Nicola Viegi
SARB Chair in Monetary Policy Studies, University of Pretoria
Research Fellow, Economic Research Southern Africa
Honours: Math Preliminary 2026
Honours: Macroeconomic Policy 2026
Readings
- Model file
- Additional notes and background reading
Master: Advanced Macroeconomics 2026
The Macroeconomics of Inflation
Lectures
Handouts
Assignement
Readings
Core Readings
- Woodford, M. (2005). Interest and Prices. Princeton University Press. Chapter 1
- Clarida, R, Gali, J., & Gertler, M. (1999). The science of monetary policy: A new Keynesian perspective. Journal of Economic Literature, 34(1), 1-63.
- Castillo-Martinez, L., & Reis, R. (2026). How do central banks control inflation? A guide for the perplexed. Journal of Economic Literature, 64(1), 195-245.
- Stantcheva, S. (2024). Why do we dislike inflation?. Brookings Papers on Economic Activity, 2024(1), 1-46.
- Nakamura, E., & Steinsson, J. (2018). Identification in macroeconomics. Journal of Economic Perspectives, 32(3), 59-86.
Monetary Policy Practice
- Svensson, L. E. O. (2003). What is wrong with Taylor rules? Using judgment in monetary policy through targeting rules. Journal of Economic Literature, 41(2), 426-477.
- Bernanke, B. S. (2020). New Tools of Monetary Policy, American Economic Review 110(4): 943-983
- Woodford, M. (2010). Optimal monetary stabilization policy. Handbook of monetary economics, 3, 723-828.
- Gürkaynak, R. S., Kısacıkoğlu, B., & Lee, S. S. (2023). Exchange rate and inflation under weak monetary policy: Turkey verifies theory. Economic Policy, 38(115), 519-560.
- Pirozhkova, Ekaterina, Giovanni Ricco, and Nicola Viegi. (2024)Trouble Every Day: Monetary Policy in an Open Emerging Economy. CEPR Discussion Paper No. DP19094. CEPR Press
Monetary and Fiscal Policy
- Sims, C. A. (1994). A simple model for study of the determination of the price level and the interaction of monetary and fiscal policy. Economic theory, 4(3), 381-399.
- Sargent, T. J., & Wallace, N. (1984). Some unpleasant monetarist arithmetic. In Monetarism in the united kingdom (pp. 15-41). London: Palgrave Macmillan UK.
- Leeper, E. M. (1991). Equilibria under ‘active’and ‘passive’monetary and fiscal policies. Journal of monetary Economics, 27(1), 129-147.
- Angeletos, G. M., Lian, C., Wolf, C. K., & Zhang, D. R. (2026). Monetary-fiscal interactions: A reappraisal. Working Paper.
- Tanner, E (2012) Fiscal Sustainability: 21st Century Guide for the Perplexed, IMF Working Paer, 13/89
- Dornbusch, R., & Edwards, S. (1990). "Macroeconomic populism." Journal of Development Economics, 32(2), 247-277.
Credit Cycles and Financial Crisis
- Diamond, D. W., & Dybvig, P. H. (1983). Bank runs, deposit insurance, and liquidity. Journal of political economy, 91(3), 401-419.
- Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The financial accelerator in a quantitative business cycle framework. Handbook of macroeconomics, 1, 1341-1393.
Master: Political Economy 2026
State Formation, State capacity and Development
Readings
Basic Political Economy Model
The Political Economy of State Formation
- Acemoglu, D. (2005) “Politics and economics in weak and strong states.” Journal of Monetary Economics 52, no. 7: 1199-1226.
- Besley, Tim and Persson, Torsten (2009) “The Origins of State Capacity: Property Rights, Taxation and Politics” American Economic Review, 99(4), 1218-44.
- Besley, T. and Persson, T., 2011. Fragile states and development policy. Journal of the European Economic Association, 9(3), pp.371-398.
- Acemoglu, Daron, Davide Ticchi, and Andrea Vindigni. “Emergence and persistence of inefficient states.” Journal of the European Economic Association 9.2 (2011): 177-208.
- Acemoglu, D., and Robinson, J. A. (2018). The Emergence of Weak, Despotic and Inclusive States.
- Acemoglu, D. and Robinson, J.A., (2017). The emergence of weak, despotic and inclusive states (No.
w23657). National Bureau of Economic Research.
- Acemoglu, Daron, Davide Ticchi, and Andrea Vindigni. “Emergence and persistence of inefficient states."
Journal of the European Economic Association 9.2 (2011): 177-208
- Acemoglu, D., Garcıa-Jimeno, C. and Robinson, J.A., 2015. State capacity and economic development:
A network approach. American Economic Review, 105(8), pp.2364-2409.
- Dincecco, M. and Wang, Y., 2022. State capacity in historical political economy. The Oxford handbook
of historical political economy, pp.253-270.
- Besley, Tim and Persson, Torsten (2009) ”The Origins of State Capacity: Property Rights, Taxation and
Politics” American Economic Review, 99(4), 1218-44, 2009.
- Besley, T. and Persson, T., 2011. Fragile states and development policy. Journal of the European Economic
Association, 9(3), pp.371-398.
- Albers, T.N., Jerven, M. and Suesse, M., 2023. The Fiscal State in Africa: Evidence from a century of
growth. International Organization, 77(1), pp.65-101.
- Dal B´o, E., Finan, F. and Rossi, M.A., 2013. Strengthening state capabilities: The role of financial
incentives in the call to public service. The Quarterly Journal of Economics, 128(3), pp.1169-1218.
The Political Economy of Conflicts
- Acemoglu, D. (2003) “Why not a political Coase theorem? Social conflict, commitment, and politics.” Journal of Comparative Economics 31, no. 4: 620-652.
- Esteban, J., and D. Ray. (2008) “On the salience of ethnic conflict.” The American Economic Review 98, no. 5: 2185-2202.
- Esteban, J., Mayoral, L. and Ray, D., 2012. Ethnicity and conflict: An empirical study. American
Economic Review, 102(4), pp.1310-42.
- Besley, Timothy and Torsten Persson (2011) “The Logic of Political Violence” Quarterly Journal of Economics, 126(3), pp. 1411-1445.
- Michalopoulos, S. and Papaioannou, E., 2016. The long-run effects of the scramble for Africa. American
Economic Review, 106(7), pp.1802-48.
- Acemoglu, D., Hassan, T.A. and Tahoun, A., 2017. The power of the street: Evidence from egypt’s arab
spring. The Review of Financial Studies, 31(1), pp.1-42.
Political Economy of South African Transition