Professor Philip Lane
Email:plane@tcd.ie
Homepage:http://www.philiplane.org/msc
February 2010
Msc Macroeconomics: International Module, Spring 2010
This is a graduate-level course in international macroeconomics. The textbook for the course is Maurice Obstfeld and Kenneth Rogoff, Foundations of International Macroeconomics, MIT Press, 1996 (Henceforth OR). If you did not take international economics as an undergraduate, an undergraduate textbook such as Krugman/Obstfeld or Feenstra/Taylor may also be helpful.
*OR, Chapters 1, 2, 4, 5.
Maurice Obstfeld and K. Rogoff, "The Intertemporal Approach to the Current Account," in G. Grossman and K. Rogoff (eds.), Handbook of International Economics, vol . III, North-Holland, 1995.
Philip R. Lane and Gian Maria Milesi-Ferretti (2007), "The External Wealth of Nations Mark II," Journal of International Economics.
Robert E. Lucas, "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review 80, 92-96 , May 1990.
Kenneth Froot and Kenneth Rogoff, "Perspectives on PPP and Long-Run Real Exchange Rates," in G. Grossman and K. Rogoff (eds.), Handbook of International Economics, vol . III, North-Holland, 1995.
Charles Engel, "Accounting for U.S. Real Exchange Rate Changes," Journal of Political Economy, June 1999.
Kenneth Rogoff (2001), "The Failure of Empirical Exchange Rate Models: No Longer New but Still True," Economic Policy Web Essay, October 2001, Issue 1, volume 1.
Kenneth French and James Poterba (1991), "Investor Diversification and International Equity Markets," American Economic Review 81, 222-226.
Graciela Kaminsky, Carmen Reinhart and Carlos Vegh (2004), "When it Rains, it Pours: Procyclical Macropolicies and Capital Flows," NBER Macroeconomics Annual 2004.
Eswar Prasad, Raghu Rajan and Arvind Subramanian (2007), "The Paradox of Capital," Finance & Development [March].
M. Ayhan Kose, Eswar Prasad, Kenneth Rogoff and Shang-Jin Wei (2009), " Financial Globalization: A Reappraisal," IMF Staff Papers, 2009.
OR, Chapters 7, 9, 10.
Maurice Obstfeld (2001), "International Macroeconomics: Beyond the Mundell-Fleming Model," International Monetary Fund Staff Papers 48, Special Issue 2001.
Kenneth Rogoff (2002), "Dornbusch's Overshooting Model After 25 years," International Monetary Fund Staff Papers 49, Special Issue 2002, 1-35.
Philip R. Lane (2001), "The New Open Economy Macroeconomics: A Survey," Journal of International Economics 54, 235-266, August 2001.
Giancarlo Corsetti (2007), "New Open Economy Macroeconomics," New Palgrave Dictionary of Economics. http://www.eui.eu/Personal/corsetti/research/NOEM-palgrave.pdfd.
Maurice Obstfeld and Kenneth Rogoff (2001), "Perspectives on OECD Capital Market Integration: Implications for U.S. Current Account Adjustment," in Federal Reserve Bank of Kansas City Global Economic Integration: Opportunities and Challenges.
Maurice Obstfeld and Kenneth Rogoff (2005),"Global Current Account Imbalances and Exchange Rate Adjustments," in William Brainard and George Perry (eds.), Brookings Papers on Economic Activity 1:67-146, 2005.
Maurice Obstfeld (2002), "Exchange Rates and Adjustment: Perspectives from the New Open-Economy Macroeconomics," mimeo, UC-Berkeley.
Philip R. Lane and Gian Maria Milesi-Ferretti (2006), "Europe and Global Imbalances," Economic Policy, July 2007.
Ricardo Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas (2008), "An Equilibrium Model of Global Imbalances," American Economic Review.
Charles Engel and John Rogers (2006), "The US Current Account Deficit and the Expected Share of World Output," Journal of Monetary Economics.
Olivier Blanchard and Gian Maria Milesi-Ferretti (2009), "Global Imbalances: In Midstream?," IMF Staff Position Note SPN/09/29.
Maurice Obstfeld and Kenneth Rogoff (2009), "Global Imbalances and the Financial Crisis: Products of Common Causes," mimeo, Harvard University.