Overview of the economic problem
- Greg Ip, "Defense of the Dismal Science," Wall Street Journal, August 25, 2017 -- For Class Discussion
- What is economics?
- Economic Exchange
- The Economic Problem
- Production Possibility Frontiers
- Economic Growth
- Economic Systems
Markets -- Demand and Supply
- Demand and Supply --MOST IMPORTANT READING
- Price Mechanism
- Consumer Demand
- Demand Curves
- Demand and Income
- Shifts in Demand
- Producer Supply Shifts in Supply
- Market Equilibrium
- Non-Market Price, Artificial Prices
- David Henderson, the Negative Effects of the Minimum Wage, National Center for Policy Analysis, May 4, 2006 -- BEST OF THE MINIMUM WAGE PAPERS
- David Neumark, Who Really Gets the Minimum Wage, Wall Street Journal, July 6, 2014
- Alan Manning, Minimum Wages in an Election Year Milken Institute Review, September 12, 2016
- Recent increase in the California Minimum Wage, Daily Signal, March 28, 2016
- Economist, Large Increases in the minimum wage could have severe long-term Effects, July 25, 2015
- Econ 101 for Panama: New Price Controls Bring Rampant Shortages, panampost.com, July 2014
Optional -- Alternative explanations/illustrations of basic concepts
- Eggert Chapter 1 What is Economics -- Good discussion of the production possibility curve
- Eggert Chapter 11 Demand -- Good discussion of the basic tools of demand theory
- Further Topics in the Theory of Consumer Demand
- Household Economics and Demand (especially appendix)
Other Readings
- Warren Buffett, Better Than Raising the Minimum Wage, Wall Street Journal May 21, 2015
- What Happened to Seattle's Job Market After Minimum Wage Hike, The Daily Signal, October 22, 2015
- Oalkand"s Minimum Wage is up Wall-Mart is Out, Daily Signal, January 22, 2016/a>
- By MICHAEL SALTSMAN WSJ, August 11 A Better Poverty Fighter Than Raising the Minimum Wage Expanding the Earned Income Tax Credit for childless adults would put money in pockets without hurting jobs.
- Explanation of Earned Income Tax Credit.
- Seattle do-gooders just shot themselves in the foot Michael R. Strain | The Washington Post June 07, 2014 --minimum wage
October 2
Microeconomic Principles: Demand, Competition and Monopoly
MOST IMPORTANT READINGS
- Eggert Chapter 11 Demand -- good overview of utility -- Make sure you read the sections on indifference curves
- Further Topics in the Theory of Consumer Demand -- Very Important Will Discuss in Class
- Consumer and Producer Surplus
- Firm Motives
- Perfect Competition
- Monopoly
- Natural Monopoly
- Oligopoly
- Game Theory
- Game Theory-- Nash equilibrium
- Cartels
- The Problem With Large Companies, Economist, September 17, 2016
- Ed Dolan, China's Fragile Rare Earth Monopoly, October 23, 2010
- Robert McNally and Michael Levi, A Crude Predicament, Foreign Affairs, July/August 2011 MIDTERM QUESTION
- Shocks and ores Short-term gyrations in commodity prices may do more damage than long-run trends Economist, Jun 8th 2013
- No Rare Earths in Next Generation of Electric Vehicles, Yale Global, November 23, 2012
- David Van Den Berg and Stephen Slivinski, A Matter of Antitrust: The Debate Over the Role of Government as Referee of Market Competition, Federal Reserve Bank of Richmond, Region Focus, Summer 2009
Optional -- Alternative explanations/illustrations of basic concepts
- Monopolistic Competition
- Price and Output in Perfect Competition
- Contestable Markets
- Monopoly Price and Output
- Oligolopy, Eggert Chapter 17
October 4
Market Failures/Microeconomic Applications
MOST IMPORTANT READINGS
- Types of Market Failure
- Missing Markets
- Pigovian Taxes -- Interests of individuals and society do not coincide, Economist, August 19, 2017
- Incomplete Markets
- Inefficiencies
- Negative Externalities
- Polution, Carbon and Waste
- Information Failure
- Moral Hazzard
- Unstable Markets/Prices
- Price Stabilization Schemes
Current Events for Class Discussion
Papers for Class Discussion
- Milan Brahmbhatt and Luc Christiaensen, The Run on Rice, World Policy Journal Summer 2008 -- Midterm Question
- Donald Leal, Saving Fisheries With Free Markets, The Milken Institute Review, First Quarter 2006 -- Midterm Question
- Information Assymetry -- Markets for Lemons, Economist July 23, 2016
Optional -- Alternative explanations/illustrations of basic concepts
- Schools Brief: Missing Markets (Economist, December 18, 1996)
- Schools Brief: State and Market (Economist, February 26, 1996)
- Merit Goods
- Merit Goods Education
- Demarit Goods
- COP21 Paris
- Positive Externalities
- Property Rights
- Depletion of Fish Stocks
- Road Congestion
- Commodity Agreements
- Labor Market Failures
- Free exchange Valuing the long-beaked echidna Setting a price on nature is a useful exercise, up to a point Economist, Feb 22, 2014
- Council on Foreign Relations, Food Price Volatility and Insecurity, Backgrounder, June 24, 2011
- N. Gregory Mankiw, Can a Soda Tax Save Us From Ourselves? New York Times, June 4, 2010
- Eduardo Porter, Rethinking How to Split the Costs of Carbon, New York Times, December 24, 2013
October 11
Trade TheoriesMost Important Readings
- Trade Model: Extensions and Applications--MOST IMPORTANT READING -- Midterm Question
- Claudia Goldin and Lawrence Katz, The Future of Inequality: the Other Reason Education Matters So Much, Milken Review, Summer 2009, Midterm Question
- Richard Katz, Mutual Assured Production: Why Trade Will Limit Conflict Between China and Japan, Foreign Affairs, July/August 2013
- Free Trade Facts -- good summary of facts surrounding free trade.
- Defense of Free Trade: How Free Trade Made America Great, Wall Street Journal, March 28, 2016
- Federal Reserve Bank of Dallas, Distance and the Impact of Gravity Help Explain Patterns of International Trade, July 2011
- Llaura Baughman, Five Myths About Imports, WSJ, May 19, 2014
- Five More Myths About Free Trade Washington Post, April 8, 2016
- Mark Levinson, Abandon Ship: Crisis and Consolidation in Global Shipping, Foreign Affairs October 5, 2016
Current Events for Class Discussion
For the Midterm
- Marcel Timmer et. al., Setting up Global Value Chains, Journal of Economic Perspectives, Spring 2014
- Jonathan Caverley and Ethan Kapstein, Arms Away: How Washington Squandered its Monopoly on Weapons Sales, Foreign Affairs, September/October 2012 -MIDTERM QUESTION
- CRS, Job Creation in the Manufacturing Revival, June 20, 2012
why isn't manufacturing creating more jobs -- Midterm Question
- CRS, Hollowing Out in U.S. Manufacturing: Analysis and Issues for Congress, March 21, 2012
Midterm Question
- Robert Farley, The Pentagon Turns to Intellectual Property to Protect US Military Dominance, World Politics Review, April 21, 2016
October 16
Modern Theories of TradeClass Discussion
- William Bonvillian, Donald Trump's Voters and the Decline of American Manufacturing, Issues in Science and Technology, Summer 2016 ---- Midterm Question
- Richard Katz, China Didn't Take U.S. Jobs, The International Economy, Summer 2016
Most Important Readings
- Michael Porter, Enhancing the Microeconomic Foundations of Prosperity: The Current Competiveness Index (Midterm Question) -- MOST IMPORTANT WILL DISCUSS IN CLASS--Older Version
- Jeffrey Sachs, Globalization and Patterns of Economic Development (Weltwirtschaftliches Archiv (volume 4, 2000) -- Also Very Important Will Discuss in Class -- MIDTERM QUESTION
- Xavier Sala-I-Martin et al., The Global Competitiveness Index: Measuring the Productive Potential of Nations, World Economic Forum, 2007 -- Midterm Question,
Other Readings
- Yi Wen and Gerger Portier, The Visible Hand: The Role of Government in China's Long-Awaited Industrial Revolution, Federal Reserve of St. Louis Review, Third Quarter 2016. --MIDTERM Question
- Richard Levin, Top of the Class, Foreign Affairs, May/June 2010 -- Midterm Question
October 18
Protectionism -- Tariffs/Non-Tariff Barriers
Class Discussion
- The Whirlpool Case, Wall Street Journal, October 4, 2017
- Dourlas Irwin, Bad Reading of U.S. Economic History Wall Street Journal, September 19, 2017
Most Important Readings
- Hugo Erken et al., Why Trump's Protectionist Trade Agenda Fails, Rabobank, July 3, 2017
- Douglas Irwin, The Truh About Trade: What Critics Get Wrong About the Global Economy, Foreign Affiars, July/August 2016
- Douglas Irwin, the False Promise of Protectionism: Why Trump's Trade Policy Could Backfire, Foreign Affairs, May/June 2017
- Hugo Erken, US Global Value Chain Integration: A Major Impediment for Trump's Protectionist Trade Agenda, Rabobank, June 30, 2017
- Economist, Trade At What Price, April 2, 2016
- Economist, Tariffs are Counterproductive, April 9, 2016
- Gary Hufbauer and Sean Lowry, US Tire Tariffs: Saving Few Jobs at High Cost, Peterson Institute for International Economics, April 2012 MIDTERM QUESTION
- Daniel Drezner, The Outsourcing Bogeyman Midterm question -- Will Discuss in Class (Foreign Affairs, May/June 2004
- Alan Blinder, "Offshoring: The Next Industrial Revolution?" Foreign Affairs March/April 2006 -- presets a contrasting view to Drezner of outsourcing MIDTTERM QUESTION
- Michael Spence, The Impact of Globalization on Income and Employment: The Downside of Integrating Markets, Foreign Affairs, July/August 2011 MIDTERM QUESTION
- Marcel Timmer et. al., Setting up Global Value Chains, Journal of Economic Perspectives, Spring 2014 MIDTERM QUESTION
- Robert Looney, U.S. Manufacturing -- in Sakai under resources Europa United States
- Brookings, The Changing Nature of Manufacturing, April 2016
- The US Manufacturing Base: Four Signs of Strength Theodore H . Moran and Lindsay Oldenski, Peterson Institute, June 2014 MIDTERM QUESTION
- Michael Spence et al., New World Order, Labor Capital and Ideas in the Power Law Economy, Foreign Affairs (July/August 2014 --MIDTERM QUESTION
Current events for class discussion
- Economic Consequences of the Trade Policies of the Presidental Candidates, Peterson Institute, September 19, 2016 WATCH THIS ONE FOR SURE
- Drawbridges Up, The Economist July 30, 2016
- A Hire Power: Workers benefit when firms must compete aggresssively for them, Economist July 30, 2016
Other Readings
- Greg Rushford, Its the Imports, Milken Review 2013 MIDTERM QUESTION
- IMF, Trade Interconnectedness: The World With Global Value Chains, August 26, 2013 (Just to Page 15) MIDTERM QUESTION
- Oxford Analytica, International: New Protectionism Will Hit Businesses, December 14, 2013
- Neil Gershenfeld, How to Make Almost Anything (3-D printing), Foreign Affairs, September 27, 2012
Political Economy of Protectionism/Subsidies
- Giulio Gallarotti, Rent-Seeking (Routledge Encyclopedia of International Political Economy)
- Robert Looney, Subsidies (Routledge Encyclopedia of International Political Economy) -- MIDTERM EXAM QUESTION
- Gary Hufbauer and Jeffrey Schott, Buy American: Bad for Jobs, Worse for Reputation, Peterson Institute for international Economics, February 2009 Midterm Question
- Edith Ostapik, International Trade: Why We Don't Have More of It, Federal Reserve Bank of Philadelphia Business review Q3 2007 -- problems in measuring barriers to trade Midterm Question
- Economist Focus, The Unkindest Cuts: Discounting That Promotes Competition is Hard To distinguish from Predatory Pricing, The Economist, August 22, 2009
October 23
Trade Agreements--GATT/WTO
Current Events for Class Discussion
- The Whirlpool Case, Wall Street Journal, October 4, 2017
- Dourlas Irwin, Bad Reading of U.S. Economic History Wall Street Journal, September 19, 2017
- Why Airbus's tie-up withj Bombardier is so damaging for Boeing, Economict, October 19, 2017
Most Important Readings
- WTO in Brief -- read for class
- WTO: 10 Benefits -- read for class
- WTO: 10 Misunderstandings -- read for class discuss in class ONE MIDTERM QUESTION BASED ON THESE THREE PAPERS FROM THE WTO
- Robert Looney, The Cancun Conundrum: What Future for the World Trade Organization, Journal of Third World Studiehttp://www.milkenreview.org/articles/the-world-trade-organization-at-risks (Fall 2004) Will Discuss in Class -- MIDTERM QUESTION.
- Fred Hu and Michael Spence, Why Globalization Stalled: And How to Restart It, Foreign Affairs July/August, 2017 MIDTERM QUESTION
- Jeffrey Schott, What Should the United States Do about Doha, Peterson Institute for Internaitonal Economics, June 2011 --MIDTERM QUESTION
Other Readings
- Greg Rushford, WTO in the Crosshairs, Mlken Institute Review, Quarter 2017
- Greg Rushford, Murder on the Doha Express, Milken Institute Review, First Quarter 2012
- Amrita Narlikar, The Power of the Powerless: The Politics of Poverty at the Doha Round, Foreign Affairs, March 12, 2015 -- midterm question
Simon Evenett, Return of the Visible Hand, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
October 25
Security, Global Competition and United States Policy
Most Important Readings
- T. Moran, The Globalization of America's Defense Industries: Managing the Threat of Foreign Dependence (International Security, Summer 1990) -- long, but important for national security issues Most important reading COUNTS FOR TWO MIDTERM QUESTIONS
- Moises Naim, The Five Wars of Globalization -- illegal markets -- Midterm question -- Will Discuss in Class(Foreign Policy) MIDTERM QUESTION
- Moises Naim, Mafia States: Organized Crime Takes Office, Foreign Affairs, May/June 2012 MIDTERM QUESTION
- Daniel Yergin, Ensuring Energy Security, Foreign Affairs, March/April 2006 MIDTERM QUESTION
- Michael Ross, Blood Barrels: Why Oil Wealth Fuels Conflict, Foreign Affairs, May/June 2008 MIDTERM QUESTION
- Theodore Moran, Feeding the Dragon: Is China Trying to Swallow the World's Natural Resources, The Milken Institute Review, Third Quarter 2010 MIDTERM QUESTION
Geo-economics Papers for the Midterm
Juan Zarate, The New Geo-Economic Game, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
Atif Ansar and Ben Caldecott, Disinvestment Campaigns: Bottom-up Geo-Economics, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
Crla Hobbs et. al., The Geoeconomics of the Digital, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future.Midterm Question
Roger Creemers, The Chinese Cyber-Sovereignty Agenda, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future.Midterm Question
Roger Creemers, Dag Harald Caales, Andreas Goldthau and David Livingston, Saudi Arabia: Harnessing the Oil Market in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future.Midterm Question
Other Readings
- Michael Levi, Gas Boom, Milken Institute Review, Third Quarter 2013 MIDTERM QUESTION
- Theodore Moran, Dealing with Cybersecurity Threats Posed By Globalized Information Technology Suppliers, Peterson Institute for International Economics, May 2013 MIDTERM QUESTION
- Robert Looney Recent Developments on the Rare Earth Front: Evidence of a New Technocratic Mercantilism Emerging in China, World Economics, January-March 2011 MIDTERM QUESTION
- Boston Consulting Group, Made in America, Again: Why Manufacturing Will Return to the United States, August 2011 MIDTERM QUESTION
- Derek Scissors, Free Markets and National Defense: U.S. Import Dependence on China, Heritage Foundation, September 21, 2010 MIDTERM QUESTION
- Tom Donilon, Energy and American Power: Farewell to Declinism, Foreign Affairs, June 15, 2013 MIDTERM QUESTION
- Theodore Moran, Avoiding the Resource Curse in Mongolia, Peterson Institute for international Economics, July 2013 MIDTERM QUESTION
- Henry Farrell and Abraham Newman, The Transatlantic Data War, Foreign Affairs January/February 2016 MIDTERM QUESTION
- Kym Anderson, How Can Trade Improve food Security in Sub-Saharan Africa? Stanford, January 23, 2012 MIDTERM QUESTION
- Hal Weitzman, Resource Nationalism: Beyond Ideology: The Western Hemisphere and an Old Policy Standby, The Americas Quarterly, January 2013 MIDTERM QUESTION
October 30
Economic Integration -- United States/NAFTA
Most Important Readings
- Stephen Stamos, Reflections on the Proposed US Mexico Free Trade Agreement WILL DISCUSS IN CLASS http://csis.org/publication/strategic-case-tpp
- Sidney Weintraub, Scoring Free Trade: A Critique of the Critics -- NAFTA (Current History, February 2004) -- Exam Question
- Jorge Castaneda, NAFTA at 10: A Plus or a Minus? (Current History, February 2004) Important -- Exam Question
- NAFTA at 20 Ready to take off again? Two decades ago the North American Free-Trade Agreement got off to a flying start. Then it stalled Economist, Jan 4th 2014
- Gary Clyde Hufbauer and Jeffrey Schott, NAFTA's Bad Rap, The Internatioal Economy,Summer 2008
- NAFTA's Economic Impact, Council on Foreign Relations, July 26, 2016
- The Debate over Brexit, Council on Foreign Relations June 30, 2016
- Uwe Deichmann, The Economic Geography of Regional Integration, Finance & Development December 2008 -- Exam Question
- Richard Katz, Getting TPP Right is Better than Getting it Fast, Foreign Affairs May 12, 2015 -- Exam Question
- Jeffrey Sachs Argument Against the TPP, Boston Globe, October 2016
- Brookings: The Case for the TPP, October 2016 -- Exam Question
Hina Rabbani Khar, Gated Globalization, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
MW November 2 -- TuTh Section November 1
Sanctions/Emerging Countries
Most Important -- Sanctions
- Richard Haass, Sanctioning Madness (Foreign Affairs, November/December 1997) Most Important -- Midterm Question
- Michael Chaitkin, Understanding Sanctions Effectiveness, 2010
midterm question
- Emma Ashford, Not-So-Smart Sanctions, Foreign Affairs January/February 2016 Midterm question
- Robert Blackwill and Jennifer Harris, The Lost Art of Economic Statecraft: Restoring an American Tradition, Foreign Affairs March/April 2016 -- midterm Question
Mark Leonard, Introduction: Connectivity Wars in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
Clara Portela, How the EU Learned to Love Sanctions, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
Anu Bradford, The EU as a Regulatory Power, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
Stephen Szabo, The Reinvention of German Power, in Mark Leonard ed., Connectivity Wars: Why Migration, Finance and Trade are the Geo-Economic Battlegrounds of the Future. Midterm Question
Trade Issues in Developing and Transforming Countries
Most Important -- Developing and Transforming Countries
- Ruchir Sharma, Broken BRICs: Why the Rest Stopped Rising, Foreign Affairs, October 23, 2012
Developing country section, Midterm Exam
- Thomas Fareole, Competitiveness and Connectivity: Intergrating Lagging Regions in Global Markets, World Bank October 2012
MIDTERM EXAM.
- Jeffrey Frankel, Why Natural Resources Are Not Always a Good Thing, Milken Institute Review Fourth Quarter 2011
MIDTERM EXAM
- Julia Carter, After the Fall: Globalizing the Remnants of the Communist Bloc, Federal Reserve of Dallas, February 2007 -- Midterm questin
- Robert Looney, New International Economic Order in R.J. Barry Jones ed., Routledge Encyclopedia of International Political Economy (2001)
November 6
MIDTERM EXAMINATIONNovember 8 Balance of Payments
Balance of Payments
Current Events for Class Discussion
- Eduardo Porter What can be done about the trade Deficit New York Times October 18, 2017
Most Important Readings
- CFR, The Trade Deficit: How Much Does it Matter? October 17, 2017
- George Alessandra, Trade Deficits Aren't As Bad as You Think, Federal Reserve Bank of Philadelphia, First Quarter, 2007 -- Final Exam Question
- Deutsche Bank Research, The U.S. Balance of Payments: Wide-Spread Misconceptions and Exaggerated Worries (October 1, 2004) -- Final Exam Question
- Alison Butler, Trade Imbalances and Economic Theory: The Case for a US Japan Trade Deficit (Federal Reserve Bank of St. Louis Review, March/April 1991) -- Older, but good link-in with macroeconomics
Final Exam Question
- Jeffrey Frankel, America The Balanced, Project Syndicate, October 20, 2014 -- US may actually running a surplus in the current account
- Alison Butler, Trade Imbalances and Economic Theory: The Case for a US Japan Trade Deficit (Federal Reserve Bank of St. Louis Review, March/April 1991) -- Older, but good link-in with macroeconomics
Determinants of Exchange Rates November 13
Most Important Readings
- Owen Humpage, A Correct Value for the Dollar (Federal Reserve Bank of Cleveland, Economic Commentary January 1, 1986) read for class
- The Big Mac Index, The Economist, July 26, 2012
The index is based on the theory of purchasing-power parity, which says that exchange rates should eventually adjust to make the price of a basket of goods the same in each country.
- The Big Mac Index, The Economist January 12, 2012
Burgernomics shows Switzerland has the most overvalued currency
- Robert Looney, Dollarization in Latin America, Milken Institute Review, 2017
- Federal Reserve Bank of Chicago: Strong Dollar/Weak Dollar -- final exam question
- Joseph Gagnon, Combating Widespread Currency Manipulation, Policy Brief, July 2012 -- FINAL EXAM QUESTION
- Ed Dolan, The Senate's Currency Manipulation is Not Only Bad Policy But unneceswsary, October 12, 2011
- Pegs and Floats (Federal Reserve Bank of Philadelphia, May/June 1980) old, but still good overview -- Final Exam question
Current events for class discussion
National Income Accounting, Macroeconomics/Balance of Payments Adjustment November 20/22Introduction to Macroeconomics
- Jason Furman, Extracting the Signal from the Noise: Tips for Interpreting Macroeconomic Data, Milken Institute Review October 2016
- Overview Map of Macroeconomic Approaches/Theories
- Jason Furman, Extracting the Signal from the Noise: Tips for Interpreting Macroeconomic Data, Milken Institute Review October 2016
- Overview of Macroeconomics -- Keynes vs Hayek
- Keynes vs Hayek -- Round Two
- Scary tale about the Federal Reserve's QE2 policy
If you haven't had economics before, the chapters in Eggert bring you up-to-speed.
- Eggert, Chapter 7 -- The Macroeconomy: Gross National Product
- Eggert, Chapter 8 -- Unemployment and Inflation
- Eggert, Chapter 9 -- Money and Monetary Policy
GDP, National Accounts
- Robert Looney, The Boko Haram Economy, Foreign Policy, July 15, 2014 -- Example of rebasing
- Peter Passell, Prosperity Isn't Just a Matter of Wealth, Foreign Policy, November 2, 2012
- Oxford Analytica, GDP's Status as a Bench Mark Will Wane, February 14, 2014
- Legatum Institute, Prosperity Index, 2012
- David Brooks, Capitalism for the Masses, NYT, February 20, 2014
- Diane Coyle, Beyond GDP: What the measue of economic performance misses about economic performance, Foreign Affairs February 16, 2014 -- final exam
- Morten Jerven, Quizzing African GDP Stats, This is Africa, December 17, 2012
- Richard Easterlin, When Growth Outpaces Happiness, New York Times, September 27, 2012
Macroeconomic Theory -- Most Important
- Peter McCleland, A Layman's Guide to the Keynesian/Monetarist Debate--very good -- easy introduction and overview of macroeconomics
- J.A. Cacy, The Choice of a Monetary Policy Instrument (Federal Reserve of Kansas City) -- Very Important -- Graphical Version of the LM/IS Framework
- L. Reynolds, Synthesis of Monetary Analysis and Income Analysis (LM/IS)-- only if you have a hard time following the previous paper
- Keynesian vs. Monetarist Doctrine: Policy Issues -- Will discuss in class -- final exam question
- Investment and the Real Rate of Interest (Fischer) -- Classical Macroeconomics
- Deutsche Bank, "I'm an Austrian in Economics" September 16, 2011 -- Final Exam Question
- Robert Looney, Reaganomics, Handbook of Political Economy
- FSRB, John Williams, Economics Instruction and the Brave New World of Monetary Policy, June 6, 2011 -- updates -- Keynesians vs Monetarists Paper -- Final Exam Question
- Richard Haass, The Strategic Implications of U.S. Debt, Testimony, April 6, 2016
Current Events for Discussion
- Neil Irwin, "The Contradiction at the Heart of Donald Trump's Economic Policy, NYT, November 17, 2016
- Martin Feldstein, "Squaring Trumponomics With Reality," Wall Street Journal, November 15, 2016
- Martin Wolf, An Economic in-Tray full of Problems, Financial Times, November 9, 2016
Most Important Readings
- Council on Foreign Relations, The Global Finance Regime, January 23, 2012 -- Final Exam Question
- Beyond Bretton Woods 2, The Economist, November 4, 2010 -- Is there a better way to organize the world's currencies?
- Ken Rogoff, The IMF Strikes Back (Foreign Affairs, January/February 2003) Final Exam Question
- Robert Carbaugh and David Hedrick, Will the Dollar Be Dethroned as the Main Reserve Currency? Global Economy Journal 2009 -- FINAL Exam Question
- Brrry Eichengreen and Ngaire Woods, The IMF's Unmet Challenges," Journal of Economic Perspectives, Winter 2015
- Michael Clemens and Michael Kremer, The New Role for the World Bank, Journal of Economic Perspectives, Winter 2016
- Robert Looney, IMF in Jamaica, Foreign Policy, February 12, 2014
- Robert Looney, Egypt and the IMF, Milken Institute Review, November 14, 2016
- Three’s a crowd: The instability that stems from trilemmas The Economist, Jul 5th 2014
- Atish Rex Ghosh, On Center Stage (IMF), Finance and Development, September 2014 --
- John Williamson, Beijing Consensus versus Washington Consensus, Chapter, Robert Looney ed., Handbook of Emerging Economies, 2013 (Sakai) FINAL EXAM QUESTION
December 4/6 Ongoing Global Crisis
- Robert Levine, Adjusting to Global Change: The Dangerous Road Ahead, Rand, 2009 -- COUNTS FOR 2 QUESTIONS
- Uri Dadush, Global Rebalancing: the Dangerous Obsession, Carnegie Policy Brief, February 2011
- Guillermo Ortiz, The Challenges to Achieving Sustainable Growth in Latin America, Think Tank 20, October 2014
- Hafez Ghanem, Growth and Convergence in the Arab Region, Think Tank 20, October 2014
- Roger Altman and Richard Haass, American Profligacy and American Power, Foreign Affairs, November/December 2010
- Mark Blyth, Austerity: The History of a Dangerous Idea, Milken Review Third Quarter 2013 FINAL EXAM
- Mark Blyth and Eric Lonergan, Print Less but Transfer More: Why Central Banks Should Give Money Directly to the People, Foreign Affairs, September October 2014
- Thomas Wilett et al., The Slow Spread of the Global Crisis, Journal of International Commerce, Economics and Policy, 2010
- Ian Bremmer and Nouriel Roubini, A G-Zero World, Foreign Affairs, January 31, 2011
- Michael Pettis, The G20 Meetings: No Common Framework, No Consensus, Carnegie Endowment for International Peace, May 2009 Final Exam
December 6
- Daniel Drezner, The Irony of Global Economic Governance, Council on Foreign Affairs, October 2012
- Ruchir Sharma, The Ever-Emerging Markets: Why Economic Forecasts Fail, Foreign Affairs, January/February 2014
- Ruchir Sharma, Leaders Indicating: Why Markets Now Use Politics to Predict Economics, Froeign Affairs, (September/October 2014)
- Danny Quah, Convergence Determines Governance -- Within and Oithout, Brookings Think Tank 20, October 2014-- FINAL EXAM
- Ralph Peters, Seven Signs of Non-Competitive States (Parameters, Spring 1998)
- Steward Patrick: The Unruled World: The Case for Good Enough Governance, Foreign Affairs (January/February 2014)
- Uri Dadush, The World Order in 2050, Carnegie, February 2010 Final Exam Question
- Robert Zoellick, American Exceptionalism: Time for New Thinking on Economics and Security, July 25, 2012