Professor Philip Lane
Email:plane@tcd.ie
http://www.philiplane.org/EC4100
Autumn 2011
EC4100 International Economics Part A: International Macroeconomics
The course textbook is Robert Feenstra and Alan M. Taylor, International Economics, Second Edition, Worth, 2011 [acronym FT]. In addition, the reading list below includes an assortment of journal articles and other readings. The tutorial schedule will be announced: the available time slots are Mondays 6pm-7pm and Fridays 3pm-4pm. My office hours are 3pm-5pm on Tuesdays. There will be an essay assignment this term which counts 10 percent towards the overall grade: the assignment will be due on Friday December 2nd.
Lecture Notes, Tutorial Questions and other material will be made available through WebCT. This syllabus will be updated online throughout the term.
FT, Chapter 12.
FT, Chapter 16.
Gian Maria Milesi-Ferretti (2009), " Changing Fortunes," Finance & Development (March).
Philip R. Lane and Gian Maria Milesi-Ferretti (2007), "The External Wealth of Nations Mark II," Journal of International Economics, November.
FT, Chapter 13
FT, Chapter 14
FT, Chapter 15
FT, Chapter 22 (Sections 22.1 and 22.2)
Kenneth Rogoff (1996), "The Purchasing Power Parity Puzzle," Journal of Economic Literature 34, 647-668.
Alan Taylor and Mark Taylor (2004), "The Purchasing Power Parity Debate," Journal of Economic Perspectives 18(4), 135-158.
Kenneth Froot and Richard Thaler (1990), "Foreign Exchange," Journal of Economic Perspectives 4(3), 179-192.
The Economist (2009), " Crash and Carry," Economics Focus, December 9th 2009 issue.
Gabriele Galati, Alexandra Heath and Patrick McGuire (2007), " Evidence of Carry Trade Activity," BIS Quarterly Review (September), 27-41.
Kenneth Rogoff (2002), " The failure of empirical exchange rate models: no longer new, but still true," Economic Policy Web Essay.
FT, Chapter 17
Robert Lucas (1990), "Why Doesn't Capital Flow from Rich to Poor Countries," American Economic Review 80, 92-96.
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.
FT, Chapter 18
FT, Chapter 19
Milton Friedman (1953), "The Case for Flexible Exchange Rates," in Essays in Positive Economics, University of Chicago Press, 1953.
Michael Mussa (1990), Exchange Rates in Theory and Reality, Princeton Essays in International Finance No. 179.
Maurice Obstfeld and Kenneth Rogoff (1995), "The Mirage of Fixed Exchange Rates," Journal of Economic Perspectives.
Andrew K. Rose (2010), " Exchange Rate Regimes in the Modern Era: Fixed, Floating, and Flaky," mimeo, UC Berkeley.
FT, Chapter 21
Philip R. Lane (2009), "EMU and Macroeconomic Stabilisation Policies in Ireland," NESC Background Report. Available on WebCT.
Olivier Blanchard (2007), "Adjustment within the Euro: The Difficult Case of Portugal," Portuguese Economic Journal 6(1), 1-22.
FT, Chapter 20
FT, Chapter 22 (Section 22.3)
Carmen Reinhart and Kenneth Rogoff (2009), "The Aftermath of Financial Crises," American Economic Review 99, 466-472.
The Economist (2010), " Default Settings," Economics Focus, March 31st Issue.
Michael P. Dooley (1995), "A Retrospective on the Debt Crisis," available on WebCT.
FT, Chapter 21
Philip R. Lane (2011), "The Irish Crisis," IIIS Discussion Paper No. 356.
FT, Chapter 22 (Section 22.4)
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.
See WebCT.