Macroeconomics

Manuals

• Contours of the World Economy, I – 2030 AD, by Maddison
• Advanced Macroeconomics, by David Romer
• Economic Growth, by Robert Barro and Xavier Sala-i-Martin
• Interest and Prices: Foundations of a Theory of Monetary Policy, by Woodford
• Introducing Advanced Macroeconomics: Growth and Business Cycles, by Sorensen and Jacobsen
• International Economics: Theory and Policy, by Krugman and
  Obsfeld
• Macroeconomics, by Mankiw
• Economics of the Welfare State, by Nicholas Barr

Articles – Growth

• Determinants of Economic Growth : A Cross-Country Empirical Study (1996), by Robert Barro
• A Contribution to the Theory of Economic Growth, by Solow
• The Golden Rule of Accumulation – A Fable for Growthmen, by Phelps
• A mathematical theory of saving, by Ramsey
• Are Government Bonds Net Wealth?, by Barro
• Ricardian Equivalence: An Evaluation of Theory and Evidence, by Bernheim
• Debt, Deficits and Finite Horizons, by Blanchard
• Why do some countries produce so much more per worker than others?, by Hall and Jones
• Big Bills Left on the Sidewalk: Why some countries are rich and other poor, by Olson
• Do institutions cause growth?, by Shleifer, Lopez de Silanes and la Porta
• Why Nations Fail, by Acemoglu
• Prosperity and Depression, by Prescott
• Why do Americans work so much more than Europeans, by Prescott
• The role of Human Capital in Economic Development: Evidence from Aggregate Cross-Country Data, by Benhabib and Spiegel
• Increasing Returns and Long-run Growth, by Romer
• Endogenous Technological Change, by Romer
• How does foreign direct investment affect economic growth?, by Borensztein, Gregorio and Lee
• Trade and Economic Growth: Historical Evidence, by Schularick and Solomou
• How Much Do Trading Partners Matter for Economic Growth?, by Arora
• Trade and Economic Growth:Does the Financial System Matter?, by Huang and Chang
• Trade Policy and Economic Growth: A Skeptic’s Guide to Cross-National Evidence, by Rodriguez and Rodrik
• Unit Labour Costs in the Eurozone: The Competitivness Debate Again, by Felipe and Kumar
• A Note on Competitiveness, Unit Labor Costs and Growth: Is “Kaldor’s Paradox” a figment of interpretation?, by Felipe
• Fiscal Policy, Profits and Investment, by Alesina, Ardagna, Perotti and Schiantarelly
• The Empirical Relevance of Goodwin’s Cycle Model for the US Economy, by Tarassow
• Kaleckian macro models for open economies, by Blecker

Articles: Fluctuations

• Bayesian Estimation of an Open Economy DSGE model with Incomplete Pass-through, by Adolfson, Laseen, Linde and Villani
• How Good Is What You’ve Got? DGSE-VAR as a Toolkit for Evaluating DSGE Models, by Del Negro and Schorfheide
• The economic and fiscal consequences of financial crises (2009), by Reinhart
• Unemployment in the OECD since the 1960s: What do we know? (2005), by Nickell, Nunziata and Ochel
• Public Wages in the Euro Area: Towards Securing Stability and Competitiveness, by Holm-Hadulla, Kamath, Lamo, Perez and Schuknecht
• Is there a signalling role for public wages? Evidence for the euro area based on macro data, by Perez and Sanches
• Inflation and Inflation Uncertainty in the Euro Area, by Onorante and Paesani
• The Impact of Uncertainty Shocks, by Nicholas Bloom
• Fiscal Multipliers, IMF Staff Position Note by Antonio Spilimbergo, Steve Symansky, and Martin Schindler
• Government Spending in a Simple Model of Endogeneous Growth (1990), by Robert Barro
• An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output (1999) and (2002), by Blanchard and Perotti
• Estimating the Effects of Fiscal Policy in OECD Countries, by Perotti

International Economics

• Budget Deficits and the Balance of Trade, by Bernheim
• A Modern History of Exchange Rate Arrangement – A Reinterpretation, by Reinhart and Rogoff
• Domestic financial policies under fixed and floating exchange rates, by Flemming
• Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates, by Mundell
• The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility, by Obsfelt, Shambaugh and Taylor
• Exchange rate dynamics redux, by Obsfeld and Rogoff
• The Exchange rate: A shock absorber or a source of shocks? A study of four Open Economies, by Artis and Ehrmann
• The Impact of EMU on Real Exchange Rate Volatility of EU Countries, by Barrel, Davis and Pomerantz
• Exchange Rates and Economic Recovery in the 1930s, by Eichengreen and Sachs
• The Purchasing Power Parity Doctrine: A Reappraisal, by Balassa
• Theoretical Notes on Trade Problems, by Samuelson
• Facets of Balassa-Samuelson Thirty Years Later, by Samuelson
• How sure are we about the Balassa-Samuelson hypothesis ? Time Series versus Panel Data Approach for Asian countries, by Drine and Rault
• Long Run Purchasing Power Parity: Cassel or Balassa-Samuelson?, by Papell and Prodan
• The Balassa Samuelson Model: An overview, by Asea and Corden
• A Spatial Explanation for the Balassa Samuelson Effect, by Karádi and Koren
• The real exchange rate and the Balassa Samuelson Effect: The Role of the Distribution Sector, by MacDonald and Ricci
• Nominal versus Real Convergence with Respect to EMU. How to Cope with the Balassa-Samuelson Dilemma, by De Grauwe and Schnabl
• Anchor, Float or Abandon Ship – Exchange rate Regimes for the Accession Countries, by Buiter and Grafe (for a simple an quick description of Balassa-Samuelson effect)
• Booming Sector and De-Industrialisation in a Small Open Economy, by Corden and Neary
• The ‘Dutch Disease’: A Disease After All?, by Van Wijnbergen
• The Narrow Moving Band, the Dutch Disease, and the Competitive Consequences of Mrs. Thatcher, by Krugman

Globalisation

• Globalization or Europeanization? Evidence on the European Economy since 1980, by Fligstein and Merand
• Globalisation and the Rise in Labour Market Inequalities, by Wood
• Globalisation, European Integration and the Discursive Construction of Economic Imperatives, by Hay and Rosamond
• Trade Globalization since 1795: Waves of Integration in the World-System, by Kawano and Brewer

Articles: Monetary Policy and Finance

• Liquidity, Terms Spreads and Monetary Policy, by Aksoy and Basso
• The Predictability of Monetary Policy, by Strauch
• Can Central Banks Go Broke?, by Willem Buiter (also here and here)
• Monetary Policy Shocks: What Have we Learned and to What End?, by Christiano, Eichenbaum and Evans
• What are the effects of Monetary Policy on Output? Results from an agnostic identification procedure (2005), by Harald Uhlig
• Divorcing Money from Monetary Policy, by Keister, Martin and McAndrews
• Inside the Black Box: The Credit Channel of Monetary Policy Transmision, by Bernanke and Gertler
• Monetary Policy in a Channel System, by Berentsen and Monnet
• Interest rate corridors and reserves, by Whitesell
• Systematic Monetary Policy and the Effects of Oil Price Shocks, by Bernanke, Gertler and Watson
• The Federal Funds Rate and the Channels of Monetary Transmission, by Bernanke and Blinder
• From Monetary Targeting to Inflation Targeting: Lessons from the Industrialized Countries, by Mishkin
• Inflation Targetting: Lessons from the International Experience, by Bernanke, Laubach, Mishkin and Posen
• Is Monetary Policy in the Eurozone less Effective than in the US?, by De Grauwe and Storti
• Monetary policy in the Eurozone, by BNP Paribas
• Global Transmission of Interest Rates: Monetary Independence and Currency Regime, by Frankel, Schmukler and Serven
• Costs and benefits of issuing a reserve currency, by McKinsey Global Institute (MGI)
• Liquidity and Leverage, Adrian and Shin
• Money, Liquidity, and Monetary Policy; by Adrian and Shin
• The Federal Reserve’s Commercial Paper Funding Facility, by Adrian, Kimbrough and Marchioni
• Monetary cycles, financial cycles, and the business cycle, by Adrian, Estrella and Shin
• Funding liquidity risk and the cross-section of stock returns, by Adrian, Etula and Muir
• Financial amplification of foreign exchange risk premia, by Adrian, Etula and Groen
• Efficient, regression-based estimation of dynamic asset pricing models, by Adriam, Crump and Moench
• Macro risk premium and intermediary balance sheet quantities, by Adrian and Moench
• Financial Intermediation, Asset Prices and Macroeconomic Dynamics, by Adrian, Moench and Shin
• A Journey into the Unknown – DB Long Term Asset Return Study, By Reid
• EU Banks’ Funding Structures and Policies, by the ECB
• Financial Integration in Europe, by ECB
• How Closely do Banks Manage Vault Cash, by Allen
• A black swan in the money market, by Taylor and Williams
• The Economics of TARGET2 balances, by Bindeil and Konig
• Currency Proliferation: The Monetary Legacy of the Soviet Union, by Conway
• Ultra-low interest rates – How Japanese Banks have coped, by Weistroffer
• On the efficiency of Competitive Stock Markets where trades have diverse information, by Grossman (notes)
• ‘Hot issue’ markets, by Ibbotson and Jaffe
• Why new issues are underpriced, by Rock
• Quantifying and Explaining the New-Issue Premium in the Post-Glass-Steagall Corporate Bond Market, by Goldberg and Ronn (here)

Articles: Fiscal Policy – Institutions

• The design of fiscal rules and forms of governance in European Union countries, by Von Hagen, Strauch and Hallerberg
• Accounting Devices and Fiscal Illusions, by Irwin
• Budgetary Forecasts in Europe – The Track Record of Stability and Convergence Programmes, by Von Hagen, Strauch and Hallerberg
• Fiscal and Monetary Policy Coordination in EMU, by Von Hagen and Mundschenk
• The Sustainability of Public Finances and Fiscal Policy Coordination in the EMU, by Von Hagen
• Electoral Institutions, Cabinet Negotiations, and Budget Deficits in the European Union, by Hallerberg, Articles: Debt (Bond) Markets’ Dynamics
• Interactions between sovereign debt management and monetary policy under fiscal
  dominance and financial instability, by Bloomestein and Turner
• Tracking Global Demand for Advanced Economy Sovereign Debt, by Arslanalp and Tsuda (data)
• Government Bonds and Their Investors: What Are the Facts and Do They Matter, by Andritzky
• Yield Curve Reaction to Macroeconomic News in europe – Disentangling the US Influence, by Brière and Ielpo
• Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour, by Afonso and Martins
• How does the US government finance fiscal shocks, by Berndt and Yeltekin
• News Spillovers in the Sovereign Debt Market, by Gande and Parsley
• The Euro Area Sovereign debt Crisis Safe Haven Credit Rating Agencies and the Spread of the Fever from Greece, Ireland and Portugal, by de Santis
• Are There Spillover Effects from Munis?, by Arezky, Candelon and Sy
• The German sub-national government bond market: evolution, yields and liquidity, by Schultz and Wolff
• The German sub-national government bond market: structure, determinants of yield spreads and Berlin’s forgone bail-out, by Schultz and Wolff
• Fool the markets? Creative accounting, fiscal transparency and sovereign risk premia, by Bernoth and Wolff
• Sovereign Risk Premia in the European Government Bond Market, by Bernoth, von Hagen and Schuknecht
• “Loose Lips Sinking Markets?” The Impact of Political Communication on sovereign Bond Spreads, by Gade, Salines, Glöckler and Strodthoff
• Bond Market Turnover and Credit Spread Changes , by Roscovan
• The Financial Market and Government Debt Policy in France, 1746-1793, by Velde and Weirde
• Macroeconomic Features of the French Revolution, by Sargent and Velde

Articles: Fiscal Multipliers – Surveys, Discussions and Miscellanea

• Fiscal Multipliers, IMF Staff Position Note by Antonio Spilimbergo, Steve Symansky, and Martin Schindler
• Non-Keynesian Effects of Fiscal Policy Change: International Evidence and the Swedish experience, by Giavazzi and Pagano
• Fiscal multipliers in the euro area: the role of coordination, by Forni and Pisani
• Fiscal Spillovers and Trade Relations in Europe, by Barrel, Holland, Liadze and Pomerantz
• The Short and Long-run Interdependencies Between the Eurozone and the U.S.A., by Gaggl, Kaniovski, Prettner and Url
• Fiscal Policy and the Great Recession in the Euro Area, by Coenen, Staub and Traband (Presentation)
• Transmission of Government Spending Shocks in the Euro Area: Time Variation and
  Driving Force, by Kirchner, Cimadomo and Hauptmeier
• Large Changes in Fiscal Spending: Taxes versus Spending, by Alesina and Ardagna
• Did Korekiyo Takahashi Rescue Japan from the Great Depression?, by Soo Cha

Articles: Fiscal Multipliers – Theory – Dynamic Stochastic General Equilibrium (DSGE) Approach

• Shocking the Eurozone, by Vlaar
• When is the Government Spending Multiplier Large?, by Christiano, Eichenbaum and Rebelo
• Effects of Fiscal Stimulus in Structural Models, by Coenen, Erceg, Freedman, Furceri, Kumhof, Lalonde, Laxton, Linde, Mourougane, Muir, Mursula, Resende, Roberts, Roeger, Snudden, Trabandt, and in’t Veld
• Some fiscal calculus, by Uhlig
• Fiscal Stimulus and Distortionary Taxation, by Drautzburg and Uhlig (comments here)
• New Keynesian versus Old Keynesian Government Spending Multipliers, by Cogan, Cwik, Taylor and Wieland
• Keynesian Government Spending multipliers and spillovers in the Eurozone, by Cwik and Wieland
• The Fiscal Multiplier Morass: A Bayesian Perspective, by Leeper, Traum and Walker
• Simple Analytics of the Government Expenditure Multiplier, by Woodford

Articles: Fiscal Multipliers – Estimation – Natural Experiment Approach

• Output effects of government purchases (1981), by Barro
• Government Spending in a Simple Model of Endogeneous Growth (1990), by Robert Barro
• Costly Capital Reallocation and the Effects of Government Spending (1998), by Ramey and Shapiro (explained here)
• Expectations and Fiscal Policy: An Empirical Investigation, by Perotti
• A Reply to Roberto Perotti’s “Expectations and Fiscal Policy: An Empirical Investigation”, by Ramey
• Identifying Government Spending Shocks: It’s All in the Timing, by Ramey
• Does Government Spending Stimulate Private Activity?, by Ramey
• Macroeconomic Effects from Government Purchases and Taxes, by Barro and Redlick
• By how much does GDP rise if the Government buys more output, by Hall
• Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment, by Acconcia, Corsetti and Simonelli (VoxEU Summary)
• Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions(2011), by Nakamura and Steinsson

Articles: Fiscal Multipliers – Estimation – Structural Vector Autoregression Approach

• An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output (2001) and (2002), by Blanchard and Perotti
• The effects of Fiscal policy on consuption and employment, by Fataz and Mihov
• Effects of Fiscal Policy Shocks in the European Transition Economies, by Mirdala
• Estimating the Effects of Fiscal Policy in OECD Countries, by Perotti
• In search of the transmission mechanism of …fiscal policy, by Perotti
• How Big (Small?) are Fiscal Multipliers? (2010) (some comments), by Ilzetzki, Mendoza and Mendoza
• Measuring the Output Responses to Fiscal Policy, by Auerbach and Gorodnichenko
• What are the effects of fiscal policy shocks? – A VAR-based Comparative Analysis, by Caldara and Kamps
• The Analytics of SVARs: A Unified Framework to Measure Fiscal Multipliers, by Caldara
• What are the effects of fiscal policy shocks?, by Mountford and Uhlig
• The Economic Effects of Fiscal Shocks in Spain: A SVAR Approach, by Castro and Fernández
• Fiscal Multipliers in the Euro Area, by Burriel, DeCastro, Garrote, Gordo, Paredes
  and Perez
• Fiscal Policy Shocks in the Euro Area and the US: An Empirical Assessment, by Burriel, DeCastro, Garrote, Gordo, Paredes and Perez

Finance: The Term Structure of the Yield Curve

• The End of the Month as a Preferred Habitat: A Test of Operational Efficiency in the Money Market, by Ogden
• An Arbitrage-Free Generalised Nelson-Siegel Term Structure Model, by Christensen, Diebold and Rudebusch
• The Affine Arbitrage-Free Class of Nelson-Siegel Term Structure Models, by Christensen, Diebold and Rudebusch
• Asset Pricing with Heterogeneous Consumers, by Constantinides and Duffie
• Heterogeneous time preferences and interest rates—the preferred habitat theory revisited, by Riedel
• Preferred Habitat vs. Efficient Market: A Test of Alternative Hypotheses, by Phillips and Pippenger

Articles: Economic Inequality (for data sources, click here)

• On Human Egalitarianism: An Evolutionary Product of Machiavellian Status Escalation?, by, by Erdal, Whiten, Boehm and Knauft
• Measuring Ancient Inequality, by Milanovic, Lindert and Williamson
• Macroeconomic Models of Heterogeneous Agents, (PPT Presentation) by Mukoyama
• Models with Heterogeneous Agents – Introduction, (PPT Presentation) by Den Haan
• Macroeconomic Models with Heterogeneous Agents and Housing, by Jeske
• Heterogeneous Agents, Human Capital Formation and International Income Inequality, by Munandar
• Quantitative Macroeconomic Models with Heterogeneous Agents, by Krusell and Smith
• Le capital au 21e siècle, by Piketty (author’s resources) (Praising reviewed by Krugman) (Critical Review here)
• Explaining Rising Wage Inequality: Explorations with a Dynamic General Equilibrium Model of Labor Earnings with Heterogeneous Agents, by Heckman, Lochner and Taber
• The Dynamics of Wealth and Income Distribution in a Neoclassical Growth Model, by Turnovsky and Garcia Penalosa
• Asset Pricing with Heterogeneous Consumers, by Constantinides and Duffie
• The role of the wealth distribution on output volatility, by Ghiglino and Venditti
• Wealth inequality and dynamic stability, by Ghiglino
• Indeterminacy in a monetary economy with heterogeneous agents, by Hori
• On the Impact of Heterogeneity on Indeterminacy, by Ghiglino and Olszak-Duquenne
• Assessing the Accuracy of the Aggregate Law of Motion in Models with Heterogeneous Agents, by Den Haan
• Solving the incomplete markets model with aggregate uncertainty using parameterized cross-sectional distributions, by Den Haan,Algan and Allais
• Solving and Simulating Models with Heterogeneous Agents and Aggregate Uncertainty, by Den Haan,Algan and Allais
• Computational Suite of Models with Heterogeneous Agents: Incomplete Markets and Aggregate Uncertainty, by Den Haan, Judd and Juillard
• Asset Inequality and Agricultural Growth: How are patterns of asset inequality established and reproduced?, by Sabates-Wheeler
• Inequality and Collective Action, by Bardhan, Ghatak and Karaivanov