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| Semester | spring semester 2023 |
| Course frequency | Every spring sem. |
| Lecturers | Andreas Müller (andi.mueller@unibas.ch, Assessor) |
| Content | The course builds on the macroeconomics and quantitative methods taught in the first and second year of the Bachelor program. It focuses on international macroeconomics and finance, which we discuss both at an intuitive and technically advanced level (for instance, by solving a simple dynamic decision problem of households and firms in a two-period economy). First, we study and document empirically the global imbalances in the trade balance and current account across countries. Second, we develop a simple two-period model of an open economy that we will use throughout the course. Third, we will use our basic theoretical framework, with the appropriate variations, to address all of the central topics in the field, including the determinants of the current account in open economies; processes of adjustment to temporary, permanent, and unanticipated shocks; the determinants of the real exchange rate; the role of fixed and flexible exchange rates in model with nominal rigidities; interaction between monetary and fiscal policy; the role of capital controls in the presence of financial frictions; and balance of payment crisis. Throughout the course, the predictions of the theoretical models are confronted with data. These tests are used to highlight the power of a particular theory in providing insight into a particular real-world problem, but also to mark its limits and to motivate critical thinking. |
| Learning objectives | The aim of the course is to familiarize students with the tools of international macroeconomics and finance and to apply these tools in macro-policy issues using the same basic analytical approach as is employed in the research literature. Upon successful completion of the course students will have acquired an appreciation of the role of international currency markets in the determination of economic outcomes. Specifically, they will be familiar with a theoretical framework through which they can interpret movements in the exchange rate and its relationship to other key macroeconomic variables. Students will also be familiar with the effects of monetary and fiscal policy in an international setting. They will be able to critically assess the appropriateness of a particular policy in response to important events within the international monetary system. |
| Bibliography | Main textbook: • Schmitt-Grohe, S., M. Uribe and M. Woodford (2022): International Macroeconomics, Princeton University Press. Additional Reading: • Krugman, P., M. Obstfeld and M. Melitz (2022): International Economics: Theory and Policy, Global Edition, Twelfth edition, Pearson. • Obstfeld, M. and K. Rogoff (1996): Foundations of International Macroeconomics, MIT Press. |
| Comments | The course consists of one 2-hour lecture (Mondays) and one 2-hour tutorial (Tuesdays) every week---with the following exceptions: • First week of teaching: Mon, 20 Feb 2023: no lecture (Student Welcome); Tue, 21 Feb 2023: lecture instead of tutorial. • Fasnacht: Mon, 27 Feb 2023: no lecture; Tue, 28 Feb 2023: no tutorial. • Easter: Mon, 10 Apr 2023: no lecture; Tue, 11 Apr 2023: lecture instead of tutorial. • Labor Day: Mon, 1 May 2023: no lecture; Tue, 2 May 2023: lecture instead of tutorial. • Pentecost: Mon, 29 May 2023: no lecture; Tue, 30 May 2023: Review session instead of tutorial. |
| Admission requirements | No special requirements. |
| Course application | Registration: Please enrol in MOnA. EUCOR-Students and students of other Swiss Universities have to enrol at the students administration office (studseksupport1@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Monday | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| wöchentlich | Tuesday | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Comments | Lecture: mondays, Tutorials:Tuesdays |
| Date | Time | Room |
|---|---|---|
| Tuesday 21.02.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 27.02.2023 | 08.30-10.00 | Fasnachstferien |
| Tuesday 28.02.2023 | 16.15-18.00 | Fasnachstferien |
| Monday 06.03.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 07.03.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 13.03.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 14.03.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 20.03.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 21.03.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 27.03.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 28.03.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 03.04.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 04.04.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 10.04.2023 | 08.30-10.00 | Ostern |
| Tuesday 11.04.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 17.04.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 18.04.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 24.04.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 25.04.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 01.05.2023 | 08.30-10.00 | Tag der Arbeit |
| Tuesday 02.05.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 08.05.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 09.05.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 15.05.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 16.05.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 22.05.2023 | 08.30-10.00 | Biozentrum, Hörsaal U1.131 |
| Tuesday 23.05.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Monday 29.05.2023 | 08.30-10.00 | Pfingstmontag |
| Tuesday 30.05.2023 | 16.15-18.00 | Alte Universität, Hörsaal -101 |
| Modules |
Electives Bachelor Business and Economics: Recommendations (Bachelor's degree subject: Business and Economics (Start of studies before 01.08.2021)) Modul: Aufbau Economics (Bachelor's Studies: Business and Economics) Modul: Wahlbereich in Wirtschaftswissenschaften (Bachelor's degree subject: Business and Economics) Module: Economics II (Bachelor's Studies: Business and Economics (Start of studies before 01.08.2021)) |
| Assessment format | record of achievement |
| Assessment details | Written exam: 14.06.23; 14:15-15:45. WWS S13: A-N; WWZ Audi: O-Z. The addresses of the examination rooms can be found here: https://wwz.unibas.ch/de/studium/pruefungen/vorlesungs-und-pruefungsraeume/ You can still withdraw from the examination by submitting a completed, signed form to our office from 21.03.23 until 31.03.23 / 12:00 o’clock. The deregistration form and the mail address can be found on the homepage of the Dean of Studies Office: https://wwz.unibas.ch/en/studies/examinations/de-/registration-of-examinations/ Prior to 20.03.23, please deregister only in the Online Services. The examination rooms will be published by 26.5.23. |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |