Universität Wien FIND

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040834 UK Theory and Empirics of Monetary Integration (E) (MA) (2013W)

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first serve").

Details

max. 50 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine (iCal) - nächster Termin ist mit N markiert

Mittwoch 02.10. 18:00 - 20:00 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Donnerstag 17.10. 16:00 - 22:00 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Freitag 18.10. 16:00 - 22:00 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Samstag 19.10. 08:00 - 18:00 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Donnerstag 07.11. 16:00 - 22:00 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Freitag 08.11. 16:00 - 22:00 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Samstag 09.11. 08:00 - 18:00 Seminarraum 3 Oskar-Morgenstern-Platz 1 1.Stock
Donnerstag 14.11. 18:00 - 20:00 Seminarraum 14 Oskar-Morgenstern-Platz 1 2.Stock

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

Wednesday, October 3, 2012

18:00-19:00 UK1 and SE1:Introductorysession

Friday, October12, 2012: OCA 1

16:00-17:30 UK2:The theory of optimum currency areas: the benefit side
De Grauwe, Chapter 3.
Smets, J., I. Maes and J. Michielsen, 2000, EMU from a historical perspective, in: The Economic and Business Consequences of the EMU: A Challenge for Governments, Financial Institutions and Firms, by H. Ooghe, F. Heylen, R. Vander Vennet and J. Vermaut (eds.), Chapter 4, 53-92.

17:45-19:15 UK3:The theory of optimum currency areas: the cost side
De Grauwe, Chapter1

19:30-21:00 SE2: Presentations
I Price level convergence
Haskel, J. andH. Wolf, 2001, The Law of One Price; A Case Study, Scandinavian Journal of Economics103(4),545-58.
Deutsche Bundesbank, 2009, Price convergence in the euro area, Deutsche Bundesbank Monthly Report, March 2009, 33-47.
IIThe UK and the euro
De Grauwe, Chapters 4.7 and 7.6
UK membership of the single currency; An assessment of the five economic tests, HM Treasury, June 2003 (Executive Summary).
Buiter, W. H., 2008, Why the United Kingdom Should Join the Eurozone, International Finance 11:3, 269-282.

Saturday, October 13, 2012: OCA 2

8:00-9:30 UK4:OCA critiques; Barro Gordon model; Is EMU an OCA?
De Grauwe, Chapters2,4.
Barro, R. J. and D. B. Gordon, 1983, A Positive Theory of Monetary Policy in a Natural Rate Model, Journal of Political Economy 91 (4), 589-610.
Blanchard, O., 2009, Macroeconomics, 5th edition, Chapter 8, 163-182.
Fidrmuc J., and I. Korhonen, 2003, Similarity of supply and demand shocks between the euro area and the CEECs, Economic Systems 27, 313-334.

9:45-11:15 UK5:The endogeneity of OCA criteria: effects of monetaryunion on trade and business cycle synchronization
De Grauwe, Chapters 4, 6.
Frankel, J. A. and A. K. Rose, 1998, The Endogeneity of the Optimum Currency Area Criteria, The Economic Journal 108 (449), 1009-1025.
Fidrmuc, J., 2004, The endogeneity of the optimum currency area criteria, intra-industry trade, and EMU enlargement, Contemporary Economic Policy 22 (1), 1-12.
Mongelli, F.P. and J.L. Vega, 2006, What effects is EMU having on the euro area and its member countries?, ECB Working Paper 599.
Baldwin, R., 2006, The Euros trade effects, ECB Working Paper 594.
Duval, R. And J. Elmeskov, 2006, The effects of EMU on structural reforms in labour and product markets, ECB Working Paper 596, March.

11:30-13:00 SE3: Presentations
III Is the euro area an optimum currency area?
Vieira, C. and I. Vieira, 2011, Assessing the Endogeneity of OCA Conditions in EMU, CEFAGE-UE Working paper 2011/01.
De Lucia, C., 2011, The Eurozone: an optimal currency area?, BNP Paribas Conjoncture, March 2011.
IVEndogeneity of EMU: Will EMU lead to business cycle synchronization and foster structural reforms?
De Haan, J. R. Inklaar and O. Sleijpen, 2002, Have Business Cycles Become Mores Synchronized?, Journal of Common Market Studies 40(1), 23-42.
Bednarek-Sekunda, E., R. Jong-A-Pin and J. de Haan, 2010, The European Economic and Monetary Union and Labour Market Reform, European Union Politics 11(1), 3-27.

13:00-14:30 SE4: Group work:OCA

Friday, October 19, 2012: Exchange rates

16:00-17:30 UK6: Exchange rate strategies and exchange rate intervention
De Grauwe, Chapter 5.
Sarno L. and M. P. Taylor, 2001, Official intervention in the foreign exchange market: Is it effective and, if so, how does it work?, Journal of Economic Literature XXXIX (3), 839-868.
Frankel A.F., 1999, No single currency regime is right for all countries or at all times, NBER Working Paper 7338.
Levy-Yeyati, E. and F. Sturzenegger, 2005, Classifying Exchange Rate Regimes: Deeds vs. Words, European-Economic-Review 49 (6), 1603-1635.

17:45-19:15 UK7:EMS, ERM and the predictability of currency crises
De Grauwe, Chapter 5.
Eichengreen, B., 2000, The EMS crisis in retrospect, NBER Working Paper 8035.
Égert, B., L. Halpern and R. MacDonald, 2005, Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues, OesterreichischeNationalbank, Working Paper 106.

19:30-21:00 SE5: Group work:Chinas exchange rate strategy

Saturday, October 20, 2012: Inflation and monetary policy

8:00-9:30 UK8: The costs of inflation and measures of inflation
De Grauwe, Chapter 7.5.
Crespo Cuaresma, J. and M. A. Silgoner, 2004, Growth effects of inflation in Europe: How low is too low, how high is too high?, Working Paper 0411, Department of Economics, University of Vienna.
Fluch, M. And H. Stix, 2005, Perceived Inflation in Austria; Extent, Explanations, Effects, Monetary Policy & the Economy Q3/05, 22-47.
Égert, B., I. Drine, K. Lommatzsch and C. Rault, 2003, The Balassa–Samuelson effect in Central and Eastern Europe: myth or reality? Journal of Comparative Economics 31 (3), 552-572.

9:45-11:15 UK9:Goals of monetary policy, the monetary policy strategy of the euro area
De Grauwe, Chapters 8, 9.
Friedman, B. M., 2000, Monetary policy, NBER Working Paper 8057.
ECB, 2011, The monetary policy of the ECB, Frankfurt am Main, Chapter 3.
ECB, 2002, Recent findings on monetary policy transmission in the euro area, ECB Monthly Bulletin October 2002, 43-53.
ECB, 2008, Monthly Bulletin, 10th Anniversary of the ECB, Chapter 3, 33-63.

11:30-13:00 SE6: Presentations
V The breakdown of the Argentine currency board
Spiegel, M.M., 2002, Argentinas Currency Crisis: Lessons for Asia, Latin America/Caribbean and Asia/Pacific Economics and Business Association, Working Paper 2.
Hanke, St. And K. Schuler, 2002, What went wrong in Argentina?, Central Banking Journal XII (3), February.
VIDollarization Euroization
Edwards, S. and I.I.Magendzo, 2003, Dollarization and Economic Performance: What Do We Really Know?, International Journal of Finance and Economics 8, 351-363.
Ritzberger-Grünwald, D. and Th. Scheiber, 2012, Euro Cash in Central, Eastern and Southeastern Europe, OeNB Monetary Policy and the Economy Q1/12, 41-55.
13:00-14:30 SE7: Group work, part I:Simulation of a Governing council meeting: preparation

14:30-16:00 SE8: Group work, part II:Simulation of a Governing council meeting

Friday, November 9, 2012: Monetary policy strategies worldwide

16:00-17:30 UK10:Monetary policy rules, central bank independence, transparency and accountability
De Grauwe, Chapter 8.
Clarida, R., J. Galí and M. Gertler, 1998, Monetary policy rules in practice; Some international evidence, European Economic Review 42 (6), 1033-1067.
Belke, A, W. Kösters, M. Leschke and Th. Polleit, 2005, Back to the rules, ECB Observer VIII, Part 2: How the ECB and the US Fed set interest rates.
ECB, 2011, The monetary policy of the ECB, Frankfurt am Main, Chapter 4.
ECB, 2008, Monthly Bulletin, 10th Anniversary of the ECB, Chapter 3, 33-63.
Eijffinger, S. C. W. and P. M. Geraats, 2005, How transparent are central banks? mimeo, January 2005.

17:45-19:15 SE9: Presentations
VIIThe Austrian Hard Currency Policy
Hochreiter, E. and G. Winckler, 1995, The advantages of tyingAustrias hands: The success of the hard currency strategy, European Journal of Political Economy 11, 83-111.
Gnan, E., C. Kwapil and M. T. Valderrama, 2005, EU and EMU Entry: A Monetary Policy Regime Change for Austria?, Monetary Policy & the Economy Q2/05, 53-68.
VIII The Icelandic banking crisis
Buiter, W. and A. Sibert, 2008, The Icelandic banking crisis and what to do about it, CEPR Policy Insight No. 26.
OECD Economic Surveys; Iceland, Overview, OECD, June 2011, p. 4-18.

19:30-21:00 SE10: Group work:Central bank web pages

Saturday, November 10, 2012: Financial crisis and debt crisis

8:00-9:30 UK11:Monetary policy and the financial crisis
De Grauwe, Chapter 9, 11
ECB, 2008, The Eurosystems Open Market Operations During the Recent Period of Financial Market Volatility, ECB Monthly Bulletin May 2008, 89-104.
ECB, 2008, Financial Stability Review.
ECB, 2011, The ECBs Non-Standard Measures; Impact and Phasing-Out, ECB Monthly Bulletin July 2011, 55-69.

9:45-11:15 UK12:Fiscal policy in a monetary union and the debt crisis
De Grauwe, Chapter 7 and 10.
Convergence Report 2012, ECB, Frankfurt am Main.
Calmfors, L., 2005, What Remains of the Stability Pact and What Next?, SIEPS Report 2005:8.
Beetsma, R. and H. Uhlig, 1999, An Analysis of the Stability and Growth Pact, The Economic Journal, Vol. 109, No. 109, 546-571.

11:30-13:00 SE11:Presentations
IXEffectiveness of central bank asset purchase programmes (Quantitative Easing)
Williams, J. C., 2011, Unconventional Monetary Policy: Lessons from the Past Three Years, FRBSF Economic Letter 2011-31.
Meaning, J. and F. Zhu, 2011, The impact of recent central bank asset purchase programmes, BIS Quarterly Review, December 2011, 73-83.
X Costs of Sovereign Default
De Paoli, B., 2006, Costs of sovereign default, Bank of England Quarterly Bulletin 2006 Q3, 46(3), 297-307.
Cruces, J.J. and Ch. Trebesch, 2011, Sovereign Defaults: The Price of Haircuts, CESIFO Working Paper 3604, 1-38.

13:15-14:45 SE12: Presentations
XIEffects of high debt and fiscal consolidation on growth
Reinhard, C.M. and K.S.Rogoff, 2010, Growth in a Time of Debt, American Economic Review 100(2), May, 573-578.
IMF, 2010, Will it hurt? Macroeconomic effects of fiscal consolidation, IMF Wolrd Economic Outlook; Recovery, risk and rebalancing, October, 93-124.
XIIA case for European government bonds?
Delpla, J. and J. von Weizsäcker, 2010, The blue bond proposal, bruegel policy brief 2010/03.
La Caixa, 2010, A common euro area bond, The Spanish Economy Monthly Report, May 201, 45-47.
Becker, W., 2010, The Creation of a Common European Government Bond; Arguments Against and Alternatives, in: The creation of a common European bond market, European League for Economic Cooperation, Cahier Comte Boel 14, Part IV, 25-34.

14:45-16:15 SE13: Group work: The debt crisis in single euro area countries: cross-country differences

Art der Leistungskontrolle und erlaubte Hilfsmittel

To pass the lecture course you need a minimum of 21 out of a total of 40 points:
- 19points: final exam
- 15points: active participation during the course
- 6 points: newspaper researchon a given topic
To pass the seminar you need a minimum of 21 out of a total of 40 points:
- 19points: paper presentationon one of the presentation topics from the list given below
- Presentations should take 15-20 minutes, and should give a critical view on the topic to stimulate the subsequent discussion.
- In addition to the 2-3 given background papers students should include at least two other sources of information (journal article, commentary, data bank…) to provide a round-up of the topic.The presentation should provide a clear story line and should be linked to the lecture.
- Please provide handouts for the students (e.g. summary printout of slides).
- Topics are distributed on a first-come – first-serve basis: After the end of the introductory session you can submit a list of your top-3 choices of topics to maria.silgoner@oenb.at. I will let you know about your topic in the days after the introductory session.
- 11points: active participation in group works
- 10 points: active participation in discussions

Final exam for UK 040834:Wednesday, November 14, 2012, 18:00-20:00
- 90 minutes, closed book exam
- "Choose two out of the following three questions"
- No repetition of exam!

Mindestanforderungen und Beurteilungsmaßstab

Prüfungsstoff

Literatur

De Grauwe, Paul, 2012, Economics of Monetary Union, Ninth Edition, Oxford University Press.

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 07.09.2020 15:29