(*) denotes a required reading
(x) denotes a reading available in the reading and case packet

I. AN OVERVIEW OF THE WORLD ECONOMY

I. 1. Macroeconomic Performance during and after the Global and Economic Financial Crisis of 2008-2009

• Roubini, Handout on Macroeconomic Issues and Vulnerabilities in the US and Global Economy (*)
  
• Roubini and Backus, Lectures in Macroeconomics, Chapter 1. (*)
• Krugman and Obstfeld, Chapter 12 (*)
• Link to the Roubini Global Economics (RGE) Monitor
• Link to the Nouriel Roubini Global Macro blog
  
• Ben Bernanke "Reflections on a Year of Crisis" August 2009. (*)
  
• Morgan Stanley "The Message from Jackson Hole" August 2008 (*)
• Morgan Stanley "It's Bumpy and Slow...but it Will Be a Sutainable Recovery" August 2009 (*)
• JP Morgan Global Data Watch August 2009 (*)
  
• Morgan Stanley "V Shapes" August 2009 (*)
• Mohamed El-Erian "A New Normal" May 2009 (*)
  
• Morgan Stanley "Roaring Out of Recession in 3Q" August 2009 (*)
• Nouriel Roubini "The Risk of a Double Dip Recession is Rising" August 2009 (*)
• Nouriel Roubini "" August 2009 (*)
  
• Olivier Blanchard "Sustaining a Global Recovery"  September 2009 (*)
  
• Nouriel Roubini "Green Shoots or Yellow Weeds?" May 2009 (*)
  
• Bill Gross "Investment Outlook" August 2009 (*)
  
• Morgan Stanley "Euroland Recovery Arrives Early" August 2009 (*)
• Mohamed El-Erian "Markets Must Exit the Artificial Comfort Zone Created by Green Shoots" August 2009 (*)
  
• Morgan Stanley "Between a Rock and a Hard Place" August 2009 (*)
• Nouriel Roubini "The Exit Strategy from the Monetary and Fiscal Easing" August 2009 (*)
• Morgan Stanley "Japan Economic Outlook" August 2009 (*)
• Jim O'Neill "Now it's Looking like V for Victory over Recession" August 2009 (*)
  
• Michael Pettis "It's Not Yet the End of China's Massive Policy Stimulus" August 2009
  
• Richard Clarida "Global Perspectives" July 2009 (*)
  
• Morgan Stanley "What Will Tightening Look Like?" August 2009 (*)
• Andie Xie "New Bubble Threatens V-Shaped Rebound" August 2009  (*)
  
• RGE "Are There Bright Spots Amid the Global Recession?" August 2009 (*)
  
• The Economist "Survey of the Global Economy" (to be issued in October 2009) (*)
• Michael Pettis "Brace for a Decade of Lower Chinese Growth" July 2009 (*)
• Stephen Roach "The Case Against Ben Bernanke" August 2009 (*)
  
• Roubini "On the Reappointment of Ben Bernanke" August 2009 (*)
  
• Mohamed El-Erian "Bernanke's Four Points To Do List" August 2009 (*)
  

Other Background Readings and Materials (not required readings):

• VoxEu.org  The First Global Financial Crisis of the 21st Century,  July 2008 (read some selected chapters)
  
• Testimony of Chairman Ben Bernanke, Federal Reserve Board's semiannual monetary policy report to the Congress July  2008 (and Testimony)
• New York Fed "Domestic Timeline of the Policy Response to the Financial Crisis"
• New York Fed "International Timeline of the Policy Response to the Financial Crisis"
• 2008 Economic Report of the President by the Council of Economic Advisers, Feb 2009
  
• IMF World Economic Outlook, April 2009
• IMF World Economic Outlook Update, July 2009
• IMF Global Financial Stability Report April 2009
• IMF Global Financial Stability Report update, July 2009
• BIS Annual Report June 2009
  
• IMF World Economic Outlook, September 2009 Chapter 1 (to be published at the end of September 2009)
• Roubini,The Rising Risk of a Systemic Financial Meltdown: The Twelve Steps to Financial Disaster Feburary 2008 (*)
• Link to the RGE page on The U.S. Economy
• Link to the RGE page on Current Global Macroeconomic Issues
• Link to the RGE page on The Global Financial Crisis
• Kansas Fed Conference on Financial Stability and Macroeconomic Policy August 2009
  
• Vox The Global Crisis Debate
• Vox "The First Financial Crisis of the 21th Century"  2009
  
• Morgan Stanley Global Economic Forum
• JP Morgan Global Economic Research
• 
  

• Roubini and Setser "Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies", Chapter 2. (*)
• Roubini and Backus, Lectures in Macroeconomics, Chapter 1. (*)
  
• "Survey. The Global Economy: The New Titans" The Economist Sep 2006) (*)
• "The Balance Sheet Approach to Financial Crises", by Mark Allen, Brad Setser, Christian Keller. Nouriel Roubini and Christoph Rosenberg, IMF, Dec 2002
• Roubini "Global Imbalances: A Contemporary Rashomon Saga", Jan 2007; to be distributed via email (*)
• Roubini and Setser "The U.S. as a Net Debtor: The Sustainability of the US External Imbalances", Sep 2004. (*)
• "The world economy: Capital markets are hindering, not helping, global economic adjustment", The Economist, Aug 18, 2005 (*)
• "Survey: The World Economy" The Economist, Sep 22, 2005 (requires Economist subscription) (*)
• Roubini  Will the Bretton Woods 2 (BW2) Regime Collapse Like the Original Bretton Woods Regime Did? The Coming End Game of BW2 July 2008 (*)
  

Other Background Readings and Materials (not required readings):

• IMF World Economic Outlook, April 2009
• IMF World Economic Outlook Update, July 2009
• World Bank: Global Economic Prospects and the Developing Countries 2009
  
• World Bank: Global Economic Prospects and the Developing Countries 2010 (to be published in the winter of 2009)
  
• Link to the RGE page on Is the U.S. Current Account Deficit Sustainable?
• Link to the RGE page on Emerging Markets
  

I. 3. International Indicators: Exchange Rates and Interest Parity Conditions

• Roubini and Backus, Lectures in Macroeconomics, Chapter 3. (*)
• Krugman and Obstfeld Chapter 13 (*)
• Roubini and Setser "The U.S. as a Net Debtor: The Sustainability of the US External Imbalances", Sep 2004 (*)
• Chapter 13 of Student Resources in Krugman and Obstfeld's textbook web site
• "A Much Devalued Theory", The Economist, Jan 20, 1996. (*) (x)
• "In defence of deficits", The Economist, Dec 16, 1995. (*) (x)
• Feldstein "Global capital flows: too little, not too much", The Economist, Jun 24, 1995. (*) (x)

II. EXCHANGE RATES AND FINANCIAL CRISES

II. 1. Exchange Rates in the Short-Run and Long Run

• Roubini and Backus, Lectures in Macroeconomics, Chapters 7. (*)
• Krugman and Obstfeld, Chapter 14 and Chapter 15. (*)
• The Big Mac Index home page from The Economist
  
• "Saturated solution", The Economist,  Jul 27, 2000 (*) (x)
• "New solutions, new questions", The Economist,  Aug 3, 2000 (*) (x)
  

II. 2. Money, Interest Rates and Exchange Rates

• Roubini and Backus, Lectures in Macroeconomics, Chapter 8. (*)
• Krugman and Obstfeld Chapter 14 and 17 (*)
• Roubini  Will the Bretton Woods 2 (BW2) Regime Collapse Like the Original Bretton Woods Regime Did? The Coming End Game of BW2 July 2008 (*)
• "Better than guesswork?", The Economist, Oct 28, 1999 (*) (x)
  

II. 3. Fixed Exchange Rates and the Dynamics of Currency Crises

• Roubini and Setser "Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies", Chapter 2. (*)
• Roubini and Backus, Lectures in Macroeconomics, Chapter 8 (*)
• Survey: Global Finance - Cruel sea of capital by Clive Crook, The Economist May 1, 2003 (*)
• Krugman and Obstfeld Chapter 17 (*)
• The Mexican Peso Crisis", IMF, 1995; in case package. (*) (x)
• "Getting out of a fix", The Economist, Sep 20, 1997. (*) (x)
• "Are crashes catching ?", The Economist, Aug 31, 1996. (*) (x)
• Link to the RGE page on Asia's Economic and Currency Crisis.

• Roubini and Setser "Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies", Chapters 1, 6, 8. (*)
• Krugman and Obstfeld, Chapters 17 and 22 (*)
• Report on the Evaluation of the Role of the IMF in Argentina 1991-2001 Independent Evaluation Office, IMF, June 30, 2004.(basic material for the Assignment #4: Argentina's Financial Crisis and Default)
• "Currency Dilemmas", The Economist,  Nov 18, 2000 (*) (x)
• "Emerging markets: How the bug can spread", The Economist, Jul 19, 2001 (*)

(See Roubini Global Economics (RGE) Monitor Web Site (http://www.rgemonitor.com) for many  other materials and basic readings on these topics)

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