ECO-4101 : Macroeconomics 1
- Responsable(s) :
-
- Sophie Hatte
- Enseignant(s) :
-
- Remi Clotte
- Sarra Ghaddab
Niveau
M1+M2
Discipline
Economie
Public externe (ouverts aux auditeurs de cours)
Informations générales sur le cours : ECO-4101
In this course, students are encouraged to immerse themselves in the role of policymakers, tasked with evaluating and addressing the macroeconomic challenges that countries face in our interconnected, globalized world. The course places a strong emphasis on monetary and financial issues. The conceptual framework for analysis is based on "The Money View" by Perry Mehrling, which provides a foundational understanding of the intricacies of the monetary and financial system, including technical aspects such as payment systems, often referred to as the "plumbing" of the financial world.
The lecture explores the connections between financial variables and real economic variables through in-depth case studies of significant events such as the Global Financial Crisis and the COVID-19 pandemic. These case studies facilitate the evaluation of various policy responses, including fiscal, monetary, and both macroprudential and microprudential measures.
Additionally, the course delves into current debates and topics of interest, such as the dynamics and challenges of the Euro, the concept of safe assets, and the role of shadow banking. This comprehensive approach aims to equip students with the analytical tools and technical knowledge necessary to understand and influence the complex landscape of global macroeconomic policy
A high level of English proficiency is necessary. Familiarity with basic accounting principles is advantageous but not essential.
Enseignant(e) : Sarra GHADDAB
Créneau(x)
- Jeudi Matin
- 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