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Course Description

Course: Special topics in International Economics

Code: ECO485

Semester: B

Tutor: N. Kosteletou

The Special topics in International Economics is an optional course. It is designed for students interested in broadening their knowledge in international economics from the macroeconomic point of view. For this purpose, a theoretical framework for the determinants of the exchange rates, the current account imbalances and international capital movements is developed. This framework provides the basis for the discussion of policy issues such as the effectiveness of fiscal and monetary policy, exchange rate and inflation problems and balance of payments crises. Additionally, the historical background of the evolution of the international monetary system is descried. Finally, the basic concepts of economic and monetary unions are analyzed with special reference to the EMU.

Outline of the material covered in class:

  1. National Income Accounting and the Balance of Payments
  2. Exchange Rates and the Foreign Exchange Market: an Asset Approach
  3. Money, Interest Rates and Exchange Rates
  4. Price Levels and the Exchange Rate in the Long Run
  5. Output and the Exchange Rate in the Short Run
  6.  The International Monetary System
  7. Optimum Currency Areas and the European Experience

Course Books:

The basis reference text is “International Economics” by P. Krugman and M. Obstfeld, eighth edition.