I. AN OVERVIEW OF THE WORLD ECONOMY

• Monitoring Macroeconomic Performances
• Roubini and Backus, Lectures in Macroeconomics, Chapter 1. (*)
• Miles and Scott, Chapters 1, 2, 3 (*)
• "Global: Double Dip Redux" MSDW Global Economic Forum Jan 21, 2003 (*)
• The challenge of uncertainty" The Economist,  Jan 21st, 2003 (*)
• "United States: Double-Dip Scare -Causes and Cures" MSDW Global Economic Forum Jan 21, 2003 (*)

"Global: America's Fiscal Pitfalls" MSDW Global Economic Forum Jan 10, 2003 (*)
• "Economics focus: Defining a downturn", The Economist, Aug 4, 2001 (*)
• "The perils of ignoring bubbles" by Stephen Cecchetti Financial Times, Sep 4, 2002  (*)
• Remarks by Chairman Alan Greenspan Dec 19, 2002 (*)
• Horst Köhler: Opening Remarks for the Sovereign Debt Restructuring  Mechanism Conference IMF Jan 22, 2003 (*)
• "Revitalizing Japan: Risks and Opportunities: A Commentary" by Kenneth Rogoff IMF Nov 7, 2002 (*)
• "Latin American Economic Crisis" by Michael Mussa IIE Oct 14, 2002 (*)
• "Restoring Europe's smile" Economist Oct 24, 2002 (*)
• Re-engineering the euro Economist Oct 17, 2002 (*)
• "Dial D for deflation" The Economist, Sep 12, 2002 (*)
• "The emerging markets’ scapegoat", The Economist, Jan 21st, 2003 (*)
• "Argentina's fragile economic stability" Te Economist, Jan 9th, 2003 (*)
• "Lula's balancing act" The Economist Jan 2nd, 2003 (*)
• Latin America's annus horribilis, The Economist, Dec 19th, 2002 (*)

Hopes and Fears: The Global Outlook, Asia, and the IMF Remarks by Thomas C. Dawson, IMF, Jan 8, 2003 (*)
• Link to Roubini Web site on Global Macro and Financial Policy (*)
• 2002 and 2003 Economic Report of the President by the Council of Economic Advisers
• Morgan Stanley Global Economic Forum: 2003 Outlook (*)
• Laurence Meyer: After an Attack on  Iraq: The Economic Consequences Nov 21, 2002 (.pdf)
• Remarks by Governor Ben S. Bernanke: Deflation: Making Sure "It" Doesn't Happen Here Fed Nov 21, 2002
• The Economic Consequences of a War with Iraq by William D. Nordhaus, Yale University Nov 2002
• Michael Mussa: Argentina and the Fund: From Triumph to Tragedy IIE Aug 2002
• IMF Global Financial Stability Report, December 2002
• IMF World Economic Outlook, September 2002
• World Bank: Global Economic Prospects and the Developing Countries 2003
• Nouriel Roubini: Private Sector Involvement in Crisis Resolution and  Mechanisms for Dealing with  Sovereign Debt Problems Jul 20, 2002
• Nouriel Roubini: Do we need a new international bankruptcy regime? Apr 4, 2002 (.doc)
• Home page on the U.S. Economy
• Home page on Stock Markets
• Morgan Stanley Global Economic Forum
• Web link to other readings on Measuring Macroeconomic Performance
• Link to homepage on the European Monetary Union
• Home page on Brazil
• Home page on Latin America
• Home page on Argentina

 
• Business Cycle and Financial Indicators
• Roubini and Backus, Lectures in Macroeconomics, Chapter 2. (*)
• Miles and Scott Chapter 15  and 22 (*)
• Web link to the home pages on the US Economy and Current Global Financial Issues
• Link to homepage on Business Cycle Indicators.

 
• International Indicators
• Roubini and Backus, Lectures in Macroeconomics, Chapter 3. (*)
• Miles and Scott, Chapter 18 and Chapter 19 (sections 19.1 to 19.8) (*)
• Web link to other readings on International Indicators
• "A Much Devalued Theory", The Economist, Jan 20, 1996. (*) (x)
• Martin Wolf "An unsustainable black hole", Financial Times, Feb 26, 2002 (*) (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)
• Remarks by Governor Donald L. Kohn: The U.S. Current Account Deficit, Fed Nov 22, 2002

 
• Productivity and Growth
• Roubini and Backus, Lectures in Macroeconomics, Chapter 4. (*)
• Miles and Scott Chapters 4, 5, 6 (*)
• "Singapore," Harvard Business School case no. 9-793-096 (rev. 4/95) (*) (x)
• "Singapore Supplement" Harvard Business School Case 700-050 (*) (x)
• "The miracle of the sausage-makers," The Economist, Dec 9, 1995. (*) (x)
• Martin Wolf "The new American challenge", Financial Times, Feb 12, 2002. (*) (x)
• Web link to the controversy on Productivity Growth Recovery in the 1990s: True or a Statistical Fluke ?
• Web link to homepages on The New Economy

II. THE CLASSICAL THEORY OF THE LONG-RUN

• Output and Real Interest Rates in a Closed Economy
• Roubini and Backus, Lectures in Macroeconomics, Chapter 5. (*)
• Scott and Miles Chapter 3. (*)
• "How low can they go?," The Economist, Dec 2, 1995. (*) (x)
• Web link to the controversy on Supply Side Economics and the Effects of Tax Cuts

 
• Savings, Investment and the Current Account in an Open Economy
• Roubini and Backus, Lectures in Macroeconomics, Chapter 5. (*)
• "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)
• Remarks by Governor Donald L. Kohn: The U.S. Current Account Deficit, Fed Nov 22, 2002

III. MONEY AND EXCHANGE RATES

• Money, Prices, Inflation and Seigniorage
• Roubini and Backus, Lectures in Macroeconomics, Chapter 6. (*)
• Miles and Scott Chapter  12. (*)
• "The perils of ignoring bubbles" by Stephen Cecchetti Financial Times, Sep 4, 2002  (*)
• "Dial D for deflation" The Economist, Sep 12, 2002 (*)
• Remarks by Governor Ben S. Bernanke: Deflation: Making Sure "It" Doesn't Happen Here Fed Nov 21, 2002

• Exchange Rates in the Short-Run and Long-Run

• Roubini and Backus, Lectures in Macroeconomics, Chapter 7. (*)
• The Big Mac Index home page from The Economist . Background material for Big Mac Index case to be discussed in class (*)
• "The Big Mac Index", Jan 16, 2003 The Economist (*)
• "Saturated solution", The Economist,  Jul 27, 2000 (*) (x)
• "New solutions, new questions", The Economist,  Aug 3, 2000 (*) (x)
• "Rules versus discretion," The Economist, Mar 2, 1991. (*) (x)
• Web link to web page on U.S. Monetary Policy

• Money, Interest Rates and Exchange Rates

• Roubini and Backus, Lectures in Macroeconomics, Chapter 8. (*)
• Miles and Scott, Chapter 19 (sections 19.3-19.8) (*)
• "Better than guesswork?", The Economist, Oct 28, 1999 (*) (x)
• "Blaming the Fed" Financial Times Sep 2, 2002  (*)
• "The perils of ignoring bubbles" by Stephen Cecchetti Financial Times, Sep 3, 2002  (*)
• Testimony of Chairman Alan Greenspan Federal Reserve Board's semiannual monetary policy report to the Congress Jul 16, 2002
• Remarks by Chairman Alan Greenspan Dec 19, 2002 (*)

 
• Fixed Exchange Rates and Currency Crises
• Roubini and Backus, Lectures in Macroeconomics, Chapter 8 (*)
• Miles and Scott, Chapter 19 (sections 19.9-19.12) (*)
• 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)
• John Williamson: Is Brazil Next? IIE Aug 2002 (.pdf)
• Morris Goldstein: Brazil's Unwatched Borrowing IIE Aug 27, 2002
• Michael Mussa: Argentina and the Fund: From Triumph to Tragedy IIE Aug 2002
• Link to homepage on Asia's Economic and Currency Crisis.
• Link to homepage on the European Monetary Union.
• Web link to the controversies on The European Monetary Union and The Gold Standard

IV. THE KEYNESIAN THEORY OF THE SHORT-RUN: MONETARY AND FISCAL POLICY IN CLOSED AND OPEN ECONOMIES
 

• The IS/LM Model in the Closed Economy

• Roubini and Backus, Lectures in Macroeconomics, Chapter 9. (*)
• Miles and Scott,  Chapters 16, 17, 10, 11 (*)
• "How low can they go?", The Economist, Dec2, 1995. (*) (x)
• "Bubble trouble", The Economist, Sep 2, 1999 (*) (x)
• Home page on U.S. Monetary Policy
• Web link to other readings on The IS/LM Model

• The IS/LM Model in the Open Economy

• Roubini's class notes and handouts

V. CURENT POLICY ISSUES

(See Roubini’s Global Macro and Financial Policy Web Site (http://www.stern.nyu.edu/globalmacro/) for many  other materials and basic readings on these topics

• Lessons for investors from the currency and financial crises in the 1980s and 1990s.

• Capital flows to emerging markets and the risk of default
• The 1980s Debt Crisis
• ERM crisis in 1992-93
• Mexico Crisis in 1994-95
• Asian Crisis (Thailand, Indonesia and Korea) in 1997-98
• The Russian Crisis of 1998 and its global contagion
• The Brazilian crisis of 1999
• The Turkey crisis in 2001
• The Argentine crisis in 2001-2002
• Causes of financial contagion. How to predict crises and their contagion.
• Capital mobility and capital controls
• Risks of deflation
• Globalization and the risks of its reversal

• Roubini's class handouts (*)
• Miles and Scott, Chapter 19 (sections 19.9-19.12) (*)
• Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini "What Caused the Asian Currency and Financial Crisis? Part  I : A Macroeconomic  Overview" September 1998 (*)
• Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini "What Caused the Asian Currency and Financial Crisis? Part  II: The Policy Debate" September 1998 (*)
• "Currency Dilemmas", The Economist,  Nov 18, 2000 (*) (x)
• "Emerging markets: How the bug can spread", The Economist, Jul 19, 2001 (*)
• Nouriel Roubini: Private Sector Involvement in Crisis Resolution and  Mechanisms for Dealing with  Sovereign Debt Problems Jul 20, 2002
• Home page on Contagion
• Home page on the Asian Crisis

VI. TRADE THEORY AND TRADE POLICY, FDI AND MULTINATIONAL CORPORATIONS

• Miles and Scott, Chapter 9
• Class Handouts

Back to the Course Homepage