International Finance I

International Finance I (International Financial Policy)

Understand objectives and effects of key policies in international finance from both theoretical and empirical perspectives. In particular, this course focuses on a fundamental question: How does, and should, the international financial system play roles in two important macroeconomic phenomena, i.e., business cycle and economic growth? In addition, this course covers frequently discussed recent policy issues such as monetary union, international reserve, and spillovers of macroeconomic policies to other countries.

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授業計画

Class 1. Introduction to the course Part A: Financial globalization Class A1. Key concepts on international business cycle Class A2. Key concepts on balance of payments Class A3. International risk sharing and economic growth Class A4. Capital flows and economic growth Class A5. Exchange rates regimes and theories Class A6: Empirics on exchange rate movements Part B: International Business Cycle Class B1. Measurement and empirical regularities Class B2. A two-period model of current account Class B3. An infinite horizon model of current account Class B4. International real business cycle models 1 Class B5. International real business cycle models 2 Class B6. A two-country model with price rigidity Class 14. Final exam

授業の方法

Lecture, face to face (discussions encouraged)

成績評価方法

Class participation and exams

教科書

No textbook

参考書

Maurice Obstfeld and Kenneth S. Rogoff, 1996, Foundations of International Macroeconomics, (MIT Press). Martin Uribe and Stephanie Schmitt-Grohé, 2017, Open Economy Macroeconomics, Princeton University Press. Carlos A. Vegh, 2013, Open Economy Macroeconomics in Developing Countries, (MIT Press)

履修上の注意

Basic understanding of micro and macroeconomics as well as statistical methods / econometrics are necessary. A prerequisite is Macroeconomics for Public Policy (or its equivalent).