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This is a graduate level lecture on exchange rates and open-economy macroeconomics. We will learn various models of exchange rate determination and the non-stationary time-series analysis of the exchange rate behavior. We also consider the exchange rate issues based on the new open economy macroeconomics. Finally, recent debates on regional monetary integration and optimal exchange rate regimes will be discussed.
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1. Introduction
2. Interest Parity Condition
3. Purchasing Power Parity (PPP) Puzzle
4. Empirics of the PPP Puzzle: Introduction to Non-Stationary Time Series Analysis
5. Flexible Price Monetary Approach to the Exchange Rate
6. Sticky-Price Monetary Model
7. Portfolio Balance Model and Foreign Exchange Intervention
8. Further Empirics of Exchange Rate Issues
9. Real Exchange Rate: a VAR Analysis
10. Equilibrium Exchange Rate: a Panel Analysis
11. Static Analysis of Open Economy Macroeconomics
12. New Open Economy Macroeconomics and Exchange Rate Behavior
13. Empirics of Economic and Monetary Integration
14. Choice of Exchange Rate Regime
15. Review
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The objective of this course is to study international finance at a graduate level. Throughout this course, a number of empirical and case studies will be presented and discussed so that students can deepen the knowledge and understanding of the theoretical models and their empirical application.
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Take home assignments (30%); one final examination in class (70%).
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【成績評価の基準表】
| 秀(S) | 優(A) | 良(B) | 可(C) | 不可(F) |
| 履修目標を越えたレベルを達成している | 履修目標を達成している | 履修目標と到達目標の間にあるレベルを達成している | 到達目標を達成している | 到達目標を達成できていない |
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履修目標：授業で扱う内容（授業のねらい）を示す目標
到達目標：授業において最低限学生が身につける内容を示す目標
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Regular lectures will be given based on the reference materials and handouts. Students are required to do take-home assignments every week and also to learn how to conduct a time-series analysis using econometric software, such as EViews.
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