International
Macroeconomic
Policy:
Theory and Evidence from
Recent
Financial Crises
B30.2380.01, B30.2380.10, B30.2380.U1
and
Global Macroeconomics
C30.0230.01
Professor
Nouriel Roubini
Office: KMC 7-83
Phone: (212) 998-0886
E-Mail: nroubini@stern.nyu.edu
Overview of the Course
(Objectives Texbook
and Materials Requirements
Assignments Office
Hours and Tutorials Rules Important
Dates Online Blog
for Class Discussions Suggested
Grade Distribution)
Reading
List
"MBA
Lectures in Macroeconomics" by Roubini and Backus
Handouts
for class
Roubini Global
Economics (RGE) Monitor Web Site (www.rgemonitor.com)
Links
to Macroeconomic Data and Information
Hypertext
Glossary of Business Cycle Indicators
Business
Cycle Indicators
Assignments
Interactive
Charts
and Graphs of Macroeconomic Series
Roubini
Blog and
Discussion Group
1. Overview
Objectives
Introduction to international macroeconomics and review and analysis
of current international macroeconomic and financial issues, policies
and
events, including: 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; short- and long-term effects of
monetary
and fiscal policy; the drive to reform the international financial
architecture;
the debate on IMF and World Bank reform; emerging markets external debt
and attempts to restructure it (the"bail-in" versus "bail-out" debate);
and the globalization of financial markets. These topics are integrated
into a theoretical framework that stresses international factors from
the
start. Examples from the US, Europe, Japan, China and 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.
Roubini Global Economics (RGE) Monitor Web site is here (free access
to all Stern and NYU students):
http://www.rgemonitor.com
Textbook and Materials
Textbook:
On-line lectures notes: Nouriel Roubini and David Backus MBA
Lectures in Macroeconomics, New York University, 2000.
and:
Paul Krugman and Maurice Obstfeld "International
Economics",
Addison-Wesley Publishing Co., 8th Edition, 2008.
We will also use the following materials in the course:
- Reading packet and case studies package
The Krugman-Obstfeld textbook will be available in the bookstore.
The Roubini
and Backus "MBA Lectures in Macroeconomics" are available on-line
at
the course home page; a printed version can be bought at the bookstore.
Note that the on-line version includes the links to other WEB materials
that are missing in the printed version.
The reading packet and case package will be distributed in class.
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.
It is also worth following many good weblogs by a variety of
macroeconomists: for real-time selection of such blogs see the Aggregation
of Macroeconomic Blogs at RGE Monitor
Requirements
Grades will be based on four assignments and two examinations according
to the formula:
| Assignments |
30 percent |
| Midterm |
30 percent |
| Final |
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).
The four assignments alternate between practice problems and projects,
all of
which
are included in this package. They are due roughly every third
week, as noted below.
All assignments should be done as part of a group. Intensive
Summer 2008 course will have only the first three assignments rather
than four.
Online Blog/Discussion
Group for the Class
I have a blog
where we can discuss the topics of the course outside of the
classroom. I urge all the students in the class to actively
participate
in this online blog forum. Part of the
final grade will depend on
class and blog participation. We can share together ideas
and
information
about interesting new articles on the WEB, discuss current policy
issues
and elaborate on materials presented in class.
Office Hours and Tutorials
My office hours are Tuesday from 4:30pm to 5:30pm or by appointment.
I can also be reached
through
e-mail at nroubini@stern.nyu.edu
There will also be a Teaching Fellow for each section of the course,
who you will find very helpful.
The TF for Summer Intensive course is Joseph
Conti; his email is jac363@nyu.edu.
The TF for the two MBA courses (day time and evening) will be Hitesh
Ram Makhija; his email is hitesh@nyu.edu. His office hours will be
announced soon.
The TF for the undergraduate course will be Maria Papapavlou; her email
is mp1855@nyu.edu.
Her office hours will be announced soon.
Rules
- Late assignments will not be accepted without prior arrangement.
If
necessary,
you can fax them to me at (212) 995-4218 or e-mail them to me.
- Material handed out in class will not be available in the next
class.
You
can get copies of old handouts from classmates and during office hours.
Most class materials will also be available on-line in the home page
for
the course.
Important Dates
End of Summer Intensive Course (August
2008):
August 16, 2008: Class discussion of the U.S. economic outlook.
August 17 Class discussion of the housing crisis and the
financial
markets turmoil (liquidity crunch and credit crunch)
August 23: Class discussion of global economic outlook and emerging
markets
August 24: First assignment (Macro Forecast) due in class and class
discussion of the
first assignment
August 30: Second assignment due in class
August 31: Third assignment due in class (assignment to be
done in non-written form as a class discussion). Final exam for the
course in the last 3 hours of the class.
Day Section MBA (fall 2008):
September 24: First assignment due in class
October 20: Second assignment due in class
November 10: Mid-term exam in class
November 24: Third assignment due in class
December 8: Fourth assignment due in class
Date in December (to be announced):
Final Examination
Evening Section MBA (fall 2008):
October 14: First assignment due in class
November 11: Second assignment due in class
November 25: Mid-term exam in class
December 2: Third assignment due in class
December 9: Fourth assignment due in class
December 16: Final Examination in class
Day Section Undergraduate (fall 2008):
September 24: First assignment due in class
October 20: Second assignment due in class
November 10: Mid-term exam in class
November 24: Third assignment due in class
December 8: Fourth assignment due in class
Date in December (to be announced):
Final Examination
Suggested Grade Distribution
Although sections may vary somewhat, the Economics Department suggests
a grade distribution of
| A/A- |
25-30% |
| B’s |
55-70% |
| C & below |
5-10% |
This distribution is intended to make standards comparable across
sections,
as required by the school.
Other Links and Information:
- The Stern School of
Business
Economics Department
- Nouriel
Roubini's
Home Page: http://pages.stern.nyu.edu/~nroubini/