paths of our own most agreeable branch of the moral sciences [economics] in which theory and fact, intuitive imagination and practical judgement, are blended in a manner comfortable to the human intellect." J.M. Keynes, "F.P. Ramsey" in Essays in Biography, 1933.

Guru Knut Wicksell (1851-1926), Professor in Lund 1901-1916 Wicksell resources

Mascot Charles XII's rocking horse at Kulturen open-air museum, Lund.

Macroeconomic analysis B, NEK 651, Spring 2007

Klas Fregert    Department of Economics     Schedule
Plan of the course     Burda and Wyplosz Macroeconomics     Macroeconomic links  

Internet site of the week: The Riksbank

The Solution Manual to the exercises in Burda and Wyplosz is on reserve at the desk of School of Economics and Management Library

Old exams with answers and grade high pass (this is just to give an indication of what is expected; they are not study material).

Excursion to the Riksbank and Konjunkturinstitutet in Stockholm: Friday May 25
The department pays the train trip to Stockholm, but not the return ticket. The train leaves at about 5.30 A.M. Program: 10-11: The Royal Coin Cabinet, Slottsbacken; 11.30-12.30: The Riksbank, Brunkebergstorg; 14-15 The National Institute of Economic Research (Konjunkturinstitutet), Kungsgatan.

Powerpoint to chapter 11

EXCEL exercises

Excel assignment 1: Solve the exercises in the file Two-period.xls. You find the questions in a comment to the cell marked exercises. Put the cursor in the cell and the comment will appear.  Note that there are two sheets with separate questions. Hand in on paper with diagram, parameter settings and textbox with answer on April 17. Follow the General instructions for exercises. Hint for using the Solver: Open the Solver (in the Tools menu). Solver = Problemlösare. To get started: change the coloured numbers to see what happens in the graph, then continue by figuring out the formulas in the cells using the F2-button.

Excel assignment 2: Solve the exercises in the file Consumption smooothing. Hand in on paper on April 25. Follow the General instructions for exercises.
Excel assigment 3: The Allais-Baumol-Tobin inventory model of money demand. Hand in by May 9. Web appendix 8 at Burda and Wyplosz Macroeconomics

Excel assigment 4: Solve the exercises in the sheet "Policy rule" in the excel file Dynamic aggregate demand and supply model. Hand in on Thursday 24 May.

Simulations in EXCEL

Click with right-hand mouse button and choose "Save link as" to save the file to your own hard disk:

• Transformations, Trends, Two-period model, Consumption smoothing, Simple Keynes, Mulitiplier-acceerator model, IS-LM, Adaptive expectations, Phillips curve,  Interest rates and expectations, Seignorage, Debt ratio, Estimated Okun and Phillipsrelations for Sweden 1990-2003, Tax smoothing

Handouts/texts
Note: You need the free Acrobat Reader for pdf documents.

• A brief history of stochastic simulation and business cycles, Relativa förändringar (pdf), Övningar på relativa förändringslagarna (pdf), Exchange technologies (pdf), Equilibrium, disequilibrium, and the IS curve (pdf), GDP per capita in Germany and Sweden 1940-60 (pdf),
• Practical Macroeconomics, chapter 2 with figures , The yield curve and future interest rates

Keynes on the long run: "But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy , too useless a task if in tempestuous seasons they can only tell us when the storm is long past, the ocean is flat again." A Tract on Monetary Reform , 1923, p. 65. 

Old internet sites of the week: World Economic Outlook, April 2007, IMF. Economist Brad Delong homepage, The Nobel prize in Economics , Check out how CBS with the help of Police takes on the Fed and Ben Bernanke, Bernanke: Fed governor home page, Bernanke: professor home page (2001)

Last updated: May 24, 2007

Number of visitors since April 1, 2004: