MIT 14.772 Development Economics: Macroeconomics, Spring 2013
View the complete course: http://ocw.mit.edu/14-772S13
Instructor: Robert Townsend
This lecture covers economic research about micro-founded macro models.
Chapters
0:00:00 Title slates
0:00:26 Overview of micro-founded macro models
0:02:39 Example of how to use micro-founded macro models to do welfare analysis
0:10:24 The marriage of theory and data
0:11:17 Broad overview of Lloyd-Ellis & Bernhardt (LEB) model and Greenwood & Jovanovic (GJ) model; Townsend’s empirical simulations of them
0:19:30 Occupational choice map
0:36:41 Introduction of financial deepening to model
0:44:58 Model versus data outcomes
0:46:18 Welfare experiments using the models
0:56:20 Motivation for GJ model
0:59:16 GJ model advantages of participating in financial system
1:06:23 Savings functions and portfolio choice
1:12:33 Model simulation
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