Pete
Klenow September 20 version
Stanford University
Fall Quarter, 2010
Econ
233. Topics in Macroeconomics -- Economic Growth
(Ph.D. Macro Field Course)
Meeting: Tuesdays and
Thursdays, 1:15 - 3:00pm in Littlefield
103.
Office Hours:
Chad --Wednesdays, 1:30-3:30pm, Littlefield 235
Pete -- Wednesdays, 3-5 pm, Econ 364
Contact info:
chad.jones@stanford.edu, klenow@stanford.edu
Overview
This
course studies frontier research on economic growth. It will meet jointly
with GSB 610, taught by Professor Chad Jones, so you should only sign up for
one of these classes. The purpose of the course is to introduce you to some of
the latest research in macroeconomics and to prepare you to undertake research
on your own.
Requirements
(1)
You should read the papers in advance of each class meeting, and come prepared
to discuss them. To be sure this is the case, before each class (starting
September 30) you will be required to email three slides on one designated
paper (one slide on what's good about the paper, one slide on its weaknesses,
and one slide on where to go next). At the start of the class we will call on
one student randomly and ask them to present their three slides.
(2) Lead part of a class. Each student will take responsibility for
preparing slides and leading the discussion for 50 minutes on one paper during
the course; suggested papers are indicated by an asterisk (*) below. During class on
September 28, we will make signup sheets available so you can pick your paper.
(3) A five page discussion of a research idea that is motivated by this
class. Throughout the class (and for the rest of your life!), you should
be keep a list of possible research topics. During the last two
classes, November 30 and December 2, you will be expected to hand in your five
page discussion of one of these topics and give a brief presentation of your
idea: What is the key question you hope to answer, and how will you go about
answering the question?
Background References
The following readings and references may prove useful
at some point. The Acemoglu book is a great
resource.
Acemoglu, Daron.
2009. Introduction to Modern Economic Growth (Princeton University
Press).
Jones, Charles I. 2002. Introduction to Economic Growth. Advanced
undergraduate-level treatment.
Barro, Robert and Xavier Sala-i-Martin 2003. Economic Growth.
Course Schedule and Syllabus
Readings are available on the web
for you to download.
September 21 (PK)
Overview of Growth Research in the past two decades: key papers and facts.
See Chapter 1 of Acemoglu, Daron 2009. Introduction to Modern Economic Growth
(Princeton University Press).
Examples of articles to be touched on:
Lucas, Robert E. 1988. "On the Mechanics of Economic Development" Journal
of Monetary Economics 22: 3-42.
September 23 (CJ)
The neoclassical growth model: dynamic optimization and defining equilibrium.
Romer, Paul
M. 1990. "Endogenous Technological Change" Journal of
Political Economy 98: S71-S102.
Jones, Charles I. 2005. "Growth and Ideas" Handbook of Economic
Growth 1B: 1063-1111.
September 28 (CJ, continued from previous class)
This session is a continuation of the previous one.
September 30 (PK)
Young, Alwyn 2005. "The Gift of the
Dying: The Tragedy of AIDS and the Welfare of Future African Generations"
Quarterly Journal of Economics 120: 243-266.
Young, Alwyn 2010. "The African Growth Miracle"
unpublished paper, London School of Economics.
October 5 (CJ)
Kortum, Samuel S. 1997 "Research, Patenting, and
Technological Change" Econometrica
65: 1389-1419.
October 7 (PK)
Klette, Tor Jakob and
Samuel S. Kortum 2004. "Innovating
Firms and Aggregate Innovation" Journal of Political Economy
112: 986-1018.
Broda,
Christian and David Weinstein 2006. "Globalization
and the Gains from Variety" Quarterly Journal of Economics 121:
541-585.
October 12 (CJ)
Acemoglu,
Daron 2003. "Labor- and Capital-Augmenting Technical Change" Journal
of the European Economic Association 1:
1-37.
Jones, Charles I. 2005. "The
Shape of Production Functions and the Direction of Technical Change" Quarterly
Journal of Economics 120: 517-549.
October 14 (CJ)
(Dan and Guzman) Acemoglu, Aghion, Bursztyn,
and Hemous 2010. "The Environment and
Directed Technical Change" unpublished paper, MIT.
(Tilky and Xiaowei) Rossi-Hansberg, Esteban and Mark Wright 2007. "Urban Structure and Growth" Review of Economics Studies 74:
597-624.
October 19 (PK)
(Christine and Stephen) Caselli,
Francesco and James Feyrer 2007. "The
Marginal Product of Capital" Quarterly Journal of Economics 122:
535-568.
Atkeson,
Andrew G. and Patrick J. Kehoe 2005. "Modeling
and Measuring Organizational Capital" Journal
of Political Economy 113: 1026-1053.
October 21 (CJ)
*
Greenwood, Jeremy, Zvi Hercowitz,
and Per Krusell 1997. "Long-Run Implications of Investment-Specific Technological
Change" American Economic Review 87: 342-362.
Whelan, Karl 2003. "A
Two-Sector Approach to Modeling U.S. NIPA Data" Journal of Money,
Credit, and Banking 35: 627-656.
October 26 (PK)
Nick
Bloom, Benn Eifert, David McKenzie, Aprajit Mahajan and John Roberts
2010.
"Does Management
Matter: Evidence from India" unpublished paper, Stanford University.
October 28 (PK)
Hsieh, Chang-Tai
and Peter J. Klenow 2009. "Misallocation and Manufacturing TFP in China
and India" Quarterly Journal of Economics 124: 1403-1448.
November 2 (CJ)
Jones, Charles I. 2010. "Intermediate Goods and Weak Links in the Theory of
Economic Development" unpublished paper, Stanford University.
November 4 (PK)
Erosa,
Andres, Tatyana Koreshkova, and Diego Restuccia 2009. "How
Important is Human Capital? A Quantitative Theory Assessment of World Income
Inequality" Review of Economic Studies 77: 1421-1449.
(Troy) Todd Schoellman 2009. "Measuring and Accounting for Cross-Country Differences in Education
Quality" unpublished paper, Arizona State University.
November 9 (CJ)
Hall, Robert E. and Jones, Charles I. 2007. "The Value of Life and
the Rise in Health Spending" Quarterly
Journal of Economics 122: 39-72.
Jones, Charles I. 2009 "The Costs of Economic Growth"
unpublished paper, Stanford University.
November 11 (PK)
* Edward C.
Prescott 2004. "Why Do
Americans Work So Much More Than Europeans?" Federal Reserve
Bank of Minneapolis Quarterly Review 28: 2–13.
Buera,
Francisco J., Alexander Monge-Naranjo, and
Giorgio E. Primiceri 2010. "Learning the
Wealth of Nations" forthcoming in Econometrica.
November 16 (CJ)
Jones, Charles I.
and Peter J. Klenow 2010. "Beyond GDP? Welfare
Across Countries and Time" unpublished paper, Stanford University.
November 18 (PK)
Melitz, Marc 2003. "The
Impact of Trade on Intra-Industry Reallocations and Aggregate Industry
Productivity" Econometrica 71:
1695-1725
(Huiyu) Bernard, Andrew B., Jonathan Eaton, J. Bradford Jensen, and
Samuel Kortum 2003. "Plants and Productivity in
International Trade" American
Economic Review 93: 1268-1290.
November 23, 25 -- Thanksgiving
Break
November 30
Research proposals
December 2
Research proposals