Economics 441/541-001: International Monetary Theory and
Policy (Winter, 2017)
Course Time and Place: TTh 10:00 – 11:50, Cramer Hall
324
Instructor: Hiro
Ito, Professor of Economics
Office: Cramer Hall 241-F
Email: ito@pdx.edu
Phone: x5 – 3930
Office
Hours: TTh 12:00-13:00, or by appointment
The course syllabus is available here.
Kritika Kumari
kkumari@pdx.edu
OHs: Monday: 1 – 4pm; Tuesday, Thursday: 1 –
2pm
Course Material
The required textbook
for this course is:
Krugman, Paul,
Maurice Obstfeld, and Marc Melitz, International
Economics – Theory and Policy, Ninth Edition. Addison Wesley (KOM).
If you desire or need to brush up your introductory or intermediate
macro, the following standard textbooks are suitable.
<Introductory macro>
<Intermediate
macro>
Olivier
Blanchard, Macroeconomics 3rd Edition, Prentice-Hall (B).
If you are interested in exploring more
advanced material, you are highly encouraged to read Feenstra
and
Other reading materials such as journal and magazine articles are
occasionally distributed in class or available on this page.
It
is suggested that students develop the habit of reading newspapers and journals
such as The Financial Times and
The Economist.
Lecture
Notes
Notes for the World
Economy since the 1980s
Developing Countries
and International Macroeconomics
Homework
assignments
Class schedule
and reading assignments
The
readings with an asterisk are required, and those with § are required for
graduate students.
Introduction and review of macroeconomics
<for review> Baumol &
Blinder (BB): Ch. 7,8,10,12,13 & 17; Blanchard(B): Ch. 18
*Krugman, Obstfeld, Melitz (KOM): Ch. 13
National Income Accounting and the Balance of
Payments
Week 2
*KOM: Ch. 6 Section
on International Borrowing and Lending and Appendix
§KOM:
*KOM:
Blanchard
(B):
Week 3
*KOM:
*KOM:
B:
Week 4
*KOM:
*KOM:
Week 5
*KOM:
Review
on Ch. 6, 13 – 17
Week 6
February 16
(Thursday): Midterm
Exam (Ch. 6, 13-17)
*KOM: Ch. 18 Fixed
Exchange Rates and Foreign Exchange Intervention
B:
Week 7
*KOM: Ch. 19 The International Monetary System: A Historical Overview
§Nurkse,
R. (1945). “Conditions of International Money Equilibrium,” Essays in International Finance, No. 4 (Spring). (To be distributed in class)
§Krugman,
P. (1993). “What Do We Need to Know About the International Monetary
System?” Essays in International
Finance, No. 4 (July). (distributed)
Week 8
*KOM:
*KOM:
“Profligacy
is not the problem,” The Economist,
September 17, 2011.
"Reading
the Future of the Internationalization of the Renminbi and its Acceptance as a
SDR Currency," Research
Institute of Economy, Trade, and Industry Column 327 (in both English and
Japanese; January 19, 2016).
"Limitations
of the International Monetary System and the Rise of China’s
Renminbi," Research
Institute of Economy, Trade, and Industry Column 317 (in both English and
Japanese; August 17, 2015).
Weeks 9 and 10
*KOM: Ch. 22 Developing
Countries: Growth, Crisis, and Reform
*Fischer, Stanley
(1998). “Lessons from a Crisis,” The Economist (October 10).
(CW)
§Kaminsky,
Graciela L. and Carmen M. Reinhart (1999). “The Twin
Crises: The Causes of Banking and Balance-Of-Payments Problems” American Economic Review, Vol. 89, No. 3 (June), pp. 473-500.
*Coden,
Max (2007). “The International Current Account Imbalances: A Sceptical
View,”
Economic Affairs, 2007, vol. 27, issue 2, pages 44-48.
*Valderrama, D. (2008). “Are Global Imbalances Due to
Financial Underdevelopment in Emerging Economies?” FRBSF Economic Letter. Number 2008-12,April 11.
The final exam will be held at 10:15 –
12:05 pm on March 21, Tuesday.
March 16, 2017