International
Macroeconomic
Policy:
Theory and Evidence from
Recent
Financial Crises
B30.2380.01, B30.2380.10
and
Global Macroeconomics
C70.0230.01
Fall 2009
Professor
Nouriel Roubini
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 Online Blog
for Class Discussions Suggested
Grade Distribution)
Reading
List
"MBA
Lectures in Macroeconomics" by Roubini and Backus
Handouts
for class
Roubini Global
Economics (RGE) Monitor Web Site (www.rgemonitor.com)
Links
to Macroeconomic Data and Information
Hypertext
Glossary of Business Cycle Indicators
Business
Cycle Indicators
Assignments
Interactive
Charts
and Graphs of Macroeconomic Series
Roubini
Blog and
Discussion Group
1. Overview
Objectives
Introduction to international macroeconomics and review and analysis
of current international macroeconomic and financial issues, policies
and
events, including: 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; short- and long-term effects of
monetary
and fiscal policy; the drive to reform the international financial
architecture;
the debate on IMF and World Bank reform; emerging markets external debt
and attempts to restructure it (the"bail-in" versus "bail-out" debate);
and the globalization of financial markets. These topics are integrated
into a theoretical framework that stresses international factors from
the
start. Examples from the US, Europe, Japan, China and 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.
Roubini Global Economics (RGE) Monitor Web site is here (free access
to all Stern and NYU students):
http://www.rgemonitor.com
Textbook and Materials
Textbook:
On-line lectures notes: Nouriel Roubini and David Backus MBA
Lectures in Macroeconomics, New York University, 2000.
and:
Paul Krugman and Maurice Obstfeld "International
Economics",
Addison-Wesley Publishing Co., 8th Edition, 2008.
We will also use the following materials in the course:
- Reading packet and case studies package
The Krugman-Obstfeld textbook will be available in the bookstore.
The Roubini
and Backus "MBA Lectures in Macroeconomics" are available on-line
at
the course home page; a printed version can be bought at the bookstore.
Note that the on-line version includes the links to other WEB materials
that are missing in the printed version.
The reading packet and case package will be distributed in class.
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.
It is also worth following many good weblogs by a variety of
macroeconomists: for real-time selection of such blogs see the Aggregation
of Macroeconomic Blogs at RGE Monitor
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 four assignments (three for the evening MBA course) that
alternate between practice problems and projects,
all of
which
are included in this package. They are due roughly every third
week, as noted below.
All assignments should be done as part of a group.
Online Blog/Discussion
Group for the Class
I have a blog
where we can discuss the topics of the course outside of the
classroom. I urge all the students in the class to actively
participate
in this online blog forum. Part of the
final grade will depend on
class and blog participation. We can share together ideas
and
information
about interesting new articles on the WEB, discuss current policy
issues
and elaborate on materials presented in class.
Office Hours and Tutorials
My office hours are Mondays 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 each section of the course,
who you will find very helpful.
The TF for the day time MBA course will be Christina Wang whose
email is christina.wang@stern.nyu.edu.The
TF office hours will be
announced in class.
The TF for the evening MBA course will be Sarath Kalidindi whose
email is sarath.kalidindi@stern.nyu.edu. The TF office hours will be
announced in class.
The TF for the undergraduate course will be Georg Zett whose email
is gmz207@nyu.edu.
His office hours will be announced in class.
Rules
- Late assignments will not be accepted without prior arrangement.
If
necessary,
you can fax them to me at (212) 995-4218 or 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
Day Section MBA:
October 5: First assignment due in class
October 28: Second assignment due in class
November 23: Mid-term exam in class
December 2: Third assignment due in class
December 14: Fourth assignment due in class
Date in December (to be announced):
Final Examination
Evening Section MBA:
October 26: First assignment due in class
November 16: Second assignment due in class
November 30: Mid-term exam in class
December 14: Third assignment due in class
December 21: Final Examination in class
Day Section Undergraduate:
October 5: First assignment due in class
October 28: Second assignment due in class
November 23: Mid-term exam in class
December 2: Third assignment due in class
December 14: Fourth assignment due in class
Date in December (to be announced):
Final Examination
Suggested Grade Distribution
Although sections may vary somewhat, the Economics Department suggests
a grade distribution of
| A/A- |
25-30% |
| B's |
55-70% |
| C & below |
5% |
This distribution is intended to make standards comparable across
sections,
as required by the school.
Other Links and Information:
- The Stern School of
Business
Economics Department
- Nouriel
Roubini's
Home Page: http://pages.stern.nyu.edu/~nroubini/