International Macroeconomic Policy:
Theory and Evidence from
Recent Financial Crises
Fall 2019

Professor Nouriel Roubini

Office: KMC 7-83
Phone: (212) 998-0886


Overview of the Course (Objectives Texbook and Materials  Requirements  Assignments  Office Hours and Tutorials  Rules Important Dates  Suggested Grade Distribution)

Reading List

"MBA Lectures in Macroeconomics" by Roubini and Backus 

Handouts for class 


Interactive Charts and Graphs of Macroeconomic Series  

1. Overview


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


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.


Grades will be based on four assignments and two examinations according to the formula:


30 percent


30 percent


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

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.


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





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 (case sensitive)