Econ 434: International Finance and Open Economy Macroeconomics
Fall 2014, Tuesday and Thursday, 1:00-2:15 PM; 135 Louis E Reber Bldg
Instructor: Alessandro Dovis
Office: 615 Kern Building
Email: [email protected]
Office hours: Tuesday and Thursday 11:00 AM -12:00 PM
Teaching Assistant: Hiroki Fukai
Office: 409 Kern Building
Email: [email protected]
Office hours: Thursday 4:00-5:00 PM and Friday 10:30-11:30 AM
E-mail messages to the instructor and the TA should be marked by beginning the subject line with ‘ECON 434’.
The syllabus for this class can be downloaded here [download syllabus]
Tentative Course Outline and References
There is no textbook for the course.
The main references are the lecture notes from Stephanie Schmitt-Grohe and Martin Uribe (referred to as SGU below).
A copy can be found here [download SGU] or at http://www.columbia.edu/~mu2166/UIM/index.html
1. Current Account, Global Imbalances and Capital Market Integration:
SGU Chapters 1-6 and 8
2. Current Accounts and Fiscal Deficits:
SGU Chapter 7
3. Real Exchange Rates:
SGU Chapters 9-10
4. Nominal Exchange Rates and Monetary Policy:
SGU Chapter 12
5. External Debt and Sovereign Default:
SGU Chapter 11
Additional articles to be posted
6. Optimum Currency Area and the Eurozone Crisis:
Lecture notes (to be posted)
Brunnermeier, Markus K, and Ricardo Reis. “A Crash Course On The Euro Crisis”. (In Preparation). [download slides]
Fernández-Villaverde, Jesús, Luis Garicano, and Tano Santos. 2013. "Political Credit Cycles: The Case of the Eurozone." Journal of Economic Perspectives, 27(3): 145-66. [download copy]
Schmitt-Grohé, Stephanie, and Martin Uribe. 2013. "Downward Nominal Wage Rigidity and the Case for Temporary Inflation in the Eurozone." Journal of Economic Perspectives, 27(3): 193-212. [download copy]
Homeworks:
Homework #1: due on Thursday September 4 [Download Homework 1]
Note: For question 2 and 3 you need to download the data set on net foreign asset positions constructed by Lane and Milesi-Ferretti (available online at http://www.philiplane.org/EWN.html). There seems to a problem downloading it from a PSU computer so I posted the excel file on ANGEL. You can download it from there without problem.
Homework #2: due on Thursday September 25 [Download Homework 2]
Homework #3: due on Thursday November 13 [Download Homework 3]
Homework #4: due on Thursday December 11 [Download Homework 4]
Fall 2014, Tuesday and Thursday, 1:00-2:15 PM; 135 Louis E Reber Bldg
Instructor: Alessandro Dovis
Office: 615 Kern Building
Email: [email protected]
Office hours: Tuesday and Thursday 11:00 AM -12:00 PM
Teaching Assistant: Hiroki Fukai
Office: 409 Kern Building
Email: [email protected]
Office hours: Thursday 4:00-5:00 PM and Friday 10:30-11:30 AM
E-mail messages to the instructor and the TA should be marked by beginning the subject line with ‘ECON 434’.
The syllabus for this class can be downloaded here [download syllabus]
Tentative Course Outline and References
There is no textbook for the course.
The main references are the lecture notes from Stephanie Schmitt-Grohe and Martin Uribe (referred to as SGU below).
A copy can be found here [download SGU] or at http://www.columbia.edu/~mu2166/UIM/index.html
1. Current Account, Global Imbalances and Capital Market Integration:
SGU Chapters 1-6 and 8
2. Current Accounts and Fiscal Deficits:
SGU Chapter 7
3. Real Exchange Rates:
SGU Chapters 9-10
4. Nominal Exchange Rates and Monetary Policy:
SGU Chapter 12
5. External Debt and Sovereign Default:
SGU Chapter 11
Additional articles to be posted
6. Optimum Currency Area and the Eurozone Crisis:
Lecture notes (to be posted)
Brunnermeier, Markus K, and Ricardo Reis. “A Crash Course On The Euro Crisis”. (In Preparation). [download slides]
Fernández-Villaverde, Jesús, Luis Garicano, and Tano Santos. 2013. "Political Credit Cycles: The Case of the Eurozone." Journal of Economic Perspectives, 27(3): 145-66. [download copy]
Schmitt-Grohé, Stephanie, and Martin Uribe. 2013. "Downward Nominal Wage Rigidity and the Case for Temporary Inflation in the Eurozone." Journal of Economic Perspectives, 27(3): 193-212. [download copy]
Homeworks:
Homework #1: due on Thursday September 4 [Download Homework 1]
Note: For question 2 and 3 you need to download the data set on net foreign asset positions constructed by Lane and Milesi-Ferretti (available online at http://www.philiplane.org/EWN.html). There seems to a problem downloading it from a PSU computer so I posted the excel file on ANGEL. You can download it from there without problem.
Homework #2: due on Thursday September 25 [Download Homework 2]
Homework #3: due on Thursday November 13 [Download Homework 3]
Homework #4: due on Thursday December 11 [Download Homework 4]