Category: Suggested Reading

M.I.T. Theories of State and Economy. Piore and Berger, 1977

Post author By Irwin Collier
Post date 2018-12-20

Michael Piore, a labor economist, and Suzanne Berger, a political scientist (European and global political economy), team-taught the following graduate course in political economy at M.I.T. during the second term of 1976-77, its first-run. The course requirement was a short-fuse take-home examination. It was a fun reading list for a third-year graduate student of economics. It also just so happens that I have taught about a quarter of these readings in my undergraduate team-taught course on origins of political economy at Bard College Berlin this semester!

One salient memory from the course was Berger’s enthusiasm for the work of the (then) young scholar Roberto Unger. Another was the look on Piore’s face when he realized that in his haste he had labeled his upward sloping line in p-q space a “demand curve”. Quelle horreur!

One can find the Spring 2016 version of the course at the MIT Open Courseware site, along with archived versions for 2002, 2005, and 2010). Here that 2016 reading list. This is a course that is apparently still running, which is over a decade longer than Broadway’s Phantom of the Opera (thus far, that show is still running too).

_________________

Economics 14.781J, Michael Piore
Political Science 17.945J, Suzanne Berger

POLITICAL ECONOMY I: THEORIES OF THE STATE AND THE ECONOMY
[1976]

February 8: Introduction

February 15: Neo-classical theories of the economy

Readings:
Milton Friedman, Capitalism and Freedom
Robert Solow, “The New Industrial State, or Son of Affluence”, and Galbraith reply, in The Public Interest, no. 9, fall 1967.
Robin Marris “Galbraith, Solow and the Truth about Corporations” in The Public Interest, no. 11 spring 1968, pp. 37-46
Robert Solow “The Truth Further Redefined: A Comment on Marris” in Ibid. pp. 47-52.
Robert Solow “Blood and Thunder” in Yale Law Review, pp. 1696-1711.
[K.J. Arrow “Gifts and Exchanges”, Philosophy & Public Affairs, Summer 1972 No. 4]

February 22: Theories of the liberal state:

Readings:
Roberto Unger, Knowledge and Politics, chapters 1-3.

March 1: Theories of the liberal state:

Readings:
John Locke, Second Treatise on Government, chapters 1-5, 7-9.
Mancur Olson, The Logic of Collective Action, chapters 1,2,3,4.

March 8: Marxist theories of the economy

Readings:
Marx, “The Communist Manifesto” in Tucker, ed. Marx-Engels Reader, Part II.

March 15: Neo-marxist theories of the economy

Reading:
G.C. Harcourt, “Some Cambridge Controversies in the Theory of Capital,” The Journal of Economic Literature, vol. VII, 1969, pp. 369-405.

March 22: Marxist theories of the state:

Readings:
Marx, “Preface to A Contribution to the Critique of Political Economy” in Tucker, ed. Marx-Engels Reader
Marx, “The Eighteenth Brumaire of Louis Bonaparte,” in Tucker ed.

March 29: Vacation

April 5: Neo-marxist theories of the state:

Readings:
L. Althusser, “Ideology and Ideological State Apparatuses,” in Lenin and Philosophy
Thompson, Whigs and Hunters, “Introduction” (pp. 21-24) and “Consequences and Conclusions (219-269)

April 12: Neo-marxist theories of the state:

Readings:
Antonio Gramsci, “The Modern Prince”

Reading list for cases to be discussed April 19-May 10 will be distributed later.

Reading List
Part II

April 19: [Patriots Day – No Class] Crises and Growth:

Reading:
Joseph Schumpeter, Capitalism, Socialism, and Democracy, Part II
W. W. Rostow, The Stage of Economic Growth, Chapters 1-5, 10

April 26: Crises and Growth:

Reading:
Paul Sweezy, The Theory of Capitalist Development, Part III
Recommended: Jurgen Habermas, Legitimation Crisis

May 3: Ethnicity and Regionalism:

Readings.
Michael Hechter, Internal Colonialism, Chapters 1, 2, 9, 10.
D. Moynihan and N. Glazer, Beyond the Melting Pot, [pp. 1-23, 292-310, and any two interior chapters.)

May 10: Welfare

Readings:
E. Ginzberg and R. Solow The Great Society, Introduction, Chapter 3, Conclusion (Chapter 11).
F. Piven and R. Cloward, Regulating the Poor

May 17: Exam due

Source: Irwin Collier, personal copy from course.

Image Sources: Suzanne Berger in MIT News, Feb. 8, 2006. Michael Piore from screen capture of his webpage at M.I.T. (Mar 13, 2012 Wayback Machine)

Tags BergerS, Piore

Yale. Soviet Economic Development. Powell, 1974

Post author By Irwin Collier
Post date 2018-12-18

Raymond Park Powell (b. 20 January 1922 in Spokane WA, d. 28 May 1980 in New Haven CT) was a professor of mine who played a significant role along with his Yale colleague John Michael Montias in my decision to specialize in the field of comparative economics systems. His monumental volume co-authored with Richard Moorsteen on the Soviet capital stock helped to inspire my career-long interest in the application of economic theory to the calculation of aggregate measures of input, output, and welfare. The Yale economics department awards teaching prizes in his honor to this day.

A transcribed syllabus from Powell’s graduate course on the Soviet economy follows his obituary in The Yale Daily News.

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Economics’ Powell dies

Raymond Powell, Henry S. McNeil Professor of Economics at Yale and chairman of the Russian and East European Studies Department died of cancer on May 28 at Yale New Haven Hospital. He was 58 years old.

Mr. Powell joined the Yale faculty in 1952, after teaching in Princeton’s Economics Department and studying at Harvard’s Russian Research Center.

Last winter, Mr. Powell received a Devane medal for “his exceptional contribution to undergraduate life” from students belonging to the Yale Phi Beta Kappa chapter.

He wrote two books on the Soviet economy, one published in 1959 and one in 1966.

In 1967, Mr. Powell became the first professor ever to be named Henry S. McNeil Professor of Economics at Yale.

Mr. Powell continued to teach until a few weeks before his death, insisting, despite his poor health, on completing his spring term classes, according to Economics Department chairman Merton J. Peck.

Mr. Powell was the motivating force behind Economics 112, a course which constantly packed Davies auditorium in the past several years. The 1979 Course Critique described the class as “an excellent introduction to microeconomics,” and Mr. Powell’s lectures as varying tone from “humor to solemnity.”

The Course Critique also praised Mr. Powell as “very accessible and very willing to help.”

Students and faculty members laude Mr. Powell at a memorial service in Connecticut Hall June 4.

Source: Yale Daily News, September 5, 1980.

______________

Economics 197b: Economic Development in the Soviet Union

Spring 1974
Mr. Powell

Assigned materials are to be found in the Cross Campus Library and, with some exceptions, in the Social Science Library.

Students unfamiliar with the general course of Soviet development may find it helpful to read through Alec Nove’s An Economic History of the U.S.S.R.

Part I: Pre-revolutionary Origins

For lack of time, neither of the first two topics will be covered in the course. The citations following are for reference purposes.

Doctrinal Origins
H. Schwartz, Russia’s Soviet Economy, 2^nded., ch. III
K. Marx, Capital, The Communist Manifesto, and Other Writings, edited by M. Eastman, pp. 1-7
“Teaching of Economics in the Soviet Union”, American Economic Review, September 1944
J. Stalin, Economic Problems of Socialism in the U.S.S.R.
P.J.D. Wiles, The Political Economy of Communism, ch. 3
Historical Origins
P.I. Lyashchenko, History of the National Economy of Russia to the 1917 Revolution
J.T. Fuhrman, The Origins of Capitalism in Russia: Industry and Progress in the Sixteenth and Seventeenth Centuries
W.L. Blackwell, The Beginnings of Russian Industrialization, 1800-1860
T.H. Von Laue, Sergei Witte and the Industrialization of Russia
A.Gerschenkron, “The Rate of Industrial Growth in Russia Since 1885”, Journal of Economic History, Supplement VII, 1947

Part II: The Development Process

1917 to 1928.
A. Nove, An Economic History of the U.S.S.R., chs. 1, 3, and 4
A. Erlich, “Stalin’s Views on Economic Development”, in F.D. Holzman, ed., Readings on the Soviet Economy
O. Hoeffding, “State Planning and Forced Industrialization”, in Holzman
Reliability of the Data and Inference from Them (Post-1928)
A. Bergson, “Reliability and Usability of Soviet Statistics: A Summary Appraisal”, in Holzman
H. Hunter, “Soviet Economic Statistics: An Introduction”, in V. Treml and J. Hardt, eds., Soviet Economic Statistics
M. Kaser, “The Publication of Soviet Statistics”, in Treml and Hardt
R. Powell, “The Rate and Process of Soviet Growth” (processed), pp. 1-8
R. Moorsteen and R. Powell, The Soviet Capital Stock, 1928-1962, pp. 2-7, 13-16, 274-83

Measures of Growth
(Scan through the following to get a sense of the methods used.)
Bergson, “National Income”, in Bergson and Kuznets, eds., Economic Trends in the Soviet Union
D. Johnson, “Agricultural Production”, in Bergson and Kuznets
N. Kaplan and R. Moorsteen, “An Index of Soviet Industrial Output”, in Holzman
M. Bornstein, “A Comparison of Soviet and United States National Product”, in Holzman

Sources of Growth: Inputs
W.W. Eason, “Labor Force”, in Bergson and Kuznets
F.A. Leedy, “Demographic Trends in the USSR”, in U.S. Congress, Joint Economic Committee, Soviet Economic Prospects for the Seventies (in Documents Room, 93-1. Y4. Ec7: So 8/10) (read pp. 460-65, on “Population Policy”; scan remainder)
J.G. Chapman, “Consumption”, in Bergson and Kuznets (to up-date Chapman, see Bronson and Severin in J.E.C., Soviet Economic Prospects)
Moorsteen and Powell, chs. 6, 8, and 9 (for a somewhat different view of investment policy, see Bergson, The Economics of Soviet Planning, ch. 13)

Sources of Growth: Productivity
1. Aggregate statistics
  Moorsteen and Powell, ch. 10 (from p. 283)
  A. Becker, Moorsteen, Powell, “The Soviet Capital Stock: Revisions and Extensions, 1961-1967”, pp. 2-10
  M.L. Weitzman, “Soviet Postwar Economic Growth and Capital-Labor Substitution”, American Economic Review, Sept. 1970
  B.H. Mikhalevsky and Iu.P. Solov’ev, “Proizvodstvennaia funktsiia narodnogo khoziaistva SSSR v 1951-1963 gg.”, Ekonomika i matematicheskie metody, 1966, no. 6
  Bergson, “Comparative Productivity and Efficiency in the Soviet Union and the United States”, in A. Eckstein, Comparison of Economic Systems
2. Other evidence
  D. Dalrymple, “American Technology and Soviet Agricultural Development, 1924-1933” Agricultural History, July 1966
  R. Campbell, Soviet Economic Power, 2^ndedition, pp. 59-62
  G. Maddala and P. Knight, “International Diffusion of Technical Change—A Case Study of the Oxygen Steel Making Process”, Economic Journal, Sept. 1967
  Astrachan, review of L.R. Graham, Science and Philosophy in the Soviet Union, in The New Yorker, Sept. 24, 1973, pp. 117 ff.
  [Scanlan, James P. “Review of Science and Philosophy in the Soviet Union by Loren R. Graham in Slavic Review, December 1973.
  Joravsky, David. “The Lysenko Affair” in Scientific American, November 1962]
  V. Dudinstev, Not by Bread Alone, pp. 165-68

Part III: Growth and the Choice of Institutions

The Institutional Structure
Bergson, The Economics of Soviet Planning, chs. 2 and 3
Central Planning
H. Köhler, Welfare and Planning, ch. 7, pp. 82-95 and 99-102
H. Levine, “The Centralized Planning of Supply in Soviet Industry”, in Holzman
J.M. Montias, “Planning with Material Balances”, American Economic Review, Dec. 1959
R. Judy, “Information, Control and Soviet Economic Management”, in J. P. Hardt and others, Mathematics and Computers in Soviet Planning
Treml, “Input-Output Analysis and Soviet Planning”, in Hardt
G. Schroeder, “Recent Developments in Soviet Planning and Incentives” (skip pp. 30-35), in J.E.C., Soviet Economic Prospects
Investment Choices
Grossman, “Scarce Capital and Soviet Doctrine”, in Holzman
Bergson, The Economics of Soviet Planning, ch. 11
“Standard Methodology for Determining the Effectiveness of Capital Investment”, The ASSTE Bulletin[?], Fall 1971
Agriculture
L. Volin, “Agricultural Policy of the Soviet Union”, in Holzman
A. Nove and R.D. Laird, “A Note on Labour Utilization in the Kolkhoz”, in Holzman
A. Nove, “Soviet Agriculture Under Brezhnev”, with comments by Jackson and Karcz and reply, Slavic Studies, Sept. 1970.
Industry: Pre-Reform
J. Berliner, “Managerial Incentives and Decisionmaking: A Comparison of the United States and Soviet Union”, in Holzman or in Bornstein and Fusfeld
Berliner, “The Informal Organization of the Soviet Firm”, in Holzman
Powell, “Plan Execution and the Workability of Soviet Planning” (processed)
The Economic Reform
Y. Liberman, “The Plan, Profits and Bonuses”, in Bornstein and Fusfeld
A. Kosygin, “On Improving Management of Industry”, in U.S. Congress, Joint Economic Committee, New Directions in the Soviet Economy, Part IV (abbreviated version also in Bornstein and Fusfeld)
R. Campbell, “The Dynamics of Socialism, Problems and Reforms” (processed)
G. Schroeder, “The ‘Reform’ of the Supply System in Soviet Industry”, Soviet Studies, July 1972.
Households
E.C. Brown, “The Soviet Labor Market”, in Holzman or Bornstein and Fusfeld
Nove, “Social Welfare in the USSR”, in Holzman
Volin, “The Peasant Household under Mir and Kolkhoz in Modern Russian History”, in Holzman
A. Solzhenitsyn, One Day in the Life of Ivan Denisovich, approx.. pp. 82-108

Part IV: Subsidiary Policy Problems

Price Formation
G. Grossman, “Industrial Prices in the USSR”, in Holzman
Bornstein, “Soviet Price Theory and Policy”, in Bornstein and Fusfeld
Monetary and Fiscal Policy
Grossman, “Introduction”, in Grossman, ed., Money and Plan
J. M. Montias, “Bank Lending and Fiscal Policy in Eastern Europe”, in Grossman,Money and Plan
Powell, “The Financing of Soviet Capital Formation: Past Experience and Current Reform”, in A. Sametz, ed., Financial Development and Economic Growth
Powell, “A Simplified Model of Soviet Monetary Relations” (processed)
Foreign Trade and Economic Policy
Holzman, “Foreign Trade” in Bergson and Kuznets
Holzman, “Foreign Trade Behavior of Centrally Planned Economies”, in Rosovsky, Industrialization in Two Systems
Grossman, “U.S.-Soviet Trade and Economic Relations: Problems and Prospects”, ACES Bulletin, Spring 1973
Tansky, “Soviet Foreign Aid: Scope, Direction, and Trends”, in J.E.C., Soviet Economic Prospects
Ecological Policy
M. I. Goldman, “Externalities and the Race for Economic Growth in the USSR: Will the Environment Ever Win?” Journal of Political Economy, March/April 1972

Source: Personal copy of Irwin Collier from the course.

Image Source: From Raymond Powell’s obituary in Yale Daily News, September 5, 1980 .

Tags Powell

Harvard Principles Problem Sets Suggested Reading Syllabus Undergraduate

Harvard. Principles of Economics, Ec 10. Feldstein and Li, 2000

Post author By Irwin Collier
Post date 2018-12-17

Harvard’s Principles of Economics Course (Ec 10) has been historically taught as weekly lectures by some big faculty gun with parlour tricks pedagogy conducted in smaller sections run by graduate students or even junior faculty, especially in earlier years. The lecture part of the course has evolved to include more guest lecturers for specific fields but the grand-lecture/small recitation section format has been robust and apparently quite popular.

I thought it would only involve a few short dives into the internet archive, The Wayback Machine, to reconstruct the course around the year 2000. This turned out to be an over-optimistic plan. Still, I did not re-surface empty-handed and I provide links below to the materials I was able to salvage from that time. Perhaps some still young economist from the period, can provide us copies of problem sets and teaching-handouts to complete our collection. But hey, econometricians have to worry about measurement error, so historians of economics are really not allowed to complain about missing observations. Just as long as we are doing the best we can with what we’ve got. And what you see is what I got.

________________

Registrar Identifies Biggest Classes
By Catherine E. Shoichet
Harvard Crimson. October 2, 2000

When it comes to picking Core classes, Harvard students tend to be risk averse.

Preliminary figures show that last fall’s two most popular courses, Social Analysis 10, “Principles of Economics” and Moral Reasoning 22, “Justice,” have taken the top slots again this year.

Social Analysis 10, usually called Ec 10, has 805 students this year, according to preliminary course enrollment numbers released by the Office of the Registrar last week. Justice is a close second with 754.

Judith A. Li, an assistant professor of economics who teaches Ec 10 along with Baker Professor of Economics Martin S. Feldstein ’61, says that despite the class’s large lecture size, most of the basic skills introduced in Ec 10 are taught in smaller sections of about 20 students.

“Our goal for the course is to provide students with a solid and comprehensive foundation in economics,” Li wrote in an e-mail message. “By taking a course like Ec 10, they will be better able to evaluate government policies and political proposals on their own.”

The course is particularly popular among first-year students, many of whom are considering economics as a potential concentration.

“I really enjoy the lectures,” Leah E. Wahba ’04 said. “It’s an honor to be in Marty Feldstein’s class because he has so much extensive experience in the field of economics.” […]

________________

From the Ec 10 home page (2000-2001)

Social Analysis 10

Faculty
Martin Feldstein
Judith Li

Ec 10 is the introductory course for both economics concentrators and those who plan no further work in the field. This course provides an introduction to economic issues and basic economic principles and methods. Fall term focuses on “microeconomics”: supply and demand, labor and financial markets, taxation, and social economic issues of health care, poverty, the environment, and income distribution. Spring term focuses on “macroeconomics”: the impact of both monetary and fiscal policy on inflation, unemployment, interest rates, investment, the exchange rate, and international trade. We study the role of government in the economy, including Social Security, the tax system, and economic change in Eastern Europe, Latin America, and China. By the end of the year, you should be able to use the analysis practiced in the course to form your own judgments about the major economic problems faced by the United States and other countries.

Note: Must be taken as a full course, although in special situations students are permitted to take the second term in a later year. Taught in a mixture of lectures and sections. No calculus is used, and there is no mathematics background requirement. Designed for both potential economics concentrators, and those who plan no further work in the field. The Department of Economics strongly encourages students considering concentration to take this course in their freshman year.

Source: Webpage capture from the Wayback Machine.

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Course Syllabi (.pdf files)

Spring 2000, Fall 2000/01

Syllabus Spring 1999-2000 (Macroeconomics)

Syllabus Fall 2000-2001 (Microeconomics)

Course Syllabi (.html files)

Syllabus Spring 1996-1997 (Macroeconomics)

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Miscellaneous Course Materials

Unit 1, Economic Growth: Test 1A solutions

Unit 2, Financial Markets: Test 2A questions

Unit 2, Financial Markets: Test 2A solutions

Unit 2, Financial Markets: Test 2B questions

Unit 2, Financial Markets: Test 2B solutions

Unit 3, Aggregate Supply and Aggregate Demand: Test A questions

Unit 4, Monetary Policy: Test 1A questions

Unit 4, Monetary Policy: Test 1A solutions

Unit 4, Monetary Policy: Test 1B solutions

Unit 5, Fiscal Policy: Test 1A questions

Unit 5, Fiscal Policy: Test 1A solutions

Unit 5, Fiscal Policy: Test 1B solutions

Fall Semester 2002 (Microeconomics)

From the Fall 2002/03 home page

Social Analysis 10
Principles of Economics
Martin Feldstein

Introduction to economic issues and basic economic principles and methods. Fall term focuses on supply and demand, labor and financial markets, taxation, and social economic issues of health care, poverty, the environment, and income distribution. Spring term focuses on the impact of both monetary and fiscal policy on inflation, unemployment, interest rates, investment, the exchange rate, and international trade. Studies role of government in the economy, including Social Security, the tax system, and economic change in Eastern Europe, Latin America, and Asia. Covers international trade and financial markets.
Source: Webpage capture from the Wayback Machine.

Syllabus Fall 2002-2003 (Microeconomics)

Lecture on Unions by Richard B. Freeman (October 28, 2002)

Lecture on the Economics of Health Care by Martin Feldstein (Nov. 20, 2002)

Ec 10 Hourly Exam Questions (December 11, 2002)

Spring Semester 2003 (Macroeconomics)

Introductory Lecture by Martin Feldstein (January 29, 2003)

What Should the Fed do Now? lecture by Martin Feldstein (April 18, 2003)

The Dollar and the Trade Deficit lecture by Martin Feldstein (April 21, 2003)

Image Source: “Das Feldstein-Horioka-Paradoxon” in Finanz und Wirtschaft (November 18, 2014).

Tags Feldstein, FreemanRB, Li_Judith

Exam Questions M.I.T. Suggested Reading Syllabus

M.I.T. Reading list and final exam for core graduate growth and capital theory. Solow, 1973

Post author By Irwin Collier
Post date 2018-12-09

Core macroeconomic theory was taught in a sequence of four half-semester courses at M.I.T. In this post we have material from the final course of the sequence (typically taken in the fall term of the second year of residency) that was dedicated to growth and capital theory and taught by Robert Solow in 1973.

The course syllabus and final examination for the third course in the sequence on Macroeconometric Models taught by Franco Modigliani were transcribed for the previous post.

Economics in the Rear-view Mirror thanks Juan C. A. Acosta who copied the course syllabus and final examination that are found in the Franco Modigliani Papers (Box T7) at the Duke University Economists’ Papers Project and has graciously shared them for transcription here.

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14.454
MACRO THEORY IV
Fall 1973 2nd half

Growth Theory

background, if necessary: Solow, GROWTH THEORY, Ch. 1,2
Burmeister and Dobell: MATHEMATICAL THEORIES OF ECONOMIC GROWTH, Ch. 1-4
and/or
Wan: ECONOMIC GROWTH, Ch. 1, 2, 4 (sec. 3)
Kahn: “Exercise in the Analysis of Growth,” OXFORD ECONOMIC PAPERS, New Series, Vol. 11, 1959, pp. 143-156 (reprinted in GROWTH ECONOMICS, ed. A. K. Sen, Penguin)
Wan: Ch. 4, sec. 4

Optimal Growth

background, if necessary: Solow, GROWTH THEORY, Ch. 5
Burmeister and Dobell: Ch. 11
and/or
Wan: Ch. 9, 10
Koopmans: “Objectives, Constraints and Outcomes in Optimal Growth Models” ECONOMETRICA, Vol. 35, 1967, pp. 1-15 (reprinted in Koopmans, SCIENTIFIC PAPERS, pp. 548-560)

Capital Theory

Malinvaud: LECTURES ON MICROECONOMIC THEORY, Ch. 10
Hirschleifer: INVESTMENT, INTEREST AND CAPITAL, Ch. 2, 3, 4, 6
Dougherty: “On the Rate of Return and the Rate of Profit” ECONOMIC JOURNAL, December 1972, pp. 1324-1349
Burmeister and Dobell: Ch. 8, 9
Weizsäcker: STEADY-STATE CAPITAL THEORY, pp. 1-22, 32-47, and passim

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Papers of Robert M. Solow, Box 68. Also in Franco Modigliani Papers, Box T7.

14.454 FINAL EXAM
19 Dec 1973
R. M. Solow

ANSWER TWO QUESTIONS, total time 1 ½ hours

Suppose an economy with effectively unlimited supply of labor in the sense that any amount of labor is available (from an agricultural pools, say) at an institutionally determined real wage . In other respects the economy is like the standard one-sector model.
1. Analyze the growth of such an economy if saving and investment are proportional to output. What might correspond to the “full employment, full utilization” assumption?
2. What if saving and investment are proportional to profits?
3. How does a once-for-all change in $\bar{w}$ affect the growth path, and the share of wages in total output?
Sketch an analysis of an optimal-capital-accumulation problem in which the criterion function values the capital stock (per worker) as well as consumption, for prestige or power reasons, say, so that instantaneous utility is written u(c,k). In particular, is it true, as we would expect, that such a society should save more than it would if it valued consumption only?
Criticize the “neoclassical” theory of growth and capital; but do not be vague – where you have a complaint you should be prepared to suggest a better way.

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Franco Modigliani Papers, Box T7.

Image Source: Robert Solow pictures at the MIT Museum Website.

Tags Solow

Exam Questions M.I.T. Suggested Reading Syllabus

M.I.T. Macroeconometric models. Reading list and final exam. Modigliani, 1973

Post author By Irwin Collier
Post date 2018-12-08
1 Comment on M.I.T. Macroeconometric models. Reading list and final exam. Modigliani, 1973

Core macroeconomic theory was taught in a sequence of four half-semester courses at M.I.T. In this post we encounter the third course of the sequence (typically taken in the fall term of the second year of residency) that was dedicated to Keynesian macroeconometric models and taught by Franco Modigliani in 1973.

In the same folder is a qualifying exam for 14.454, Macro IV which would be a waiver examination given before the term begins. There is no year indicated on this exam, but the content of the questions clearly matches that of the empirical macro course 14.453 offered in 1973. In the fall term of 1973, the quantitative macro and the dynamic macro switched their order which is probably the reason for the confusion about the course number at the start of the term.

___________

14.453 MACRO THEORY III
Fall 1973, 2nd Half

I – ECONOMETRIC MODELS

Tinbergen, J. Statistical Testing of Business Cycles, Theory II. Business Cycles in the U.S.A.
Klein, L. R. & A. S. Goldberger. An Econometric Model of the United States, 1955; Impact Multipliers & Dynamic Properties of the K-G Model, 1959.
Suits, D. B. “Forecasting and Analysis with an Econometric Model”, AER, March, 1962. Reprinted in Readings in Business Cycles.
Hymans, S. H. & H. T. Shapiro. The Michigan Quarterly Econometric Model of the U.S. Economy, 1973.
_____________, Revision as of June, 1973 – Mimeo
Green, G. R., M. Liebenberg, A. A. Hirsh. “Short and Long Term Simulations with the OBE Econometric Model” in Econometric Models of Cyclical Behavior, Studies in Income and Wealth, Vol. 36.
Fair, R. C. A Short Run Forecasting Model of the United States Economy, 1971.
Adams, G. F. & David M. Rowe, “Forecasts and Simulations from the Wharton Econometric Model”, Multilith.

ECONOMETRIC FORECASTING SYSTEM

1 – DR1 Quarterly Model
2 – Operations Overview

Fromm, G. & L. R. Klein. “A Comparison of Eleven Econometric Models of the United States”, AER, Papers and Proceedings, May, 1973, pp. 385-393.
Fair, R. C. “Forecasts from the Fair Model and Comparison of the Recent Forecasting Record of Seven Forecasters – July, 1973”. Princeton University – Multilith.
Tsurumi, H. “A Comparison of Econometric Macro Models in Three Countries”, AER, May 1973.
Moriguchi, C. “Forecasting and Simulation Analysis of the World Economy”, AER, May, 1973.

THE MPS MODEL

Equations in the MIT-Penn-SSRC Model of the United States, January, 1973.
Data Directory, January, 1973.
Ando & Modigliani, “Econometric Analysis of Stabilization Policy,” AER, May, 1969.
Ando, A. K. “Basic Structure of the MPS Model” –Multilith.
Modigliani, F. “The Channels of Monetary Policy in the FMP Econometric Model of the U. S.” – Multilith.

II – THE CONSUMPTION FUNCTION

Keynes, J. M. The General Theory of Employment, Interest & Money, Ch. 8 & 9.
Modigliani, F. Lecture Notes on Monetary Theory, Part IV, Section A&B, (especially A.4 to B.2)
Brady, D.S. & Friedman, R. D. “Savings and the Income Distribution”, Studies in Income and Wealth, Vol. X, pp. 247-265.
Duesenberry, J. S. Income, Saving and the Theory of Consumer Behavior.
Modigliani, F. “Fluctuations in the Saving Income Ratio: A Problem in Economic Forecasting”, in Studies in Income and Wealth, Vol. XI, National Bureau of Economic Research, 1949.
_____________, “The Life Cycle Hypothesis of Saving Twenty Years Later”, Multilith.
_____________ and Brumberg, F. “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data”, in K. Kurihara, (ed.) Post-Keynesian Economics, New Brunswick, 1954.
_____________ and _____________, “Utility Analysis and Aggregate Consumption Functions: An Attempt at Integration”, unpublished.
Merton, R. C. “Optimum Consumption and Portfolio Rules in a Continuous-Time Model”, Journal of Economic Theory, December, 1971.
Dreze and Modigliani, “Consumption Decisions under Uncertainty”, Journal of Economic Theory 5, 1972.
Modigliani, F. “The Life Cycle Hypothesis of Saving, the Demand for Wealth and the Supply of Capital” Social Research, Summer 1966.
_____________, “The Life Cycle Hypothesis of Saving and Inter-country Differences in the Saving Ratio”, in Induction, Growth and Trade, Essays in Honor of Sir Roy Harrod, 1970.
Ando, A. and Modigliani, F. “The Life Cycle Hypothesis of Saving: Aggregate Implications and Tests,” American Economic Review, March, 1963.
Modigliani, F. “Monetary Policy and Consumption: Linkages via Interest Rate and Wealth Effects in the FMP Model”, in Consumer Spending and Monetary Policy: the Linkages, The Federal Reserve Bank of Boston, 1971; and Appendix by Ando and Modigliani, “Consumption and Consumer Expenditure”.
Kaldor, N. Essays in Value and Distribution, London, 1960.
Tobin, J. “Life Cycle Saving and Balanced Growth”, in Ten Economic Essays in the Tradition of Irving Fisher, 1967.
_____________ and Dolde, W. C. “Wealth, Liquidity and Consumption”, in Consumer Spending and Monetary Policy: the Linkages, The Federal Reserve Bank of Boston, 1971.
Mayer, T. Permanent Income, Wealth, and Consumption, 1972.

III – THE INVESTMENT FUNCTION

Keynes, J. M., General Theory, Chapters 11 and 12.
Jorgenson, D. W. “Econometric Studies of Investment Behavior”, Journal of Economic Literature, Dec. 1971.
_____________ and R. E. Hall, “Application of the Theory of Optimum Capital Allocation” in Tax Incentives and Capital Spending, (edited by Fromm).
Bischoff, C. W. “The Effects of Alternative Lag Distributions”, in Tax Incentives and Capital Spending, G. Fromm, ed., Brookings Institution, 1971.
Ando, Modigliani, Rasche & Turnovsky, “On the Role of Expectations of Price and Technological Change in an Investment Function”. Multilith.
Eisner, E., and M. I. Nadiri, “Investment Behavior and Neoclassical Theory.” Review of Economics and Statistics. Vol. 50, August 1968.
_____________, “Neoclassical Theory of Investment Behavior: A Comment.” Review of Economics and Statistics, Vol. 52, May 1970.
Bischoff, C. W., “Hypothesis Testing and the Demand for Capital Goods,” The Review of Economics and Statistics, August 1969.
_____________, “Business Investment in the 1970’s: A Comparison of Models”, Brookings Papers on Economic Activity, 1, 1971.
Nadiri, I. M. “An Alternative Model of Business Investment Spending”, Brookings Papers on Economic Activity, 3, 1972.
Kalchbrenner, J. H. “A Model of the Housing Sector”, Chapter 6, in Savings, Deposits, Mortgages and Housing, Studies for the Federal Reserve-MIT-Penn Economic Model, (eds. Gramlich and Jaffee), 1972.
Ando and Modigliani, “Consumption and Consumer Expenditure”, pages 9-17, (APPENDIX A), Multilith.

IV – FINANCIAL MARKETS

Tobin, J. “A General Equilibrium Approach to Monetary Theory”, JMCB, February, 1969.
Brainard, W. and J. Tobin. “Pitfalls in Financial Model Building”, AER, May, 1968.
Ando and Modigliani. “Some Reflections on Describing Structures of Financial Sectors”. Multilith.
Ando, A. K. “Some Comments on Brainard-Tobin Framework for Financial Analysis”. Multilith.
Modigliani, F., Rasche, R. and J. P. Cooper, “Central Bank Policy, the Money Supply, and the Short-Term Rate of Interest,” Journal of Money, Credit and Banking, 2, 1970.
Modigliani, F. and R. Shiller, “Inflation, Rational Expectations, and the Term Structure of Interest Rates,” Economica, February, 1973.
Jaffee, D. M., and F. Modigliani, “A Theory and Test of Credit Rationing”, American Economic Review, December, 1969.
_____________, Credit Rationing and the Commercial Loan Market, John Wiley and Sons, 1971.
Gramlich, & Jaffee, editors, Saving Deposits, Mortgages and Housing, Chapters 1 to 5, and 7.
Modigliani, F. “The Valuation of Corporate Stock”. Multilith.

V – WAGES, PRICES, EXPECTATIONS

Phillips, A. W. “The Relation between Unemployment and the Rate of Change of Money Wages in the U. K.” Economica, November 1958.
Lipsey, R. G. “The Relation between Unemployment and the Rate of Change of Money Wage Rate in the U. K.: A Further Analysis”, Economica, 1961.
Phelps et al. Macro Economic Foundations of Employment and Inflation Theory, See especially the two contributions of Holt.
The Econometrics of Price Determination Conference, Board of Governors of the Federal Reserve System and SSRCs.

De Menil and Enzler, “Prices and Wages in the FR-MIT-Penn Econometric Model”.
Tobin, “The Wage-Price Mechanism: Overview of the Conference”.
Hyman, “Prices and Price Behavior in Three U.S. Econometric Models”.
Nordhaus, “Recent Developments in Price Dynamics”.
Lucas, “Econometric Testing of Natural Rate Hypothesis”.

Modigliani and Tarantelli, “A Generalization of the Phillips Curve for a Developing Country”, Review of Economic Studies, April, 1973.
Eckstein and Brinner, “The Inflation Process in the United States”, Joint Economic Committee, Congress of the U.S., 92 Congress, 2^ndSession.
Modigliani, “New Developments on the Oligopoly Front”, Journal of Political Economy, Vol. 66, June 1958.
Lucas, R. “Some International Evidence on Output-Inflation Tradeoffs”, AER, June, 1973.
Sargent, T. J. “Rational Expectations, The Real Interest Rate and the ‘Natural’ Rate of Unemployment.” Multilith—forthcoming in Brookings Papers on Economic Activity, 2, 1973.
Gordon, R. J. “The Welfare Cost of Higher Unemployment”, Brookings Papers on Economic Activity, 1, 1973.
Turnovsky, S. J. “Empirical Evidence on the Formation of Price Expectations”, J.A.S.A., December 1970.
de Menil and Bhalla, “Direct Measurement of Popular Price Expectations”—Princeton University Econometric Research Program, Memorandum No. 149.
de Menil, G. “Rationality in Popular Price Expectations”. Multilith.

______________________

QUALIFYING EXAM FOR 14.454 (sic)
MACRO IV (sic)

Time Period: Less than two hours
Answer at least 2 questions

Tests carried out for a number of countries of the major alternative models purporting to explain aggregate consumption (Duesenberry-Modigliani, permanent income, life cycle, Kaldorian model) are typically found to fit the data quite well, and the difference in fit is generally not large.
1. give a brief description of each of the above models
2. what explanation, if any, can be advanced for the empirical finding that there are no substantial differences in the closeness of fit in the various models
3. does the fact that the alternative models fit roughly as well imply that it makes little difference which of these equations is incorporated in an econometric model
  1. rom the point of view of forecasting
  2. from the point of view of predicting the effect of alternative monetary and fiscal policies
Consider the coefficient estimates of the St. Louis “reduced form model”.
1. what are possible and likely sources of biases in these coefficients? (Be sure to explain what you mean by bias in this context.)
2. are these estimates consistent with the monetarist view of the working of the economy?
3. with the view embodied in the standard econometric models of the U.S.?
4. with the view embodied in the MPS model? (optional)
The “multiplier” played an important role in early Keynesian thinking.
1. review how this notion has developed since that time.
2. in the light of (i), describe the kind of simulations you would perform in order to evaluate the “multiplier effect of an increase in government expenditure” implied by one of the major contemporary econometric models of the U.S.
3. can an estimate of the above multiplier be inferred from the coefficients of the St. Louis “reduced form model”?

______________________

14.453 MACRO THEORY
FINAL EXAMINATION

Franco Modigliani
Wednesday, 12/19/73

1 ½ hours

Answer Question I and at least one other question

Enclosed is a forecast for the U.S. economy generated by the MPS Model in October 1973, before the so-called oil crisis. Assume an exogenous reduction in oil imports of 3 million barrels per day (representing somewhat over 15% of the consumption of oil implicit in the above forecast) beginning in the fourth quarter of ’73, and becoming fully effective from the first quarter of ’74.
1. analyze the likely effects of this event on the above projections of real and money GNP and its components, assuming no change in monetary and fiscal policy.
2. what changes in economic policy, if any, would you recommend, and why?
3. can the MPS model (or analogous macro-econometric models) be used without major modification, to simulate the effects of the reduction in oil supply? Explain.

(Note: the monetary policy assumed in the projection is a growth of the money supply at 6% in ’73.4, at 6.5% in the first half of ‘74, and 7% thereafter.)

The “multiplier” played an important role in early Keynesian thinking.
1. 1. review how this notion has developed since that time.
  2. in the light of (i.), describe the kind of simulations you would perform in order to evaluate the “multiplier effect of an increase in government expenditure” implied by one of the major contemporary econometric models of the U.S.
  3. can an estimate of the above multiplier be inferred from the coefficients of the St. Louis “reduced form model”?
Formulate your model of the short and long run determinants of the price level. Use your theory to evaluate the often expressed view that fiscal policy should be used to control real output and monetary policy to control prices.
Discuss the role of price expectations in macro-economic analysis, and review the present state of knowledge with respect to the modeling of price expectational variables in macro-econometric models.

1973_14453_exam_MPSoutputReduced

Source: Duke University. David M. Rubenstein Rare Book and Manuscript Library. Economists’ Papers Archive. Franco Modigliani Papers, Box T7.

Image Source: Franco Modigliani picture from the MIT Museum Website.

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Exam Questions Harvard Suggested Reading

Harvard. Exams and Reading Lists for Latin American Economies. Bradley, 1944/1948/1949

Post author By Irwin Collier
Post date 2018-12-05

An earlier post provided the reading list for a course taught at Harvard by Philip Durgan Bradley, Jr., Economics 38b “Economic Problems of Latin America” in the Spring Term of 1944. In the meantime, I have found a copy of the exam that I have transcribed for this post.

A few years and a course number change later, Bradley taught a course with the title “The Economy of Latin America” (Econ 14b). The reading list provided for the course in the spring semesters of 1948 and 1949 were identical except for a single item and is provided below as are the final examination questions from 1948 and 1949.

____________________

Final Exam, June 1944

1943-44
HARVARD UNIVERSITY
ECONOMICS 38b

One hour

“Variations in the international balance of payments are the principal factors determining the level of economic activity is the Latin American area.” What were the principal variations in the Latin American balance of payments during the period 1923-43? In what specific respects and by what means did these variations in the balance of payments affect the internal level of economic activity in the Latin American countries during this period? (Treat the area as a whole.) Do you agree that the above quotation is substantially correct?

Choose ONE question. 50 minutes

The returns earned on United States Direct Investments guarantee two things for the future: (1) a substantial share of total private United States capital sent abroad in any year will go to Latin America and (2) every country and every major type of industry in Latin America will be assured of an adequate future flow of United States private capital. Discuss.
“One essential difference between petroleum and mineral products on the one hand and the products of agriculture and industry on the other consists of the fact that the former products represent the exploitation of non-replaceable, wasting-assets while the latter do not. The domestic requirements for petroleum and mineral products in industrially backward countries are small, and these products are produced primarily for export purposes. The continued or increased exploitation of these wasting-assets for export purposes constitutes a drain upon the national wealth which must necessarily prevent the realization of higher levels of national income in such countries.” Discuss, including a statement of your agreement or disagreement with the foregoing conclusion.

Choose TWO. 35 minutes each

“The high cost of living in Venezuela is a direct consequence of that nation’s petroleum policy.” Discuss.
What were the principal objectives of the Brazilian coffee control programs? Of the Inter-American Coffee Agreement? Do you believe that an international approach to coffee control promises more hope of success than the methods used in the past? Explain your answer to this last question.
Discuss what you consider to be the more important economic consequences of the land tenure system in Latin America.
Write an essay on the principal topics discussed in your reading period selection.

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 9, Papers Printed for Final Examinations, History, History of Religions,…Economics,…, Military Science, Naval Science. June, 1944.

____________________

Enrollment 1948

[Economics] 14b. Assistant Professor Bradley.—The Economy of Latin America (Sp.)

Total 49: 1 Graduate, 24 Seniors, 16 Juniors, 6 Sophomores, 1 Business School, 2 Radcliffe.

Source: Harvard University. Report of the President of Harvard College, 1947-48, p. 89.

Enrollment 1949

[Economics] 114 (formerly Economics 14b). Assistant Professor Bradley.—The Economy of Latin America (Sp.)

Total 58: 1 Graduate, 26 Seniors, 23 Juniors, 4 Sophomores, 1 Public Administration, 1 Business School, 2 Radcliffe.

Source:Harvard University. Report of the President of Harvard College, 1948-49, p. 76.

____________________

“Short” Reading List

Economics 14b
Spring Term, 1949
[mimeographed copy]

Readings related to Latin American economic problems⁺

Royal Institute for International Affairs, Republic of South America, Chs. 1 and 2.
George Soule, Efron and Ness, Latin America in the Future World, Chs. 1-6.
L. Schurz, Latin America, pp. 155-178.
H. Barber, “Land Problems in Mexico,” Foreign Agriculture, Vol. III, pp. 99-120.
M. McBride, Chile: Land and Society, Ch. 5.
George Wythe*, Industry in Latin America, Part I, Part II—Choose one: Argentina, Brazil or Mexico, Part III.
M. Phelps, Migration of Industry to South America, Chs. 2, 4, 7.
T. Ellsworth*, Chile: An Economy in Transition.
Triffin, R., “Central Banking,” Ch. 4 in Economic Problems of Latin America, ed. By S. E. Harris.
Robert Triffin, Money and Banking in Colombia, pp. 1-33.
C. Wallich, “Cuba: Sugar and Currency,” Ch. 14 in Economic Problems of Latin America.
Central Bank of Argentina, Annual Reports(from 1935).
Spiegel, H. W., The Brazilian Economy.

* To be purchased

+ Other readings of a more general nature may be assigned later.

[Note: the “short” reading list for 1948 was identical except for the last item by H. W. Spiegel that was not included.]

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 4, Folder “Economics, 1948-1949 (1 of 2).

____________________

“Long” reading list

Economics 14b
Spring Term, 1948
[carbon copy]

Royal Institute for International Affairs, Republic of South America. [Chs. 1 and 2]
M. McBride, Chile: Land and Society.
L. Schurz, Latin America.
George Soule, Efron and Ness, Latin America in the Future World. [Chs. 1-6]
Foreign Agriculture, Vols. II, III.
D. Wickizer, The World Coffee Economy.
George Wythe, Industry in Latin America.
Lloyd D. Hughlett, Industrialization of Latin America.
W. Cooke, Brazil on the March.
M. Phelps, Migration of Industry to South America.
T. Ellsworth, Chile: An Economy in Transition.
Economic Problems of Latin America, edited by S. E. Harris.
N. Simpson, The Ejido.
J. Brown, Industrialization and Trade.
Olson and Hickman, Pan American Economics.
Robert Triffin, Money and Banking in Colombia.
Central Bank of Argentina, Annual Reports(from 1935).
S. Tariff Commission, Foreign Trade of Latin America.
American Advisory Economic Mission to Venezuela, Report to the Minister of Finance.
G. Hanson, Utopia in Uruguay.
Ernesto Galarza, Labor Trends and Social Welfare in Latin America.
Virgil Salera, Exchange Control and the Argentine Market.
S. Buchanan and Fred A. Lutz, Rebuilding the World Economy.
L. Phelps, International Economic Position of Latin America.
H. Williams, Argentine International Trade under Inconvertible Paper.
Feuerlein and E. Hannan, Dollars in Latin America.
M. Phelps, Economic Relations with Latin America.
Cleona Lewis, America’s Stake in International Investment.
F. Bain and T. T. Read, Ores and Industry in South America.
Edgar Turlington, Mexico and Her Foreign Creditors.
F. Rippy, Latin America and the Industrial Age.
Fortune, March, 1933; December, 1935; January, 1942.
Enke and V. Salera, International Economics.
Triffin, Monetary and Banking Reform in Paraguay.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in economics, 1895-2003. Box 4, Folder “Economics, 1947-1948 (1 of 2).

____________________

Final exam, May 1948

1947-48
HARVARD UNIVERSITY
ECONOMICS 14b

Part I

Answer BOTH questions. One hour each.

Develop the evolution of Argentine monetary policy in response to the course of the trade cycle in the period from 1936 to 1945. Evaluate the success or failure achieved through the execution of monetary policy and provide an explanation for the results attained.
Write an essay on “the determinants of economic progress in Venezuela.” Extract from your discussion and state in summary fashion those economic principles which you believe constitute conditions of economic progress in all nations.

Part II

Choose TWO. 30 minutes each.

Would you as the manager of a firm incorporated in the United States build a branch plant in Argentina, Brazil, or Chile? Base your answer upon an analysis of our experience with branch plants in that area. (Do notselect this question if you are a citizen of a Latin American country.)
Would you as a citizen of Argentina, Brazil, or Chile favor or oppose the construction of additional branch plants owned by firms incorporated in the United States of America? Base your answer upon an analysis of the experience of those countries with branch plants. (Do notanswer this question unlessyou are a citizen of a Latin American nation.)
Describe the problems encountered and the policies pursued in the Argentine securities market in the period 1936-1944.
Analyze, as an economist, the objectives of Chilean Development (Fomentao) Corporation and the powers granted to the Corporation for the realization of those objectives.
Explain in the most fundamental terms possible the economic significance of imports to any Latin American country now endeavoring to promote economic development.

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 15, Papers Printed for Final Examinations, History, History of Religions,…Economics,…, Military Science, Naval Science. May, 1948.

____________________

Final Exam, June 1949

1948-49
HARVARD UNIVERSITY
ECONOMICS 114b

(Three hours)

I.

Write on BOTH the following questions. One hour each.

Compare the economic experiences and policies of two of the following countries in the period 1929-1934: Argentina, Brazil, Chile, and Colombia. Was recovery in any one of these nations to be imputed to the economic policies adopted? Include in your discussion a description of the forces which generated economic events during this period.
Explain as fully as you can the causes of the difference between the rates of economic development in the United States and in any one major Latin American nation.

II.

Write on TWO of the following topics. Thirty minutes each.

The justification for policies of monetary autonomy in Latin America. Choose one country for illustrative purposes.
The present economic situation in Argentina is to be explained in terms of international factors.
Government deficit finance as a method for increasing living standards in Latin America.
The considerations that would guide you as a United States business man in deciding whether or not to do business in Latin America. Which country is the most attractive from this standpoint?

Source: Harvard University Archives. Harvard University. Final Examinations, 1853-2001. Box 16, Papers Printed for Final Examinations, History, History of Religions,…Economics,…, Military Science, Naval Science. June, 1949.

Tags Bradley

Economists Harvard Suggested Reading Swarthmore UCLA Wisconsin

Harvard. Syllabus for Economic Development taught by Robert Baldwin (Econ PhD 1950), 1956

Post author By Irwin Collier
Post date 2018-12-02

The sequence I followed for preparing this post was that I first decided to transcribe the outline and readings for a course dealing with economic development (Economics 108) taught at Harvard in the spring term, 1956. To figure out who the instructor was, I then turned to the annual report of the president of Harvard College that provides enrollment figures as well as names of course instructors. Once I found the last name of the instructor “Baldwin”, I looked to see if perhaps there was a recent Harvard economics Ph.D. with that name since the course had been taught by an assistant professor. Bingo, Robert Edward Baldwin, a rising star in international economics at the time appeared indeed to be our man. I confirmed that he was on the faculty of Harvard at the time from his ca. 1997 c.v. at the NBER. Finally my search of the internet pulled up the Robert E. Baldwin’s obituary that I have copied and pasted as the last item below.

The post would not be complete without links to his offspring who have gone off on their own economics careers (Jean Grossman in Princeton and Richard Baldwin in Geneva).

______________

Course Enrollment

[Economics] 108. Theories and Problems of Economic Development. Assistant Professor Baldwin. Half course. [Spring]

Total 42: 13 Graduates, 13 Seniors, 6 Juniors, 2 Sophomores, 4 Radcliffe, 1 Special

Source: Harvard University. Report of the President of Harvard College 1955-1956, p. 76.

______________

Course Outline and Readings

HARVARD UNIVERSITY
Department of Economics
Spring Term, 1955-1956

Economics 108

Theories of Economic Development
1. Smith and Ricardo

Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Book I, chs. 1-9; Book II, ch. 3.
David Ricardo, Principles of Political Economy and Taxation, chs. 2-6, 21.

1. Marx

Karl Marx, A Contribution to the Critique of Political Economy, Preface.
M. M. Bober, Karl Marx’s Interpretation of History, chs. 1-3
OR
H. B. MAYO, Democracy and Marxism, chs. 2,3.
M. M. Bober, op. cit., chs. 9-13
OR
Joan Robinson, An Essay on Marxian Economics.

1. The Neo-Classical System

Alfred Marshall, Principles of Economics, chs. 11-13.
Knut Wicksell, Lectures on Political Economy, Vol. 1, Part III.
Gustav Cassel, The Theory of Social Economy, ch. 1, Sections 4-6.

1. Schumpeter

J. A. Schumpeter, Business Cycles, Vol. 1, chs. 3, 4.
J. A. Schumpeter, Capitalism, Socialism, and Democracy, Part II, chs. 11-14.

1. The Stagnationists and the Post-Keynesian Growth Theorists

Alvin Hansen, “Economic Progress and Declining Population Growth,” American Economic Review, March 1939.
J. A. Schumpeter, Capitalism, Socialism, and Democracy, ch. 10.
Evsey Domar, “Expansion and Employment,” American Economic Review, March 1947.
W. J. Baumol, Economic Dynamics, ch. 4.

1. A Survey of other Socio-Economic Theories

J. J. Spengler, “Theories of Socio-Economic Growth,” Problems in the Study of Economic Growth, National Bureau of Economic Research.

1. A Comparison of Development Theories

Accelerating Development in Poor Countries
1. Basic Characteristics of Poor Countries
2. Obstacles to Development
3. General Requirements of Development
4. Domestic and International Policy Issues

Required Reading

Buchanan and Ellis, Approaches to Economic Development, Part I and Part III.
W. Arthur Lewis, The Theory of Economic Growth, chs. 3-7

Mid-year and Course Final examinations

Posted here.

______________

Harvard Economics Ph.D. 1950

Robert Edward Baldwin, A.B. (Univ. of Buffalo) 1945, A.M. (Harvard Univ.) 1949.

Subject, Economics. Special Field, International Trade.
Thesis, “The Economics of Internal Migration in the United States, 1870-1940.”

Source:Harvard University. Report of the President of Harvard College, 1949-50, p. 195.

______________

Robert E. Baldwin
Education and Positions

1945: A.B., University of Buffalo
1945-46: Instructor, University of Buffalo
1950: Ph.D., Harvard University
1950-52: Instructor, Harvard University
1952-57: Assistant Professor, Harvard University
1957-62: Associate Professor, University of California, Los Angeles
1962-64: Professor, University of California, Los Angeles
1964-present: Professor, University of Wisconsin-Madison
1975-78: Chairman, Department of Economics, University of Wisconsin
1974-: F.W. Taussig Research Professor, University of Wisconsin
1960-61: Ford Foundation Foreign Area Training Fellowship, Federation of Rhodesia and Nyasaland
1963-64: Chief Economist, Office of Special Trade Representative, Executive Office of the President, Washington, D.C.
1967-68: Research Professor, The Brookings Institution, Washington, D.C.
1969-70: Ford Faculty Research Fellowship
1974-75: U.S. Department of Labor, Bureau of International Labor, Washington, D.C., Research Contract
1975 (Summer): United Nations Conference on Trade and Development (UNCTAD), Geneva, Switzerland, Consultant
1978-79: Consultant, World Bank, Washington, D.C.
1982-: Hilldale Professorship, University of Wisconsin-Madison
1982-: Research Associate, National Bureau of Economic Research
1986-1989: Chair, Social Systems Research Institute, University of Wisconsin-Madison
1988 (Summer): Shelby Cullom and Katheryn Davis Visiting Professor, The Graduate Institute of International Studies, Geneva
1994-: Research Associate, Centre for Economic Policy Research
1995-: Fellow, American Academy of Arts and Science

Source: Robert Baldwin’s NBER c.v. that also included a list of publications to date (ca. 1997).

______________

Robert Edward Baldwin (1924-2011)
Obituary

Robert Edward Baldwin, born in Buffalo New York on July 17, 1924, died in Madison on April 7, 2011. He was Hilldale Professor of Economics, Emeritus, at the University of Wisconsin-Madison. A lifelong academic, Baldwin was one of the world’s most influential thinkers on international trade, an adviser to governments and international organizations, and an inspiring teacher much beloved by generations of students who carry forward his light as renowned scholars in their own right.

Graduating from the University of Buffalo, he enrolled in the Harvard and received his doctorate in 1950. In Cambridge, he married his lifelong soul mate, Janice Murphy, mother of his four children, two of whom were born while he was an Assistant Professor at Harvard. During this time, he published his best-known theoretical contribution – the “Baldwin Envelope” [“Equilibrium in International Trade: A Diagrammatic Analysis,” Quarterly Journal of Economics 62(5), (November, 1948), pp. 748-762.] – which has been taught widely for six decades and remains part of trade economists’ training even today. After Harvard, he moved to UCLA as an Associate Professor where his third and fourth children were born.

In 1960, he took the whole family for a year to Salisbury Rhodesia (now Harare Zimbabwe) while he worked on his theory of trade and development (published as the book “Economic Development and Export Growth: A Study of Northern Rhodesia, 1920-1960”). Soon after returning to UCLA, President Kennedy appointed him as Chief Economist of the newly formed Office of the Special Trade Representative. The family moved to Washington while he worked in the White House helping the US prepare for the GATT trade negotiations known as the Kennedy Round.

After his White House stint, he was appointed professor at the University of Wisconsin-Madison, a position that he held till his death (Emeritus since 1997). He was appointed Fellow of the American Academy of Arts and Sciences in 1995, the same year he was elected President of the Midwest Economics Association.

Baldwin was author or editor of 22 books (last one in December 2008) and over a hundred academic articles (the last one in December 2010). [list through ca 1997] His early contributions were mostly to mathematical trade theory, but he also made important contributions to the profession’s empirical understanding of global trade patterns. After his time in the Kennedy White House, he wrote several books and many articles on trade policy and trade politics. Throughout his professional life, his interest in trade was interwoven with an interest in and research on developing nations, with a special emphasis on the development-inhibiting effects of tropical diseases.

In addition to his academic positions, Baldwin engaged actively in the policy world. He was on the External Advisory Panel to the General-Secretary of the WTO (2001-03), and in that capacity attended the Ministerial Meeting in Doha Qatar that launched the WTO’s ongoing trade negotiations. He often testified before US Senate and House Committees on trade matters, and spent time at the US Department of Labour, the United Nations Conference on Trade and Development (Geneva), and the World Bank (Washington). In an effort to improve US trade statistics, he chaired the National Academy of Science’s Panel on Foreign Trade Statistics (1991-92). In his role as policy advisor, he was a member of the Council of Foreign Relations (1968-2011), the US Chamber of Commerce’s Committee for Economic Development and the Atlantic Council (1960s and 1970s), and more recently, the International Advisory Board for Ukraine’s Economics Education and Research Consortium (1999-2009).

He is survived by his wife Janice, his daughters Jean and Nancy, and his son Richard as well as grandchildren Shari, Dina, Leila, Elise, Robert, Ellen, Julia, and Nicky. He was predeceased by his oldest son, Robert, in 2007.

Baldwin was also an “academic father” to scores of students, inspiring them with his quiet but deeply held passion for combining academic rigor with real-world applicability. Many of his students have become professors in Universities across the world. His vocation is also carried on by his son Richard, and son-in-law Gene Grossman, both of whom are professors of economics specialising in international trade.

Source: Obituary for Robert E. Baldwin posted by the Cress Funeral Home, Madison, Wisconsin.

Image Source: Selection from photograph (ca. 1975) of Robert E. Baldwin from the University of Wisconsin Archives/The University of Wisconsin Collection/The UW-Madison Collection/UW-Madison Archives Images.

Tags Baldwin, BaldwinRichard, GrossmanG, GrossmanJ

Harvard. Principles of Economics. Course outline, readings, exam questions, 1949-50

Post author By Irwin Collier
Post date 2018-11-29

Of particular interest in this two-track (for economics concentrators and non-concentrators, respectively) principles of economics course is that the Keynesian Cross chapter (XII) of Paul Samuelson’s new textbook Economics was assigned in the concentrators’ version.

The course was taught by Professor Burbank and the newly minted Harvard Ph.D. Wesley Glenn Campbell who would later be hand-picked by former President Herbert Hoover to head to the Hoover Institution.

________________________

Course Description

ECONOMICS
1949-50

Primarily for Undergraduates

Economics 1 (formerly Economics Aa and Ab). Principles of Economics

Full course. Tu., Th., Sat., at 11. This course is conducted by sections. It will be divided into sections for concentrators and for non-concentrators. There will be sections at other hours. (Radcliffe sections will meet Tu., Th., Sat., at 11 and at such other times as the enrolment may justify.) Professor BURBANK, Dr. [Wesley Glenn] CAMPBELL [Harvard Ph.D., 1948], and other MEMBERS OF THE DEPARTMENT.

Economics 1 may be taken by properly qualified Freshmen with the consent of the instructor.

Economics 1 provides an introduction to the principles required for the analysis of economic problems. The development of principles in the main fields of economics and the study of economic organization give the non-concentrator a background for the understanding of economic problems and are indispensable for the concentrator’s further work in advanced courses.

Source: Harvard University Archives. Syllabi, course outlines and reading lists in Economics, 1895-2003. Box 4, Folder “Economics, 1949-1950 (1 of 3)”.

________________________

Course Enrollment

[Economics] 1 (formerly Economics Aa and Ab). Principles of Economics. (Full Co.) Professor Burbank, Dr. Campbell, and other Members of the Department.

(Fall) Total 441: 1 Graduate, 16 Seniors, 68 Juniors, 220 Sophomores, 110 Freshmen, 21 Radcliffe, 5 Special.
(Spring) Total 434: 1 Graduate, 18 Seniors, 72 Juniors, 240 Sophomores, 73 Freshmen, 26 Radcliffe, 4 Special.

Source: Harvard University. Annual Report of the President of Harvard College, 1949-50, p. 72.

________________________

ECONOMICS I—CONCENTRATORS
1949-50
First Half

Sources:
Benham and Lutz	Economics, American Edition (1941)
*Bowman and Bach	Economic Analysis and Public Policy, Second Edition (1949)
Burns, Neal & Watson	Modern Economics(1948)
Hart, A.G.	Money, Debt, and Economic Activity(1948)
Merrill, Lynch, et al,	How to Read a Financial Report
*Peach and Krause	Basic Data of the American Economy, Revised Edition, (1949)
Peterson, S.	Economics(1949)
Schumpeter, J. A.	Capitalism, Socialism, and Democracy
Slichter, S. H.	Modern Economic Society(1931)
Slichter, S. H.	The American Economy(1948)
Williamson, H. F.	The Growth of the American Economy

*To be purchased by students.

PART I. Introduction

The Economic Problem
Benham: Ch. 1, General Survey
Economic Institutions and Economic Development
Burns: Ch. 2, Change and Growth in the Economy
Bowman & Bach: Ch. 6, Economic Analysis and Public Policy

PART II. National Income, Money, Banking and Price Levels

National Income
Burns: Ch. 4, National Income and National Output
Peach & Krause: Section I, National Income
Money, Banking and Price Levels
Merrill, Lynch, et al.: How to Read A Financial Report
Peach & Krause: Section 4, Money and Banking
Peterson: Ch. 10, Exchange Media. Hand-to-Hand Money
Bowman & Bach: Ch. 10, The Banking System, the Money Supply, and Investment; Ch. 11, The Government and the Money Supply
R.B.: Banking and Monetary Statistics, Section 10, pp. 360-366
National Debt Series: 2, Our National Debt and the Banks; 3, Our National Debt and Interest Rates; 6, Our National Debt and Life Insurance
Hart: Ch. 10, Inflation and Deflation

PART III. Role of Markets in the Allocation of Resources and the Determination of Relative Prices

Markets—An Introduction to the Problems of Production, Distribution, Exchange and Consumption
Bowman & Bach: Ch. 2, Income and Consumption; Ch. 3, The Economic System—A Summary View; Ch. 4, Private Enterprise, Profits, and the Price System; Ch. 5, Business Enterprise in the Modern Economy—omit appendix
Price Determination and Resource Allocation
Bowman & Bach: Book III, Production, Individual Prices, and the Allocation of Resources
Williamson: Ch. 25, The Location of Economic Activity
Benham: Ch. 2, Markets, pp. 38-46
Slichter: Ch. 10, Speculative Production, pp. 215-221
Public Control of Markets
Bowman & Bach: Ch. 33, Government Policy and Business Practice
Schumpeter: Ch. 8, Monopolistic Practices
Peterson: Ch. 23, Market Control Policies in the United States, pp. 618-631
Peach & Krause: Section 9, Agriculture
The Productive Performance of the American Economy
Slichter: Ch. 1, The American Economy; Ch. 6, How Good is the American Economy
Peach & Krause: Section 2, Population and the Working Force in the United States
Peach & Krause: Section 3, National Resources

Source: Harvard University Archives. Department of Economics. Course Reading lists, syllabi, and exams 1913-1992, Box 2, Folder “Lecture Schedules and Reading Lists, 1942-1970”, Subfolder “49-55”.

________________________

ECONOMICS I—NON-CONCENTRATORS
1949-50
First Half

Sources:
Arnold, T.	The Bottlenecks of Business(1940)
Benham and Lutz	Economics, American Edition (1941)
Bowman and Bach	Economic Analysis and Public Policy, Second Edition (1949)
*Federal Reserve System	Federal Reserve Charts on Bank Credit, Money Rates and Business(Latest edition)
Hart, A.G.	Money, Debt, and Economic Activity(1948)
Johnson, E. A. J.	Some Origins of the Modern Economic World
Merrill, Lynch, et al.,	How to Read a Financial Report
*Peterson, S.	Economics(1949)
Slichter, S. H.	Modern Economic Society(1931)
*Slichter, S. H.	The American Economy(1948)
Williamson, H. F.	The Growth of the American Economy
*Wright, D. M.	Democracy and Progress

*To be purchased by students.

PART I. Introduction

The Economic Problem
Benham: Ch. 1, General Survey
Economic Institutions and Economic Development—An Historical Approach
Johnson: Ch. 2, The Late-Medieval Background; Ch. 3, The Emergence of Capitalism; Ch. 4, The Beginnings of Scientific Technology
Williamson: Ch. 3, The Organization of Production During the Colonial Period
Bowman & Bach: Ch. 6, Economic Analysis and Public Policy

PART II. The Role of Markets in the Allocation of Resources and the Determination of Relative Prices

A Comprehensive View of the Market System
Peterson: Ch. 2, The Occupational and Industrial Structure; Ch. 3, Production and Income—Individual and National; Ch. 4, Framework and Problems of the Economic System
The Determinants of Productive Power and the Organization of Production Under Capitalism
Peterson: Ch. 5, Natural and Human Resources; Ch. 6, Capitalistic Production; Ch. 7, The Organization of Production; Ch. 8, Business Enterprise and the Corporate Form
Merrill, Lynch, et al.: How to Read a Financial Report
Peterson: Ch. 9, Finance, pp. 207-214 and 221-236
Williamson: Ch. 14, The Capital Markets, 1789-1860; Ch. 28, The Investment Market After the War Between the States
Price Determination and Resource Allocation
Peterson: Ch. 17, The Role of Prices; Ch. 18, Supply, Demand, and Market Price
Benham: Ch. 2, Markets, pp. 38-46
Slichter: Ch. 10, Speculative Production, pp. 215-221
Peterson: Ch. 19, Nature and Role of Demand and its Elasticity; Ch. 20, Cost and the Expansion and Contraction of Industries
Williamson: Ch. 25, The Location of Economic Activity
Peterson: Ch. 21, Output from Existing Capacity
Public Regulation of Markets
Peterson: Ch. 22, Monopoly and the Public Interest
Williamson: Ch. 30, Industrial Concentration and Government anti-Trust Policy
Arnold: Ch. 2, How Restraints of Trade Affect Your Standard of Living; Ch. 3, How Restraints of Trade Unbalance the National Budget; Ch. 7, Procedure under the Sherman Act; Ch. 8, The Clarification of Law; Appendix I
Peterson: Ch. 23, Market Control Policies in the United States
Wright: Ch. 8, The Problems of Competition
The Production and Distribution of Wealth
Slichter: Ch. 1, The American Economy; Ch. 6, How Good is the American Economy
Wright: Ch. 7, Economic Goals and the Distribution of Wealth

PART III. Money, Banking, Price Levels and the National Income

Money, Banking and Price Levels
Peterson: Ch. 10, Exchange Media. Hand-to-Hand Money
Bowman & Bach: Ch. 10, The Banking System, the Money Supply, and Investment; Ch. 11, The Government and the Money Supply
R.B.: Banking and Monetary Statistics, Section 10, pp. 360-366
National Debt Series: 2, Our National Debt and the Banks; 3, Our National Debt and Interest Rates; 6, Our National Debt and Life Insurance
Hart: Ch. 10, Inflation and Deflation
Mechanics of the International Monetary Exchange
Benham: Ch. 26, Balance of Payments
Hart: Ch. 15, The Foreign Exchange Market
Benham: Ch. 27, Free Exchange Rate; Ch. 28, The Gold Standard

________________________

ECONOMICS I—CONCENTRATORS
1949-50
Second Half

Sources:
Benham and Lutz	Economics, American Edition (1941)
*Bowman and Bach	Economic Analysis and Public Policy,Second Edition (1949)
**Committee for Economic Development	The Uses and Dangers of Direct Controls in Peacetime
**Economic Outlook	Consumers, Workers Pay Cost of New Factories
Hart, A. G.	Money, Debt, and Economic Activity(1948)
**International Bank for Reconstruction and Development	Fourth Annual Report, 1948-49
**International Monetary Fund	Annual Report, 1949
**Murray, P.	The Steelworkers’ Case for Wages, Pensions and Social Insurance
*Peach and Krause	Basic Data of the American EconomyRevised Edition (1949)
Peterson, S.	Economics(1949)
Samuelson, P.	Economics
Slichter, S. H.	Basic Criteria Used in Wage Negotiations
**Slichter, S. H.	Profits in a Laboristic Society
**Slichter, S. H.	The Taft-Hartly Act
**Steel Industry Board	Report to the President of the United States
**Voorhees, E. M.	Statement before the Presidential Steel Board
Wright, D. M.	Democracy and Progress

* To be purchased by students
**To be handed out in section meeting.

PART IV. The Distribution of Income

Introduction
Bowman & Bach: Ch. 28, Introduction to the Study of Income Distribution
Personal Income Distribution
Bowman & Bach: Ch. 29, Personal Income Distribution in the United States
Wright: Ch. 7, Economic Goals and the Distribution of Wealth
Determination of Returns to the Factors of Production
Bowman & Bach: Ch. 30, Wage and Salary Income; Ch. 32, Property Income
Labor Organization and Labor Markets
Bowman & Bach: Ch. 31, The Economics of Labor Unionism
Slichter: Basic Criteria Used in Wage Negotiations, pp. 7-31, and 36-40
Bowman & Bach: Ch. 35, Government Policy and Labor, pp. 651-673
Slichter, The Taft-Hartley Act
The Wages, Pensions, Prices and Profits Controversy
Economic Outlook: Consumers, Workers Pay Cost of New Factories
Slichter: Profits in a Laboristic Society
Murray, The Steelworkers’ Case for Wages, Pensions and Social Insurance, pp. 9-29
Voorhees, Statement before the Presidential Steel Board
Steel Industry Board, Report to the President of the United States, pp. 1-11

PART V. International Economic Problems

Benham: Ch. 25, The Theory of International Trade; Ch. 26, Balances of Payments
Peach & Krause: Section 5, International Trade and Finance
Hart: Ch. 15, The Foreign Exchange Market
Benham: Ch. 27, Free Exchange Rates; Ch. 28, The Gold Standard; Ch. 29, Exchange Control; Ch. 30, Import Duties and Quotas
Hart: Ch. 18, International Monetary Cooperation
International Monetary Fund: Annual Report, 1949, pp. 1-46
International Bank for Reconstruction and Development: Fourth Annual Report, 1948-49, pp. 7-37

PART VI. Public Finance and the Economic Problem

Peach & Krause: Section 6, Government Expenditures, Tax Collections, Public and Private Debt
Bowman & Bach: Ch. 36, Introduction to the Public Economy; Ch. 37, Public Expenditures; Ch. 38, Public Revenues—Taxation; Ch. 39, Taxation (Continued)
Peterson: Ch. 30, Public Policy and the Distribution of Income

PART VII. The Nature of Economic Fluctuations and Policies Directed Toward Their Control

Samuelson: Ch. 12, Saving and Investment
Peach & Krause, Review Section 1, National Income
Hart: Review Ch. 10, Inflation and Deflation
Bowman & Bach: Ch. 13, The Rate of Economic Growth; Ch. 14, Economic Fluctuations
Peach & Krause: Section 7, Price Levels and Business Fluctuations
Wright: Ch. 6, Progress and Instability
Bowman & Bach: Ch. 40, Monetary Policy and Economic Stabilization; Ch. 41, Fiscal Policy and Economic Stabilization; Ch. 42, Antimonopoly Measures, Wage-Price Policy, and Direct Controls
C.E.D.: The Uses and Dangers of Direct Controls in Peacetime

________________________

ECONOMICS I—NON-CONCENTRATORS
1949-50
Second Half

Sources:
Benham and Lutz	Economics, American Edition (1941)
Bowman and Bach	Economic Analysis and Public Policy,Second Edition (1949)
**Economic Outlook	Consumers, Workers Pay Cost of New Factories
Hart, A. G.	Money, Debt, and Economic Activity(1948)
**International Bank for Reconstruction and Development	Fourth Annual Report, 1948-49
**International Monetary Fund	Annual Report, 1949
Jewkes, J.	Ordeal by Planning(1948)
*Peterson, S.	Economics(1949)
*Schumpeter, J. A.	Capitalism, Socialism and Democracy(1947)
*Slichter, S. H.	The American Economy(1948)
Slichter, S. H.	Basic Criteria Used in Wage Negotiations
**Slichter, S. H.	Profits in a Laboristic Society
Sweezy, P. M.	Socialism
*Wright, D. M.	Democracy and Progress

* To be purchased by students
**To be handed out in section meeting.

PART IV. The Distribution of Income

Personal Income Distribution
Peterson: Ch. 24, Inequality—Extent and Significance; Ch. 25, Inequality in the Return from Labor
Determination of Returns to the Factors of Production
Peterson: Ch. 26, Productivity and Income; Ch. 28, The Basis of Property Incomes; Ch. 29, Profits, Interest, and Wealth
Labor Organization and Labor Markets
Bowman & Bach: Ch. 31, The Economics of Labor Unionism, pp. 492-501
Peterson: Ch. 27, Wage-raising Policies and Practices
Slichter: Basic Criteria Used in Wage Negotiations, pp. 7-31, and 36-40
Bowman & Bach: Ch. 35, Government Policy and Labor, pp. 651-681
Slichter: Ch. 2, Co-operation or Conflict in American Industry
The Wages, Prices and Profits Controversy
Economic Outlook: Consumers, Workers Pay Cost of New Factories
Slichter: Profits in a Laboristic Society

PART V. International Economic Problems

Benham: Ch. 25, The Theory of International Trade; Review Chs. 26, 27, 28
Hart: Review, Ch. 15
Benham: Ch. 29, Exchange Control; Ch. 30, Import Duties and Quotas
Hart: Ch. 18, International Monetary Cooperation
International Monetary Fund: Annual Report, 1949, pp. 1-46
International Bank for Reconstruction and Development: Fourth Annual Report, 1948-49, pp. 7-37

PART VI. Public Finance and the Economic Problem

Bowman & Bach: Ch. 36, Introduction to the Public Economy; Ch. 37, Public Expenditures; Ch. 38, Public Revenues—Taxation; Ch. 39, Taxation (Continued)
Peterson: Ch. 30, Public Policy and the Distribution of Income

PART VII. The Nature of Economic Fluctuations and Policies Directed Toward Their Control

Peterson: Ch. 14, Total Demand and the Depression Problem; Ch. 15, Cyclical Fluctuations
Wright: Ch. 6, Progress and Instability
Slichter: Ch. 3, The Problem of Economic Stability
Wright: Ch. 11, Three Plans

PART VII. The Prospects for Economic Progress under Capitalism and Other Systems

Schumpeter: Part II, Can Capitalism Survive
Wright: Ch. 1, Science, Democracy, and Capitalism; Ch.2, The Moral Dilemma of Progress; Ch. 3, The Meaning and the Method of Democratic Progress; Ch.4, Political Democracy and the Alternatives to Competition
Schumpeter: Part III, Can Socialism Work?
Sweezy: Ch. 10, Can Socialism Provide Incentives to Work and to Efficiency?; Ch. 12, Are Socialism and Freedom Compatible?
Jewkes: Ch. 1, The Spread of Fashion; Ch.2, Is the Business Man Obsolete; Ch. 5, Confusion Among the Planners; Ch. 6, Planners as a Species; Ch. 7, Planning as a Scientific Method; Ch. 8, Planning and Prosperity; Ch. 9, Planning and Economic Stability; Ch. 10, Planning and Freedom

________________________

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Non-Concentrators

Mid-Year Examination
January, 1950

I
(One hour and a half)
Answer both questions

A member of the Board of Governors of the Federal Reserve System has recently advised Congress that the policy of the Treasury has made it impossible for the Federal Reserve authorities to use their powers as controllers of the country’s money supply. Explain carefully why Treasury and Federal Reserve policies must be coordinated and in what ways they are likely to come in to conflict. Illustrate by reference to the national debt and other problems which arose in the war and the postwar periods.
The problem of the allocation of scarce resources among a multitude of possible uses is one which is largely solved automatically in our economy.
Explain how this problem is solved. Give careful attention to the role of and inter-relationships among each of the following: consumer decisions, producer decisions and markets.

II
(One hour and a half)
Answer any THREE questions

The monetary control authorities generally attempt to control the level of prices and the level of income through control of the supply of money. Using the equation of exchange as an analytic framework, analyze how a policy which changes the supply of money might work out.
Answer either (a) or (b) of the following
1. Distinguish “rate level” from “rate structure.” Discuss the criteria relied on by regulatory commissions in determining each for a public utility, noting the major problems involved.
2. What are the major economic arguments for and against monopoly? In the light of these arguments what elements do you think should be contained in any balanced government policy toward monopoly?
a. Explain the relationship between gross and net national product; between national income and aggregate personal income.
1. Discuss a purpose for which each one of the above aggregates can be used.
2. In the light of the above explanation and additional pertinent facts comment on the following statement: “A comparison of national income at the depth of a depression with that during a period of prosperity overstates the impact of the depression on the consuming public.”
Answer TWO of the following:
1. Explain how speculative markets control the rate of use of periodically produced goods.
2. Restate the Malthusian thesis (law of population) using the principle of diminishing returns.
3. Distinguish the short-run stabilization and long-run adjustment of the market for farm products. Consider both the objectives and the implied policies.
4. Discuss the respective roles of technological change and savings and capital accumulation in the emergence of modern economic society.

Source: Harvard University Archives. Department of Economics. Course Reading lists, syllabi, and exams 1913-1992, Box 2, Folder “Economics 1, Exams 1939-1962”.

________________________

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Concentrators

Mid-Year Examination
January, 1950

I
(One hour and a half)
Answer both questions

A member of the Board of Governors of the Federal Reserve System has recently advised Congress that the policy of the Treasury has made it impossible for the Federal Reserve authorities to use their powers as controllers of the country’s money supply. Explain carefully why Treasury and Federal Reserve policies must be coordinated and in what ways they are likely to come in to conflict. Illustrate by reference to the national debt and other problems which arose in the war and the postwar periods.
Consumers’ preferences change, thus increasing the demand for a certain product which is produced under conditions of pure competition. Trace in precise fashion the results of this increase in demand on the output of the individual firms and of the industry, and on the price of the product:
1. in the short run,
2. in the long run.

II
(One hour and a half)
Answer any THREEquestions

The monetary control authorities generally attempt to control the level of prices and the level of income through control of the supply of money. Using the equation of exchange as an analytic framework, analyze how a policy which changes the supply of money might work out.
What are the major economic arguments for and against monopoly? In the light of these arguments what elements do you think should be contained in any balanced government policy toward monopoly?
Answer TWO of the following:
1. Discuss three important factors determining the location of economic activity.
2. “When there is oligopoly, even without collusive agreements, price competition will tend to be ‘nonaggressive’, and price will usually be higher than otherwise.” Discuss.
3. “Competition on a nonprice basis has become more and more important in recent years.” Discuss the effects of this trend on the allocation of resources.
4. Discuss the process of hedging in a commodity market and its significance to the non-speculative businessman.
Define Gross National Output (Product), National Income, and Income Payments (Personal Income).
1. What is the general use of these concepts and how might each one be used specifically?
2. How is Gross national Output related to Aggregate Demand or Expenditure?
3. How will the relation between National Income and income Payments vary in prosperity and depression?
4. Can we place great reliance on these concepts as measures of economic welfare?

Source: Harvard University Archives. Department of Economics. Course Reading lists, syllabi, and exams 1913-1992, Box 2, Folder “Economics 1, Exams 1939-1962”.

________________________

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Non-Concentrators

Final Examination
June, 1950

I
(One hour and a half)
Answer both questions

Investment is often said to play a “strategic role” in the business cycle. What is meant by this statement? What are its implications for counter-cyclical policy?
“Remuneration for labor services and a share in the social dividend are the only sources of personal income under socialism. Therefore, the socialist planners can ignore rent, interest, and profits even though they are fundamental to the functioning of a capitalist system.” Discuss.

II
(One hour and a half)
Answer both questions

Without stating general conclusions as to the merits of either side, explain the basic issues involved in the dispute between labor and industry over wages, prices and profits.
Discuss the elements to be considered in the establishment of a model tax system for the United States at the present level of expenditures. (This includes all levels of Government.)

III
(Thirty minutes)
Answer one question

An adverse balance of payments can be corrected by (1) changes in exchange rates, (2) changes in prices and incomes, or (3) exchange and import controls.
1. Discuss briefly how each of the above three methods may be used to correct a country’s adverse balance of payments.
2. Discuss the extent to which the member countries of the International Monetary Fund may make use of the above three methods.
Comment on the following statement: “The object of American tariff policy should be to impose sufficient duty on goods of every kind to equalize the cost of production at home and abroad.”

Source: Harvard University Archives. Department of Economics. Course Reading lists, syllabi, and exams 1913-1992, Box 2, Folder “Economics 1, Exams 1939-1962”.

________________________

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Concentrators

Final Examination
June, 1950

I
(One hour and a half)
Answer both questions

Investment is often said to play a “strategic role” in the business cycle. What is meant by this statement? What are its implications for counter-cyclical policy?
The establishment of product prices and of returns to factors of production are two sides of the same economic process.
1. Analyze the forces of supply and demand which determine the return to a factor of production.
2. Explain (in terms of producer and consumer decisions) how these returns determine and are determined by the prices of products.

II
(One hour and a half)
Answer both questions

Without stating general conclusions as to the merits of either side, explain the basic issues involved in the dispute between labor and industry over wages, prices and profits.
Discuss the elements to be considered in the establishment of a model tax system for the United States at the present level of expenditures. (This includes all levels of Government.)

III
(Thirty minutes)
Answer one question

An adverse balance of payments can be corrected by (1) changes in exchange rates, (2) changes in prices and incomes, or (3) exchange and import controls.
1. Discuss briefly how each of the above three methods may be used to correct a country’s adverse balance of payments.
2. Discuss the extent to which the member countries of the International Monetary Fund may make use of the above three methods.
Comment on the following statement: “The object of American tariff policy should be to impose sufficient duty on goods of every kind to equalize the cost of production at home and abroad.”

Source: Harvard University Archives. Department of Economics. Course Reading lists, syllabi, and exams 1913-1992, Box 2, Folder “Economics 1, Exams 1939-1962”.

Image Source: H. H. Burbank in the Harvard Class Album 1947.

Tags Burbank, CampbellWG, Samuelson

M.I.T. Suggested Reading Syllabus

M.I.T. Open Economy Macroeconomics. Syllabus and bibliography. Dornbusch, 2000.

Post author By Irwin Collier
Post date 2018-11-25

A genuine regret from my graduate school education was that I had not taken a course with Rudiger Dornbusch. Ex post it became clear that I would have been personally better served not having taken economic history at M.I.T. (all told, I had four semesters of solid economic history courses as an undergraduate at Yale), but unfortunately nobody shared with me the tip to take a trip on this rising star of open economy macroeconomics who began teaching at M.I.T. in 1975.

Rudi Dornbusch inspired many a classmate of mine at M.I.T. and I am sure many an economist beyond. (c.v. at M.I.T.)

_______________

14. 582 — OPEN ECONOMY MACROECONOMICS

R. Dornbusch
Spring 2000

COURSE OUTLINE:

I. Some Monetary History

II. The Basic Open Economy Model

Gold Standard and the Classical Open Economy
The Dependent Economy Model

III. Nominal Rigidities and Policy.

Money, Wages, and Employment.
PPP and Real Exchange Rates
Pricing in the Open Economy

IV. Intertemporal Trade.

V. Finance, Exchange Rates, and Macro Implications

Capital Mobility, Exchange Rates, and Employment.
Portfolio Diversification and Risk Premia

VI. Policy Issues

Target Zones
Currency Boards
Stabilization and Exchange Rate Management
Global Capital Markets
Feldstein-Horioka and Capital Mobility
Balance of Payments Crises
Vulnerability, Crises, and Contagion
EMU and New International Financial Architecture

TEXTS AND SOURCES:

Required readings are denoted with two asterisks (**), recommended readings with one asterisk (*).

** Grossman, G. and K. Rogoff (eds.). Handbook of International Economics. Vol. III, North Holland, 1995.
** Obstfeld, M. and K. Rogoff. Foundations of International Macroeconomics, MIT Press, 1996
Obstfeld, M. and K. Rogoff. Foundations of International Macroeconomics Workbook, MIT Press, 1998.
* Dornbusch, R. Open Economy Macroeconomics, Basic Books, 1980.
* Dornbusch, R. Exchange Rates and Inflation, MIT Press, 1988.
** See also the IMF website (http://www.imf.org) or recent IMF research reports.

Several journals are available online through JSTOR, including The Journal of Money, Credit, and Banking, The Journal of Economic Perspectives, The Journal of Political Economy, The Quarterly Journal of Economics, and The American Economic Review. Please visit JSTOR’s main page if you experience difficulty connecting to any articles from these journals to determine whether you qualify to use their site.

I. Some Monetary History.

Bordo, M. and Capie. Monetary Regimes in Transition. Cambridge University Press, 1994.
Bordo, M. and A.Schwartz (eds.). A Retrospective on the Classical Gold Standard 1821- 1931. University of Chicago Press and NBER, 1984.
Cassel, G. Money and Foreign Exchange After 1914, Constable, 1922.
Eichengreen, B. (ed) The Gold Standard in Theory and History, Methenu, 1985, Chapter 1.
DeGrauwe, P. International Money Post War Trends and Theories. Clarendon Press 198x.
Friedman, M. Money Mischief. Harcourt Brace Hovanovich, 1992.
Kindleberger C. Manias, Panics and Crashes : A History of Financial Crises. Basic Books 1989.
Kindleberger C. A. Financial History of Western Europe. Allen & Unwin 1984.
Obstfeld, M. and A.M. Taylor. Global Capital Markets: Integration, Crises and Growth, unpublished manuscript.
Taussig, F. International Trade, Macmillan,1928. Parts II and III.
Yeager, L. International Monetary Relations, Harper & Row, 1966 Part II.

II. The Basic Open Economy Model.

Gold Standard and The Classical Open Economy

** Calvo, G. “Devaluation: Level versus Rates” Journal of International Economics, Vol ll, No. 2, Pages 165-172, May 1981.
* Dornbusch, R. and Mussa, M. “Consumption, Real Balances and the Hoarding Function”, International Economic Review, June 1975. Also in Exchange Rates and Inflation, Chapter 18.
** Dornbusch, R., S. Fischer and P. Samuelson.“Comparative Advantage, Trade and Payments in a Ricardian Model with a Continuum of Goods” American Economic Review Dec 1977. Also in Exchange Rates and Inflation, Chapter 14.
Dornbusch, R. Open Economy Macroeconomics. Chapter 7.

The Dependent Economy Model

Calvo, G. and Rodriguez, C. “A Model of Exchange Rate Determination Under Currency Substitution and Rational Expectations”, Journal of Political Economy, No. 3, 1977, pgs 617-625.
* Dornbusch, R. “Real and Monetary Aspects of the Effects of Exchange Rate Changes” in Exchange Rates and Inflation, MIT Press 1988, Chapter 3.
* Dornbusch, R. Open Economy Macroeconomics. Chapter 6.
** Mundell, R. A. Monetary Theory, chapt. 10.
Salter,W. “Internal and External Balance” Economic Record, 1960.
Swan, T. “Economic Control in a Dependent Economy” Economic Record, 1960.

III. Nominal Rigidities and Policy.

Money, Wages and Employment

Brock, P. “Investment, the Current Account and the Relative price of Nontraded Goods in a Small Open Economy.” Journal of International Economics, May 1988.
** Calvo, G. “Staggered Contracts and Exchange Rate Policy” in J.Frenkel (ed.) Exchange Rates and International Macroeconomics. University of Chicago Press and NBER, 1983.
** Dornbusch, R. Open Economy Macroeconomics, chapter 9.
* Dornbusch, R. “PPP Exchange Rate Rules and Macroeconomic Stability” In Exchange Rates and Inflation, Chapter 11.
Dornbusch, R. “Real Exchange Rates and Macroeconomics: A Selective Survey” Scandinavian Journal of Economics 91: (2), 1989.
Kouri, P. “Profitability and Growth in a Small Open Economy” in A. Lindbeck(ed.) Inflation and Employment in Open Economies, North Holland 1979.
* Krugman, P. and Taylor,L. “The Contractionary Effects of Devaluation”, Journal of International Economics, August 1978 pp. 445-456.
Lizondo, S. and P. Montiel. “Contractionary Devaluation in Developing Countries. An Analytical Survey.” International Monetary Fund Staff Papers, March 1989.
** Obstfeld, M. and Rogoff, K. “Sticky-Price Models of Output, the Exchange Rate, and the Current Account” In Foundations of International Macroeconomics, Ch.9.
Rodriguez, C. “A Stylized Model of the Devaluation-Inflation Spiral.” International Monetary Fund Staff Papers, March 1978.
Dornbusch, R. The Effectiveness of Exchange-Rate Changes, Oxford Review of Economic Policy, Vol. 12, No. 3. Pgs. 26-38.
** Dornbusch, R. “The Latin Triangle“

PPP and Real Exchange Rates.

Keynes, J.M. A Tract on Monetary Reform, MacMillan, 1923, chapt. 3.
Dornbusch, R. “Purchasing Power Parity” In Exchange Rates and Inflation,Chapter 5.
* Frankel, J. and A. Rose. “A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries”Journal of International Economics,40(1) 209-224, 1996.
Marston, R. “Real Exchange Rates and Productivity Growth in the United States and Japan” in S. Arndt and D. Richardson (eds.) Real-Financial Linkages Among Open Economies, Cambridge: MIT Press.
Obstfeld and Rogoff, K. “Perspectives on PPP and Long-Run Real Exchange Rates” chapter 32 in Grossman G. and K. Rogoff (eds.) Handbook of International Economics, Vol. III., North Holland, 1995.

Pricing in the Open Economy.

Dornbusch, R. “Exchange Rates and Prices” American Economic Review, March 1987. Also in Exchange Rates and Inflation, Chapter 5.
** Frankel, J. and A. Rose “Empirical Research on Nominal Exchange Rates.” chapter 33 in Grossman G. and K. Rogoff (eds.) Handbook of International Economics, Vol. III., North Holland, 1995.
* Goldberg P.K. and M. Knetter “Goods Prices and Exchange Rates: What have we learned?” Journal of Economics Literature, vol. XXXV, September 1997, pp.1243-1272.

IV. Intertemporal Models Of The Open Economy

Obstfeld, M. and Rogoff,K. Foundations of International Macroeconomics, parts 1-4.
* Obstfeld, M. and Rogoff, K. “The Intertemporal Approach to the Current Account” chapter 34 in Grossman G. and K. Rogoff (eds.) Handbook of International Economics, Vol. III., North Holland, 1995.
Fisher, E. O’N and K. Kasa. Generational Accounting in Open Economies in FRBSF Economic Review, 1997, Number 3.
* Dornbusch, R. “Real Interest Rates, Home Goods and Optimal External Borrowing, Journal of Political Economy, Feb 1983 (also in Exchange Rates and Inflation, Chapter 16.)
** Dornbusch, R. “Notes on Intertemporal Trade”.

V. Finance, Exchange Rates and Macro Implications

Capital Mobility, Exchange Rates, and Employment.

* Dornbusch, R. “Expectations and Exchange Rate Dynamics”, Journal of Political Economy, Dec. 1976 (also in Exchange Rates and Inflation, chapter 4)
Frankel, J. and K. Froot. “Using Survey Data to Test Propositions Regarding Exchange Rate Expectations.” American Economic Review Vol. 77, 1987, pp. 133-153.
Frenkel, J. and Mussa, M. “Asset Markets, Exchange Rates and the Balance of Payments” in R. Jones and P. Kenen (eds.) Handbook of International Economics, Vol.2, North-Holland 1985.
* Krugman,P. Exchange Rate Instability, MIT Press, 1988.
Taylor M. “The Economics of Exchange Rate”.Journal of Economic Literature, Vol.XXXIII, March 1995, pp.13-47.
Mundell, R. International Economics, chapts. 14 -18.
De Long, J. Bradford, Shleifer A. , Summers L. , Vishny R. “Noise Trader Risk in Financial Markets” Journal of Political Economy; V98 n.4 August 1990, pp. 703-38.
Frankel, Jeffrey A.; Galli, Giampaolo; Giovannini, Alberto, Editors. “The Microstructure of Foreign Exchange Markets”. National Bureau of Economic Research Conference Report Series. Chicago and London: University of Chicago Press, 1996.

Portfolio Diversification and Risk Premia.

* Dornbusch, R. “Exchange Rate Risk and the Macroeconomics of Exchange Rate Determination, in Exchange Rates and Inflation, Chapter 7.
Frankel, J. and Froot, K. “Forward Discount Bias: Is it an Exchange Risk Premium?”Quarterly Journal of Economics 104:1, 139-162.
** Froot, K. and R. Thaler. “Anomalies: Foreign Exchange”,Journal of Economics Perspectives, vol 4, No. 3, Summer 1990, Pages l79-l92.
Krugman, P. “Consumption Preferences, Asset Demands, and Distribution Effects in International Financial Markets.”NBER Working Paper No. 651, March 1981.
Mussa,M. “Official Intervention and Exchange Rate Dynamics” in J.Bhandari (ed.) Exchange Rate Management Under Uncertainty,MIT Press 1985.
Sachs, J. and Wyplosz, C. “Real Exchange Rate Effects of Fiscal Policy.” NBER Working PaperNo. 1256, Jan. 1984.
Neely, Christopher J. “Technical Analysis and the Profitability of U.S. Foreign Exchange Intervention”. Federal Reserve Bank of St. Louis, July/August 1998.
Solnik, Bruno. “Global Asset Management: Too Hedge or Not to Hedge–a Question That Cannot be Ignored”. The Journal of Portfolio Management, Summer 1998.
Stein, Jerome L. and G. Paladino. Recent Developments in International Finance: A Guide to Research Journal of Banking and Finance,21 (1998) 1685-1720.
Stulz, Rene M. “International Portfolio Choice and Asset Pricing: An Integrative Survey”, in R. Jarrow et al (eds)Handbooks in OR & MS, vol. 9, Elsevier Science B.V., 1995.

VI. Policy Issues

Target Zones

Bertola, G. “Continuos-Time Models of Exchange Rates and Intervention ” In F. van der Ploeg, ed.Handbook of International Macroeconomics, Blackwell, 1994.
Bertola, G. and Caballero, R.“Target Zones and Realignments”, American Economic Review, 1992.
** Krugman, P. and M. Miller. (eds.) Exchange Rate Targets and Currency Bands. Cambridge University Press, 1992.
** Svensson, L. “An Interpretation of Recent Research on Exchange Rate Target Zones.”Journal of Economics Perspectives, Vol 6, No. 4, pp. 119-144, Fall 1992.
Werner, A. “Exchange Rates and Target Zone Width”. Economic Letters. Dec 1992.

Exchange Rate Regimes and Currency Boards

Calvo, G. “On Dollarization”,1999 (www.bsos.umd.edu.econ.calvo.htm)
Dornbusch R. and F. Giavazzi,“Hard Currency and Sound Credit: A Financial Agenda for Central Europe” May 1998.
Eichengreen, B.“The Choice of Exchanage Rate Regime” (incomplete).
Eichengreen, B. Golden Fetters, Oxford University Press, 1992.
Friedman, M. “The Case for Flexible Exchange Rates” in his Essays in Positive Economics. U. of Chicago Press, 1953.
**Goldstein, M. Exchange Rate System and the IMF. Institute for International Economics, 1995
Hanke, S. and K. Schuler Currency Boards for Developing Countries. ICS Press, 1994.
List of References to Currency Boards by C. Broda.
Mihalke D. “Currency Board Arrangements: Issues and Experiences”.International Monetary Fund Occasional Paper No. 151, 1997.
Mundell, R. “A Theory of Optimum Currency Areas”, American Economic Review 51, September 1961.
Obstfeld, M. and K. Rogoff, “The Mirage of Fixed Exchange Rates” Journal of Economic Perspectives 9, Fall 1995
Perry G. E. “Currency Boards and External Shocks: How Much Pain, How Much Gain?”, World Bank Latin American and Caribbean Studies, February 1997.
Taussig, F. International Trade, Macmillan, 1928. Parts II and III.
Tornell, A. and A. Velasco, “Fixed vs. Flexible Exchange Rates: Which Provides More Fiscal Discipline?”NBER WP. No. 5108, 1995.
* Williamson, J. What Role for Currency Boards? Institute for International Economics, Washington D.C., Sep. 1995.
Ghosh, A., A. Gulde and H. Wolf. “Currency Boards: The Ultimate Fix?” IMF, wp. 98/8
** Williamson, J. The Crawling Band as an Exchange Rate Regime: Lessons from Chile, Colombia and Israel, Institute of International Economics, 1996.

Stabilization and Exchange Rate Management

Alesina, A. and A. Drazen. “Why are Stabilizations Delayed?” American Economic Review, December 1991.
Bruno, M. et. al. Lessons of Economic Stabilization and its Aftermath.MIT Press, 1991.
Calvo, G. “Incredible Reforms” in G.Calvo (ed.) Debt, Stabilization and Development. Oxford: Basil Blackwell, 1989.
Caballero, R. Structural Volatility In Modern Latin America, April, 2000
Calvo, G. and C. Vegh. “Credibility and the Dynamics of Stabilization Policy: A Basic Framework.” IMF, Staff Papers, November 1990.
* Dornbusch, R. “Credibility and Stabilization”, Quarterly Journal of Economics, August 1991, pp. 837-850. Also in R.Dornbusch Stabilization, Debt, and Reform, Prentice Hall 1993.
* “The New Classical Macroeconomics and Stabilization Policy.”American Economic Review, May 1990. Also in R. Dornbusch Stabilization, Debt, and Reform, Prentice Hall 1993.
Dornbusch, R., and S. Edwards, S (eds)The Macroeconomics of Populism in Latin America. University of Chicago Press, 1991.
Dornbusch, R. and Fischer, S. “Stopping Moderate Inflations.” World Bank Review, 1992.
Dornbusch, R., Goldfajn, I. and Valdes, R. “Currency Crisis and Collapses”, Brookings Papers, 2, 1995.
Drazen, A. and Helpman, E. “Stabilization With Exchange Rate Management” Quarterly Journal of Economics, 1987.
Fernandez, R. and D. Rodrik. “Resistance to Reform. Status Quo Bias in the Presence of Individual Specific Uncertainty” American Economic Review, December 1991.
Goldfajn I. and R. O. Valdes“The Aftermath of Appreciations”. NBER WP#5650, July 1996.
** Vegh, C. “Stopping High Inflation: An Analytical Overview,” International Monetary Fund, Staff Papers, September 1992.
* Williamson, J. “The Crawling Band as an Exchange Rate Regime: Lessons from Chile, Colombia and Israel”, Institute of International Economics,1996.

Feldstein-Horioka and Long Term Capital Mobility.

Cardoso, E. and R. Dornbusch. “Foreign Private Capital Flows” Handbook of Development Economics, Vol II, North Holland, 1989.
**Dooley, M., J. Frankel and D. Mathieson “International Capital Mobility: What do Saving-Investment Correlations Tell US?” International Monetary Fund, Staff Papers, September 1987.
** Feldstein, M. and Horioka, C. “Domestic Savings and International Capital Flows”. Economic Journal, June 1980, pages 314-329.
Frankel, J. “Measuring International Capital Mobility: A Review.”American Economic Review. Papers and Proceedings. May 1992.
Harberger, A.“Vignettes on the World Capital Market”, American Economic Review, May 1980.
** Ventura, J. & A. Kraay, “Current Accounts in Debtor and Creditor Countries”, March 1999. ECONOMETRICS SEMINAR (Joint Harvard/MIT)

Balance of Payments Crises.

Calvo, G. “Balance of Payments Crises in a Cash in Advance Economy”, Journal of Money, Credit and Banking,1987.
Dornbusch, R. “Collapsing Exchange Rate Regime”, Journal of Development Economics, Vol 27, No 1-2, Pgs 7l-83, October 1987.
Flood, R. and P.Garber, 1984, “Collapsing Exchange Rate Regimes: Some Linear Examples.” Journal of International Economics,1/2, 1-13.
Froot K and M. Obstfeld, “Exchange Rate Dynamics Under Stochastic Regime Shifts: A Unified Approach”, NBER WPNo. 2835, February 1989.
** Garber, P. and L. Svensson “The Operation and Collapse of Fixed Exchange Rate Regimes” chapter 36, section 3, in Grossman G. and K. Rogoff (eds.) Handbook of International Economics,Vol. III., North Holland, 1995.
** Krugman, P. “A Model of Balance of Payments Crises.”Journal of Money, Credit and Banking, 3, 1979 ,311-325.
** Salant,S. and D. Henderson, 1978,”Market Anticipations of Government Policies and the Price of Gold” Journal of Political Economy, 4, 627-648.

Crises and Contagion

Caballero, R. and Krishnamurthy, “Emerging Markets Crises: An Asset Market Perspective”, MIT mimeo, 1998.
Calvo, Guillermo A.”Capital FLows and Capital-Market Crises: The Simple Economics of Sudden Stops”, unpublished manuscript, U. of Maryland, 1998 (http://www.bsos.umd.edu/econ/ciecalvo.htm)
Calvo, Guillermo A. “Understanding the Russian Virus”, unpublished manuscript, U. of Maryland, 1998 (http://www.bsos.umd.edu/econ/calvo.htm)
Chang and Velasco, “Financial Crises in Emerging Markets: A Canonical Model” NBER WP No. 6469, 1997.
Diaz Alejandro, C. “Good-bye Financial Repression, Hello Financial Crisis” Journal of Development Economics, 19, 1985.
Dornbusch,R. “Asian Themes”, (http://web.mit.eud/rudi/www) Feb. 1998.
Dornbusch,R. “Brazil’s Incomplete Stabilization and Reform”, Brookings Papers on Economic Activity 1:1997, pp.367-404 (http://web.mit.eud/rudi/www.)
Eichengreen B., A. Rose, C. Wyplosz. “Contagious Currency Crises”. Scandinavian Journal of Economics,December 1996.
Goldfajn, I. and Valdes, “Capital Flows and the Twin Crisis: The Role of Liquidity” IMF WP 97/87.
IMF, World Economic Outlook, Fall 1998 (http://www.imf.org)
IMF, International Capital Markets, Fall 1998 (http://www.imf.org)
*Kaminsky G. and C.Reinhart, “On Crises, Contagion and Confusion.” Unpublished manuscript, George Washington University and U. of Maryland, 1998.
Kaminsky, G. “Leading Indicators of Currency Crises” Board of Governors of the Federal Reserve, mimeo. Board of Governors of the Federal Reserve, December, 1997.
Krugman P. “The Myth of Asia’s Miracle”. Foreign Affairs, November/December 1994.
Krugman P. “What happened to Asia?” January 1998 (http://web.mit.edu/krugman/www)
Obstfeld, M., “The Logic of Currency Crises”, Cahiers Economique and Monetaires, 43, 1995.
** Tobin, J. “A Proposal for International Monetary Reform” in his Essays in Economics, MIT Press, 1982, chapt. 20.

EMU and New International Financial Architecture

Dornbusch,R., C.Favero and F. Giavazzi “Challenges for the European Central Bank” Economic Policy, April 1998, pp. 15-64, CEPR (http://web.mit.edu/rudi/www).
Eichengreen, B. “Toward a New International Financial Architecture: A Practical Post-Asia Agende”, IIE Press, 1999.
Eichengreen, B.”European Monetary Unification: Theory, Practice, Analysis”, MIT Press, 1997.
Fischer, S. “Reforming the International Monetary System” David Finch lecture, November, 1998 (http://www.imf.org/external/np/speeches/1998/110998.HTM).
Fischer, S. “On the Need for an International Lender of Last Resort” New York, January 3, 1999.
McCaughley, “The Euro and the Dollar”, Princeton Essays in International Finance, 1997

Source: August 17, 2000 webpage capture by Internet Archive Wayback Machine.

Image Source: Rudiger Dornbusch from the website of the MIT Museum.

Tags Dornbusch

Chicago Exam Questions Suggested Reading Undergraduate

Chicago. Undergraduate Money and Banking. Exams, readings. Friedman, 1946-49

Post author By Irwin Collier
Post date 2018-11-20

Besides teaching in the core graduate price theory course at Chicago, Milton Friedman also covered undergraduate money and banking upon joining the faculty of the economics department. Below some material transcribed from a folder of course material found in Milton Friedman’s papers at the Hoover Institution Archives. Where answers were provided to some examination questions, they have been transcribed [and placed in square brackets] and included below.

Fun Fact: According to class rolls kept by Friedman, Marc Nerlove was a student in the Autumn 1951 Money and Banking class taught by Friedman.

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Course Announcement and Description

[Economics] 230. Introduction to Money and Banking. Study of factors which determine the value of money in the short and in the long run; and operation of the commercial banking system and its relation to the price level and general business activity. Prereq: Soc Sci 2 and Econ 210, or equiv. Aut: MWF 10:30 Friedman; Win: MWF 2:30; Mints.

Source: University of Chicago. Announcements. The College and the Divisions, Sessions of 1947-1948. Vol. XLVII, No. 4 (May 15, 1947), p. 224.

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Text for Economics 230:

L. V. Chandler, The Economics of Money and Banking. Harper & Brothers.

The Book will be used again as a text when the course is given in the Winter Quarter. Give the number in class as that of the Autumn, 1947.
Reserve List & Bookstore.

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Economics 230
Autumn 1947
Library Book List

Robertson, D. H. Money

Gregory, T. E. The Gold Standard and Its Future (3^rd)

Board of Governors. Federal Reserve System.Its Purposes and Function

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Economics 230
Autumn 1951

Supplementary Readings and Problem for Reading Period

Readings

Text: Lester Chandler, Economics of Money and -Banking

American Economic Association, Readings in Monetary Theory, edited by Friedrich Lutz and Lloyd W. Mints.
Goldenweiser, E.A., American Monetary Policy.
Gregory, T.E., The Gold Standard and Its Future.
Hardy, C.O., Credit Policies of the Federal Reserve System.
Keynes, J.M., Essays in Persuasion.
Mints, Lloyd W., Monetary Policy for a Competitive Society.
Robertson, D.H., Money.
S. Board of Governors of the Federal Reserve System, The Federal Reserve System, Its Purposes and Functions.

Problem

For a convenient date in 1951, estimate the maximum amount of currency and deposits that would have been outstanding if the banking system had used all the possibilities of monetary expansion available under the then existing laws and regulations about reserve requirements of member and non-member banks and about reserve requirements of Federal Reserve Banks. For purposes of the computation, assume (a) an unchanged amount of Treasury currency outstanding; (b) elimination of Treasury deposits with Federal Reserve Banks through purchase of government securities held by the Federal Reserve Banks. With respect to all other factors—such as percentage distribution of public’s money holdings among currency, demand deposits, and time deposits—you are to choose your own assumptions, the choice of reasonable assumptions and the presentation of evidence for them being an essential part of the problem.

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MIDQUARTER EXAMINATION IN ECONOMICS 230
[no date, though likely 1947]

Indicate the factors that principally determine—
1. (15 points) The ratio of the amount of currency in circulation to the amount of bank deposits.
2. (15 points) The ratio of the amount of bank deposits to the amount of reserves held by the banking system when there are no legal reserve requirements.
(35 points) In country A, important new discoveries of oil are made, driving down the price of oil in that country relative to the world price. Assume that this is the only important change relevant to international trade. Trace the effects of this change on exchange rates, gold flows, price levels, imports and exports, and incomes, in country A and in the rest of the world on the assumption (a) that a strict gold standard is in operation; (b) that inconvertible paper standards and fluctuating exchanges are in operation.
(35 points) Explain in detail the effects on Bank A and on the banking system as a whole arising from the deposit in bank A of $100 of newly-printed currency. The deposit is made by a worker who has just received the currency from the government. Assume the bank is fully exploiting its lending power.

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Economics 230
Midquarter Examination
November 5, 1948

(25 points) It has been argued that it would be profitable for a member bank to borrow from its Federal Reserve bank even at a rate of interest considerably higher than the rate the member bank charges to its customers; and that this is so because one dollar of additional reserves can support several dollars of additional deposits. For example, if $1 of additional reserves can support $5 of additional deposits, it is argued that it would be profitable (if we neglect the cost of making the loan) for a member bank that can lend at 6% to borrow at any rate up to 30%. Evaluate this argument.
(25 points)
1. Nondeposit currency currently in circulation in the United States include Federal Reserve notes, silver certificates, United States notes (greenbacks) and National Bank Notes. In addition, there is a large volume of gold certificates outstanding but not in circulation. Indicate brieflythe historical origin of each of these types of currency, and the major episode in our monetary development each one symbolizes.
2. What is the FDIC? What, in your view, is its essential function (which may not be the same as its announced purpose) in our current monetary structure?
(50 points) Indicate whether the operation described in the first column would, in the first instance, increase (+), leave unchanged (0), or reduce (-) the item listed at the top of each column. For simplicity, assume (a) that nonmember banks are notinvolved in any of the transactions, (b) that the Treasury deposits all funds received in a Reserve Bank and pays for all expenditures by checks on a Reserve Bank, (c) that all nondeposit currency is in the form of Federal Reserve Notes. Take account only of the essentially bookkeeping effects of the operation, not of subsequent effects. For example, in operation (1) the decline in currency outside banks and the Treasury might so disturb the public’s relative holdings of deposit and nondeposit currency as to lead subsequently to a conversion of deposits into nondeposit currency. Do nottake such subsequent effects into account.
[+1 for each correct, -1 for each wrong, 0 for no entry]

Operation	Currency outside banks and Treasury	Member bank		Federal Reserve Bans
Operation	Currency outside banks and Treasury	Demand Deposits	Excess Reserves	Deposits	Excess Gold Reserves
Purchase of government bond by public
From Federal Reserve Bank
(1) with non deposit currency	[-]	[0]	[0]	[0]	[+]
(2) by check	[0]	[-]	[-]	[-]	[+]
From Treasury
(3) with non deposit currency	[-]	[0]	[0]	[+]	[0]
(4) by check	[0]	[-]	[-]	[0]	[0]
From public
(5) with non deposit currency	[0]	[0]	[0]	[0]	[0]
(6) by check	[0]	[0]	[0]	[0]	[0]
Purchase of government bond by Treasury from
(7) public	a [0] b [+]	[+] [0]	[+] [0]	[0] [-]	[0] [0]
(8) member bank	[0]	[0]	[+]	[0]	[0]
(9) Federal Reserve bank	[0]	[0]	[0]	[-]	[+]
Conversion of demand deposit by public into
(10) non deposit currency	[+]	[-]	[+] and [0] [-] and [-] [only if both]		[0]
(11) time deposit	[0]	[-]	[0]	[0]	[0]

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Final Examination for Economics 230
Autumn, 1946
3 hours and overnight.

Part I

Define briefly the following terms:
1. Required reserves
2. Open market policy
3. Gold points
4. Rediscount rate
5. Inconvertible paper currency
6. Transactions velocity of circulation
7. The equation of exchange
What techniques are available to the Federal Reserve System for controlling the total volume of currency? How does each technique work? Under what conditions is each technique likely to be effective?
It is often asserted that in returning to gold at the pre-first-world-war parity Britain “overvalued” the pound. What does this statement mean? What kind of evidence would be required to test its validity and how should this evidence be interpreted? If the statement is true, what effects would overvaluation of the pound be expected to have on Great Britain? What factors would operate to remove these effects and to correct the overvaluation? What kinds of governmental policy, if any, would speed up the process of correcting the overvaluation?

Part II

(20 points) What is the 100% reserve proposal? Discuss its advantages and disadvantages as compared with the present system.
(30 points) A newspaper story of January 21, 1946, on President Truman’s budget message, had the following headlines and first two paragraphs:

“TRUMAN MAPS FIRST DEBT CUT SINCE 1930
CASH ON HAND TO OFFSET ’47 DEFICIT

“Washington—President Truman’s first budget proposes to spend $4,300,000,000 more than the government will collect, but for the first time since 1930, it won’t increase the national debt.
“Mr. Truman proposes to withdraw from the Treasury cash balance sufficient funds not only to offset this deficit but also to reduce the debt by $7,000,000.”

In answering this question assume that Government cash balances are held on deposit in member banks, and that no reserves are required for government balances.

(a) What is the monetary effect of financing the deficit by use of cash balances? Would this effect be deflationary or inflationary compared with such alternatives as raising additional revenue from taxes, or borrowing additional sums from (1) the nonbanking public, (2) member banks, (3) reserve banks.

(b) What is the monetary effect of using cash balances to reduce the debt? Discuss the effects if the bonds are purchased from 81) the nonbanking public, (2) member banks, (3) reserve banks.

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FINAL EXAMINATION, ECONOMICS 230, FALL, 1947

Part I

In speaking of monetary developments in the United States at the beginning of the nineteenth century, H. L. Reed remarks, “the country was so inadequately provided with specie that the advantages of a money economy were not sufficiently extended and diffused.” What do you think this statement means? Does it make sense as it stands? If not, can you suggest an interpretation of it that makes sense?
Explain in detail how, in a fractional reserve system, a given deficit in reserves may force a much larger contraction in currency. In your statement, indicate the factors that set a limit to the contraction and contrast the single bank with the banking system.
To what causes does Gregory attribute the breakdown of the Gold Standard in Great Britain in 1931?

Part II

a. Assume that there is a free market in which English pounds exchange for American dollars. Indicate whether each of the following would, by itself, tend to raise or lower the price of a pound in terms of dollars.

1) An increase in tourist travel by Americans in England. [A. Raise]
2) A rise in dividend payments on American common stocks owned by British. [A. Raise]
3) A sudden craze in Britain for American films leading to increased showings of American films. [A. Lower]
4) Increased repayment by Britain of loans from the U.S. [A. Lower]
5) The raising of abnormally large amounts of relief funds in the United States to finance the shipment of special food packages to Great Britain. [A. Raise]

b. If England and the United States were both on a gold standard what words would it be reasonable to substitute for “raise the price of a pound in terms of dollars”? [A. “ship gold to Britain”] for “lower the price of a pound in terms of dollars”? [A.“ship gold to U.S.”]

c. You are asked what the total amount of money in the United States is. Discuss the problems of definition that would arise, indicating the considerations that would be relevant in deciding what to count as money.

d. Marriner Eccles, chairman of the Federal Reserve Board, recently proposed to Congress that member banks be required to set up a special reserve of 25 per cent of deposit liabilities in addition to existing reserves. Three members of the Federal Advisory Council—a council composed of private bankers who advise the Federal Reserve Board—testified against the proposal. The N. Y. Times reports them as maintaining that “it would reduce loans needed to finance production, and thus prove inflationary.” Discuss this statement.

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Economics 230
Final Examination
December 16, 1949

(100 points) Indicate whether each of the following statements is true (T), false (F), or uncertain (U) and state briefly the reason for your answer.
1. Legal reserves held by a bank are a liability of the bank.
2. Banks that are members of the Federal Reserve System may not count cash in their vault as part of their legal reserves.
3. Every bank that is a member of the Federal Reserve System must carry Federal Deposit Insurance.
4. Every bank that carries Federal Deposit Insurance must be a member of the Federal Reserve System.

5 and 6. Bank A sells a government bond to Bank B, both banks being members of the Federal Reserve Stem. This…

1. …increases total member bank reserves.
2. …does not change total deposit liabilities of member banks.

7, 8, 9. Bank A, which is a member of the Federal Reserve System sells a government bond to Mr. Jones. Bank A deposits the proceeds in its account with a Federal Reserve Bank. This…

1. …increases total member bank reserves.
2. …does not change total deposit liabilities of member banks.
3. …increases the ratio of reserves to deposit liabilities.
  * * * * *
4. Since banks can expand loans by several times the amount of excess reserves, a bank that could make additional sound loans at 5 per cent, could afford to pay much more than 5 per cent to induce individuals to deposit currency in the bank, since such a deposit would increase the bank’s excess reserves.
5. The economic function of legal reserve requirements is to protect depositors in a bank against undue extensions of loans by banks.
6. An expansion of investments and an expansion of loans by commercial banks have identical effects on the quantity of money.

13 through 16. Mr. Jones pays his Federal income tax with a check on a member bank. The Federal government uses this check to buy a government bond from a Federal Reserve Bank. This operation…

1. …reduces total member bank deposit liabilities.
2. …reduces total member bank reserves.
3. …increases the ratio of member bank reserves to member bank deposit liabilities.
4. …increases the excess gold reserves of the Federal Reserve System.
  * * * * *
5. The post-war rise in prices in the United States was one of the factors making necessary the recent devaluation of the British pound.
6. Any phenomena that would lead to an outflow of gold from the United States under a gold standard would lead to a fall in the price of the dollar in terms of foreign currencies under a system of inconvertible currencies and flexible exchange rates.

19, 20, 21. Suppose that under an international gold standard, foreign payments and receipts by the United States balance so that there is no net outflow or inflow of gold.

1. A sudden increase of gifts by residents of the United States to non-residents would tend to lead to an outflow of gold from the United States.
2. A reduction in the tariffs imposed by France on goods imported into France would tend to lead to an outflow of gold from the United States.
3. A large technological advance in Great Britain lowering the price of automobiles produced in Great Britain would lead to an outflow of gold from the United States.
  * * * * *
4. Under a gold standard, a decline in the rate of interest will tend to narrow the spread between the gold points.
5. Under existing laws governing bank reserve requirements, a tendency for people to move from farms and small communities to large cities is, by itself, a factor tending to reduce the total quantity of money.
6. A lengthening in the average pay-period (through, say, an increase in the proportion of workers paid monthly instead of weekly) is, by itself a factor tending to reduce the price level.
7. K, in the cash balance equation, will be increased by anything that leads people to expect price to fall.
8. The numerical value of V in the transactions type of equation of exchange depends on the definition of M.
9. The equation of exchange demonstrates that an increase in the quantity of money must lead to an increase in prices.
10. Since one man’s receipts are another man’s expenditures, it follows that the quantity of money can be changed only by capital transactions.
11. The rediscount rate is used by the Federal Reserve system to discourage purchase of government securities.
12. Monetary policy can be more effective in preventing inflation than in preventing deflation.

(50 points) “In the early history of our country there was a dearth of currency and specie. It was difficult to have cash on hand, especially when most of the specie was used to pay for imports.” (E. R. Taus, Central Banking Functions of the United States Treasury, 1789-1941, p. 22).

Discuss the economic meaning of these sentences. Do they make sense as they stand? If so, explain. If not, can you suggest any interpretation of them that does make sense? In your answer, emphasize analysis, not economic history.

(50 points)

“One method proposed for bringing the reserve position under control while protecting the market for government securities held by banks is to require banks to keep a reserve of government securities against deposits, in addition to present cash reserves…..In all essential respects, raising required reserve ratios by adding a security-reserve requirement is identical with a straight increase of cash reserve requirements, combined with an equivalent purchase of government securities by the Reserve Banks. The only significant difference is that the security-reserve proposal provides the member banks with the equivalent of a subsidy (in the form of interest on the bonds) to compensate for the loss of earnings on additional assets tied up as reserves.”
Do you agree? Justify your answer.

(50 points) Under our present monetary system, a desire on the part of the pubic to hold an increased fraction of its money in the form of currency and a decreased fraction in the form of deposits is said to be a factor making for a decrease in the total amount of money (currency plus deposits) in existence. Explain this statement in detail. In your explanation, distinguish between the effect of an outflow of cash on the individual bank and on the system.

(50 points) Currency in public circulation (“cash in pocket”) was approximately one-sixth of the total amount of money (currency plus demand deposits plus time deposits) in the United States in 1892, it fell fairly steadily to about one-twelfth in 1930, and then rose more or less steadily until it is again approximately one-sixth, or about the same level as in 1892. The initial decline was interrupted by a rise during the first World War; and the subsequent rise was accelerated during the second World War.
How would you explain the long decline to 1930? The subsequent rise? This tendency for the ratio to rise during war time? (Note that there is no unambiguously “right” answer to this question. So far as I know, those movements have not been exhaustively studied, and hypotheses to explain them have not been tested. You are being asked to construct hypotheses about them).

Source: Hoover Institution Archives. Papers of Milton Friedman, Box 76, Folder 8 “University of Chicago, Econ. 230”.

Image Source: Cropped from a photograph of Milton Friedman, George Stigler, and Aaron Director at the founding meeting of the Mont Pelerin Society, 1947, Milton Friedman papers, Hoover Institution Archives,

Tags Friedman, NerloveM

Economics 14.781J, Michael Piore Political Science 17.945J, Suzanne Berger

POLITICAL ECONOMY I: THEORIES OF THE STATE AND THE ECONOMY [1976]

Reading List Part II

Economics’ Powell dies

Economics 197b: Economic Development in the Soviet Union

Spring 1974 Mr. Powell

Part I: Pre-revolutionary Origins

Part II: The Development Process

Part III: Growth and the Choice of Institutions

Part IV: Subsidiary Policy Problems

Registrar Identifies Biggest Classes By Catherine E. Shoichet Harvard Crimson. October 2, 2000

From the Ec 10 home page (2000-2001)

Social Analysis 10

Course Syllabi (.pdf files)

Spring 2000, Fall 2000/01

Course Syllabi (.html files)

Miscellaneous Course Materials

Spring 1997 (Macroeconomics)

Spring 2000 (Macroeconomics)

Spring 2001 (Macroeconomics)

Fall Semester 2002 (Microeconomics)

From the Fall 2002/03 home page

Spring Semester 2003 (Macroeconomics)

___________

14.454 MACRO THEORY IV Fall 1973 2nd half

14.454 FINAL EXAM 19 Dec 1973 R. M. Solow

___________

14.453 MACRO THEORY IIIFall 1973, 2nd Half

I – ECONOMETRIC MODELS

ECONOMETRIC FORECASTING SYSTEM

THE MPS MODEL

II – THE CONSUMPTION FUNCTION

III – THE INVESTMENT FUNCTION

IV – FINANCIAL MARKETS

V – WAGES, PRICES, EXPECTATIONS

QUALIFYING EXAM FOR 14.454 (sic)MACRO IV (sic)

Time Period: Less than two hoursAnswer at least 2 questions

14.453 MACRO THEORYFINAL EXAMINATION

Franco ModiglianiWednesday, 12/19/73

Final Exam, June 1944

1943-44 HARVARD UNIVERSITY ECONOMICS 38b

One hour

Choose ONE question. 50 minutes

Choose TWO. 35 minutes each

Enrollment 1948

Enrollment 1949

“Short” Reading List

Economics 14b Spring Term, 1949 [mimeographed copy]

“Long” reading list

Economics 14b Spring Term, 1948 [carbon copy]

Final exam, May 1948

1947-48 HARVARD UNIVERSITY ECONOMICS 14b

Part I

Answer BOTH questions. One hour each.

Part II

Choose TWO. 30 minutes each.

Final Exam, June 1949

1948-49 HARVARD UNIVERSITY ECONOMICS 114b

(Three hours)

I.

II.

Course Enrollment

Course Outline and Readings

HARVARD UNIVERSITY Department of Economics Spring Term, 1955-1956

Economics 108

Mid-year and Course Final examinations

Harvard Economics Ph.D. 1950

Robert E. Baldwin Education and Positions

Robert Edward Baldwin (1924-2011) Obituary

Course Description

ECONOMICS 1949-50

Course Enrollment

ECONOMICS I—CONCENTRATORS 1949-50 First Half

ECONOMICS I—NON-CONCENTRATORS 1949-50 First Half

ECONOMICS I—CONCENTRATORS 1949-50 Second Half

ECONOMICS I—NON-CONCENTRATORS 1949-50 Second Half

1949-50 HARVARD UNIVERSITY ECONOMICS I Non-Concentrators

Mid-Year Examination January, 1950

I (One hour and a half) Answer both questions

II (One hour and a half) Answer any THREE questions

Economics 14.781J, Michael Piore
Political Science 17.945J, Suzanne Berger

POLITICAL ECONOMY I: THEORIES OF THE STATE AND THE ECONOMY
[1976]

Reading List
Part II

Spring 1974
Mr. Powell

Registrar Identifies Biggest Classes
By Catherine E. Shoichet
Harvard Crimson. October 2, 2000

14.454
MACRO THEORY IV
Fall 1973 2nd half

14.454 FINAL EXAM
19 Dec 1973
R. M. Solow

14.453 MACRO THEORY III
Fall 1973, 2nd Half

QUALIFYING EXAM FOR 14.454 (sic)
MACRO IV (sic)

Time Period: Less than two hours
Answer at least 2 questions

14.453 MACRO THEORY
FINAL EXAMINATION

Franco Modigliani
Wednesday, 12/19/73

1943-44
HARVARD UNIVERSITY
ECONOMICS 38b

Economics 14b
Spring Term, 1949
[mimeographed copy]

Economics 14b
Spring Term, 1948
[carbon copy]

1947-48
HARVARD UNIVERSITY
ECONOMICS 14b

1948-49
HARVARD UNIVERSITY
ECONOMICS 114b

HARVARD UNIVERSITY
Department of Economics
Spring Term, 1955-1956

Robert E. Baldwin
Education and Positions

Robert Edward Baldwin (1924-2011)
Obituary

ECONOMICS
1949-50

ECONOMICS I—CONCENTRATORS
1949-50
First Half

ECONOMICS I—NON-CONCENTRATORS
1949-50
First Half

ECONOMICS I—CONCENTRATORS
1949-50
Second Half

ECONOMICS I—NON-CONCENTRATORS
1949-50
Second Half

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Non-Concentrators

Mid-Year Examination
January, 1950

I
(One hour and a half)
Answer both questions

II
(One hour and a half)
Answer any THREE questions

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Concentrators

Mid-Year Examination
January, 1950

I
(One hour and a half)
Answer both questions

II
(One hour and a half)
Answer any THREEquestions

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Non-Concentrators

Final Examination
June, 1950

I
(One hour and a half)
Answer both questions

II
(One hour and a half)
Answer both questions

III
(Thirty minutes)
Answer one question

1949-50
HARVARD UNIVERSITY
ECONOMICS I
Concentrators

Final Examination
June, 1950

I
(One hour and a half)
Answer both questions

II
(One hour and a half)
Answer both questions

III
(Thirty minutes)
Answer one question

R. Dornbusch
Spring 2000

Economics 230
Autumn 1947
Library Book List

Economics 230
Autumn 1951

MIDQUARTER EXAMINATION IN ECONOMICS 230
[no date, though likely 1947]

Economics 230
Midquarter Examination
November 5, 1948

Final Examination for Economics 230
Autumn, 1946
3 hours and overnight.

Economics 230
Final Examination
December 16, 1949