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Klaus Prettner
Austria
เข้าร่วมเมื่อ 6 ก.พ. 2021
I am a Professor of Macroeconomics at the Vienna University of Economics and Business (WU). My research and teaching are primarily concerned with the interrelations between economic growth and inequality, the economic consequences of automation, and the impacts of demographic developments on long-run economic outcomes.
Together with David E. Bloom, I have authored the book “Automation and Its Macroeconomic Consequences: Theory, Evidence, and Social Impacts” published in 2020 by Academic Press.
On this channel, I will upload recorded lectures and presentations on macroeconomic topics ranging from an introduction to basic models and concepts to dynamic macroeconomic modeling, the role of automation in shaping growth and inequality, and the measurement of economic well-being.
Together with David E. Bloom, I have authored the book “Automation and Its Macroeconomic Consequences: Theory, Evidence, and Social Impacts” published in 2020 by Academic Press.
On this channel, I will upload recorded lectures and presentations on macroeconomic topics ranging from an introduction to basic models and concepts to dynamic macroeconomic modeling, the role of automation in shaping growth and inequality, and the measurement of economic well-being.
The Newton-Raphson Algorithm
Lucas Konrad provides an intuitive explanation and illustration of the Newton-Raphson algorithm
มุมมอง: 52
วีดีโอ
The AK Growth Model
มุมมอง 173วันที่ผ่านมา
Upon request, I explain the AK growth model in this video. In the first part, I deal with the version of Frankel (1962) with exogenous saving and in the second part with the version of Romer (1986) with endogenous saving. The central part of the model is the learning-by-doing spillover effect according to which the use of physical capital in production raises aggregate knowledge in the economy....
The Harrod-Domar Growth Model
มุมมอง 11514 วันที่ผ่านมา
Upon several requests I got in the past, I am happy to upload this video on the Harrod-Domar growth model. The Harrod-Domar growth model was developed in the 1940s and explained long-run economic growth through the accumulation of physical capital. Since it did not square with some of the stylized facts of economic growth, it was then displaced by the Solow model in in the 1950s, which showed t...
A Time Preference Shock in the Ramsey-Cass-Koopmans Model
มุมมอง 10621 วันที่ผ่านมา
Carmen Treml presents the effects of a shock to the time preference rate in the Ramsey-Cass-Koopmans model. First, she shows the effects of the shock from a theoretical perspective using a phase diagram analysis. Afterwards she implements the model in the software package R and simulates the effects of the preference shock on the steady-state values numerically. For the theory of the Ramsey-Cas...
The Malthus Model
มุมมอง 133หลายเดือนก่อน
Why did income per capita stagnate prior to the Industrial Revolution? Thomas Malthus was the first to provide a theory in his "Essay on the Principle of Population" published in 1798. In this video, I describe the main ideas of his theory and how its predictions fit to the data before the year 1800. Finally, I also talk about the fact that almost exactly at the time when Malthus proposed his t...
Simulating the Semi-Endogenous Growth Model of Jones (1995)
มุมมอง 99หลายเดือนก่อน
In this video, Oliver Reiter explains how the Jones (1995) semi-endgenous growth model can be implemented numerically using Julia. - For the theoretical presentation of the Jones (1995) model, please see: tinyurl.com/38h7fyk8 - The slides used in the presentation are available here: gitlab.com/zauster/jones1995_model_implementation/-/blob/master/Jones1995_Model.pdf - the rest of the Julia imple...
Simulating a Natural Disaster in the Solow Model
มุมมอง 150หลายเดือนก่อน
In this video, Zhenyi Wang implements the Solow model numerically in Matlab and simulates the effects of a natural disaster that destroys a part of the capital stock.
Simulating the Solow Model
มุมมอง 318หลายเดือนก่อน
Talis Mabito Tebecis implements the Solow-Swan model numerically using the software package R. He simulates the effects of changing population growth and changing technological progress on economic outcomes. For the basic versions of the Solow-Swan model, please see th-cam.com/video/t8Q-2P0P3E4/w-d-xo.html th-cam.com/video/sP_eQoPMAKg/w-d-xo.html For the playlist on the Solow model, please see ...
The Schumpeterian Growth Model (Multisector Version)
มุมมอง 243หลายเดือนก่อน
This lecture introduces the Schumpeterian growth model of Aghion and Howitt in the multi-sector version. In contrast to the one-sector version, economic growth over time is constant. For other videos on macroeconomic topics, please see th-cam.com/play/PLHCd4G3qW92kRLjoJN32TNz5QyhftE83j.html th-cam.com/play/PLHCd4G3qW92n1iJkIB93JoEMnfFQK7jzB.html
The Schumpeterian Growth Model (One-Sector Version)
มุมมอง 4662 หลายเดือนก่อน
This lecture introduces the Schumpeterian growth model of Aghion and Howitt in a simplified one-sector version. The model features vertical innovation instead of horizontal innovation as in the Romer model. Old vintages of technologies are replaced by new ones, which is "creative desctruction". For other videos on macroeconomic topics, please see th-cam.com/play/PLHCd4G3qW92kRLjoJN32TNz5QyhftE8...
Is Software Eating the World?
มุมมอง 572 หลายเดือนก่อน
Paul Straberger discusses the essay "Why Software Is Eating the World" by Marc Andreessen, co-developer of the first widely-used web browser and co-founder of the venture capital firm Andreessen Horowitz.
Infection Risk at Work, Automation, and Employment
มุมมอง 603 หลายเดือนก่อน
I presented the paper "Infection Risk at Work, Automatability, and Employment" (joint work with Ana Abeliansky and Roman Stöllinger) online at the Interdisciplinary Centre for Labour Market and Family Dynamics (LabFam) of the University of Warsaw. They recorded the seminar and kindly provided me the file. In this paper we analyze the joint risk of i) being infected at the workplace and ii) bein...
What are the Effects of Drone Strikes on Terrorism?
มุมมอง 1004 หลายเดือนก่อน
Welcome to the third video in the series "Insights from Economics". This episode describes the main insights of the study "Gone with the wind: The consequences of US drone strikes in Pakistan" written by Rafat Mahmood and Michael Jetter. The study is published in The Economic Journal. A freely available working paper version can be downloaded here: www.iza.org/publications/dp/12318/military-int...
Does Media Coverage Affect Mass Shootings?
มุมมอง 504 หลายเดือนก่อน
Welcome to the second video in the series "Insights from Economics". This episode deals with the key findings and implications of the study "News coverage and mass shootings in the US" written by Michael Jetter and Jay K. Walker. The paper is published in the European Economic Review. A freely available working paper version can be downloaded here: docs.iza.org/dp11900.pdf I am happy if you lea...
Open Economy: The Marshall-Lerner Condition
มุมมอง 2944 หลายเดือนก่อน
This video discusses the Marshall-Lerner condition. If this condition is fulfilled, a depreciation of the home currency raises net exports. For the full Intermediate Macroeconomics Cource, please see the following lectures: th-cam.com/video/jgfSE6jAXWM/w-d-xo.html th-cam.com/video/9eeBixxQa_o/w-d-xo.html th-cam.com/video/g6aba0V6ifo/w-d-xo.html th-cam.com/video/LR5S4xL0DJE/w-d-xo.html th-cam.co...
Open Economy Macroeconomics: The Mundell-Fleming Model
มุมมอง 1.6K5 หลายเดือนก่อน
Open Economy Macroeconomics: The Mundell-Fleming Model
Open Economy: Reducing the Trade Deficit
มุมมอง 1955 หลายเดือนก่อน
Open Economy: Reducing the Trade Deficit
Open Economy: Effects of a Depreciation
มุมมอง 2275 หลายเดือนก่อน
Open Economy: Effects of a Depreciation
Open Economy: Increases in Foreign Demand
มุมมอง 3006 หลายเดือนก่อน
Open Economy: Increases in Foreign Demand
Open Economy: Fiscal Policy and the Multiplier
มุมมอง 5026 หลายเดือนก่อน
Open Economy: Fiscal Policy and the Multiplier
Deep Determinants of Economic Growth: Luck
มุมมอง 1948 หลายเดือนก่อน
Deep Determinants of Economic Growth: Luck
Deep Determinants of Economic Growth: Culture
มุมมอง 2658 หลายเดือนก่อน
Deep Determinants of Economic Growth: Culture
Deep Determinants of Economic Growth: Institutions
มุมมอง 2359 หลายเดือนก่อน
Deep Determinants of Economic Growth: Institutions
Deep Determinants of Economic Growth: Geography
มุมมอง 3349 หลายเดือนก่อน
Deep Determinants of Economic Growth: Geography
This is treasure! Thank you for posting this videos, you are a golden teacher.
Thank you very much! I am glad you like the videos
Thank you for watching the video! If you are interested in more material on economic growth, you may find the following playlist useful: th-cam.com/play/PLHCd4G3qW92kjaN6cr0Su8QTV7AFmcbE1.html For the lecture on the multi-sector version of the Schumpeterian growth model, please see th-cam.com/video/nh0oBne7Lb0/w-d-xo.html
Thank you for watching the video! If you are interested in more material on economic growth, you may find the following playlist useful: th-cam.com/play/PLHCd4G3qW92kjaN6cr0Su8QTV7AFmcbE1.html
hey TH-cam, check this video out. Thank you so much for the content. Very helpful!
Thank you very much! Great that it is helpful.
Thank you for watching the video. I hope it will be useful to you. For more details on the Ramsey-Cass-Koopmans model, please see the following playlist: th-cam.com/play/PLHCd4G3qW92mfU6vCUTzvPXCqD3F6cFbL.html If you are interested in other videos on economic growth, here is a playlist with a full course: th-cam.com/play/PLHCd4G3qW92kjaN6cr0Su8QTV7AFmcbE1.html Enjoy the material!
Thank you for watching the video. I hope it will be useful to you. For more details on the endogenous growth models, please see the following playlist: th-cam.com/play/PLHCd4G3qW92nPlJKqx-tcoOQ64jdOGkGk.html If you are interested in other videos on economic growth, here is a playlist with a full course: th-cam.com/play/PLHCd4G3qW92kjaN6cr0Su8QTV7AFmcbE1.html Enjoy the material!
Thank you for watching the video. I hope it will be useful to you. For more details on the Solow model, please see the following playlist: th-cam.com/play/PLHCd4G3qW92kFrqbc9EZov0nqDPCba98Y.html If you are interested in other videos on economic growth, here is a playlist with a full course: th-cam.com/play/PLHCd4G3qW92kjaN6cr0Su8QTV7AFmcbE1.html Enjoy the material!
Thank you for watching the video. I hope it will be useful to you. For more details on the Solow model, please see the following playlist: th-cam.com/play/PLHCd4G3qW92kFrqbc9EZov0nqDPCba98Y.html If you are interested in other videos on economic growth, here is a playlist with a full course: th-cam.com/play/PLHCd4G3qW92kjaN6cr0Su8QTV7AFmcbE1.html Enjoy the material!
you teach like a university prof ,never waste time🙂🙂
Yes. The good thing on TH-cam is that you can slow me down without me being able to do anything ;)
Professor Prettner, thank you very much for your videos, they save a lot of time reading and understanding Romer's book. I use them to prepare my Advanced Macro classes, congratulations for your great power to resume and facilitate the material
Thank you so much for your positive feedback! I am very happy that you find the videos useful and that they help in the preparation of the course. Many thanks for using them.
The code quality is not high enough(even 720p) to see the syntax clearly. Could you upload the code to the web and give us the link to download it, please?
Thank you for your interest! Please send me an email to my university email adress and I can send you the code.
Thank you So much, its very helpfull, I have one question in slide 40 is it r or -r when you set it = c(u"(c))c^. / u'(c) c - p?
Thank you for your positiuve feedback! I am happy that it is helpful. Yes, on slide 40 there is a typ. It should be "-r" instead of "r" on the left hand side of the expression you mention. Thank you for spotting it and sorry for the typo!
Coool thank you for your contributions and time
Thank you very much for your positive feedback!
Very interesting. The only problem I see with the simulated results is that the new steady state is not to the left of the golden rule capital per effective unit of labor (i.e., the maximum point in the curve describing the capital accumulation isocline) as the model should predict. From what I can see it looks like it's to the right of this point. Have you looked into this? Should we expect something like this from such shock? My guess is we shouldn't. Thanks!
Thank you very much for your comment. Yes, as you say, the steady state should always be to the left of the maximum of the \dot{k}=0 isocline (so, to the left of the golden rule level of capital per unit of effective labor).
I am truly grateful for your articulate and enlightening presentation on this model. Thank you, Sir, for your unwavering commitment. Kind regards from India.
Thank you very much for your kind words! I am happy that you like the presentation.
Sehr geehrte Herr Prettner! Zur Zeit bin ich Student an der UniWien und habe einige Probleme mit Applied Microeconomics. Ich möchte Ihnen vielmals danken, weil Sie sehr sehr deutlich alle Materialen erzählen! In meiner Uni haben wir fast alle Mathematik, so es ist schwer zu verstehen. Noch mal danke Ihnen!
Vielen Dank für das positive Feedback! Es freut mich sehr, dass die Materialien hilfreich sind. Alles Gute für das weitere Studium!
Can you explain why output per unit of effective labour can decrease with a rise in technological progress rate?
This is due to the definition of output per unit of effective labor being Y/(AL). So if A grows faster, you would have a slowdown in the growth of output per unit of effective labor during the transition to the new steady state and that leads to a lower steady state level of output per unit of effective labor than with a lower g. Note, however, that output per worker (y), which is defined as Y/L grows FASTER, when g increases. So output per worker would be higher than without an increase in g
good presentation, thanks!
@@emveza2909 Thank you!
Great explanation!
@@teh5678 Thank you!
Great video, thanks very much.
Did your simple model first - great intuition from that video made this one a breeze!!!
Thank you very much! Glad you liked the videos.
Amazing and succinct explanation! 🎉
Thank you very much!
Vielen Dank für ihre Videos hoffentlich bestehe ich dadurch die Makro Prüfung!
Sehr gerne und alles Gute für die Prüfung!
Very nice video, I would like to experiment if the notebook is available 😊
Thank you very much! I will see what I can do ;)
@@KlausPrettner Do you have Github ?
One of the best guys in the economic automation field nowadays. Well done, Professor!
Thank you so much for your very kind feedback! I am happy that you like the video.
This is powerful Prof, can I please get access to the Rscript 🙌🙌
Thank you very much for your positive feedback. Please send me an email and I will aim to establish a connection with Talis regarding the script.
god open economy stuff is such a headache, thank you Klaus
You are welcome :)
More like this please, awesome
Thank you! More simulation exercises will be uploaded soon.
Wow Professor thanks for this amazing content. I have to practice this in the R software.
Thank you very much for your positive feedback. All honors go to Talis Mabito Tebecis, a PhD student at our department who did a great job preparing this video.
Excellent follow-up!
Thank you very much!
Elegant and clear presentation!
@@albertnewton2090 Thank you very much!
I appreciate your guidance, Sir. This concept was essential for me. Your teaching style is remarkably straightforward and comprehensible. I extend my respect as one of your Indian students on TH-cam.
Thank you very much for your positive feedback. I am very happy that my videos are useful to you.
Thank you for such useful video. But I wonder if the modern view of LM curve is adopted, i.e. horizontal and using interest rate as monetary tool, is liquidity trap still applicable in this revised model?
Thank you! Yes, the liquidity trap in the traditional form (that the interest rate does not respond to monetary policy for a flat LM curve) is basically assumed away in this case. However, the constraint of the zero lower bound on the nominal interest rate could still be binding and would have similar consequences as a liquidity trap in the traditional version of the model.
Very helpful and clear video, thanks!
Thank you very much!
Excellent video 👍
Thank you so much, Jamel!
At first i was mad that even this model felt like it had it's shortcomings, but now i see we get to a much more complex version of this model at the end of the macroeconomics playlist, i was missing inflation targeting in this one but I think it could easily be implemented by changing Inflation_t - Inflation_t-1 to Inflation_t - Target_t --> Inflation below target implies an output gap and interest rates above r* the CB should lower rates to reach Y* How would a pure Price shock be modelled? Like Oil price shock, fully exogenous --> shift PC inward? Feedback appreciated
Yes, an oil price shock would be modeled as a shift of the PC curve. Regarding inflation targetting, the model is consistent with it as central banks could set interest in a way to get the target inflation rate. This is modeled more explicitly in the New Keynesian model (in the Taylor rule), the videos of which you can find here: th-cam.com/video/aQaMSYwmYOs/w-d-xo.html th-cam.com/video/j048K_yb3h8/w-d-xo.html th-cam.com/video/uUcp4csjNrg/w-d-xo.html I hope this is helpful.
this model seems pretty intuitive, but also rather handwavy specifically at the part where Price expectations are adjusted downward, would this mean a decline in wages? I can see why in Part 1 you said IS-MP-PC is preferred. I would love to see some exercises from you for that model :)
Thanks for the comments and questions. A downward adjustment in price expectations would not lead to a decline in wages but to a downward adjustment of the pay rises demanded in trhe next period (upward pressures on wages would ease). I hope I will be able to provide exercises at some point.
Your seperation of the timeframes is so good, I shall steal it for future Tutoring
Thank you! Feel free to do so (and to recommend the video ;))
A very helpful video here for me. I don't live in doubt now. My mind very clear now. Thank you so much. In fact, one subscription added, sir.
Thank you very much for your kind feedback and for subscribing. I am very happy that the video was helpful to you.
Thanks a lot! Is this course PhD level or near PhD level?
Thank you for watching. The course is typically taught in master's programs and sometimes at the beginning of PhD programs as a recapitulation.
Thank you for watching the video and for leaving your comments. If you are interested in more videos on Intermediate Macroeconomics, the full lecture can be found here: The Goods Market: th-cam.com/video/jgfSE6jAXWM/w-d-xo.html The Multiplier Effect: th-cam.com/video/9eeBixxQa_o/w-d-xo.html The IS Curve: th-cam.com/video/g6aba0V6ifo/w-d-xo.html Movements Along the Curve or Shifts of the Curve: th-cam.com/video/LR5S4xL0DJE/w-d-xo.html The Money Market: th-cam.com/video/I2iUZVoKkm0/w-d-xo.html The LM Curve: th-cam.com/video/A5jV_0ZIRU4/w-d-xo.html The IS-LM Model: th-cam.com/video/e_3clidGpfE/w-d-xo.html The Labor Market: th-cam.com/video/r8qRf_kIeek/w-d-xo.html The Phillips Curve: th-cam.com/video/c55Gz1oKr7w/w-d-xo.html The IS-LM-PC Model: th-cam.com/video/7zvc1ECNHAo/w-d-xo.html Exchange Rates: th-cam.com/video/QKf7fQCjfVY/w-d-xo.html Purchasing Power Parity: th-cam.com/video/00H3hXF85Ns/w-d-xo.html Interest Rate Parity: th-cam.com/video/_LVPhfBBGNs/w-d-xo.html Goods Market in the Open Economy: th-cam.com/video/CS-fjsU4XBQ/w-d-xo.html Fiscal Policy and the Multiplier in the Open Economy: th-cam.com/video/w5agukcULuo/w-d-xo.html Open Economy: Effects of Increases in Foreign Demand: th-cam.com/video/fCzqV8KEFhw/w-d-xo.html Open Economy: Effects of a Currency Depreciation: th-cam.com/video/zTza0XO-52Q/w-d-xo.html Reducing the Trade Deficit: th-cam.com/video/S5Mv-WC6iNk/w-d-xo.html The Marshall-Lerner Condition: th-cam.com/video/Yw3Y74DEge8/w-d-xo.html The Mundell-Fleming Model: th-cam.com/video/yRefsZdU1No/w-d-xo.html The Solow Model: th-cam.com/video/t8Q-2P0P3E4/w-d-xo.html The Solow Model with Technological Progress: th-cam.com/video/sP_eQoPMAKg/w-d-xo.html
Thank you for watching the video and for leaving your comments. If you are interested in more videos on Intermediate Macroeconomics, the full lecture can be found here: The Goods Market: th-cam.com/video/jgfSE6jAXWM/w-d-xo.html The Multiplier Effect: th-cam.com/video/9eeBixxQa_o/w-d-xo.html The IS Curve: th-cam.com/video/g6aba0V6ifo/w-d-xo.html Movements Along the Curve or Shifts of the Curve: th-cam.com/video/LR5S4xL0DJE/w-d-xo.html The Money Market: th-cam.com/video/I2iUZVoKkm0/w-d-xo.html The LM Curve: th-cam.com/video/A5jV_0ZIRU4/w-d-xo.html The IS-LM Model: th-cam.com/video/e_3clidGpfE/w-d-xo.html The Labor Market: th-cam.com/video/r8qRf_kIeek/w-d-xo.html The Phillips Curve: th-cam.com/video/c55Gz1oKr7w/w-d-xo.html The IS-LM-PC Model: th-cam.com/video/7zvc1ECNHAo/w-d-xo.html Exchange Rates: th-cam.com/video/QKf7fQCjfVY/w-d-xo.html Purchasing Power Parity: th-cam.com/video/00H3hXF85Ns/w-d-xo.html Interest Rate Parity: th-cam.com/video/_LVPhfBBGNs/w-d-xo.html Goods Market in the Open Economy: th-cam.com/video/CS-fjsU4XBQ/w-d-xo.html Fiscal Policy and the Multiplier in the Open Economy: th-cam.com/video/w5agukcULuo/w-d-xo.html Open Economy: Effects of Increases in Foreign Demand: th-cam.com/video/fCzqV8KEFhw/w-d-xo.html Open Economy: Effects of a Currency Depreciation: th-cam.com/video/zTza0XO-52Q/w-d-xo.html Reducing the Trade Deficit: th-cam.com/video/S5Mv-WC6iNk/w-d-xo.html The Marshall-Lerner Condition: th-cam.com/video/Yw3Y74DEge8/w-d-xo.html The Mundell-Fleming Model: th-cam.com/video/yRefsZdU1No/w-d-xo.html The Solow Model: th-cam.com/video/t8Q-2P0P3E4/w-d-xo.html The Solow Model with Technological Progress: th-cam.com/video/sP_eQoPMAKg/w-d-xo.html
Thank you for watching the video and for leaving your comments. If you are interested in more videos on Intermediate Macroeconomics, the full lecture can be found here: The Goods Market: th-cam.com/video/jgfSE6jAXWM/w-d-xo.html The Multiplier Effect: th-cam.com/video/9eeBixxQa_o/w-d-xo.html The IS Curve: th-cam.com/video/g6aba0V6ifo/w-d-xo.html Movements Along the Curve or Shifts of the Curve: th-cam.com/video/LR5S4xL0DJE/w-d-xo.html The Money Market: th-cam.com/video/I2iUZVoKkm0/w-d-xo.html The LM Curve: th-cam.com/video/A5jV_0ZIRU4/w-d-xo.html The IS-LM Model: th-cam.com/video/e_3clidGpfE/w-d-xo.html The Labor Market: th-cam.com/video/r8qRf_kIeek/w-d-xo.html The Phillips Curve: th-cam.com/video/c55Gz1oKr7w/w-d-xo.html The IS-LM-PC Model: th-cam.com/video/7zvc1ECNHAo/w-d-xo.html Exchange Rates: th-cam.com/video/QKf7fQCjfVY/w-d-xo.html Purchasing Power Parity: th-cam.com/video/00H3hXF85Ns/w-d-xo.html Interest Rate Parity: th-cam.com/video/_LVPhfBBGNs/w-d-xo.html Goods Market in the Open Economy: th-cam.com/video/CS-fjsU4XBQ/w-d-xo.html Fiscal Policy and the Multiplier in the Open Economy: th-cam.com/video/w5agukcULuo/w-d-xo.html Open Economy: Effects of Increases in Foreign Demand: th-cam.com/video/fCzqV8KEFhw/w-d-xo.html Open Economy: Effects of a Currency Depreciation: th-cam.com/video/zTza0XO-52Q/w-d-xo.html Reducing the Trade Deficit: th-cam.com/video/S5Mv-WC6iNk/w-d-xo.html The Marshall-Lerner Condition: th-cam.com/video/Yw3Y74DEge8/w-d-xo.html The Mundell-Fleming Model: th-cam.com/video/yRefsZdU1No/w-d-xo.html The Solow Model: th-cam.com/video/t8Q-2P0P3E4/w-d-xo.html The Solow Model with Technological Progress: th-cam.com/video/sP_eQoPMAKg/w-d-xo.html
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