The module runs in three parts. Part 1 builds a model of the short run one equation at a time and then breaks it, at the zero lower bound and in a bank run. Part 2 goes back and derives the equations Part 1 assumed, from households and firms that optimise. Part 3 asks where the trend itself comes from. Each deck is self-contained, and most pair with one of the interactive models, which run in the browser with nothing to install. These decks are mine rather than UCD’s: I built them independently, using the published module descriptor as a guide to the expected content. Dr Oana Peia lectures the module itself, and the acknowledgements below set out what is hers.
Lectures
1. Short-Run Fluctuations
Five lectures. A model of the short run, built one equation at a time.
2. New Keynesian Building Blocks
Three lectures. The equations of Part 1, derived rather than assumed.
3. Long-Run Growth
Four lectures. Where the trend comes from: capital, then ideas, then firms replacing each other.
Acknowledgements
None of this is built from scratch, and it would be poor form to pretend otherwise.
Dr Oana Peia
Oana lectures ECON42550 at UCD. These decks are my own recreation of that material, built to teach from and to sit alongside the interactive models — not a replacement for her course, and not the version her students are examined on. The three-part structure, the choice of models and the worked examples are hers. Where I have departed from her treatment — a different aggregator here, a dropped patience weight there — it is flagged in the deck rather than quietly swapped.
Prof Karl Whelan
Karl's Lecture Notes on Macroeconomics are the set text for the first two parts, and they carry far more of these decks than a reading list suggests. Where a lecture says “it can be shown”, Karl usually writes the step out — and that step is generally the one worth putting on a slide. The notation here follows his.
Textbooks
Four texts stand behind the derivations, and anyone teaching this material should have them to hand:
- David Romer, Advanced Macroeconomics, 5th edition — growth, consumption, investment, and the Diamond–Dybvig model in Part 1
- Jordi Galí, Monetary Policy, Inflation and the Business Cycle, 2nd edition — the New Keynesian core, and the Calvo derivation in 2.3
- Stephen Williamson, Macroeconomics — the intermediate treatment several arguments are pitched against
- Lars Ljungqvist and Thomas Sargent, Recursive Macroeconomic Theory — for the parts that go further than a lecture can
Individual lectures cite the papers they rest on directly, on the slide and in each deck's reference list.