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| Detailed information |
| Original study plan |
Diploma programme (*)Wirtschaftswissenschaften 2009W |
| Objectives |
The course objective is to develop a basic understanding of determinants within short-term and long-term movements in exchange rates, the relationship of monetary policy to debt sustainability and currency regimes, and the determinants of relative prices levels.
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| Subject |
This is an MA level course on exchange rate economics, with a focus on theoretical concerns and the mapping of this theory to recent empirical evidence.
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| Criteria for evaluation |
Grading will be based on a mid-term exam (45%), a final exam (45%), and class participation (10%).
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| Methods |
Readings (articles) and lectures.
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| Language |
English |
| Study material |
The syllabus, course readings, and lectures slides will be posted on the course page: http://www.i4ide.org/people/~francois/students/239130KS.htm
(1) Foundations of International Macroeconomics, by Maurice Obstfeld and Kenneth S. Rogoff, The MIT Press (September 12, 1996). ISBN-10: 0262150476, ISBN-13: 978-0262150477. Selected chapters (4,8,9,10).
(2) International Economics, by Charles van Marrewijk, Oxford University Press. Selected Chapters.
(3) "World Economy - Interest Rate Parity 1," Menzie Chinn, written for the Princeton Encyclopedia of the World Economy, 2007.
(4) "Expectations and Exchange Rate Dynamics," Rudiger Dornbusch, Journal of
Political Economy 84 (1976): 1161-76.
(5) "The new open economy macroeconomics: a survey," Philip R. Lane, Journal of International Economics 54 (2001): 235 – 266.
(6) "The Purchasing Power Parity Debate," Alan M. Taylor; Mark P. Taylor, The Journal of Economic Perspectives, Vol. 18, No. 4. (Autumn, 2004), pp. 135-158. \\
(7) "The (partial) rehabilitation of interest rate parity in the floating rate era: Longer horizons, alternative expectations, and emerging markets," Menzie D. Chinn, Journal of International Money and Finance 25 (2006) 7-21.
(8) "A corporate balance-sheet approach to currency crises," Philippe Aghion, Philippe Bacchetta, and Abhijit Banerjeed, Journal of Economic Theory 119 (2004) 6–30.
(9) "Exchange Rate Models Are Not as Bad as You Think," Charles Engel, Nelson C. Mark, and Kenneth D. West, IMF working paper 2007.
(10) "Expectations and Exchange Rate Dynamics," Rudiger Dornbusch, The Journal of Political Economy, Vol. 84, No. 6. (Dec., 1976), pp. 1161-1176.
(11) "The new open economy macroeconomics: a survey," Philip R. Lane, \textit{Journal of International Economics}, 54 (2001) 235 – 266.
(12) "Product Differentiation and the Treatment of Foreign Trade on Computable General Equilibrium Models of Small Economies," J. de Melo and S. Robinson, Journal of International Economics 27(1989): 47-67.
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| Changing subject? |
No |
| Further information |
Prior Recommendation: KS Zahlungsbilanz und Devisenmarkt
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