International Monetary Policy

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ECON 846 International Monetary Policy Semester 1 2013
• • • • • • Definition, subject & text Lecturers Assessment Lecture program 4 instant classics on international monetary policy National income accounting & the balance of payments

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Definition, subject & text
•International monetary policy is about public-sector decisions concerning inflation, interest and exchange rates, where such decisions involve more than one country or currency. •ECON846 enables you to understand macroeconomic phenomena and policy debates in an international context. Upon completing the course you will be able to understand and interpret the continuous flow of data on the state of the world economy, and participate with confidence in debates about international economic policy. •Prescribed text Paul Krugman, Maurice Obstfeld and Marc Melitz, International Economics: Theory and Policy, 9th edition, Pearson/Addison-Wesley. (We will only be using Parts 3 & 4 of this text, i.e., we will not use Parts 1 & 2.)

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ECON 846 lecturers
Lecturers 1. Geoff Kingston (weeks 1 - 3) Office: E4A 411. Email: geoff.kingston@mq.edu.au Note: except in emergencies, emails will only be answered during consultation times. Consultation times: Monday, Tuesday 2-4pm 2. Ben Wang (weeks 4 -13) Office: E4A 429 Email: ben.wang@mq.edu.au Note: except in emergencies, emails will only be answered during consultation times. Consultation times: tba Lecture/Tutorial Times and Venues Monday 18-20 hours, i.e. 6pm-9pm (Lecture/Tutorial) Tuesday 18-20 hours, i.e. 6pm-9pm (Lecture/Tutorial)

Room E5A 160 Room W6B 345

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Assessment

• Class test, in Week 7 (Monday April 8 & Tuesday April 9) & in place of lectures that week • Review essay, due by Tuesday 7 May • Final examination

20% 20% 60% 100%

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Assessment (ctd)
Class test: • Each week students will work through a set of tutorial questions on the topics discussed during the lecture of the previous week (see below for topics week by week). • Your class test is 50 minutes plus 10 minutes reading time. • It will be based primarily on questions along the lines of the numeric/short answer tutorial questions on material presented from weeks 1 to 6.

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Assessment (ctd)
• Review essay: write a 1800 word summary and evaluation of any single one of the 4 instant classics on international finance listed below. • A “review essay” is a summary in your own words of the article you have chosen to review, together with an appraisal of it. Choose your own preferred proportions of summary and appraisal, provided there’s a nontrivial component of each. • You will receive a slightly higher mark if, other things equal, the article you choose to review is comparatively difficult. Your bibliography doesn’t need to be lengthy. • Keep a copy of your essay.

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Assessment (ctd)
• Final examination: to be held at a time and place to be announced in due course by the administration. It will be based on lectures and tutorials from weeks 1 to 13 (see below), with an emphasis on material presented after the mid-session examination.

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Lecture program
Week 1 (Monday 25 February, Tuesday 26 February) NATIONAL INCOME ACCOUNTING &THE BALANCE OF PAYMENTS Chapters 13 (pp323-349) Note: Today’s lecture will be short. There is no tutorial this week. Week 2 (Monday 4 March, Tuesday 5 March) EXCHANGE RATES & THE FOREIGN EXCHANGE MARKET: AN ASSET APPROACH Chapter 14 (pp350-383) Week 3 (Monday 11 March, Tuesday 12 March) MONEY, INTEREST RATES, AND EXCHANGE RATES Chapter 15 (pp385-413)

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Lecture program (ctd)
Week 4 (Monday 18 March, Tuesday 19 March) PRICE LEVELS &THE EXCHANGE RATE IN THE LONG RUN Chapter 16 (pp414-450)

Week 5 (Monday 25 March, Tuesday 26 March) OUTPUT & THE...
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