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University of Minnesota
ECON 8402, International Trade and Payments Theory, Fall 2007, Mini 2
Class 1
Topic: The basic international real business cycle model. Basic
concepts such us net exports, current account, net foreign asset position, terms
of trade, real exchange rate
References:
Backus Kehoe and Kydland JPE,
Heathcote
and Perri
Additional Material:
Problem set 1
Class 2
Topics: Cyclical behavior of net exports and the terms of trade.
The concept of wealth in complete and incomplete markets economies
References:
Backus Kehoe and Kydland AER
Class 3-4
Topics: Tests of international risk sharing. The quantity anomaly. The
quantity anomaly in the frequency domain. The Backus-Smith puzzle
References:
Cole and Obstfeld,
Pakko frequency domain,
Pakko quantity anomaly,
Backus and Smith
Class 5-7
International diversification
References:
Baxter and Jermann,
Heathcote and Perri
Additional Material:
Problem set 2
Class 7
Guest lecturer Dirk Krueger: Efficient
approximation in many dimensions
Reference:
Krueger, Kubler and Malin
Class 8
Topic: International allocation of capital flows
Reference:
Gourinchas and Jeanne
Class 9
Topic: The great moderation: basic facts and basic
models
Reference:
Arias, Hansen and Ohanian
Class 10
Topic: A model of great moderation and openness.
Reference:
Notes
Class 11
Topic: External imbalances and the great
moderation
Reference:
Fogli and Perri
Additional material:
Problem set 3
Class 12
External imbalances and individual risk
Reference:
Mendoza, Quadrini and Rios-Rull
Final project
Updates:
No class on November 21 and on December 3
Make up classes: Thursday December 13,
9.30-12.00, Blegen 135
Monday December 17, 9.30-12.00, Blegen 135 |