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Home / Dirk Niepelt / “Asset Pricing, r versus g, and Modern Monetary Theory: How Much Debt Can Governments Issue?,” Bern, Spring 2022

“Asset Pricing, r versus g, and Modern Monetary Theory: How Much Debt Can Governments Issue?,” Bern, Spring 2022

Summary:
BA seminar at the University of Bern. Uni Bern’s official course page: The seminar targets students who have completed their mandatory training in microeconomics, macroeconomics and mathematics (i.e., students in the second half of their BA studies) and who are interested in modern macroeconomic theory. We analyze arguments according to which the government does, or does not face an intertemporal budget constraint. What does the literature on asset pricing, rational bubbles, or the fiscal theory of the price level have to say? Why does the difference between the interest rate and the growth rate matter? Does “Modern Monetary Theory” add anything to these insights? We start by reviewing standard economic models (c. 3 classes). Thereafter, students read contributions to the literature,

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BA seminar at the University of Bern.

Uni Bern’s official course page:

  • The seminar targets students who have completed their mandatory training in microeconomics, macroeconomics and mathematics (i.e., students in the second half of their BA studies) and who are interested in modern macroeconomic theory.
  • We analyze arguments according to which the government does, or does not face an intertemporal budget constraint. What does the literature on asset pricing, rational bubbles, or the fiscal theory of the price level have to say? Why does the difference between the interest rate and the growth rate matter? Does “Modern Monetary Theory” add anything to these insights?
  • We start by reviewing standard economic models (c. 3 classes). Thereafter, students read contributions to the literature, summarize them and present their summaries in class.
  • There is a maximum of 12 participants, first-come-first-served (according to date of registration on KSL).
  • Meetings: Tuesday, 12.15 – 14.00 h.
Dirk Niepelt
Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Centre for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was an invited professor at the University of Lausanne as well as a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University.

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