Syllabus Supplement
Supplementary Reading in International Finance
Macroeconomic Accounting
Introductory
- Taking the Pulse of the Economy: Measuring GDP
- Why Has the U.S. Net Foreign Asset Position Weakened?
https://www.stlouisfed.org/on-the-economy/2015/august/us-deteriorating-net-foreign-asset-position);
- Exports to Mars
- Taking the Pulse of the Economy: Measuring GDP
- What Is the Balance of Payments?
Advanced
- Balance of Payments and International Investment Position Manual
[IMF-2009-BPIIPM6] https://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm
- NIPA Handbook
- Beyond GDP? Welfare across Countries and Time
[Jones.Klenow-2016-AER] suggest a better measure of welfare than GDP.
- A Guide To U.S. Chain Aggregated NIPA Data
[Whelan-2002-RIW] explains the Commerce Department’s switch to chain aggregation and shows how this affects our understanding of how information technology is changing the U.S. economy.
- National Accounts & Economics: A Study in Concepts
Utz-Peter Reich Plagrave October 2001 isbn: 0-333-73391-6
Stylized Facts
- Growth and the Kaldor Facts
[Herrendorf.etal-2019-FRBSLR] discuss the Kaldor facts in the context of a multi-sector growth model.
- The New Kaldor Facts
- A Model of Economic Growth
Financial Programming
Core Resource:
- Balance of Payments and International Investment Position Manual
Recommended Reading:
- Quarterly National Accounts Manual? Concepts, Data Sources, and Compilation
- Feeding the National Account
[Ritter-2000-FRBSLR] (and Ritter data); describes the data sources for the National Income and Product Accounts (NIPA).
Global Financial Markets
Introductory
- The Anatomy of the Global FX Market through the Lens of the 2013 Triennial Survey
- Under the Microscope: The Structure of the Foreign Exchange Market
Supplementary
- NDF update
- Foreign Exchange Market: Institutional Structure, Regulation, and Policy Implications
- All About ... the Foreign Exchange Market in the United States
[Cross-1998-FRBNY] (esp. ch 2,3,5);
- Changing Fortunes
Money and Inflation
- Long-Run Evidence on Money Growth and Inflation
- Long-run Money Demand Redux
Luca Benati, Robert Lucas, Juan Pablo Nicolini, Warren E. Weber, 11 March 2017, https://voxeu.org/article/long-run-money-demand-redux
- Zaire's Hyperinflation, 1990—1996
[Beaugrand-1997-IMFWP]_
- “On the Stability of Money Demand”
[Lucas.Nocolini-2015-JME] shows that regulations of the early 1980s, which considerably weakened Regulation Q, explain the apparent an instability of money demand. Constructs a more stable monetary aggregate that performs well for the period 1915–2012.
Unconventional Monetary Policy
- Monetary Finance: Do Not Touch, or Handle with Care?
[Agur.etal-2022-IMF] considers the use and effectiveness of unconventional monetary policy (and in particular, monetary finance).
Monetary Approach
Core Reading
- A Monetary Approach to the Exchange Rate
[Frenkel-1976-ScanJE] (on Reserve);
Supplementary Reading
- Open Economy IS-LM
[Mark-2001-Blackwell] ch. 3.2
- The Monetary Model Strikes Back
[Cerra.Saxena-2010-JIE] provides more recent evidence in favor of the monetary approach.
- The Case for Flexible Exchange Rates, 1969
[Johnson-1969-FRBSLR] http://research.stlouisfed.org/publications/review/past/1969/
- The Monetary Approach to The Exchange Rate—Some Empirical Evidence
[Bilson-1978-IMFSP] provides early evidence in favor of the monetary approach.
- On the Mark: Comment
Driskill, R.A. and S.M. Sheffrin, 1981, AER 71, 1068--74.
- Monetary approach. Real exchange Rate
[Mark-2001-Blackwell] ch. 2.4, 3.1, 7 provides a textbook discussion.
- The Economics of Exchange Rates: Selected Studies
Asset Price Bubbles
- A Simple Perfect Foresight Monetary Model
- Market Fundamentals versus Price-Level Bubbles: The First Tests
Purchasing Power Parity
- The Purchasing Power Parity and Exchange-rate Economics Half a Century On
- Long-run Purchasing Power Parity Redux
- The Purchasing Power Parity Debate
- International Prices and Exchange Rates
[Burstein.Gopinath-2014_Helpman.etal] https://www.nber.org/papers/w18829
- A Prism into the PPP Puzzles: The Micro-Foundations of Big Mac Real Exchange Rates
[Parsley.Wei-2007-EJ] explore micro-foundations for Big Mac real exchange rates.
- Purchasing-Power Parity: Definition, Measurement, and Interpretation
[Lafrance.Schembri-2002-BCR] https://www.bankofcanada.ca/research/conferences-workshops/revisiting-case-flexible-exchange-rates/
- Estimating the Border Effect: Some New Evidence
- PPP Strikes Back: Aggregation and the Real Exchange Rate
- Does ‘Aggregation Bias’ Explain the PPP Puzzle?
[Chen.Engel-2005-PacificEconRev] find that aggregation bias does not help explain PPP puzzle.
- Exchange Rate Economics
[Isard-1995-CambridgeUP] ch. 4
- Exchange Rates and Inflation
[Dornbusch-1988-MITPress] ch. 13
Classic Articles
- Purchasing Power Parity: Doctrinal Perspectives and Evidence from the 1920s
- Burgernomics: A Big Mac (TM) Guide to Purchasing Power Parity
[Pakko.Pollard-2003-FRBSLR]_
- Inflation, Exchange Rates and PPP in a Multivariate Panel Cointegration Model
Productivity Bias Hypothesis
- The Purchasing Power Parity and Exchange-rate Economics Half a Century On
- Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of {OECD} Countries
- The ‘Real’ Explanation of the PPP Puzzle
Institutions and Stability
European Stability Mechanism
ESM (cont.)
Resources: Recommended but not required.
- Video: Klaus Regling: Lessons From The Euro Crisis
- Video: 2021 ESM Reform
- More institutional details:
- More history (online book):
https://www.esm.europa.eu/publications/safeguarding-euro
book promotional video: https://www.youtube.com/watch?v=JzxiuJ_R32k
- ESM blog:
Interest Rates and Exchange Rates
- A Reconsideration of the Uncovered Interest Parity Relationship
[McCallum-1994-JME]_
- Exchange Rates and Interest Parity
[Engel-2014_Handbook]_
Money and Exchange Rates I: Short Run
- Can Central Banks Go Broke?
[Buiter-2008-CEPR]_
- Monetary Policy in a World without Money
Woodford, Michael. 2000. International Finance 3 (2): 229–60.
Price Levels and Exchange Rates
- Economist's Big Mac index, June 2005
http://www.economist.com/markets/bigmac/displayStory.cfm?story_id=4065603
- International Prices and Exchange Rates
- Video: Real Business Cycles
- Milton Friedman on free trade
Exchange Rates and Trade
- Incomes, Exchange Rates and the US Trade Deficit, Once Again
[Chinn-2004-InternationalFinance]_
- The Unsustainability of U.S. Trade Deficits
[Quiggin-2004-EconomistsVoice]_
- Is the Large U.S. Current Account Deficit Sustainable?
Holman-2001-FRBKCER
Monetary and Fiscal Policy
Video: Bernanke's 60 Minutes interview;
- Expectations and Exchange Rate Dynamics
[Dornbusch-1976-JPE]_
- The Overstretch Myth
[Levey.Brown-2005a-ForAff]_
- Our Money, Our Debt, Our Problem
[Setser.Roubini-2005-ForAff]_
- How Big (Small?) Are Fiscal Multipliers?
[Ilzetzki.Mendoza.Vegh-2011-IMFwp]_
- On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Rate Differentials
[Frankel-1979-AER]_
Managed Exchange Rate Regimes
- Chinese Foreign Exchange Reserves, Policy Choices, and the U.S. Economy
[Neely-2017-FRBSLR]_
- International Monetary Relations: Taking Finance Seriously
[Obstfeld.Taylor-2017-JEP]_
- The Gold Standard, Bretton Woods and Other Monetary Regimes: A Historical Appraisal
[Bordo-1993-FRBSLR]_ http://research.stlouisfed.org/publications/review/93/03/Gold_Mar_Apr1993.pdf
Balance of Payments Crises
- Mexico's Balance-of-Payments Crisis: A Chronicle of a Death Foretold
[Calvo.Mendoza-1996-FRBifdp]_
- The 2007 Meltdown in Structured Securitization: Searching for Lessons, Not Scapegoats
[Caprio.Kunt.Kane-2008-WorldBankwps4756]_
International Policy Coordination
- Video: Is the EU Democratic?
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