Econ 434: International Finance and Open Economy Macroeconomics
Fall 2015, Tuesday and Thursday, 9:45 AM - 11:00 AM; 060 Willard Bldg
Instructor: Alessandro Dovis
Office: 615 Kern Building
Email: azd12@psu.edu
Office hours: Tuesday and Thursday 11:10 AM - 12:10 PM
Teaching Assistant: Yiqiao Zheng
Office: 401 Kern Building
Email: yzz139@psu.edu
Office hours: Tuesday and Thursday 4:00 PM - 5:00 PM
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 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 10 [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 24 [download homework #2]
Homework #3: due on Thursday November 12 [download homework #3]
Homework #4: due on Thursday December 10 [download homework #4]
Fall 2015, Tuesday and Thursday, 9:45 AM - 11:00 AM; 060 Willard Bldg
Instructor: Alessandro Dovis
Office: 615 Kern Building
Email: azd12@psu.edu
Office hours: Tuesday and Thursday 11:10 AM - 12:10 PM
Teaching Assistant: Yiqiao Zheng
Office: 401 Kern Building
Email: yzz139@psu.edu
Office hours: Tuesday and Thursday 4:00 PM - 5:00 PM
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 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 10 [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 24 [download homework #2]
Homework #3: due on Thursday November 12 [download homework #3]
Homework #4: due on Thursday December 10 [download homework #4]