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EMGT 692: Macroeconomics and Global Economic Trends Report a Broken Link

The course is designed to introduce macroeconomic theories and concepts for gaining insights into the working of the economy, the interdependence of economies around the world, and the recent global economic events. It will teach analyses of aggregate markets (goods, labour, and financial markets) and their outcomes in terms of important macroeconomic variables, such as income, consumption, investment, employment, and inflation. It will also introduce analyses of changes in those markets in the short and medium runs with the aim of providing an understanding of business cycle fluctuations, economic calamities (such as currency, banking, and debt crises), and effects of fiscal and monetary policies on employment, output, the rate of inflation, and national welfare.

From a business management perspective, the approach will be to first take a careful look at the economic reality and then learn the relevant theories to find explanations. At the same time, learning to apply the abstract theories to analyze and explain hypothetical scenarios will also be important. The course is expected to make business executives better equipped for critical decision-making with a sound understanding of the current macroeconomic events and with an ability to predict future events.

Required Readings

Lesson 5

Reading 1: Kaminsky, G., Lizondo, S., & Reinhart, C. M. (1998). Leading indicators of currency crises. International Monetary Fund Staff Papers, 45(1), 1–48.
Reading 2: Reinhart, C. M., & Rogoff, K. S. (2008). Is the 2007 US sub-prime crisis so different? An international historical comparison. American Economic Review, 98(2), 339–44.

Lesson 6

Video 1: George Mason University (2016, Sept. 19). John B. Taylor’s keynote address: Monetary rules for a post-crisis world [Video]. YouTube.

Lesson 7

Video 2: Yale School of Management (2018, Nov. 26). A conversation with Janet Yellen, former chair of the Federal Reserve [Video]. YouTube.

Supplementary Readings

Online library article: Caballero, R. J. (2010). Macroeconomics after the crisis: Time to deal with the pretense-of-knowledge syndrome. The Journal of Economic Perspectives, 24(4), 85–102.
Online library article: Hall, R. E. (2010). Why does the economy fall to pieces after a financial crisis? The Journal of Economic Perspectives, 24(4), 3–20.
Online library article: Lane, P. R. (2012). The European sovereign debt crisis. The Journal of Economic Perspectives 26(3), 49–67.

Book: Akerlof, G., Blanchard, O., Romer, D., & Stiglitz, J. (2014). What have we learned? Macroeconomic policy after the crisis. The MIT Press.

Book: Akerlof, G. A., & Shiller, R. J. (2009). Animal spirits: How human psychology drives the economy and why it matters for global capitalism. Princeton University Press.
Book: Claessens, S., Kose, M. A., Laeven, L., & Valencia, F. (Eds.).

(2014). Financial crises: Causes, consequences and policy responses. International Monetary Fund publication.

Book: Krugman, P. (2012). End this depression now. W. W. Norton and Company.

Book: Quiggin, J. (2010). Zombie economics: How dead ideas still walk among us. Princeton University Press.

Book: Reinhart, C. M., & Rogoff, K. S. (2009). This time is different: Eight centuries of financial folly. Princeton University Press.

Book: Roubini, N., & Mihm, S. (2010). Crisis economics: A crash course in the future of finance. The Penguin Press.

Book: Shiller, R. J. (2005). Irrational exuberance (2nd ed.). Princeton University Press.