International Monetary Economics
A.Y. 2023/2024
Learning objectives
The course develops the theoretical tools to understand and interpret the main policy-relevant issues in international macro. The aim is to provide students with the conceptual apparatus needed to discuss both the causes and the macroeconomic implications of topics currently at the centre of the policy debate such as: global financial imbalances, proposed changes in the international financial architecture, the single currency in Europe, the recent financial crisis.
Expected learning outcomes
Students are expected to learn the basic principles of International Macroeconomics. Competence is developed regarding: i) trade deficits and external debt sustainability; ii) exchange rate determination and exchange rate regimes; iii) debt and financial crisis; iv) the effects of financial integration; v) monetary and fiscal stabilization policy. Students are expected to develop the basic skills for macroeconomic analysis with special attention to the interpretation of data and information, and the analysis of policy issues and their solutions.
Lesson period: Third trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course can be attended as a single course.
Course syllabus and organization
Single session
Responsible
Lesson period
Third trimester
Course syllabus
1. Financial integration; The Balance of Payments.
2. Saving, Investment, the current account, and debt sustainability.
3. Global imbalances, external adjustment, and Sudden Stops.
4. Exchange rate determination in the short and the long run.
5. Sovereign debt crises and currency crises.
2. Saving, Investment, the current account, and debt sustainability.
3. Global imbalances, external adjustment, and Sudden Stops.
4. Exchange rate determination in the short and the long run.
5. Sovereign debt crises and currency crises.
Prerequisites for admission
Macroeconomics is preparatory to International Monetary Macroeconomics. Although there are no other formal prerequisites, knowledge of basic concepts of mathematics is recommended.
Teaching methods
The course consists of both lectures and review sessions. During the lectures, students will learn about the main macroeconomic relations and policy issues. In the review sessions, students will have the opportunity to practice solving exercises related to the topics covered in the lectures. This will provide them with the necessary tools to apply the concepts and theories learned during the lectures and strengthen their understanding of the subject.
Teaching Resources
Krugman Obstfeld Melitz, International Economics theory and policy, Pearson 2022.
Schmitt-Grohé, Stephanie, Uribe Martin, and Michael Woodford, International Macroeconomics, Columbia University, April 2021
Schmitt-Grohé, Stephanie, Uribe Martin, and Michael Woodford, International Macroeconomics, Columbia University, April 2021
Assessment methods and Criteria
The exams are written and cover all the topics presented during lectures and review sessions and consist of exercises with open-ended questions (which may include explanations and/or calculations and/or graphical analysis) and a few multiple-choice questions.
Educational website(s)
Professor(s)