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Required Readings

1. Long-run Macro: Growth

P. Romer, “Economic Growth”

K. Grier, “Emprirics of Economic Growth”

2. Short-run Macro: Economic Fluctuations

B. Snowdon and H. Vane, “The development of modern macroeconomics: a rough guide” (handout)

3. Four Modern Macro Models

A. Solow Growth Model

W. Sockwell and J. Mixon, “The Solow Growth Model: An Excel-Based Primer”

B. IS-LM Model

G. Fonseca, “The Hicks-Hansen IS-LM Model”

T. Alexander, “Open Economy Macroeconomics: The IS-LM-BP Model”

C. “Classical” AD-AS Model

R. Garrison, “Textbook Classicism”

D. Dynamic AD-AS Model

G. Mankiw, “A Dynamic Model of Aggregate Demand and Aggregate Supply”

4. Central Issues in Macroeconomics

5. The Classics-Keynes-Hayek Debate

J.P. Cochran and F.R. Glahe, The Hayek-Keynes Debate, ch. 1-3 (all handouts)

Chapter 1, “Introduction to the Drama”

Chapter 2, “Monetary Theory and Coordination”

Chapter 3, The “Wicksell Connection”

6. Classical Economics

D. Laidler, Fabricating the Keynesian Revolution, ch. 4 and 5 (both handouts)

Chapter 4, “Cambridge Cycle Theory: Lavington, Pigou, and Robertson”

Chapter 5, “The Monetary Element in the Cambridge Tradition”

A.L. Macfie, Theories of the Trade Cycle, chapter 3 (handout)

Chapter 3, “Monetary” (Hawtrey’s Monetary Cycle Theory)

7. Dramatis Personae

P. Davidson, John Maynard Keynes, Preface and Chapters 1-3 (textbook)

J.T. Salerno, “Introduction,” Prices and Production and Other Works, pp. xv – xxiv

P.G. Klein, “F.A. Hayek: Austrian Economist and Social Theorist”

P. J. Boettke. C.J. Coyne, and P.T. Leeson, “The Continuing Relevance of F.A. Hayek’s Political Economy”

8. Keynes’ General Theory and Modern Post-Keynesian Macro

P. Davidson, John Maynard Keynes, Chapter 4

J.M. Keynes, “The Postulates of the Classical Economics,” chapter 2 of The General Theory

P. Davidson, John Maynard Keynes, chapters 5 & 6

J.M. Keynes, “The Principle of Effective Demand,” chapter 3 of The General Theory

J.M. Keynes, “The Propensity to Consume : I. The Objective Factors,” chapter 8 of The General Theory

P. Davidson, John Maynard Keynes, chapter 7

J. M. Keynes, “The General Theory of the Rate of Interest,” chapter 13 of The General Theory

J. M. Keynes, “The Classical Theory of the Rate of Interest,” chapter 14 of The General Theory

P. Davidson, John Maynard Keynes, chapters 8-11

9. Hayek’s Prices and Production and Modern Austrian Macro

R. W. Garrison, Time and Money: The Macroeconomics of Capital Structure, Chapters 1 & 2 (textbook)

R. W. Garrison, “Intertemporal coordination and the invisible hand: an Austrian perspective on the Keynesian vision

F.A. Hayek, “Theories of the Influence of Money on Prices,” Lecture I, Prices and Production and Other Works, pp. 197-221

R.W. Garrison, Time and Money: The Macroeconomics of Capital Structure, Chapters 3 & 4 (textbook).

F.A. Hayek, “The Conditions of Equilibrium Between the Production of Consumers’ Goods and the Production of Producers’ Goods,” Lecture II, Prices and Production and Other Works, pp. 223-252.

R.W. Garrison, Time and Money: The Macroeconomics of Capital Structure, Chapters 7 – 9 (textbook).

R.W. Garrison, Time and Money: The Macroeconomics of Capital Structure, Chapters 10 -11 (textbook).

10. The Economics of Time and Ignorance

R.E. Wagner, “Austrian Cycle Theory and the Prospect of a Coordinationist Macroeconomics”

R.W. Garrison, “From Keynes to Hayek: The marvel of Thriving Macroeconomies”