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International Monetary Theory and Policy

Опубликовано на портале: 25-01-2003
Факультет: Economic Department
Год: Spring 2002
Язык: Английский
Тематические разделы: Экономика, Международная экономика, Международная экономика: Международная макроэкономика и международные финансы

Aннотация:
Курс "Международная монетарная теория и политика" читается на первом курсе магистратуры Университета Иллинойса в Чикаго.
Основные учебники курса F.L. and L.A.Rivera-Batiz, International Finance and Open Economy Macroeconomics, 2nd ed., Prentice Hall, 1994. и P.DeGrauwe, The Economics of Monetary Integration, 3rd ed., Oxford, 1997.
Курс - продвинутый и разработан на базе курса "Международная монетарная экономика", который читается в Университете ранее.
Требования к курсу: "Advanced Macroeconomics".



THE UNIVERSITY OF ILLINOIS AT CHICAGO

ECON 515: INTERNATIONAL MONETARY THEORY AND POLICY

SPRING 2002





Prof. George Karras Office Hours:

UH 2104 (996-2321) Tue & Thu, 11:00-12:00

e-mail: gkarras@uic.edu and by appointment

Web Page: http://www.uic.edu/~gkarras





Required Texts:



F.L. and L.A.Rivera-Batiz, International Finance and Open Economy Macroeconomics, 2nd ed., Prentice Hall, 1994.



P.DeGrauwe, The Economics of Monetary Integration, 3rd ed., Oxford, 1997.





Other Recommended Texts:



R.Dornbusch, Open Economy Macroeconomics, Basic Books, 1980. (Intermediate to advanced level, a classic but somewhat out of date).

C.P.Hallwood and R.MacDonald, International Money and Finance, 2nd edition, Blackwell, 1994. (Intermediate level, good coverage of topics in international finance).

B.T.McCallum, International Monetary Economics, Oxford, 1996. (Intermediate level, careful treatment of expectations.)

M.Obstfeld and K.Rogoff, Foundations of International Macroeconomics, MIT Press, 1996. (Advanced level, comprehensive coverage, emphasis on intertemporal maximization).





Overview:



This is the second course of the graduate sequence in International Economics. The purpose of this course is to provide a broad survey of the topics in International Macroeconomic Theory and Policy. I will assume that you have mastered the models in Econ 511, 512, and 514, and that you are familiar with the basic concepts of calculus, probability, and statistics.

Part I is a basic introduction to the main concepts and measurement issues. Part II extends the traditional Keynesian approach to the open economy, while Part III presents the monetarist alternative. Part IV introduces the synthesis known as the Mundell-Fleming model, and Part V treats some of the more modern aspects of the neoclassical approach and the links between openness and economic growth. The theory and practice of monetary integration is discussed in Part VI, and Part VII (if time permits) will deal with various other topics.





Evaluation:



Your grade will be based on a midterm (50%) and a final (50%) examination. In addition, there will be at least two practice problem sets.



Tentative Course Outline:



I. INTRODUCTION

1. The Balance of Payments

2. The Foreign Exchange Market

3. National Income Accounting in the Open Economy



II. THE TRADITIONAL (KEYNESIAN) APPROACH

4. Small Open Economy

5. Large Open Economy

6. IS-LM with no Capital Mobility



III. THE MONETARY APPROACH

7. Sterilization and Implications

8. Purchasing Power Parity

9. Balance of Payments and Exchange Rate Determination

10. Interest Rate Parities



IV. THE MUNDELL-FLEMING MODEL AND EXTENSIONS

11. The Importance of Capital Mobility

12. Fixed and Floating Exchange Rates

13. International Interdependence and Co-ordination

14. Aggregate Demand - Aggregate Supply



V. NEOCLASSICAL MODELING

15. Intertemporal Trade and the Current Account

16. The Importance of Investment

17. A Two-Country Model

18. Globalization and Economic Growth



VI. MONETARY INTEGRATION

19. Fixed vs Floating Exchange Rates

20. Optimum Currency Areas

21. Monetary Unions in Practice



VII. OTHER TOPICS

19. Historical Review: Gold Standard, Bretton Woods, Floating, etc.

20. Exchange-Rate Crises (EMS, Mexico, South-East Asia, etc.)




http://tigger.uic.edu/~gkarras/e515/e515...
http://tigger.uic.edu/~gkarras/econ515.h...

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