framsey comments on Valuable economics knowledge available, ironically, for free - Less Wrong

29 Post author: Stuart_Armstrong 18 July 2013 11:30AM

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Comment author: Matt_Simpson 19 July 2013 09:19:18AM 6 points [-]

FWIW I'm a grad student in econ, and in my experience the undergrad and graduate macro are completely different. I recall Greg Mankiw sharing a similar sentiment on his blog at some point, but can't be bothered to look it up.

Comment author: framsey 20 July 2013 06:10:09PM 0 points [-]

I would say that undergrad and grad econ are very different methodologically (at least at most schools), but a lot of the content is the same.

Stephen Williamson's intermediate macro textbook tries to bring in a lot of grad-level models/concepts, albeit in a "toy" form.

Comment author: Matt_Simpson 20 July 2013 08:29:12PM 1 point [-]

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.

Comment author: framsey 20 July 2013 09:08:31PM 0 points [-]

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.