\documentclass[12pt]{article} \usepackage[left=1.25in,top=.75in,right=1.25in,bottom=1in]{geometry} \usepackage{amsmath} \usepackage{amssymb} \usepackage{amsthm} \usepackage{url} \usepackage{natbib} \usepackage{bibentry} \usepackage{placeins} \usepackage{color} \usepackage{colortbl} \usepackage[table,usenames,dvipsnames]{xcolor} \usepackage[colorlinks=true, urlcolor=blue]{hyperref} \usepackage{booktabs} \usepackage{multirow} \usepackage{array} \usepackage{tabularx} \usepackage{tabulary} \usepackage{longtable} \usepackage{hyperref} \usepackage{cleveref} \usepackage{ltxtable} \usepackage[labelformat=empty]{caption} \usepackage{array} \usepackage{marvosym} \definecolor{orange}{cmyk}{0,0.76,1,0} \usepackage{fancyhdr, graphicx} \renewcommand{\headrulewidth}{0pt} \newenvironment{compactlist}{ % List with minimal white space to fit in small areas, e.g. table cell \begin{minipage}[t]{\linewidth}\begin{list}{$\bullet$}{\leftmargin=0.5em \rightmargin=0em \topsep=0em \parskip=0em \parsep=0em \listparindent=0em \partopsep=0em \itemsep=0pt \itemindent=0em \labelwidth=\leftmargin\labelsep+0.25em} }{ \end{list}\end{minipage} } % \def\startschedule{% % \begin{table}[!htbp] % \renewcommand{\arraystretch}{1.1} % \begin{tabularx}{XX} % \hline % Text-1 & Text-2 \\ % \hline} % \def\stopschedule{\hline\end{tabularx}\end{table}} % \def\startschedule{% % \begin{table}[h]\caption{\bf Introduction}\centering % \small\begin{tabularx}{\textwidth}[t]{XX} % % \toprule % % \cmidrule(r){1-2} % Text-1: % & Text-2 \\ % } % \def\stopschedule{\end{tabularx}\bottomrule\end{table}} % \def\R #1|#2{\begin{compactlist}#1\end{compactlist}&\begin{compactlist}#2\end{compactlist}} \newcommand{\R}[2]{\begin{compactlist}\setlength{\itemindent}{1.5em}#1\end{compactlist}&\begin{compactlist}#2\end{compactlist}\vspace{0.5mm}\\} % \def\R #1|#2{#1} \fancyhead[L]{} \fancyhead[R]{ %\includegraphics[width=2cm]{ucsbseal_cmyk.pdf} } \begin{document} \title{\flushleft{AECO 803 \hfill Fall 2026 \\ TTh: 10:30 - 11:50}\\\vspace{7mm} \centering Ph.D. Topics Course: Quantitative Macro-Labor\\\vspace{2mm} Professor Benjamin S. Griffy\\ University at Albany, SUNY} \date{} % \author{Benjamin S. Griffy} \maketitle \nobibliography*{} \bibliographystyle{plainnat} \section{Overview and Objectives} This course is focused on the empirical foundations and theoretical implications of wage dispersion, wealth inequality, income risk, and the resulting consumption risk. The goal of this course is to provide students with a set of empirical regularities about income and consumption risk, theoretical and quantitative explanations for these observations, and computational tools to provide further and better explanations for the behavior of individuals in the aggregate economy. \section{Contact Information} \begin{itemize} \item Name: Ben Griffy \item I can be reached via email: \href{mailto:bgriffy@albany.edu}{\textrm{bgriffy@albany.edu}} \item I will be holding office hours on Thursdays: 2:30-3:30pm in my office, Catskill 383. \end{itemize} \section{Course Requirements} \subsection{Course Materials} \begin{itemize} \item There is no explicitly required textbook for this class; nor is there a specifically required programming language for applicable assignments. Below are listed some suggested reference material. For programming languages, you may choose whatever works best for you. I would suggest Matlab or Julia (or Python if you really must) for assignments that involve solving dynamic programming, and Stata or R for assignments that involve data. These are the languages with which I am most familiar and therefore most likely to be able to help you if you run into any problems. \bibliographystyle{plain} \nobibliography*{my_pubs} {\color{red} Note: These texts are NOT required, but may occasionally provide useful references:} \begin{itemize} \item \bibentry{StokeyLucasPrescott1989} \item \bibentry{LjungqvistSargent2000} \item \bibentry{Pissarides2000} \item \bibentry{DeJongDave2011} \item \bibentry{Mortensen2005} \item \bibentry{RogersonShimerWright2005} \item \bibentry{HeathcoteStoreslettenViolante2009} \item \bibentry{Guvenen2011} \item \bibentry{Cooley1995} \item \textcolor{Blue}{\href{http://quant-econ.net/py/index.html}{Sargent and Stachurski Quant-Econ}} \item I will update this list as needed in the class. \end{itemize} \end{itemize} For programming languages, it {\bf DOES} matter what version you install, and what repository you install from. I suggest the following: \begin{itemize} \item Python: Anaconda. \item Julia: Current version. \item R: RStudio. \item Stata: MP if possible. \item Matlab: Current version. \end{itemize} You will be required to turn in all (non-\LaTeX) code used to produce assignments, and required to turn in all assignments in \LaTeX. To assist with learning \LaTeX, I will publish all documents I produce in the course both as PDFs and in \LaTeX. \subsection{Course Prerequisites} \begin{itemize} \item Have finished the first-year PhD macroeconomics sequence, or obtained permission from me to enroll in course. \end{itemize} \section{Grading} \begin{itemize} \item Homework and Discussion: 30\%. Homework must be turned in using \LaTeX \item Introduction/Research Proposal: 20\% \item Data project: 20\% \item Model project: 30\% \item Note: I don't intend to have any exams in this course, but will require presentations for various papers as well as the projects in class. \end{itemize} \section{Tentative Course Outline} \begin{table}[ht]\caption{\bf Introduction}\centering \small\begin{tabularx}{\textwidth}[t]{XX} % \toprule % \cmidrule(r){1-2} \arrayrulecolor{black}\hline % \textbf{\textcolor{myBlue}{Category}} & \textbf{\textcolor{myBlue}{Description}} & \textbf{\textcolor{myBlue}{Cost}}\\ \textbf{Date} & \textbf{Description} \\ \hline\vspace{-3mm}\\ Week 1 (Aug. 24th - Aug. 28th):\\ \R{\item Topics:}{\item Introduction to wage dispersion\\ \item Income inequality vs. income risk\\ \item Consumption risk\\ \item Suggested programming languages and references} \R{\item Readings:}{\item None.} \R{\item Assignments:}{\item Install programming languages and \LaTeX} \end{tabularx} \bottomrule \end{table} \begin{table}[ht]\caption{\bf Estimating Income Processes and Consumption Risk}\centering \small\begin{tabularx}{\textwidth}[t]{XX} % \toprule % \cmidrule(r){1-2} \arrayrulecolor{black}\hline % \textbf{\textcolor{myBlue}{Category}} & \textbf{\textcolor{myBlue}{Description}} & \textbf{\textcolor{myBlue}{Cost}}\\ \textbf{Date} & \textbf{Description} \\ \hline\vspace{-3mm}\\ Week 2 (Aug. 31st - Sept. 4th):\\ \R{\item Topics:}{\item Statistical models of income risk\\ \item Estimating consumption risk} \R{\item Readings:}{\item \citet{Guvenen2009}\\ \item \citet{StoreslettenTelmerYaron2004}\\ \item \citet{Deaton1991}} \R{\item Assignments:}{\item Email idea for Research Paper.} \end{tabularx} \bottomrule \end{table} % \LTXtable{\textwidth}{CourseSchedule} \begin{table}[ht]\caption{\bf Wage and Income Dispersion via Frictional Labor Markets}\centering \small\begin{tabularx}{\textwidth}[t]{XX} % \toprule % \cmidrule(r){1-2} \arrayrulecolor{black}\hline % \textbf{\textcolor{myBlue}{Category}} & \textbf{\textcolor{myBlue}{Description}} & \textbf{\textcolor{myBlue}{Cost}}\\ \textbf{Date} & \textbf{Description} \\ \hline\vspace{-3mm}\\ Week 3 (Sept. 7th - Sept. 11th):\\ \R{\item Topics:}{\item The McCall Model} \R{\item Readings:}{\item \citet{RogersonShimerWright2005}} % \R{\item Assignments:}{\item Solve McCall model (see online homework).} Week 4 (Sept. 14th - Sept. 18th):\\ \R{\item Topics:}{\item Present introduction/idea for research paper \\ \item On-the-Job Search} \R{\item Readings:}{\item \citet{burdett1998wage}} \R{\item Assignments:}{\item TBD.} Week 5 (Sept. 21st - Sept. 25th):\\ \R{\item Topics:}{\item Extensions of On-the-Job Search\\ \item Wage-Tenure Contracts\\ \item Sequential Auctions} \R{\item Readings:}{\item TBD.} \R{\item Assignments:}{\item Turn in introduction/outline for research paper at start of week.} % \vspace{-3mm}\\ Week 6 (Sept. 28th - Oct. 2nd):\\ \R{\item Topics:}{\item Extensions of On-the-Job Search \item Equilibrium Labor Markets: the DMP Model\\ \item Endogenous Separations\\ \item Bargaining} \R{\item Readings:}{\item TBD.} % \R{\item Assignments:}{\item Solve Search models.} \end{tabularx} \bottomrule \end{table} \begin{table}[ht]\caption{\bf Wage and Income Dispersion via Frictional Labor Markets (Cont'd)}\centering \small\begin{tabularx}{\textwidth}[t]{XX} % \toprule % \cmidrule(r){1-2} \arrayrulecolor{black}\hline % \textbf{\textcolor{myBlue}{Category}} & \textbf{\textcolor{myBlue}{Description}} & \textbf{\textcolor{myBlue}{Cost}}\\ \textbf{Date} & \textbf{Description} \\ \hline\vspace{-3mm}\\ Week 7 (Oct. 5th - Oct. 9th):\\ \R{\item Topics:}{\item The DMP Model\\ \item Endogenous Separations\\ \item Directed Search\\ \item Solution Methods.} \R{\item Readings:}{\item TBD.} % \R{\item Assignments:}{\item TBD.} \R{\item Assignments:}{\item Solving search models homework.} Week 8 (Oct. 12th - Oct. 16th):\\ \R{\item Topics:}{\item Solution Methods.} \R{\item Readings:}{\item TBD.} \R{\item Assignments:}{\item TBD.} \end{tabularx} \bottomrule \end{table} \begin{table}[ht]\caption{\bf Heterogeneity and Consumption Risk}\centering \small\begin{tabularx}{\textwidth}[t]{XX} % \toprule % \cmidrule(r){1-2} \arrayrulecolor{black}\hline % \textbf{\textcolor{myBlue}{Category}} & \textbf{\textcolor{myBlue}{Description}} & \textbf{\textcolor{myBlue}{Cost}}\\ \textbf{Date} & \textbf{Description} \\ \hline\vspace{-3mm}\\ Week 9 (Oct. 19th - Oct. 23rd):\\ \R{\item Topics:}{\item Heterogeneous agent models\\ \item Krussell-Smith} \R{\item Readings:}{\item \citet{Huggett1993}\\ \item \citet{Aiyagari1994}\\ \item \citet{krusell1998income}} % \R{\item Assignments:}{\item Solve Bewley model} Week 10 (Oct. 26th - Oct. 30th):\\ \R{\item Topics:}{\item Data project presentations.} \R{\item Readings:}{\item TBD.} \R{\item Assignments:}{\item Data project due at end of week.} Week 11 (Nov. 4th - Nov. 8th):\\ \R{\item Topics:}{\item Solution methods\\ \item Inequality in incomplete markets} \R{\item Readings:}{\item \citet{HuggettVenturaYaron2011}} \R{\item Assignments:}{\item TBD.} % \R{\item Assignments:}{\item Solving heterogeneous agent models homework} Week 12 (Nov. 9th - Nov. 13th):\\ \R{\item Topics:}{\item Search model extensions\\ \item More heterogeneity in BRE models.} \R{\item Readings:}{\item TBD.} \R{\item Assignments:}{\item Solving heterogeneous agent models homework} % \R{\item Assignments:}{\item TBD.} % \R{\item Notes:}{\item I will be out of town on the 10th. Class is canceled.} \end{tabularx} \bottomrule \end{table} \begin{table}[ht]\caption{\bf Other Topics (TBD)}\centering \small\begin{tabularx}{\textwidth}[t]{XX} \arrayrulecolor{black}\hline \textbf{Date} & \textbf{Description} \\ \hline\vspace{-3mm}\\ Week 13 (Nov. 14th - Nov. 18th):\\ \R{\item Topics:}{\item Calibration and estimation(?)\\ \item TBD} \R{\item Readings:}{\item \citet{kydland1996computational}} \R{\item Assignments:}{\item Turn in first draft of model project.} \end{tabularx} \bottomrule \end{table} \begin{table}[ht]\caption{\bf Wrapping-Up}\centering \small\begin{tabularx}{\textwidth}[t]{XX} % \toprule % \cmidrule(r){1-2} \arrayrulecolor{black}\hline % \textbf{\textcolor{myBlue}{Category}} & \textbf{\textcolor{myBlue}{Description}} & \textbf{\textcolor{myBlue}{Cost}}\\ \textbf{Date} & \textbf{Description} \\ \hline\vspace{-3mm}\\ Week 14 (Nov. 23rd - Nov. 27th):\\ \R{\item Topics:}{\item Thanksgiving Break! No classes.} \R{\item Readings:}{\item TBD.} \R{\item Assignments:}{\item TBD.} Week 15 (Nov. 31st - Dec. 4th):\\ \R{\item Topics:}{\item Presentations of Final Projects} \R{\item Readings:}{\item TBD.} \R{\item Assignments:}{\item TBD.} % \vspace{-3mm}\\ Finals Week 16 (Dec. 7th - Dec. 15th):\\ \R{\item Topics:}{\item Presentations of Final Projects (if needed)} \R{\item Readings:}{\item TBD.} \R{\item Assignments:}{\item Revised draft of 3 projects due on last day of course.} \end{tabularx} \bottomrule \end{table} \FloatBarrier \bibliographystyle{plainnat} \bibliography{bibliography} \end{document}