ECO-4101 : Macroeconomics 1

Accès directs

ECO-4101 : Macroeconomics 1

Responsable(s) :

Celine Tcheng

Enseignant(s) :

Remi Clotte

Niveau

M1+M2

Discipline

Economie

ECTS

4.00

Période

1e semestre

Département

Département d'Économie

Localisation

Site Descartes

Année

2023

Public externe (ouverts aux auditeurs de cours)

Informations générales sur le cours : ECO-4101

Content objectif

ECO-4101 : Macroeconomics 1

Responsable teacher: Céline TCHENG

In this course, students are invited to step in the shoes of policymakers to assess and address macroeconomic problems a country can face in today’s globalised world, with a strong emphasis on monetary and financial issues. The Money View (Perry Mehrling) will serve as a conceptual basis for the analysis of those topics, and technical knowledge on the “plumbing” of the monetary and financial system will be provided (e.g. payments systems). We will study the linkages between financial variables and real variables (through the case studies of the Global Financial Crisis and the COVID-19 crisis), assess policy responses (fiscal, monetary, macro and microprudential policies), and touch upon current debates related to, inter alia, the Euro, safe assets, and shadow banking.

Content prerequis

A strong proficiency (equivalent to C1 level) in English is required. Basic accounting principles would be helpful but are not compulsory.

Content modalites

The course consists of eight three-hour (8*3 hours) lectures including student presentations.

Content renseignements

The course is taught in English.

Content horaires

Créneau(x)

Lundi Matin
Lundi Après-midi
Mardi Matin
Mardi Après-midi

Horaires du cours

SEP 18 : 09h00 - 12h00 (Salle D2-004)
SEP 18 : 13h00 - 16h00 (Salle D2-018)
SEP 19 : 09h00 - 12h00 (Salle D2-004)
SEP 19 : 13h00 - 16h00 (Salle D2-017)
OCT 02 : 09h00 - 12h00 (Salle D2-004)
OCT 02 : 13h00 - 16h00 ()
OCT 03 : 09h00 - 12:00 ()
OCT 03 : 13h00 - 16:00 (D2-111)

Content bibliographie

(Non-exhaustive)

Adler, G., Casas, C., Cubeddu, L.M., Gopinath, G., Li, N., Meleshchuk, S., Buitron, C.O., Puy, D., Timmer, Y., “Dominant Currencies and External Adjustment”, IMF Staff Discussion Note, July 2020
Adrian, Tobias and Shin, Hyun Song, “Liquidity and Leverage”, FRB of New York Staff Report No. 328, 2009
Avdjiev, S., McCauley, R.N., Shin, H.S., “Breaking free of the triple coincidence in international finance”, BIS Working Paper No. 524, October 2015
Awrey, D., “Brother, Can You Spare a Dollar? Designing an Effective Framework for Foreign Currency Liquidity Assistance” (2017), COLUMBIA BUS. L. REV. 934-1016.
Boissay, F., Patel, P., Shin, H.S., “Trade credit, trade finance, and the COVID-19 Crisis”, BIS Bulletin No 24, June 2020
Cassola, N., Kok, C., Mongelli, F.P., The ECB after the crisis: existing synergies among monetary policy, macroprudential policies and banking supervision”, ECB Occasional Paper No 237, November 2019
Gabor, D., and Ban, C., “Banking on Bonds: The New Links Between States and Markets”, Journal of Common Market Studies, 2015, Vol. 54, No. 3, pp. 617-625
Gabor, D., “Goodbye (Chinese) Shadow Banking, Hello Market-based Finance”, Development and Change, 2018, 49(2), 394-419.
Kindleberger, C. P., “Panics, Manias and Crashes: A History of Financial Crises”, Palgrave McMillan, 1978 (first edition)
McLeay, M., Radia, A. and Thomas, R., “Money creation in the modern economy”, Bank of England Quarterly Bulletin, Q1 2014
Mehrling, P., Poszar, Z., Sweeney, J., Neilson, D., “Bagehot was a Shadow Banker: Shadow Banking, Central Banking and the Future of Global Finance”, In Shadow Banking Within and Across Borders, edited by Stijn Claessens, Douglas Evanoff, George Kaufman, and Luc Laeven. World Scientific Publishing, 2014.
Mehrling, P., “Financialization and its discontents”, Finance and Society, 2017
Poszar, Z., “Shadow Banking: The Money View”, Office of Financial Research Working Paper, July 2014
Poszar, Z., Sweeney, J., “COVID-19 and Global Dollar Funding”, Credit Suisse Global Money Notes #27, March 2020
Tooze, A., “Crashed: How a decade of financial crises changed the world”, Penguin, 2018

Accès directs

Outils

ECO-4101 : Macroeconomics 1

Informations générales sur le cours : ECO-4101