Economic and Monetary Union (EMU)
Palek/Schwanebeck
Winter Term 2014/15
Outline and syllabus
Outline and syllabus
Time and location
Time: Wednesday, 8:15 – 9:45h
Location: Arnold-Bode 2 – Room 0409
Examination Regulations:
M.A. Wirtschaftswissenschaften (Master-PO 2007) :
SP 4, SP 6, Masterprofil 1
M.Sc. Business Studies (Master-PO 2012):
Modul FACT 3
M.Sc. Business Studies (Master-PO 2013):
Modul VWL-FACT-B1
M.Sc. Economic Behaviour and Governance (Master-PO 2012, 2013): Modul 3, Modul 6
Prerequisites:
Good knowledge of VWL I + II + III
Economic and Monetary Union
Palek/Schwanebeck
2
Outline and syllabus
Aim of the course and overview
•
Provide an overview of important theoretical and empirical findings regarding the
EMU and discuss these findings
•
Discussion of current issues regarding the EMU
•
Gain deeper insight into recent research topics in the field of monetary economics
•
Develop further own skills in working scientifically
Credits and requirments:
6 credits can be earned. Students will be graded upon the following:
•
Attendance and active oral participation
•
Seminar paper, 15-18 pages, submission: one week before presentation
•
Presentation of seminar paper, 45-60 minutes
•
Supplementary presentation of another topic, 5-10 minutes
Economic and Monetary Union
Palek/Schwanebeck
3
Outline and syllabus
Please note: Binding registration (HIS) until 29.10.14, a later cancellation is not
possible
Contact:
•
Jakob Palek: palek@uni-kassel.de
Office hours: by appointment, Room 3207, Nora-Platiel-Straße 4
•
Benjamin Schwanebeck: schwanebeck@uni-kassel.de
Office hours: by appointment, Room 3208b, Nora-Platiel-Straße 4
Further information:
http://www.uni-kassel.de/fb07/institute/ivwl/faculty-chairs/michaelis-profdr/lehre/seminar-economic-and-monetary-union-emu.html
Economic and Monetary Union
Palek/Schwanebeck
4
Outline and syllabus
Topics and Literature:
Basics
1. Costs and Benefits of Monetary Unions (05.11.14)
Beetsma, Roel and Massimo Giuliodori (2010): “The Macroeconomic Costs and
Benefits of the EMU and Other Monetary Unions: An Overview of Recent
Research”, Journal of Economic Literature 48 (3): 603-641.
2. Is the Eurozone an Optimal Currency Area (12.11.14)
Dellas, Harris, and George Tavlas (2009): “An optimum-currency-area odyssey”,
Journal of International Money and Finance 28: 1117-1137.
Vieira, Carlos and Isabel Vieira (2012): “Assessing the Endogeneity of OCA
Conditions in EMU”, The Manchester School 80 (9): 77-91.
3. The Impact of the Euro on Trade (19.11.14)
Baldwin, Richard, Virginia DiNino, Lionel Fontagné, Robert De Santis and Daria
Taglioni (2008): Study on the Impact of the Euro on Trade and Foreign Direct
Investment, European Economy - Economic Papers 321, Chapter 2.
Economic and Monetary Union
Palek/Schwanebeck
5
Outline and syllabus
Topics and Literature:
Monetary and Fiscal Policy
4. Optimal Monetary and Fiscal Policy in a Currency Union (26.11.14)
Gali, Jordi and Tommaso Monacelli (2008): “Optimal monetary and fiscal policy in a
currency union”, Journal of International Economics 76 (1): 116-132.
5. Central Bank Communication (03.12.14)
Blinder, Alan, Michael Ehrmann, Marcel Fratzscher, Jakob De Haan and David-Jan
Jansen (2008): “Central Bank Communication and Monetary Policy: A Survey of
Theory and Evidence”, Journalof Economic Literature 46 (4): 910-945.
6. Monetray Policy and the Zero Lower Bound (10.12.14)
Buiter, Willem (2010): “Negative nominal interest rates: Three ways to overcome the
zero lower bound”, North American Journal of Economics and Finance 20: 213-238.
Economic and Monetary Union
Palek/Schwanebeck
6
Outline and syllabus
Topics and Literature:
Monetary and Fiscal Policy
7. The Stability and Growth Pact (17.12.14)
Roel Beetsma and Harald Uhlig (1999): An Analysis of the Stability and Growth Pact,
in: The Economic Journal Volume 109, Issue 458, pages 546–571, October 1999.
Crisis
8. The European Sovereign Debt Crisis (14.01.15)
Lane, Philip (2012): “The European Sovereign Debt Crisis“, Journal of Economic
Perspectives 26 (3): 49-68.
9. Quantitative Easing (21.01.15)
Fawley, Brett and Christopher Neely (2013): “Four Stories of Quantitative Easing”,
Federal Reserve Bank of St. Louis Review 95 (1): 51-88.
Economic and Monetary Union
Palek/Schwanebeck
7
Outline and syllabus
Topics and Literature:
Crisis
10. Sudden Stops in EMU (28.01.15)
Gros, Daniel and Cinzia Alcidi (2013): Country adjustment to a ‘sudden stop’: Does
the euro make a difference?, European Economy - Economic Papers 492.
11. Current Account Imbalances in EMU (04.02.15)
Zemanek, Holger, Ansgar Belke and Gunther Schnabl (2010): “Current account
balances and structural adjustment in the euro area”, International Economics and
Economic Policy 7: 83-127.
12. TARGET2 (11.02.15)
Sinn, Hans-Werner and Timo Wollmershäuser (2012): “Target loans, current account
balances and capital flows: the ECB’s rescue facility”, International Tax and Public
Finance 19 (4): 468-508.
Economic and Monetary Union
Palek/Schwanebeck
8