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Readings
Available Electronically:
Topic 1: Global Financial Imbalances and Intertemporal
Models of the Current Account
- Hoffmann,
Matthias (2013) “What drives China’s Current Account?” Journal of
International Money and Finance 32, 856-883.
- “Why Germany’s
current-account surplus is bad for the world economy,” The
Economist, July 8, 2017.
- Sheffrin, Steven, and Wing-Thye
Woo (1990) “Present Value Tests of an Intertemporal Model of the
Current Account” Journal of International Economics 29, 237-253.
- Bergin,
Paul R. and Steven Sheffrin (2000)
“Interest Rates, Exchange Rates and Present Value Models of the Current
Account,” The Economc
Journal 110 (April), 535-558.
- JM
Campa, A Gavilan, 2011.
Current accounts in the euro area: An intertemporal approach
Journal of International Money and Finance 30, 205-228.
- Engel,
Charles and John Rogers (2006) "The U.S. Current Account
Deficit and the Expected Share of World Output," Journal of
Monetary Economics53, 1063-1093.
- Corsetti, Giancarlo and Panagiotis T. Konstantinou (2012) “What Drives US Foreign
Borrowing? Evidence on the External Adjustment to Transitory and
Permanent Shocks,” American Economic Review 102, 1062-1092.
- Obstfeld,
Maurice. (2012) “Does the Current Account Still Matter?” American
Economic Review 102, 1-23.
- Feldstein,
Martin, and Charles Horioka (1980)
“Domestic Savings and International Capital Flows,” The Economic Journal
90 (358) June, 314-329.
- Glick,
Reuven and Kenneth Rogoff (1995) “Global Versus Country-Specific
Productivity Shocks and the Current Account,” Journal of Monetary
Economics, 35 (1) February, 159-192.
Topic
2: International Comovement
- Backus, David K.,
Patrick J. Kehoe and Finn E. Kydland (1992)
“International Real Business Cycles, “ Journal
of Political Economy, 100 (4) August, 745-775.
- Charles
Engel and Jian Wang (2011) International Trade in Durable Goods:
Understanding Volatility, Cyclicality, and Elasticities, Journal of
International Economics 83, 37-52.
- Backus,
D. K., and G. W. Smith (1993): “Consumption and Real Exchange Rates
in DynamicEconomies with Non-Traded Goods,”
Journal of International Economics, 35(3), 297–316.
- Corsetti, Giancarlo, Luca Dedola
and Sylvain Leduc (2008) “International Risk Sharing and the
Transmission of Productivity Shocks,” Review of Economics Studies 74,
443-473.
- Miyamoto,
Wataru and Nguyen, Thuy Lan,
(2017) Understanding the cross country effects of U.S. technology shocks, R&R at the Journal of International
Economics.
- Obstfeld,
M., and K. Rogoff (2001): “The Six Major Puzzles in International
Macroeconomics: Is There a Common Cause?,” in
NBER Macroeconomics Annual 2000, Volume 15, pp. 339–390. MIT press.
- Eaton, J., S. Kortum, B. Neiman, and J. Romalis
(2016): “Trade and the Global Recession,” forthcoming American
Economic Review.
- Eaton,
J., S. Kortum, and B. Neiman, (2016):
“Obstfeld and Rogoff's International Macro Puzzles: A Quantitative
Assessment,” Working Paper.
Topic
3: International Risk Sharing
- Jonathan
Heathcote and Fabrizio Perri
(2013).”The International Diversification Puzzle Is Not as Bad as
You Think," Journal of Political Economy 121, 1108-1159.
- Lucas,
Robert E., Jr. 1982. “Interest Rates and Currency Prices in a Two-Country
World.” Journal of Monetary Economics 10, 335–59.
- Cole,
Harold L., and Maurice Obstfeld. 1991. “Commodity Trade and
International Risk Sharing: How Much Do Financial Markets Matter?”
Journal of Monetary Economics 28, 3–24.
- Nicolas,
Kollmann, Robert, and Martin, Philippe, 2010.
"International portfolios, capital accumulation and foreign assets
dynamics," Journal of International Economics, Elsevier 8, 100-112.
Topic
4: Exchange Rate Determination
- Berka, Martin, Michael B. Devereux and Charles Engel
(2015) “Real Exchange Rates and Sectoral Productivity in the
Eurozone,” working paper.
- Alan
M. Taylor & Mark P. Taylor (2004). "The Purchasing Power
Parity Debate," Journal of Economic Perspectives, American Economic
Association, vol. 18(4), pages 135-158, Fall.
- Imbs, Jean, H. Mumtaz,
Morten Ravn and Helene Rey (2005) “PPP Strikes
Back: Aggregation and the Real Exchange Rate,” Quarterly Journal of
Economics 120, 1-43.
- Carvalho, Carlos and Fernanda Nechio
(2012), “Aggregation and the PPP Puzzle in a Sticky Price Model,”
American Economic Review 101, 2391–2424.
- Bergin,
Paul, Reuven Glick, and Jyh-lin Wu,(2014) “Mussa Redux
and Conditional PPP,” Journal of Monetary Economics 68, 101-114.
- Meese,
Richard and Kenneth Rogoff (1983) "Empirical Exchange Rate
Models of the Seventies: Do they fit out of sample?" Journal of
International Economics 14, 3-24.
- Engel, Charles
and Kenneth West (2005). "Exchange Rates and
Fundamentals," Journal of Political Economy 113, June 2005,
485-517.
- Engel, Charles, Kenneth West,
and Nelson C. Mark (2008) "Exchange Rate Models are Not as Bad
as You Think," NBER Macroeconomics Annual, 381-441.
- Balassa,
B. (1964), "The Purchasing Power Parity Doctrine: A
Reappraisal", Journal of Political Economy, 72 (6): 584–596.
Topic
5: Monetary Policy in the Open Economy
- Lahiri, Amartya and Alok Johri (2008) “Persistent real Exchange Rates,” Journal of
International Economics 76, 223-236.
- Obstfeld, Maurice
and Kenneth Rogoff, (1995) “Exchange Rate Dynamics Redux,” Journal
of Political Economy, 103 (3) June, 624-660.
- Kollmann, Robert (2001) “The Exchange Rate in a
Dynamic-Optimizing Current Account Model with Nominal Rigidities: A
Quantitative Investigation," Journal of International Economics 55,
243-262.
- Chari, V.V.,
Patrick J. Kehoe, and Ellen R. McGrattan
(2003) “Can Sticky Price Models Generate Volatile and Persistent
Real Exchange Rates?” Review of Economic Studies 69, 533-563.
Topic
6: Financial Integration and Interest Rate Parity
- Engel, Charles
(2014) “Exchange Rates and Interest Parity.” In Handbook of
International Economics, Vol. 4, edited by Gita Gopinath
and Elhanan Helpman, 453–522. Amsterdam:
North-Holland. Available here as NBER Working Paper No. 19336.
- Eichenbaum, Martin, and Charles L. Evans (1995)
“Some Empirical Evidence on the Effects of Shocks to Monetary Policy on
Exchange Rates,” Quarterly Journal of Economics, 110 (4) November,
975-1009.
- Charles
Engel, (2016) "Exchange Rates, Interest Rates, and the Risk
Premium," American Economic Review 106, 436-74.
- Benigno, Gianluca; Pierpaolo Benigno; and,
Salvatore Nisticò (2012) “Risk, Monetary
Policy and The Exchange Rate.” NBER
Macroeconomics Annual 2011, 247-309.
- Wenxin Du, Alexander Tepper,
Adrien Verdelhan (2016). “Deviations from Covered Interest Rate
Parity,” MIT Working
Paper.
Topic
7: Optimal Monetary Policy and International Coordination
- Devereux, Michael
B. and Charles Engel (2003) Devereux, Michael B. and Charles Engel,
2003, “Monetary Policy in the Open Economy Revisited: Price Setting and
Exchange Rate Flexibility,” Review of Economic Studies 70, 765-783.
- Corsetti,
G., L. Dedola, And S. Leduc (2010) Optimal
Monetary Policy in Open Economies,
Handbook of Monetary
Economics, vol III, ed
by B. Friedman and M. Woodford, 861-933.
- Obstfeld,
Maurice and Kenneth Rogoff (2002) “Global Implications of
Self-Oriented National Monetary Rules.” The Quarterly Journal of
Economics 117, 503-535. (On webpage as mimeo)
- Bergin, Paul
and Giancarlo Corsetti (2013)
“International Competitiveness and Monetary Policy: Strategic Policy and
Coordination with a Production Relocation Externality,” NBER Working
Paper No. 19356.
- Engel,
Charles (2012) “Currency Misalignments and Optimal Monetary Policy:
A Reexamination,” American
Economic Review 101, 2796-2822.
- Clarida, R., J. Gali and
M. Gertler (2002) “A simple Framework for
International Monetary Policy Analysis,” Journal of Monetary Economics
49:5, 879-904.
- Engel,
Charles (2015) “International Coordination of Central Bank Policy,”
NBER Working paper 20952.
Topic
8: Financial Frictions and Shocks
- Perri, Fabrizio and
Vincenzo Quadrini (2016)
"International Recessions," working paper, and NBER Working
Papers 17201.
- Gourinchas, P.O. and Helene Rey, 2014. External adjustment,
global imbalances and valuation effects in Handbook of International
Economics volume 4.
- Gourinches, Pierre-Olivier and Helene Rey (2007)
“International Financial Adjustment,” Journal of Political Economy
115:4, 665-703.
- Tille, Cedric (2008) “Financial Integration and
the Wealth Effect of Exchange Rate Fluctuations,” Journal of
International Economics 75, 283-294.
- Benetrix, Agustin S, Philip R. Lane, Jay C. Shambaugh, (2015) “International Currency
Exposures, Valuation Effects, and the Global Financial Crisis,” NBER
Working Paper 20820.
- Devereux,
Michael and James Yetman, 2010,
"Leverage Constraints and the International Transmission of
Shocks," Journal of Money, Credit and Banking 42 71-105.
- Devereux, Michael
and James Yetman (2014) “Capital Controls,
Global Liquidity Traps and the International Policy Trilemma,” NBER
Working Paper No. 19091
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