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

[Erman.teKaat-2019-JEconGrowth]

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”

[Acemoglu.Robinson-2015-JEP]

“Why Is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence”

[dao.etal-2017-imf17169]

“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”

[sturm.haan-2015-aer]

Income Inequality as a Predictor of Financial Crisis

[kirschenmann.etal-2016-jimf]

“The Colonial Origins of Comparative Development: An Empirical Investigation”

[Acemoglu.Johnson.Robinson-2001-AER]

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.

Growth and Inequality

Pareto and Piketty: The Macroeconomics of Top Income and Wealth Inequality

[Jones-2015-JEP]

Economic Growth and Income Inequality
  1. Kuznets (1955), Am. Econ. Rev, 45 (1) (1955), pp. 1–28

Is Piketty’s “Second Law of Capitalism” Fundamental?

[Krusell.Smith-2015-JPE]

“Redistribution, Inequality, and Growth”.

[ostry.berg.tsangarides-2014-imf]_

Growth and Well-Being

Beyond GDP? Welfare across Countries and Time

[Jones.Klenow-2016-AER]_

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

[Isaac-2009-MECA]

Effective Demand, Class Struggle and Cyclical Growth

[Skott-1989-IER]

The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques

[Lavoie-1995-CamJE]

Paul Samuelson and the Dual Pasinetti Theory

[Ramrattan.Szenberg-2007-AmEc]

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

[Landefeld.Seskin.Fraumeni-2008-JEP]

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

http://www.economist.com/node/21538100);

Taking the Pulse of the Economy: Measuring GDP

[Landefeld.Seskin.Fraumeni-2008-JEP]

What Is the Balance of Payments?

[Fieleke-1996-FRBBSR]

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

https://www.bea.gov/resources/methodologies/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

[Jones.Romer-2010-AEJMacro]_

A Model of Economic Growth

[Kaldor-1957-EJ]

Financial Programming

Core Resource:

Balance of Payments and International Investment Position Manual

[IMF-2009-BPIIPM6]

Recommended Reading:

Quarterly National Accounts Manual? Concepts, Data Sources, and Compilation

[Bloem.Dippelsman.Maehle-2001-IMF]

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

[Rime.Schrimpf-2013-BISQR]

Under the Microscope: The Structure of the Foreign Exchange Market

[Sager.Taylor-2006-IJFinEc]

Supplementary

NDF update

http://www.bis.org/publ/qtrpdf/r_qt1403h.htm

Foreign Exchange Market: Institutional Structure, Regulation, and Policy Implications

[Fei.Zhao-2017-JFinEcon]

All About ... the Foreign Exchange Market in the United States

[Cross-1998-FRBNY]_ (esp. ch 2,3,5);

Changing Fortunes

[Milesi-2009-FinDev]

Money and Inflation

Long-Run Evidence on Money Growth and Inflation

[Benati-2009-ECBwp1027]

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

[frenkel.johnson-1978]

Asset Price Bubbles

A Simple Perfect Foresight Monetary Model

[Brock-1975-JME]

Market Fundamentals versus Price-Level Bubbles: The First Tests

[Flood.Garber-1980-JPE]

Purchasing Power Parity

The Purchasing Power Parity and Exchange-rate Economics Half a Century On

[Vo.Vo-2022-JEconSurveys]

Long-run Purchasing Power Parity Redux

[Papell.Prodan-2020-JIMF]

The Purchasing Power Parity Debate

[Taylor.Taylor-2004-JEP]

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

[Gopinath.etal-2009-NBER14938]

PPP Strikes Back: Aggregation and the Real Exchange Rate

[Imbs.etal-2005-QJE]

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

[Frenkel-1978-JIE]

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

[Jacobson.etal-2008-TrixJ]

Productivity Bias Hypothesis

The Purchasing Power Parity and Exchange-rate Economics Half a Century On

[Vo.Vo-2022-JEconSurveys]

Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of {OECD} Countries

[Canzoneri.Cumby.Diba-1999-JIE]

The ‘Real’ Explanation of the PPP Puzzle

[Ford.Horioka-2016-NBERw22198]

Institutions and Stability

European Stability Mechanism

ESM (cont.)

Resources: Recommended but not required.

Video: Klaus Regling: Lessons From The Euro Crisis

https://www.youtube.com/watch?v=SdUER6OHNlU

Video: 2021 ESM Reform

https://www.youtube.com/watch?v=SdUER6OHNlU

More institutional details:

https://www.esm.europa.eu/

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:

https://www.esm.europa.eu/blog

Covered and Uncovered Interest Parity

The Dollar, Bank Leverage, and Deviations from Covered Interest Parity

[Avdjiev.Du.Koch.Shin-2019-AER]

Currency Carry Trade Regimes: Beyond the Fama Regression

[Clarida.Davis.Pedersen-2009-JIMF]

The Rise of the Dollar and Fall of the Euro as International Currencies

[Maggiori.Neiman.Schreger-2019-AER]

Chinese Foreign Exchange Reserves, Policy Choices, and the U.S. Economy

[Neely-2017-FRBSLR]

Portfolio Balance

Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment

[Bacchetta.Wincoop-2021-JIntEc]

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

[Cushman-2007-RFE]

The Exchange Rate and the Balance of Payments in the Short Run and the Long Run: A Monetary Approach

[Kouri-1976-ScanJE]

A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations

[Calvo.Rodriguez-1977-JPE]

A Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium

[Dooley.Isard-1982-JIE]

Tests of Monetary and Portfolio-Balance Models of Exchange Rate Determination

[Frankel-1984_Bilson.Marston]

[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?

https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2010-economic-commentaries/ec-201002-are-some-prices-in-the-cpi-more-forward-looking-than-others-we-think-so.aspx

Overshooting

The Macroeconomic Effects of Large Exchange Rate Appreciations

[Kappler.etal-2013-OpenEconRev]

Was It Real? The Exchange Rate-Interest Differential Relation over the Modern Floating-Rate Period

[Meese.Rogoff-1988-JFin]

The Monetary Approach to Exchange Rates: What Now Remains?

[Boughton-1988-EssaysIF]

The Mundell-Fleming Model a Quarter Century Later

[Frenkel.Razin-1987-IMF]

Current Account

Dominant Currencies and External Adjustment

https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2020/07/16/Dominant-Currencies-and-External-Adjustment-48618

Determinants of Current Account Imbalances in 16 OECD Countries: An Out-Of-Sample Perspective

[Herwartz.Siedenburg-2007-RWE]

Real Exchange Rates, the Trade Balance and Net Foreign Assets: Long-Run Relationships and Measures of Misalignment

[Zhang.MacDonald-2014-OpenEconRev]

Risk Premium

The Interest Rate Parity Theorem: A Reinterpretation

[Aliber-1977-JPE]

Nominal Exchange Rate Regimes and the Behavior of the Real Exchange Rate

[Mussa-1986-CRCS]

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

[DeLong.etal-1990-JPE]

Noise

[Black-1986-JFin]

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

[Frenkel.Razin-1987-IMF]

The Overstretch Myth

[Levey.Brown-2005a-ForAff]

Our Money, Our Debt, Our Problem

[Setser.Roubini-2005-ForAff]

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

[frenkel_johnson76_frenkel_johnson]

Exchange-Rate Regime Choice

Core Reading:

“Exchange Rate Regimes: Is the Bipolar View Correct?”

[fischer-2001-jep]

“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

[Duarte.Obstfeld-2008-JIMF];

Exchange Rate Determination under Interest Rate Rules

[Benigno.Benigno-2008-JIMF];

Recommended Reading:

The 2007 Meltdown in Structured Securitization: Searching for Lessons, Not Scapegoats

[Caprio.Kunt.Kane-2008-WorldBankwps4756]

Mexico's Balance-of-Payments Crisis: A Chronicle of a Death Foretold

[Calvo.Mendoza-1996-FRBifdp]

On the Evolution of U.S. Foreign-Exchange-Market Intervention: Thesis, Theory, and Institutions

[Bordo.Humpage.Schwartz-2015-NBERc13537]

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

[Knetter-1989-AER]

Exchange Rate Pass-Through When Market Share Matters

[Froot.Klemperer-1989-AER]

Exchange Rates and Prices

[Dornbusch-1987-AER]

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

[Krugman-1979-JMCB]

Mexico’s Balance-of-Payments Crisis: A Chronicle of a Death Foretold

[Calvo.Mendoza-1996-JIE]

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

[Ma.McCauley-2007-BISwp233]

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

[Cazachevici_etal-2020-WorldDev]

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

[Wang-2020-Springer]

Exchange Rate Economics

Sarno, Lucio and Mark P. Taylor (Cambridge University Press, 2003)

International Money and Finance

[Hallwood.MacDonald-2000-Wiley]_

On Exchange Rates

[Frankel-1993-MIT]

Exchange Rate Economics

[Isard-1995-CambridgeUP]_

The Foreign Exchange Market: Theory and Econometric Evidence

[Baillie.McMahon-1989-CambridgeUP]_

Open Economy Macro

Foundations of International Economics

[Obstfeld.Rogoff-1996-MIT]

Open Economy Macroeconomics

[Dornbusch-1980-BasicBooks]

References

[Acemoglu.Johnson.Robinson-2001-AER]

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_etal-2015-handbook]

Acemoglu, Daron, et al. (2015) "Democracy, Redistribution, and Inequality". In Atkinson, Anthony B. and Bourguignon, Fran,cois (Eds.) Handbook of Income Distribution, : Elsevier.

[Acemoglu.Robinson-2015-JEP] (1,2)

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