Course 2012-2013 a.y.

Go to class group/s: 31

CLEAM (6 credits - I sem. - OP  |  SECS-P/01) - CLEF (6 credits - I sem. - OP  |  SECS-P/01) - CLEACC (6 credits - I sem. - OP  |  SECS-P/01) - BESS-CLES (6 credits - I sem. - OP  |  SECS-P/01) - BIEMF (6 credits - I sem. - OP  |  SECS-P/01)

Course Director:
TOMMASO MONACELLI

Course Objectives

The goal of the course is to familiarize the students with the main macroeconomic issues in a globalized world. Particular emphasis is given to the causes of global current account imbalances, and their implications for external debt crisis, the recent financial crisis and the European sovereign debt crisis.

Course Content Summary

Part 1 (Tommaso Monacelli)
1. Saving, Investment and the Current Account (3 lectures)
2. Global Imbalances: Why Do they Matter? (2 lectures)
3. Capital Controls vs. Free Capital Mobility in Globalized Economies (2 lectures)
4. Twin Deficits: Fiscal Deficits and Current Account Imbalances (2 lectures)
5. External Debt Crisis (3 lectures)

Part 2 (Francesco Giavazzi)
1. The International Financial Crisis (4 lectures)
1.1. Background
1.1.1. Leverage Cycles
1.1.2. Capital Flows and Cross-Border Banking
1.2. What happened?
1.3. Consequences: Why is it taking so long?
2. The Crisis in the Euro Area (4 lectures)
2.1. Background
2.1.1. Within area current account imbalances
2.2. Why have (some parts of) Europe stopped growing?
2.3. Fiscal austerity: is it a solution?
2.3.1. Fiscal consolidation and growth: are they really incompatible?
3. Why are some countries rich, other poor? (4 lectures)
3.1. The Solow Model and its limits
3.2. Institutions and Growth
3.3. Political and Economic Liberalizations and Growth

Detailed Description of Assessment Methods

Written. Possibility to take two partial exams 

Textbooks

• The reference textbook for  Part 1 is M. URIBE, S. SCHMITT-GROHE, International Macroeconomics, available at http://www.columbia.edu/~mu2166/lecture_notes.html
• Additional materials, such as handouts, lecture notes, slides and newspaper articles will be provided at the beginning of the course.

 

Exam textbooks & Online Articles (check availability at the Library)

Last change 29/03/2012 16:29