International
Macroeconomic Policy:
Theory and Evidence from
Recent Financial Crises
ECON-GB2380.10
Fall 2019
Office:
KMC 7-83
Phone: (212) 998-0886
E-Mail: nroubini@stern.nyu.edu
Overview of the Course (Objectives Texbook and Materials Requirements Assignments Office Hours and Tutorials Rules Important Dates Suggested Grade Distribution)
"MBA Lectures in Macroeconomics" by Roubini and Backus
Interactive Charts and Graphs of
Macroeconomic Series
1.
Overview
Objectives
Introduction
to international macroeconomics and review and analysis of current
international macroeconomic and financial issues, policies and events,
including: outlook for the global economy in developed markets and emerging
markets; growth, inflation, interest rates, exchange rates and asset prices in
the global economy; causes and consequences of trade deficits and external imbalances;
emerging market economies financial crises; causes of currency, banking and
financial crises in emerging market economies and advanced economies (the
global financial crisis of 2008-09); short- and long-term effects of monetary and fiscal policies including
unconventional monetary policies; the drive to reform the international
financial architecture; emerging markets and advanced economies public and
external debt and attempts to restructure it (the"bail-in"
versus "bail-out" debate); the globalization of financial markets;
and the rise of economic populism and protectionism. These topics are
integrated into a theoretical framework that stresses international factors
from the start. Examples from the US, Europe, Japan, China and other
emerging market economies are used to enhance knowledge of the world economy.
We will make intensive use of the WEB and Internet resources as a learning tool in the course.
Textbook
and Materials
Textbook:
On-line lectures notes: Nouriel Roubini and David Backus MBA Lectures in Macroeconomics, New York University, 2000.
Paul Krugman, Maurice Obstfeld and Marc Melitz "International Economics", Pearson, 11th Edition, 2018.
Nouriel Roubini and Stephen Mihm "Crisis Economics: A Crash Course in the Future of Finance", Penguin, paperback edition, 2011.
The Krugman-Obstfeld-Melitz textbook and my "Crisis Economics" book will be available in
the bookstore.
The Roubini and
Backus "MBA Lectures in Macroeconomics" are available on-line at
the course home page.
Let
me also recommend very strongly The
Economist, the best single source of international business news and
commentary; and the on-line WEB version of the Financial
Times, parts of which are available for free to registered users.
Requirements
Grades
will be based on four assignments and two examinations according to the
formula:
|
Assignments |
30
percent |
|
Midterm |
30
percent |
|
Final |
40
percent |
Class
participation and active participation in the class blog will be rewarded as
part of the 30% of the grade that goes to the assignments.
Assignments
(click here to
download the assignments).
There are three assignments that alternate between practice
problems and projects. All assignments should be done as part of a
group. A printed version of the assignments, together with all relevant
materials to complete them, will be provided in class.
Office
Hours and Tutorials
My
office hours are Wednesdays 4.30 to 5.30pm or by appointment. I can also be
reached through e-mail at nroubini@stern.nyu.edu
There will also be a Teaching Fellow for the course, who you will find very helpful. The info on the TF will be announced soon.
Rules
- Late assignments will not be accepted without prior
arrangement. If necessary, you can e-mail them to me.
- Material handed out in class will not be available in
the next class. You can get copies of old handouts from classmates and during
office hours. Most class materials will also be available on-line in the
home page for the course.
Important
Dates
October 16: First assignment due in class
November 13: Second assignment due in class
December 4: Mid-term exam in class
December 11: Third assignment due in class
December 18: Final Examination in class
Suggested Grade
Distribution
Although
sections may vary somewhat, the Economics Department suggests a grade
distribution of
|
A/A- |
25-30% |
|
B's |
70-75% |
This
distribution is intended to make standards comparable across sections, as
required by the school.
Course Web
Site
The
web site for the course is http://people.stern.nyu.edu/nroubini/MACRO5.HTM
(case sensitive)