Additional Information for International Economics (Macro)
Student Presentations
- 11 Jan
no presentation
- 18 Jan
no presentation
- 25 Jan
no presentation
- 01 Feb
[Jones-2015-JEP] on Pareto and Piketty
- 08 Feb
[Jones.Romer-2010-AEJMacro]_ on the new Kaldor facts
- 15 Feb
[Acemoglu.Robinson-2015-JEP] on general laws of capitalism
- 22 Feb
[Krusell.Smith-2015-JPE] on Piketty's Second Law of Capitalism
- 1 March ():
Midterm
- 08 March:
Spring Break
- 15 March ():
no presentation
- 22 March
[Dollar.Kleineberg.Kraay-2016-EER] on growth vs poverty
- 29 March
[SalaiMartin-2006-QJE] on the world distribution of income
Software
In class, I will use Mathematica for data-based demonstrations. Mathematica is free while you are a student at American University. Some of the data demonstrations can be adequately handled with Excel. Most demonstrations rely on basic features that are widely available in econometric packages (e.g., in EViews and usually in Stata or gretl). For these, you may use any software you wish, but it is up to you to figure out how to duplicate any functionality needed.
You can obtain gretl gratis; it is free and open source software. Stata and EViews are commercial, but are available via AU's virtual lab. As an American University student, you can buy EViews for about the price of a textbook. (Caution: do not buy the crippled student version of EViews: it will be useless to you, as it does not support programming.) EViews is also available in the Computing Lab (Anderson Building).
Additional Topics and Readings for International Economics (Macro)
(These can be skipped altogether or discussed in any order, according to class interest.)
Inequality
- Inequality and Growth: Industry-level Evidence
- Distributive Politics and Economic Growth. Quarterly Journal of Economics, Volume 109, Issue 2 (May, 1994), 465-490.
Alesina, Alberto and Dani Rodrik (1994).
- [acemoglu_etal-2015-handbook]
Democracy, Redistribution and Inequality (A survey paper and therefore not a good choice for presentations.)
- “The Rise and Decline of General Laws of Capitalism”
- “Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence”
- “The Rate of Return on Everything, 1870–2015”
[jorda.knoll.juvshinov.schularick.taylor-2017-nber24112] provides a multicountry comparison of growth rates and rates of returns.
- “Growth-Equity Trade-offs in Structural Reforms”
[Ostry.Berg.Kothari-2020-ScottishJPolEcon] Finds that for some policies, there is indeed a trade-off.
- “Capital Account Liberalization and Income Inequality”
[Bumann.Lensink-2016-JIMF] Studies the impact of capital account liberalization on distribution using new inequality data from the University of Texas Inequality Project. (See [Galbraith.Kum-2005-RIW].) Finds it depends on financial depth. You may also want to see [Leibovici-2021-JPE].
- “Globalizing Labor and the World Economy: The Role of Human Capital”
[Delogu.Docquier.Machado-2018-JEGrowth] (Examines the effect of immigration liberalization.)
- “Redistribution, Inequality, and Growth: New Evidence”
[Berg.etal-2018-JEGrowth] considers both the direct and indirect effects of inequality on growth. (Also see [Ostry.Berg.Tsangarides-2014-IMF]_.)
- “The World Distribution of Income: Falling Poverty and ... Convergence, Period”
[SalaiMartin-2006-QJE] famously finds declining global inequality, using the Deininger-Squire data set. Constructs country distributions by combining national accounts GDP per capita (for the mean) and survey data (for the dispersion). Estimates eight indexes of income inequality and finds that all show reductions in global inequality in the 1980s and 1990s.
- “Estimating the Inequality of Household Incomes: A Statistical Approach to the Creation of a Dense and Consistent Global Data Set.”
[Galbraith.Kum-2005-RIW] uses UTIP-UNIDO pay inequality data to improve on the DS data set of household income inequlaity.
- “Income Distribution and Macroeconomics”
[Galor.Zeira-1993-REStud] A bit challenging mathematically, but an important and rewarding paper.
- "A new data set measuring income inequality".
Deininger, Klaus and Squire, Lyn (1996) World Bank Economic Review, 10 (3) (1996), pp. 565–591 The World Bank economic review. -- Vol. 10, no. 3 (September 1996), pp. 565-591. The famous DS data set underlying many studies, including those of Sala-i-Martin (2006), Galbraith and Kum (2005), and Dollar and Kraay (2002).
- Goldin, Katz, 2007
C. Goldin, L.F. Katz Long-run Changes in the U.S. Wage Structure: Narrowing, Widening, Polarizing National Bureau of Economic Research, no. 13568 (2007)
- Financial development, growth, and the distribution of income
[greenwood.jovanovic-1990-jpe] J. Polit. Econ, 98 (1990), pp. 1076–1107 (A mathematically challenging treatment of distribution and growth.)
- Measuring labor's share
A.B. Krueger, 1999, Am. Econ. Rev, 89 (2) (1999), pp. 45–51
- “Income Inequality, Capitalism, and Ethno-Linguistic Fractionalization”
- Income Inequality as a Predictor of Financial Crisis
- “The Colonial Origins of Comparative Development: An Empirical Investigation”
- audio: Inequality
“Daron Acemoglu on Inequality, Institutions, and Piketty” at http://www.econtalk.org/daron-acemoglu-on-inequality-institutions-and-piketty/
Growth
Introductory Materials
Growth Model: Introductory Videos
These introductory videos review core concepts at a very basic level.
representing production https://www.youtube.com/watch?v=eVAS-t83Tx0
review of diminishing marginal product: https://www.youtube.com/watch?v=SljsIacQDbc
steady state with fixed labor supply: https://www.youtube.com/watch?v=LQR7rO-I96A
human capital & conditional convergence https://www.youtube.com/watch?v=SVWX4Xjl4Os
ideas and steady-state growth https://www.youtube.com/watch?v=-yPDlowSL1w
Recommended Readings and Resources
- A Contribution to the Empirics of Economic Growth
[Mankiw.Romer.Weil-1992-QJE] add human capital to the traditional neoclassical growth model. (Also see [Klenow.RodriguezClare-1997-NBERMacro] and [Breton-2013-MacroDyn].)
- The Neoclassical Revival in Growth Economics: Has It Gone Too Far?
- Were Mankiw, Romer, and Weil Right? A Reconciliation Of The Micro And Macro Effects Of Schooling On Income
- Divergence, Big Time
- Institutions, Trade, and Growth
- Exploring the New-Normal Hypothesis
- Catching Up and Falling Behind
[Stokey-2015-JEGrowth] (Contributions to growth of local human capital.)
- Inequality and Growth in a Panel of Countries
[Barro-2000-JEGrowth] (Uses the DS data set.)
- Economic Growth in a Cross Section of Countries
- “International Finance and Growth in Developing Countries: What Have We Learned?”
- “The Marginal Product of Capital”
Casellio and Feyrer https://personal.lse.ac.uk/casellif/papers/MPK.pdf
- “Barriers to Technology Adoption and Development”.
Parente, S. L., & Prescott, E. C. (1994). Journal of Political Economy, 102, 298–321.
- Redistribution, Inequality, and Growth: New Evidence
Growth and Inequality
- Pareto and Piketty: The Macroeconomics of Top Income and Wealth Inequality
- Economic Growth and Income Inequality
Kuznets (1955), Am. Econ. Rev, 45 (1) (1955), pp. 1–28
- Is Piketty’s “Second Law of Capitalism” Fundamental?
- “Redistribution, Inequality, and Growth”.
Growth and Well-Being
- Beyond GDP? Welfare across Countries and Time
- Economic Conditions and Mortality: Evidence from 200 Years of Data
[Cutler.Huang.Lleras-Muney-2016-NBERwp22690] explain why booms increase mortality in the short run.
- Are Recessions Good for Your Health?
[Ruhm-2000-QJE] explores why mortality is pro-cyclical.
- Growth is Good for the Poor
[Dollar.Kraay-2002-JEGrowth] (Famous study using DS data set; updated by [Dollar.Kleineberg.Kraay-2016-EER].)
Post-Keynesian Growth Theory
- Monetary and Fiscal Interactions: Short-Run and Long-Run Implications
- Effective Demand, Class Struggle and Cyclical Growth
- The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques
- Paul Samuelson and the Dual Pasinetti Theory
Total Factor Productivity
- Are Technology Improvements Contractionary?
[Basu.Fernald.Kimball-2006-AER] (They appear to be.)
John Fernald. 2014. “A Quarterly, Utilization-Adjusted Series on Total Factor Productivity.” FRBSF Working Paper 2012-19. https://www.frbsf.org/economic-research/files/wp12-19bk.pdf
John Fernald, Kyle Matoba. 2009. “Growth Accounting, Potential Output, and the Current Recession.” FRBSF Economic Letter 2009-26. https://www.frbsf.org/economic-research/publications/economic-letter/2009/august/growth-accounting-output-recession/
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
- “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
- 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
- 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:
Covered and Uncovered Interest Parity
- The Dollar, Bank Leverage, and Deviations from Covered Interest Parity
- Currency Carry Trade Regimes: Beyond the Fama Regression
- The Rise of the Dollar and Fall of the Euro as International Currencies
- Chinese Foreign Exchange Reserves, Policy Choices, and the U.S. Economy
Portfolio Balance
- Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment
- Monetary and Portfolio-Balance Models of Exchange Rate Determination
Frankel, J.A., 1983, in J. Bhandari and B. Putnam (eds), Economic Interdependence and Flexible Exchange Rates (Cambridge, MA: MIT Press)
- Tests of Monetary and Portfolio-Balance Models of Exchange Rate Determination
Frankel, J.A., 1984, in J. Bilson and R. Marston (eds), Exchange Rate Theory and Practice (Chicago: University of Chicago Press)
- Update to Monetary and Portfolio-Balance Models of Exchange Rate Determination
Frankel, J.A., 1992, in John Letiche (ed), International Economic Policies and Their Theoretical Foundations: A Sourcebook 2nd Edition (London: Academic Press)
- A Portfolio Balance Approach to the Canadian–U.S. Exchange Rate
- The Exchange Rate and the Balance of Payments in the Short Run and the Long Run: A Monetary Approach
- A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations
- A Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium
- Tests of Monetary and Portfolio-Balance Models of Exchange Rate Determination
[Dornbusch-1980-BasicBooks] ch. 13, 14;
Real Exchange Rates
- Real Exchange Rates and Primary Commodity Prices
[Ayres.Hevia.Nicolini-2020-JIntEc] argue that “shocks that move primary commodity prices account for a large fraction of the volatility of real exchange rates”. (The authors provide the data.)
Sticky Prices
- Are Some Prices in the CPI More Forward Looking Than Others?
Overshooting
- The Macroeconomic Effects of Large Exchange Rate Appreciations
- Was It Real? The Exchange Rate-Interest Differential Relation over the Modern Floating-Rate Period
- The Monetary Approach to Exchange Rates: What Now Remains?
- The Mundell-Fleming Model a Quarter Century Later
Current Account
- Dominant Currencies and External Adjustment
- Determinants of Current Account Imbalances in 16 OECD Countries: An Out-Of-Sample Perspective
- Real Exchange Rates, the Trade Balance and Net Foreign Assets: Long-Run Relationships and Measures of Misalignment
Neutral Rate of Interest
- Dorich et al. (2017)
An Update on the Neutral Rate of Interest https://www.bankofcanada.ca/wp-content/uploads/2017/11/boc-review-autumn2017-dorich.pdf
Banking
- [hryckiewicz-2017-jimf]
Banking Business Models and the Nature of Financial Crisis
- Lawrence (2019)
When America Stared Into the Abyss
Insight into the politics of crisis management. https://www.theatlantic.com/ideas/archive/2019/01/john-lawrence-inside-2008-financial-crash/576574/
Market Microstructure
Noise Trading
- Noise Trader Risk in Financial Markets
- Noise
Fixed Exchange Rates
Fixed Exchange Rates I: Macroeconomic Policy in Open Economies
Core Reading:
- Traditional Analysis of Fixed Exchange Rates.
[Dornbusch-1980-BasicBooks] ch. 3,4
- The Mundell-Fleming Model a Quarter Century Later
- The Overstretch Myth
- Our Money, Our Debt, Our Problem
- Recommended Reading:
Bordo (1993); Grabbe (1996); Deuker and Fischer (2001); Kouparitsas (2003); McCallum 1996, ch. 7; Dornbusch 1973, 1974, 1975;
Fixed Exchange Rates II: Non-Traded Goods
Core Reading
- Fixed Exchange Rates
[Dornbusch-1980-BasicBooks] ch. 3,4
Recommended:
- The Classical Approach to the Balance of Payments: Essential Concepts and Historical Origins
Exchange-Rate Regime Choice
Core Reading:
- “Exchange Rate Regimes: Is the Bipolar View Correct?”
- “International Reserves Before and After the Global Crisis: Is There No End to Hoarding?”
[aizenman.chinn.ito-2008-nber14533] (Video: https://www.youtube.com/watch?v=bM0U5FPLgqU)
- Monetary Policy in the Open Economy Revisited: The Case for Exchange-rate Flexibility Restored
- Exchange Rate Determination under Interest Rate Rules
Recommended Reading:
- The 2007 Meltdown in Structured Securitization: Searching for Lessons, Not Scapegoats
- Mexico's Balance-of-Payments Crisis: A Chronicle of a Death Foretold
- On the Evolution of U.S. Foreign-Exchange-Market Intervention: Thesis, Theory, and Institutions
- The Logic of Currency Crises
Obstfeld, Maurice, 1994, Cahiers Economiques et Monetaires. http://elsa.berkeley.edu/users/obstfeld/ftp/currency_crises/cc.pdf
Pricing to Market
- Price Discrimination by U.S. and German Exporters
- Exchange Rate Pass-Through When Market Share Matters
- Exchange Rates and Prices
Dutch Disease
- Recommended:
Eastwood Venables 1982; Neary and Van Widenbergen 1984; Cordon 1982; Bruno and Sachs 1982; Corden 1984; Van Widenbergen 1984;
Fixed Exchange Rates III: The Role of Portfolio Balance in Macroeconomic Adjustment
- Recommended:
[Kouri.Porter-1974-JPE]; Dornbusch 1980 ch. 10;
Economic Stabilization
- Recommended:
Dornbusch 1980 ch. 8, 9, 10, 12; MacDonald 14;
Fixed Exchange Rates III: Large Country Considerations
Recommended:
- Fixed Exchange Rates in a Large Country
[Dornbusch-1980-BasicBooks] ch. 3,10,11
- Fixed Exchange Rates in a Large Country
McCallum 1996, ch. 12;
Macroeconomic Adjustment with Multiple Exchange Rates
- Recommended:
MacDonald 13; Cumby 1984;
Balance of Payments Crisis
Core
- A Model of Balance of Payments Crises
- Mexico’s Balance-of-Payments Crisis: A Chronicle of a Death Foretold
Other
Bretton Woods Committee (2003) Connolly and Taylor 1984; Flood and Garber 1984; Krugman 1979; Obstfeld 1986;Flood and Marion 1997
Capital Controls
- [Rebucci.Ma-2019-NBERw26558]
Capital Controls: A Survey of the New Literature https://www.nber.org/papers/w26558
- [Dooley.Isard-1980-JPE]
Capital Controls, Political Risk, and Deviations from Interest Rate Parity
- [Edwards-1998-NBERw6800]
Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences
- [Neely-1999-FRBSLR]
An Introduction to Capital Controls http://research.stlouisfed.org/publications/review/past/1999/
- Do China's Capital Controls Still Bind? Implications for Monetary Autonomy and Capital Liberalization
Deficits and the Dollar
- Recommended:
Blanchard and Dornbusch, 1984; Buiter 1981; Diamond 1985; Dornbusch 1983; Evans 1985; Feldstein 1986; Frankel 1982; [hooper.morton-1982-jimf]; Hutchison and Pigott 1984; Hutchison and Throop 1985; Rodriguez 1979
Sovereign Debt
- Sovereign Debt Restructuring Mechanism: Way Forward or Unnecessary Detour?
Bretton Woods Committee, 2003, Critical Issues Forum http://www.brettonwoods.org/SDRMcriticalissue.htm
- Recommended:
Niehans 6; Eaton 1986; Eaton and Gersovitz 1981; Kletzer 1984; Smith and Cuddington 1985; Abel and Blanchard 1983; Bardhan 1987; Eichengreen and Portes 1986; McDonough 1982; Sachs 1984; Cohen and Sachs 1988; Stiglitz and Weiss 1981
Dependency and Unequal Exchange
- Recommended:
Gurley 1979; Bacha 1978; Dos Santos 1970; Lall 1975
Imperialism
- Recommended:
Bukharin 1917; Griffin and Gurley 1985; Hilferding 1910; Hobson 1902; Lenin 1915; Magdoff 1978; Magdoff 1970; Magdoff 1969; Sweezy 1958;
Background on Commodity Flows
- Recommended:
Niehans 1; Meade 1952; Keynes 1929; Ohlin 1929; Samuelson 1952; Ciarrapico 1991;
North-South Models
- Recommended:
Findlay 1980; Darity 1990
Remittances
- Remittances and Economic Growth: A Meta-analysis
Adams, Richard H., Jr., and John Page. 2003. “International Migration, Remittances, and Poverty in Developing Countries.” World Bank Policy Research Working Paper 3179. Washington.
Adams, Richard H., Jr., and John Page. 2005. “Do International Migration and Remittances Reduce Poverty in Developing Countries?” World Development 33 (10): 1645–66.
Gupta, Sanjeev, Catherine Pattillo, and Smita Wagh. 2009. “Impact of Remittances on Poverty and Financial Development in Sub-Saharan Africa.” World Development 31 (1): 104–15.
Non-Fundamental Approaches
- Recommended:
Taylor and Allen 1992; Frankel 1990
Gardeazabal, Javier and Marta Regulez, 1992, The Monetary Model of Exchange Rates and Cointegration: Estimation, Testing and Prediction (Lecture Notes in Economics and Mathematical Systems, Vol) Springer Verlag; ISBN: 0387556354
McCallum, Bennett T., 1996, International Monetary Economics (Oxford University Press) isbn 0-19-509494-8
Pikoulakis, Emmanuel, 1995, International Macroeconomics (New York: St. Martin's Press) isbn 0-312-12659-X
della Paolera, Gerardo and Alan M. Taylor, Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935 NBER Series on Long-term Factors in Economic Development The University of Chicago Press 2001 ISBN 0-226-64556-8
Frankel_, Jeffrey A., 1995, Financial Markets and Monetary Policy (Cambridge: MIT Press) isbn 0-262-06174-0
Hinkle, Lawrence E. and Peter J. Montiel, 1999, Exchange Rate Misalignment: Concepts and Measurement for Developing Countries (Oxford: Oxford University Press for the World Bank)
Jones, R.. and P. Kenen, (eds), 1984, Handbook of International Economics vol. 2 (Amsterdam: North-Holland) isbn 0-444-86689-2
Krugman, Paul, Currencies and Crises (MIT Press, 1992)
A Few Useful Books
These books provide a textbook treatment of course-related topics.
General International Finance
- The Economics of Foreign Exchange and Global Finance
- Exchange Rate Economics
Sarno, Lucio and Mark P. Taylor (Cambridge University Press, 2003)
- International Money and Finance
- On Exchange Rates
- Exchange Rate Economics
- The Foreign Exchange Market: Theory and Econometric Evidence
Open Economy Macro
- Foundations of International Economics
- Open Economy Macroeconomics
References
Acemoglu, Daron, Simon Johnson, and James A. Robinson. (2001) The Colonial Origins of Comparative Development: An Empirical Investigation. American Economic Review 91, 1369--1401. https://www.aeaweb.org/articles?id=10.1257/aer.91.5.1369
Acemoglu, Daron, et al. (2015) "Democracy, Redistribution, and Inequality". In Atkinson, Anthony B. and Bourguignon, Fran,cois (Eds.) Handbook of Income Distribution, : Elsevier.
Acemoglu, Daron, and James A. Robinson. (2015) The Rise and Decline of General Laws of Capitalism. Journal of Economic Perspectives 29, 3-28. http://www.aeaweb.org/articles?id=10.1257/jep.29.1.3
Aizenman, Joshua, Menzie D. Chinn, and Hiro Ito. (2008) "Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time". NBER Working Paper 14533. http://www.nber.org/papers/w14533
Aliber, R. Z. (1977) The Interest Rate Parity Theorem: A Reinterpretation. Journal of Political Economy 81, 1451--1459.
Avdjiev, Stefan, et al. (2019) The Dollar, Bank Leverage, and Deviations from Covered Interest Parity. American Economic Review: Insights 1, 193-208. https://www.aeaweb.org/articles?id=10.1257/aeri.20180322
Ayres, Joao, Constantino Hevia, and Juan Pablo Nicolini. (2020) Real Exchange Rates and Primary Commodity Prices. Journal of International Economics 122, 103261. https://www.sciencedirect.com/science/article/pii/S0022199619300820
Bacchetta, Philippe, and Eric van Wincoop. (2021) Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment. Journal of International Economics 131, 103460. https://www.sciencedirect.com/science/article/pii/S0022199621000374
Baillie, Richard T., and Patrick C. McMahon. (1989) The Foreign Exchange Market: Theory and Econometric Evidence. : Cambridge University Press.
Ball, Laurence M., and N. Gregory Mankiw. (2021) "Market Power in Neoclassical Growth Models". National Bureau of Economic Research Working Paper 28538. http://www.nber.org/papers/w28538
Barro, Robert J. (1991) Economic Growth in a Cross Section of Countries. Quarterly Journal of Economics 106, 407--443.
Barro, Robert J. (2000) Inequality and Growth in a Panel of Countries. Journal of Economic Growth 5, 5--32. https://doi.org/10.1023/A:1009850119329
Basu, Susanto, John G. Fernald, and Miles S. Kimball. (2006) Are Technology Improvements Contractionary?. American Economic Review 96, 1418-1448. https://www.aeaweb.org/articles?id=10.1257/aer.96.5.1418
Benigno, Gianluca, and Pierpaolo Benigno. (2008) Exchange Rate Determination under Interest Rate Rules. Journal of International Money and Finance 27, 971 - 993. http://www.sciencedirect.com/science/article/B6V9S-4SCD9WG-1/2/a2a6caae885417303bb893846d948463
Berg, Andrew, et al. (2018) Redistribution, Inequality, and Growth: New Evidence. Journal of Economic Growth 23, 259--305. https://doi.org/10.1007/s10887-017-9150-2
Black, Fischer. (1986) Noise. The Journal of Finance 41, 528-543. https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.1986.tb04513.x
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