LEC # | TOPICS | |
---|---|---|
1 | Introduction to the course | |
General Equilibrium Modeling with Financial Frictions, With and Without Underlying Tests | ||
2 |
Micro-founded macro models Part 1: Occupational choice and limited commitment—theory with micro tests Part 2: Risk-sharing, insurance, and endogenous financial deepening Part 3: Model comparisons | |
3 | Growth, inequality, TFP with financial imperfections (featuring limited commitment) | |
4 | Growth, TFP, international capital flows: Other frictions in financial intermediation (costly state verification, adverse selection, moral hazard) | |
Micro Data and Tests of Model Underpinnings | ||
5 | Measurement: Financial accounts, economic accounts, NIPA, balance of payments; From households to village economies to national level flow of funds | |
6 | Insurance: From village insurance to financial access and targeting to risk instruments in advanced OECD countries | |
7 | Capital asset pricing: Idiosyncratic and aggregate risk, mean variance frontiers, lack of insurance among the poor and modern corporations | |
8 | Links to the macro literature: Panel data and models of smoothing (exogenous incomplete markets) | |
9 | Labor supply: Intensive and extensive margin in villages to families, lotteries, and elasticities in macro | |
10 | Barriers to sharing risk (moral hazard, limited commitment): Common methods in village economies | |
Welfare and the Evaluation of Impact: Reduced Form Econometrics and Structural Parameters | ||
11 | Program evaluation: The Thai Million Baht Village Fund | |
12 | From reduced-form to structural evaluation: Expanding financial infrastructure and impact | |
13 | Discussion, research proposals |