Most Recent Revision: November 26, 2002
Econ 361/381 Home Page.
Some, but not all, class materials are
available on this page.
Instructors
Michael K. Salemi, Gardner 301
Office Hours: 1:00-2:00 TWR, and by appt.
Phone: 966-5391 (off), 929-9504 (home)
Email: Michael_Salemi@unc.edu
Patrick Conway, Gardner 300f
Office Hours: 2-3 MTWR
Phone: 966-5376(off), 967-4009 (home)
Email: Patrick_Conway@unc.edu
Course Description: Econ 361/381
is the third field course for students whose major field are Monetary Theory,
Macroeconomics, and International Economics. The course has two parts.
The first is a seminar where important new papers in the field are discussed.
The second is a workshop where students present their work. All students
pursuing degrees in Money, Macro, and International are required to participate
in the Workshop portion of the course starting with their third year in
the program and continuing until they receive their degrees.
August 27, 2002
"Six Major Puzzles in International Macroeconomics:
Is there a Common Cause?" Obstfeld/Rogoff http://www.economics.harvard.edu/~krogoff//NBER2000.htm.
"Domestic Saving and International Capital
Flows", Feldstein/Horioka, Economic Journal, 1980, http://www.jstor.org/
September 3, 2002
Christiano, Eichenbaum, and Evans, "Nominal Rigidities
and the Dynamic Effects of a Shock to Monetary Policy," Working Paper,
May 2001, http://faculty.econ.nwu.edu/faculty/christiano/research.htm
Altig, Christiano, Eichenbaum, and Linde,
"Technology Shocks and Aggregate Fluctuations (Preliminary and Incomplete),"
June 30, 2002, pdf version.
September 10, 2002
Svennson, L.,
“Trade in Risky Assets,” American Economic Review 78/3, May 1988, pp.
375-394.
Ong, L., K. Clements and H. Izan, “AThe
World Real Interest Rate: Stochastic Index Number Perspectives”,
Journal of International Money and Finance 18/2, 1999, pp. 225-249.
Lewis, K., “International Home
Bias in International Finance and Business Cycles,” NBER Working Paper
6351, January 1998. (Especially part II, beginning p. 28.)
September 17, 2002: I have decided to combine topics from Sections 4 and 5 of the syllabus. The readings are:
Kalman Filter
James D. Hamilton, Time Series Analysis, Princeton University
Press, 1994, Chapter 13, pp. 372-408.
Salemi, Michael K., “Estimating the Natural Rate of Unemployment and
Testing the Natural Rate Hypothesis,” Journal of Applied Econometrics,
Volume 14, 1999, 1-25. pdf
GMM
Hamilton, Ibid, Chapter 4, pp. 409-434.
Lucas, Robert E., Jr., "Asset Prices in an Exchange Economy," Econometrica,
1978, 1429-46 http://www.jstor.org/
September 24, 2002: Joseph Polka will lead discussion on the following two papers.
Anthony J Venables et al., "The Economic Geography of Trade, Production, and Income: A Survey of Empirics" http://econ.lse.ac.uk/staff/ajv/hosrtv.pdf
Paul Krugman, "Increasing Returns and Economic Geography" Journal of
Politcal Economy, Volume 99, Issue 3 (June 1991) 483-499 http://www.jstor.org/
October 1, 2002: Sahminan will lead discussion on the following two papers.
Maurice Obstfeld, "Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics," http://elsa.berkeley.edu/~obstfeld/index.html
Jonathan McCarthy, "Pass-Through of Exchange Rates and Import Prices
to Domestic Inflation in Some Industrialized Economies," http://www.newyorkfed.org/rmaghome/staff_rp/sr111.html
October 8, 2002: Robert Connolly will lead discussion on the following papers.
"Emerging Equity Markets and Economic Development," Journal of Development
Economics, 66 (December 2001), 465-504
http://www.elsevier.com/homepage/sae/econworld/econbase/devec/frame.htm
( Click on the individual title to get the paper.)
"Does Financial Liberalization Spur Growth" - working paper
http://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W56_Does_financial_liberalization.pdf
"Growth Volatility and Equity Market Liberalization" - working
paper
http://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W60_Growth_volatility_and.pdf
"Research in Emerging Markets Finance: Looking to the Future"
- identifies some interesting topics for further research
http://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W64_Research_in_emerging.pdf
October 15, 2002: Heather Popielski will lead discussion on the following papers.
Rodney D. Ludema "Optimal international trade agreements and
dispute settlement procedures," European Journal of Political Economy,
Volume 17, Issue 2, June 2001, Pages 355-376
pdf
Rodney D. Ludema "Increasing returns, multinationals and geography
of preferential trade agreements," Journal of International Economics,
Volume 56, Issue 2, March 2002, Pages 329-358 pdf
October 22, 2002: Catalin Stefanescu will lead discussion on the following paper.
Guido Ascari, "Price/Wage Staggering and Persistence: a Unifying
Framework", forthcoming in The Journal of Economic Surveys, 2001
http://economia.unipv.it/pagp/pagine_personali/gascari/jesurveys2.pdf
November 12, 2002: Gregory Givens will lead discussion of the following paper.
Laurence Ball, "Policy Rules for Open Economices," NBER Working Paper
Series, No. 6760, pdf
November 19, 2002: Rouben Atoian will lead discussion of the following paper.
Nicoletta Batini, Richard Harrison, and Stephen P. Millard, "Monetary
Policy Rules for an Open Economy," Bank of England Working Paper, pdf
December 3, 2002: For our last Tuesday meeting, Chi-Hung Liao will lead discussion of two papers.
Smarzynska, Beata K, Shang-Jun Wei, "Pollution Havens and Foreign Direct
Investment: Dirty Secret or Popular Myth." NBER Working Paper 8465,
http://papers.nber.org/papers/w8465.pdf
Copeland, Brian R., M. Scott Taylor, "Trade and Transboundary Pollution."
The American Economic Review, Vol. 85, Issue 4 (Sep., 1995), 716-737,
www.jstor.org