Global Business Environment
B01.2303.11
Fall 2005

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

1. Overview of the Global Economy

• Roubini and Backus, Lectures in Macroeconomics, Chapter 1. (*)
• Miles and Scott, Macroeconomics, Chapters 1-2
• Link to Roubini Global Macro web site  Roubini Global Economics (RGE) Monitor
• Stephen Roach "Petro Cuts", Morgan Stanley Global Economic Forum Sep 6th, 2005 (*)
• Wall Street Journal Econoblog: "Shopped-Out?" Aug 31, 2005 (*)
  
• "Oil and the Global Economy", The Economist, Aug 25, 2005 (*)
  
• Roubini "Global Imbalances are Growing and Increasing the Risk of a Disorderly Adjustment and Hard Landing" August 2005 (*)
• "The global housing boom: In come the waves", The Economist, Jun 16, 2005 (*)
  
• Roubini "Will the Latest Oil Price Shock Lead to a US and Global Recession?" August 2005 (*)
  
• Takehiro Sato "Japan: Haste Makes Waste" Morgan Stanley Global Economic Forum Part I, Aug 26, 2005  Part II  (*)
• "Emerging Markets: Different This Time?" The Economist, Aug 23rd  2005 (*)
  
• Andy Xie "China: The Slowdown Has Begun", Morgan Stanley Global Economic Forum, Aug 2, 2005 (*)
  
• "Euro Area: Over the Worst?" Commerzbank, Aug/Sep 2005 (*)
• Roubini and Setser "China Trip Report" May 2005
• Roubini and Setser: The Effect of the Recent Oil Price Shock on the US and Global Economy, Stern School of Business, August 2004
• Testimony of Chairman Alan Greenspan, Federal Reserve Board's semiannual monetary policy report to the Congress Jul 20, 2005
• 2004 Economic Report of the President by the Council of Economic Advisers Feb 2005
• IMF World Economic Outlook, April 2005
• IMF World Economic Outlook, September 2005 (to be published at the end of September 2005)
• Link to the RGE page on The U.S. Economy
• Link to the RGE page on Current Global Financial Issues
• Morgan Stanley Global Economic Forum

• Roubini and Backus, Lectures in Macroeconomics, Chapter 1. (*)
• Miles and Scott, Macroeconomics, Chapters 2, 14. (*)
• Stephen Roach "Global: Globalization's First Oil Shock", Morgan Stanley Global Economic Forum Part I, Aug 26, 2005  Part II (*)
• John Makin "America's Resilient Consumers", American Enterprise Institute, September 2005 (*)
• Richard Berner "The  Perfect Storm", Morgan Stanley Global Economic Forum, Sep 6, 2005 (*)
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• IMF Global Financial Stability Report, April 2005
• IMF Financial Market Update, June 2005
• World Bank: Global Economic Prospects and the Developing Countries 2005
• World Bank: Global Economic Prospects and the Developing Countries 2006 (to be published in September 2005)
• Link to the RGE page on Is the U.S. Current Account Deficit Sustainable?
• Link to the RGE page on Emerging Markets

• Roubini and Setser "Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies", Chapter 2. (*)
• Roubini and Setser "The U.S. as a Net Debtor: The Sustainability of the US External Imbalances", September 2004. (*)
• Miles and Scott, Macroeconomics, Chapter 21
• "Emerging Markets: Different This Time?", The Economist, Aug 23rd  2005 (*)
• Roubini and Setser "The U.S. as a Net Debtor: The Sustainability of the US External Imbalances", September 2004. (*)
• "The world economy: Capital markets are hindering, not helping, global economic adjustment", The Economist, Aug 18, 2005 (*)
• Roubini and Setser "Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006", February 2005. (*)
• "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 Tale with Five Interpretations...", May 2005 (*)

4. International Indicators: Nominal and Real Exchange Rates and Interest Parity Conditions

• Roubini and Backus, Lectures in Macroeconomics, Chapter 3, Chapter 7. (*)
• Miles and Scott, Macroeconomics, Chapters 19-20
• Roubini and Setser "The U.S. as a Net Debtor: The Sustainability of the US External Imbalances", September 2004 (*)
• "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)
• The Big Mac Index home page from The Economist
  
• "The Big Mac Index", June 9th, 2005, The Economist
  
• Deutsche Bundesbank "Exchange rates and interest rate differentials: recent developments since the introduction of the euro", July 2005
• "Saturated solution", The Economist,  Jul 27, 2000 (*) (x)
• "New solutions, new questions", The Economist,  Aug 3, 2000 (*) (x)

• Roubini and Backus, Lectures in Macroeconomics, Chapter 4. (*)
• Miles and Scott Chapters 4, 5, 6. (*)
• A Productivity Primer, The Economist, Nov 4, 2004 (*)
• S Roach: Global - Productivity Endgame? MSDW Global Economic Forum Sept 17, 2004 (*)
• S Roach: Global - Productivity Convergence? MSDW Global Economic Forum Oct 15, 2004 (*)
• "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)
• Five Puzzles in the Behavior of Productivity, Investment, and Innovation R Gordon Aug 2004
• Web link to homepages on The New Economy
• BLS's Page on US Productivity and Costs
• Europe's work in progress: Why does Europe's productivity growth lag so far behind America's? The Economist,  Nov 14 2002
• Productivity in Europe and America: Statistical illusions, The Economist,  Nov 8, 2001

• Roubini and Backus, Lectures in Macroeconomics, Chapter 8. (*)
• Miles and Scott, Chapter 11, 15, 16. (*)
• "Better than guesswork?", The Economist, Oct 28, 1999 (*) (x)
• Testimony of Chairman Alan Greenspan, Federal Reserve Board's semiannual monetary policy report to the Congress Jul 20, 2005

7. Fixed and Flexible Exchange Rates and the Dynamics of Currency Crises

• Roubini and Backus, Lectures in Macroeconomics, Chapter 8 (*)
• Roubini and Setser "Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies", Chapter 2. (*)
• Survey: Global Finance - Cruel sea of capital by Clive Crook, The Economist May 1, 2003 (*)
• Miles and Scott, Chapters 20-21.
• 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)

8. Fiscal Policy, Budget Deficits and Debt Crises

Miles and Scott, Chapter 10.

Link to the RGE page on U.S. Budget Policy and Tax Cuts

Congressional Budgt Office Web Site

W. Gale and P. Orszag: Bush Administration Tax Policy: Effects on Long-Term Growth, Tax Notes, October 18, 2004

W. Gale and P. Orszag Bush Administration Tax Policy: Short-Term Stimulus, Tax Notes, November 1, 2004