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390038 UK PhD-E: International Macroeconomics (2011S)

Continuous assessment of course work

Registration/Deregistration

Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).

Details

max. 50 participants
Language: English

Lecturers

Classes (iCal) - next class is marked with N

Friday 04.03. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 01.04. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 08.04. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 15.04. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 06.05. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 20.05. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 03.06. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 17.06. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)
Friday 24.06. 09:00 - 12:00 (Seminarraum 1 Hohenstaufengasse 9 1.Stock)

Information

Aims, contents and method of the course

Assessment and permitted materials

two exams

Minimum requirements and assessment criteria

Examination topics

Reading list

International Financial Markets

Summer semester 2010

Alejandro Cuñat
E-mail: alejandro.cunat@univie.ac.at
Office: Hohenstaufengasse 9/201.
Office hours: by appointment

Textbooks:

The course will be based strongly (but not exclusively) on the following textbook:

Obstfeld, M. and K. Rogoff (1996): Foundations of International Macroeconomics, MIT Press. (OR)

Other sources, useful for those lacking an International Economics background, but inadequate by themselves are:

Appleyard, D. and A. Field (1995): International Economics, McGraw-Hill.

Krugman, P.R. and M. Obstfeld (1997): International Economics, Addison-Wesley.

Topic 1: The Current Account

Dixit, A.K. (1993): The Art of Smooth Pasting, Harwood Academic Publishers, pp. 1-9.

Dixit, A.K. and R.S. Pindyck (1994): Investment under Uncertainty, Princeton University Press, Chapter 3.

Gourinchas, P.O. and H. Rey (2007): �International Financial Adjustment,� Journal of Political Economy, Vol. 115, No. 4.

Jin, K. (2009): �Industrial Structure and Financial Capital Flows,� manuscript, LSE.

Kraay, A. and J. Ventura (2000): �Current Accounts in Debtor and Creditor Countries,� Quarterly Journal of Economics, 115: 1137-1166.

Kraay, A. and J. Ventura (2003): �Current Accounts in the Long and the Short Run,� NBER Macroeconomics Annual 2002: 65-94.

OR: chapters 1-3.

Topic 2: Uncertainty and International Financial Markets

Cuñat, A. and C. Fons-Rosen (2008): �Relative Factor Endowments and International Portfolio Choice,� CEP Discussion Paper #879.

Kalemli-Ozcan, S., B.E. Sorensen, and O. Yosha (2003): �Risk Sharing and Industrial Specialization: Regional and International Evidence,� American Economic Review, 93, 903-918.

Lane, P. and G.M. Milesi-Ferretti (2008): �International Investment Patterns,� Review of Economics and Statistics, 90(3), 538-549

OR: chapters 5, 7.

Obstfeld, M. and K. Rogoff (2001): �The Six Major Puzzles in International Macroeconomics. Is There a Common Cause?� NBER Macroeconomics Annual 2000.

Topic 3: Imperfections in Capital Markets

Antràs, P. and R. Caballero (2009): �Trade and Capital Flows: A Financial Frictions Perspective,� Journal of Political Economy, 117(4), pp. 701-744.

Barro, R.J. and X. Sala-i-Martin (1999): Economic Growth, 2nd Edition, MIT Press, chapter 3.

Broner, F., A. Martin, and J. Ventura (2009): �Sovereign Risk and Secondary Markets,� American Economic Review, forthcoming.

Matsuyama, K. (2004): �Financial Market Globalization, Symmetry-Breaking and Endogenous Inequality of Nations,� Econometrica.

OR: chapter 6.

Topic 4: Business Cycles

Backus, D., P. Kehoe, and F. Kydland (1992): �International Real Business Cycles,� Journal of Political Economy, 101: 745-775.

Ghironi, F. and M.J. Melitz (2005): �International Trade and Macroeconomic Dynamics with Heterogeneous Firms,� Quarterly Journal of Economics, Vol. 120, August, pp. 865-915.

Kraay, A. and J. Ventura (2007): �Comparative Advantage and the Cross-section of Business Cycles,� Journal of the European Economic Association, December.

OR: chapter 7.

Topic 5: Money and Exchange Rates under Flexible Prices

OR: chapter 8.

Stockman, A. (1987): �The Equilibrium Approach to Exchange Rates,� Federal Reserve Bank of Richmond Economic Review, March/April: 12-30.

Topic 6: Sticky-Price Models

Corsetti, G. and P. Pesenti (2001): �Welfare and Macroeconomic Interdependence,� Quarterly Journal of Economics, 116: 421-445.

Lane, P. (1999): �The New Open Economy Macroeconomics: A Survey,� Journal of International Economics.

OR: chapters 9, 10.

Topic 7: Currency Crises

M. Angeletos, C. Hellwig, and A. Pavan (2007): �Dynamic Global Games of Regime Change: Learning, Multiplicity and Timing of Attacks,� Econometrica 75:3, May.

Broner, F. (2008): �Discrete Devaluations and Multiple Equilibria in a First-Generation Model of Currency Crises,� Journal of Monetary Economics, 55(3): 592-605.

Chang, R. and A. Velasco (2001): �A Model of Financial Crises in Emerging Markets,� Quarterly Journal of Economics, May: 489-517.

Corsetti, G., P. Pesenti, and N. Roubini (1999): �Paper Tigers? A Model of the Asian Crisis,� European Economic Review, 43: 1211-1236.

Martin, P. and H. Rey (2006): �Globalization and Emerging Markets: with or without Crash?� American Economic Review, Vol. 96, Number 5, pp. 1631-1651.

Morris, S. and H.S. Shin (1998): �Unique Equilibrium in a Model of Self-fulfilling Currency Attacks,� American Economic Review, Vol. 88, pp. 587-597.

(A correction to Theorem 2 of this paper is provided by Frank Heinemann (2000): �Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks: Comment,� American Economic Review.)

OR: chapters 8, 9.


Association in the course directory

Last modified: Mo 07.09.2020 15:46