What do you mean by ‘content’ here? The basic narrative each model tells about the economy?
I think I agree with you. The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic—i.e. a sequence of equilibria over time instead of just one.
What do you mean by ‘content’ here? The basic narrative each model tells about the economy?
Right. Plus most undergrad models have an analog in grad macro, i.e. the AD-AS model and the New Keynesian model, or Quantity theory of money and a basic cash in advance model.
The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic
True in general. Some intermediate macro courses use a two-period framework to explore basic dynamics. Williamson’s textbook does this.
What do you mean by ‘content’ here? The basic narrative each model tells about the economy?
I think I agree with you. The big difference between the models I learned in undergrad and the models I learned in grad school was that in undergrad, everything was static. In grad school, the models were dynamic—i.e. a sequence of equilibria over time instead of just one.
Right. Plus most undergrad models have an analog in grad macro, i.e. the AD-AS model and the New Keynesian model, or Quantity theory of money and a basic cash in advance model.
True in general. Some intermediate macro courses use a two-period framework to explore basic dynamics. Williamson’s textbook does this.