B09.2317 - Understanding the
World Macroeconomy
Reading List
Note: RP refers to a reading in the Reading Package.
I. AN OVERVIEW OF THE WORLD ECONOMY
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Monitoring Macroeconomic Performance
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Roubini and Backus, Lectures
in Macroeconomics, Chapter 1.
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Mankiw, Macroeconomics, Chapters 1 and 2.
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"Here are the questions to ponder
about 1998" The Wall Street Journal, Jan 5, 1998; in RP.
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"Can the U.S weather Asia's Storm?"
The Wall Street Journal, Jan 5, 1998; in RP.
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"As the U.S. toasts the
good times, optimism does not go unchecked" New York Times,
Jan 5, 1998; in RP.
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"The economy will
grow in '98, but a slower pace, say experts" The Wall Street Journal,
Jan 2, 1998; in RP.
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"Asia's financial shock: how it began and what comes next" The Wall
Street Journal, Nov 26, 1997; in RP.
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"Asia' economic
crisis: how far is down?" The Economist, Nov 15, 1997; in RP.
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Jeff Sachs "Asia's Crisis"
Financial Times, Jul 30, 1997; in RP.
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"Why did Asia crash?" The Economist,
Jan 10, 1998; in RP.
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"Assembling the New Economy" The Economist, Sep 13, 1997; in RP.
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"Deflation and all that" The Economist, Nov 15, 1997; in RP.
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"Europe's
single currency: ready or not, here comes EMU" The Economist,
Sep 13, 1997; in RP.
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Web link to the controversy on Output
and Inflation: Are We Mismeasuring Them ?
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Web link to other readings on Measuring
Macroeconomic Performance
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Link to homepage on Asia's Economic and
Currency Crisis
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Link to homepage on the European
Monetary Union
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Web link to homepages on The New Economy
and Deflation
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Business Cycle and Financial Indicators
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Roubini and Backus, Lectures
in Macroeconomics, Chapter 2.
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Mankiw, Macroeconomics, Chapters 1 and 2; Chapter 12 pages 346-350.
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Krugman, The Age of Diminished Expectations, Chapters 2, 3.
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"Those vicious
business cycles: tamed but not quite slain," New York Times,
Jan 2, 1997; in RP.
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"Shapely curves," The Economist, Mar 7, 1992; in RP.
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"The link
grows cloudy between jobs and prices," New York Times, Jan 2,
1997; in RP.
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Wessel, "Inflation
stays low, with aid of some luck," The Wall Street Journal,
Dec 16, 1996; in RP.
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Rosett, "Greenspan's
dilemma" The Wall Street Journal, Dec 15, 1997; in RP.
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Krugman, "Stable prices and fast growth:
just say no," The Economist, Aug 31, 1996; in RP.
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Angell, "Fed: on
the right course" The Wall Street Journal, Dec 16, 1997; in
RP.
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Mankiw "Alan Greenspan's
tradeoff" Fortune, Dec 8, 1997; in RP.
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Krugman, The Age of Diminished Expectations, Chapter 3.
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Web link to the controversies on Output
and Inflation: Are We Mismeasuring Them?, the Business
Cycles Perspectives for 1998 and the NAIRU
and Inflation .
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Link to homepage on Business Cycle Indicators.
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International Indicators
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Productivity and Growth
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Roubini and Backus, Lectures
in Macroeconomics, Chapter 4.
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Mankiw, Macroeconomics, Chapter 4 and Appendix.
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Krugman, The Age of Diminished Expectations, Chapters 1,2,15.
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"The miracle of the sausage-makers," The Economist, Dec 9, 1995;
in RP.
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"The Asian Miracle: is it over?" The Economist, Mar 1, 1997;
in RP.
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Krugman "Stay
on their backs," The New York Times, Feb 4, 1996; in RP.
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Roach "US:
At Odds with the productivity revisionists," Morgan Stanley Global
Economic Forum, Feb 7, 1996; in RP.
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"Economic growth:
The poor and the rich," The Economist, May 25, 1996; in RP.
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"A working hypothesis," The Economist, May 11, 1996; in RP.
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"The C-word strikes back," The Economist, Jun 1, 1996; in RP
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"Workers of the world unite," The Economist, Oct 23, 1993; in RP.
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Web link to the controversy on Productivity
Growth Recovery in the 1990s: True or a Statistical Fluke ?
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Web link to other readings on Productivity
Growth
II. THE CLASSICAL THEORY OF THE LONG-RUN
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Output and Real Interest Rates in a Closed Economy
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Roubini and Backus, Lectures
in Macroeconomics, Chapter 5.
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Mankiw, Macroeconomics, Chapter 3.
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Krugman, The Age of Diminished Expectations, Chapters 2,13.
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"How low can they go ?," The Economist, Dec 2, 1995; in RP.
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"Capital conflict," The Economist, Aug 10, 1991; in RP.
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"America's power plants," The Economist, Jun 8, 1996; in RP.
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"America's tax reform: A better way to pay," The Economist, Jan
13, 1996; in RP.
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"A capital conundrum" The Economist, Jul 5, 1997; in RP.
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"Of politicians and piggybanks" The Economist, Jan 11, 1997; in
RP.
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"Moving up, moving out," The Economist, Jul 20, 1996; in RP.
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"Widest gap in incomes ? Research points to US," New York Times,
Oct 27, 1995; in RP.
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"Rich man, poor man," The Economist, Jul 24, 1993; in RP.
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Web link to the controversy on Supply
Side Economics and the Effects of Tax Cuts, Tax
Reform , Income
Inequality and The
Capital Gains Tax.
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Web link to other readings on The
Long Run Theory.
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Savings, Investment and the Current Account in an Open Economy
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Roubini and Backus, Lectures
in Macroeconomics, Chapter 5.
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Mankiw, Macroeconomics, Chapter 7 (sections 7-1, 7-2).
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Krugman, The Age of Diminished Expectations, Chapter 4.
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"In defence of deficits," The Economist, Dec 16, 1995; in RP.
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Feldstein "Global capital flows: too little, not too much," The Economist,
Jun 24, 1995; in RP.
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Web link to the controversies on Trade
Deficits: Should We Worry about Them? and Competitiveness.
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Web link to other readings on Trade
Deficits.
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Money, Inflation and Nominal Exchange Rates in the Long-Run
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Roubini and Backus, Lectures
in Macroeconomics, Chapter 6, Chapter
7.1.
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Mankiw, Macroeconomics, Chapter 6, Chapter 7 (section 7-3); 13
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Alvarez and Zeldes "Reducing Inflation in Argentina: Mission Impossible;";
in case package.
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Cavallo and Cavallo "Lessons from the Stabilization Process in Argentina,";
in case package.
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"Rules versus discretion," The Economist, Mar 2, 1991; in RP.
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Web link to the controversies on NAIRU
and Inflation and Should
the Fed Push Inflation Down to Zero ?
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Web link to other readings on Money
and Inflation
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Real Exchange Rates in the the Long-Run and Short-Run
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"A Much Devalued Theory," The Economist, Jan 20, 1996; in RP.
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"Buy hard: with a vengeance," The Economist, Aug 26, 1995; in RP.
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"Big MacCurrences?," The Economist, Apr 12, 1997; in RP.
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Web link to other readings on Exchange
Rates
THE KEYNESIAN THEORY OF THE SHORT-RUN
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Fixed Exchange Rates and their Collapse: Mexico, the Asian Crisis and
the European Monetary System
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Roubini and Backus, Lectures in Macroeconomics, Chapter 8.
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Mankiw, Macroeconomics, Chapter 11.
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"The Mexican Peso Crisis," IMF, 1995; in case package.
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"To fix or float exchange rates?" The Economist, Aug 7, 1993; in
RP.
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"Getting out of a fix" The Economist, Sep 20, 1997; in RP.
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"The etiquette of merging currencies," The Economist, Dec 9, 1995;
in RP.
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"EMU's working hypothesis," The Economist, Nov 9, 1996; in RP.
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"Are crashes catching ?," The Economist, Aug 31, 1996; in RP.
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Link to homepage on Asia's Economic and
Currency Crisis.
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Link to homepage on the European
Monetary Union.
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Web link to the controversies on The
European Monetary Union and The
Gold Standard and Fixed
versus Flexible Exchange Rate Regimes
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The IS/LM model in the Closed Economy
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Roubini and Backus, Lectures in Macroeconomics, Chapter 9.
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Mankiw, Macroeconomics, Chapters 8, 9, 10, 12, 13.
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Krugman, The Age of Diminished Expectations, Chapters 5,8.
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"Monetary-policy mysteries," The Economist, Sep 28, 1996; in RP.
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"Monetary policy, made to measure," The Economist, Aug 10, 1996;
in RP.
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Web link to other readings on The
IS/LM Model.
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Trade Imbalances, Exchange Rates, Macro Policies, Globalization and
Problems of the Global Capital Markets
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Roubini and Backus, Lectures in Macroeconomics, Chapter 10.
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Mankiw, Macroeconomics, Chapter 11.
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Krugman, The Age of Diminished Expectations, Chapters 4, 8, 9, 10,
11, 14.
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"The world economy: who is in the driving seat ?," The Economist,
Oct 7, 1995; in RP.
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"Second thoughts about globalisation" The Economist, Jun 21, 1997;
in RP.
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Inflation, Wages and Unemployment
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Mankiw, Macroeconomics, Chapters 5,12,13.
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Krugman, The Age of Diminished Expectations, chs 2,3,5.
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Rosett, "Greenspan's
dilemma" The Wall Street Journal, Dec 15, 1997; in RP.
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Krugman, "Stable prices and fast growth:
just say no," The Economist, Aug 31, 1996; in RP.
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Angell, "Fed: on
the right course" The Wall Street Journal, Dec 16, 1997; in
RP.
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Mankiw "Alan Greenspan's
tradeoff" Fortune, Dec 8, 1997; in RP.
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Government Deficits
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Mankiw, Macroeconomics, Chapter 16.
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Roubini and Backus, Lectures in Macroeconomics, Chapter 11.
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Krugman, The Age of Diminished Expectations, Chapters 6,7.
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"The Burdensome National Debt," The Economist, Feb 10, 1996; in
RP.
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"It's not what you do...," The Economist, Jan 20, 1996; in RP.
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"The hole in your future," The Economist, Sep 9, 1995; in RP.
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"What the taxman takes," The Economist, Mar 13, 1993; in RP.
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Web link to the controversies on US
Budget Deficits , The
Balanced Budget Amendment and Tax
Reform .
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Web link to other readings on Fiscal
Policy
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Monetary Policy and Commercial Banking
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Mankiw, Macroeconomics, Chapters 18, 13.
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Roubini and Backus, Lectures in Macroeconomics,
Chapter 12.
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Krugman, The Age of Diminished Expectations, Chapter 8.
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"Monetary-policy mysteries," The Economist, Sep 28, 1996; in RP.
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"Monetary policy, made to measure," The Economist, Aug 10, 1996;
in RP
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Federal Reserve Publications: The Federal
Reserve System Purposes and Functions,
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Web link to the controversies on NAIRU
and Zero Inflation
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Web link to other readings on Monetary
Policy