PA 854: Macroeconomic Policy and International Financial Regulation
This site provides resources for students in PA 854
at the University of Wisconsin,
Madison for Fall 2016 Semester
Important Dates |
Downloadable Course Materials and Information Sources |
Robert M. LaFollette School of Public Affairs |
LECTURE: MW 2-3:15, Microbial Sciences 1420
Professor Menzie Chinn
Office Hours: MW 12:30-1:30
7418 Social Sciences
Tel: (608) 262-7397
PA854 Syllabus in PDF file.
This course surveys international macroeconomics, with special reference to international monetary policy and international financial market architecture. Topics include the structure of international financial markets; the role of central banks; exchange-rate systems; the determination of balance of payments and exchange rates; macroeconomics of open economies; policy analysis for open economies; policy coordination; the International Monetary Fund; and financial crises.
The aim of this course is to provide an analytical background for those who plan to go into government service, international organizations and agencies, businesses involved in the global economy, nongovernmental organizations with international foci, and consulting firms analyzing international policy issues.
The recommended textbook is Caves, Frankel and Jones, World Trade and Payments 10th Edition, available at the University Bookstore.
A required set of readings is from a set of notes (online at Learn@UW). Additional assigned readings will be available on the Web (via links on this website).
- Midterm 1: 10/10
- Midterm 2: 11/7
- Term paper due:
Downloadable Course Materials
- Lecture 1 (9/7)
- Lecture 2 (9/12)
- Problem Set 1 due 9/28
- Notes on the Elasticities Approach
- Fall 2015 Midterm Exam 1
- Problem Set 1 Answers due 9/28
- Midterm Exam 1 Answers
- Midterm Exam 1 Histogram/Statistics
- Problem Set 2 due 10/24
- Problem Set 2 Answers due 10/24
- Problem Set 3 due 10/31
- Fall 2015 Midterm Exam 2
- Tables 3 and 4 from K. Herve, 2010, “The OECD's New Global Model,” Economics Department Working Paper No. 368 (Paris: OECD, December).
- Problem Set 3 Answers due 10/31
- Paper Assignment
- Midterm Exam 2 Answers
- Midterm Exam 2 Histogram/Statistics
- Handout on Taylor Rules
- Yin-Wong Cheung, Menzie Chinn, Antonio Garcia, Yi Zhang, "Exchange Rate Prediction Redux: New Models, New Data, New Currencies," mimeo (Nov. 14, 2016) [PDF].
- Menzie Chinn, "Beware of Econometricians Bearing Estimates," JPAM (1991) [PDF] >
- Problem Set 4 due
- Handout on Econometric Techniques - for Cheung, Chinn, Garcia, Zhang
- Handout on Summary of Models - for Cheung, Chinn, Garcia, Zhang
- Problem Set 4 Answers due
- [WEO] IMF, World Economic Outlook update (July 2016).
- [BIS] Triennial Central Bank Survey - Foreign exchange turnover in April 2016: preliminary global results (Basel: BIS, December).
- [OECD] K. Herve, 2010, “The OECD's New Global Model,” Economics Department Working Paper No. 368 (Paris: OECD, December).
- [CCLM] Notes on CC-LM
- [PP] M. Pakko and P. Pollard, 2003, “Burgernomics: a big Mac guide to purchasing power parity,” Federal Reserve Bank of St. Louis Review 85(6): 9-28.
- [Br] M. Brunnermeier, “Deciphering the Liquicity and Credit Crunch of 2007-08,” Journal of Economic Perspectives (2009).
- [Hu] M. Hutchison, 2003, “Is official foreign exchange intervention effective,” FRBSF Economic Letter 2003-20 (July 18).
- [Fr] J. Frankel, 2003, “Experience of and lessons from exchange rate regimes in emerging economies,” mimeo (Cambridge: Harvard University, September).
Additional Optional Readings/Links
Economics and Economic Policy Links
U.S. Government Agencies
Current and Historical Data
- Economist Economic Indicators
- Note: IMF, International Financial Statistics, and World Bank, World Development Indicators, available from DISC.
- St. Louis Fed economic database Thousands
of time series on economic activity, in an easily downloadable form.
- Economic Indicators Publication of CEA and Congressional Joint Economic Committee contains
recent economic data.
- Bureau of Economic Analysis, Dept. of Commerce Data on GDP and components (the national income and product accounts) as well as other macroeconomic data.
- Bureau of the Census, Dept. of Commerce Data on the characteristics
of the US population as well as of US firms.
- Bureau of Labor Statistics, Dept. of Labor Data on
wages, prices, productivity, and employment and unemployment rates.
- Energy Information Agency, Dept. of Energy Data on
on energy (electricity, gas, petroleum) production, consumption and prices.
- Bank for International
settlements Effective Exchange Rate Indices.
- Economic Report of the President, various years. The back portion of
this annual publication contains about 70 tables of government economic data.
- NBER Data Specialized economic databases created by
economists associated with the National Bureau of Economic Research.
- NBER listing of economic releases Compendium of links to economic releases, and archived releases.
- Pacific Exchange Rate Service.
- Federal Reserve Board data Monetary, financial and output data
collected by the Nation's central bank.
- Penn World Tables Annual GDP and other data for over a hundred countries, expressed
in dollars, after adjusting for differing price levels.
PA854 Macro Policy & Int'l Financial Regulation / UW Madison / email@example.com / 7 December 2016