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This is an intermediate level lecture on exchange rates and open-economy macroeconomics. We will learn various models of exchange rate determination and the theory and application of open-economy macro model. We also learn the recent debates on regional monetary integration and optimal exchange rate regimes.
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1. Introduction
2. Balance of Payments: The Case of the United States and Japan
3. Elasticity Approach and the J-Curve Effect
4. Interest Parity Condition
5. Purchasing Power Parity (PPP)
6. Empirics of Interest Parity and PPP
7. Flexible Price Monetary Approach to the Exchange Rate
8. Sticky-Price Monetary Model
9. Portfolio Balance Model and Foreign Exchange Intervention
10. Mundell-Fleming Model
11. Further Topics on Open Economy Macroeconomics
12. Currency Crisis
13. Empirics of Economic and Monetary Integration
14. Choice of Exchange Rate Regime
15. Review
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All students need to solve take-home assignments every week.
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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. Students will be able to solve take-home assignments and related questions by themselves.
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Students need to acquire the basic knowledge of exchange rates and open-economy macro economics.
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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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