Información del curso

This course studies the interactions between finance and macroeconomics. The first part of the course describes a workhose macromodel that integrates long-run gorwth and business cycle fluctuations and has clear-cut implications for asset prices. The second part discusses  the model predictions for asset prices and returns, It will cover consumption-based asset pricing theory and the associated empirical puzzles, as well as alternative theories offering a resolution to these puzzles. The third part of the course introduces additiona "financial frictions" that allow to focus on financial crises, debt deleveraging and the "uncoventional" monetary policies implemented in the aftermath of the Global Financial Crisis. The course will use a mix of empirics and theory..