JEM111 - International Macroeconomics and Finance

Credit: 6
Status: CFS - core
English
ET - elective
F,FM and B - elective
Masters - all
MEF - elective
Semester - summer
Course supervisors: doc. Mgr. Tomáš Holub Ph.D.
Course homepage: JEM111
Literature: Main reading:
Obstfeld, M., Rogoff, K.: Foundations of International Macroeconomics. MIT Press, 1996.

Other reading:
• Romer, D., 1996, Advanced Macroeconomics. McGraw-Hill.
• Barro, R., Sala-i-Martin, X, 1995, Economic Growth. McGraw-Hill.

see Course outline for a detailed reading list
Description: This course presents the standard advanced macroeconomic theory for open economies. After briefly reviewing the knowledge from intermediate international macroeconomics, it starts with studying the intertemporal trade between economies and equilibrium current account determination. The neo-classical growth models are discussed for a small open economy setting, focusing on their shortcomings and possible ways to reconcile them with the empirical observations. The price level convergence is also studied using the Balassa-Samuelson effect. The second block of lectures starts with discussing the currency crises models, exchange rate regime choice and the optimum currency area theory. The focus is then put on the inflation-targeting regime in small open economies, reaction of central banks to foreign shocks, financial market imperfections, discussion of exchange rate management under the inflation targeting, etc.
The course assumes a prior good knowledge of closed-economy macroeconomics at the advanced level.
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