Stephen Kinsella » EC6012_2010

Recordings for International Monetary Economics Lectures 9 and 10

Stephen — Tue, 04 May 2010 13:41:27 +0000

Lecture 9 is here, lecture 10 is here. I’m not sure why the usual thumbnails aren’t working at the moment, just click ‘play’ and you’ll be able to hear everything.

Paid Summer Internships at UCD

Stephen — Sat, 24 Apr 2010 12:39:11 +0000

UL students in particular, take note:

5 Summer Internships are available in the UCD Geary Institute working in the behavioural research stream and reporting to Colm Harmon and Liam Delaney. Candidates will receive a 1,600 euro stipend for the internship, which will last approximately 8 weeks, and will participate fully in the research activity of the Institute. The Institute has housed many talented students and researchers over the last decade and this is a very strong opportunity to gain valuable paid experience in a top-class research environment. Successful candidates will be fully trained in key research areas and will be given wide scope to develop their own research interests through interaction with Institute staff. Candidates must be registered for a full or part-time recognised academic programme.

Click here for more details.

International Monetary Economics Sample Exam and Midterm

Stephen — Fri, 23 Apr 2010 13:23:21 +0000

Here is the sample exam for international monetary economics, with apologies for volcano-related delays once again, and here is the midterm.

International Monetary Economics Lecture 11

Stephen — Wed, 21 Apr 2010 13:40:50 +0000

A recording of a lecture for week 11 done on the road back to Ireland. We’ll do a tutorial next Monday from 1-3 in SR3008 for everyone to cover what I missed. This lecture builds on last week’s SIM model, and to get the full benefit of this, read Godley and Lavoie, chapter 11.

International Monetary Economics Lecture 11 from Stephen Kinsella on Vimeo.

Lectures and Tutorials Cancelled This Week

Stephen — Sat, 17 Apr 2010 12:50:31 +0000

All apologies to EC6012 and EC4024 students. I won’t make it back to Ireland until Tuesday evening or Wednesday morning at the very earliest, so Monday, Tuesday, and Wednesday’s lectures and tutorials will be cancelled. I’ll reschedule the tutorials for next week, and post podcasts of the lectures online over the weekend.

International Monetary Economics Lecture 10

Stephen — Tue, 13 Apr 2010 15:49:30 +0000

Here are the lecture slides, here‘s a handout we’ll go through in class, and here is the program I’ll use in lectures. This lecture is based on chapter 3 of Wynne Godley and Marc Lavoie‘s Monetary Economics, Palgrave-MacMillan, 2006. It’s in the library on reserve.

International Monetary Economics, Midterm Results

Stephen — Wed, 07 Apr 2010 23:10:12 +0000

Click below to see the midterm results out of 100. Any student who received less than 40% needs to contact me to arrange an appointment to go through their script. Please note that as per the class reps’ requests, we’ll have a tutorial next Monday from 1-3 in SR3008.

Student Number	MIDTERM

357197	55
9002302	68
561312	69
541745	96
448206	46
409332	57
9000853	82
441465	58
545902	67
561495	58
510041	66
450979	80
541753	82
531537	56
539678	68
9002038	68
226912	43
557439	67
355763	76
9002447	66
547395	82
9000676	84
9002165	70
552623	73
9002313	74
139971	76
9000806	42
125385	66
9001754	62
9002516	78
9002230	66
9001302	77
553832	47
9000230	76
558567	51
9001758	50
9001974	57
9000825	75
9002623	71
540358	56
544205	54
539848	42
9000878	48
9003630	96
429686	84
9002682	56
9001881	86
9007787	84
9002188	80
702699	0
9002334	82
9002581	49
512079	86
535575	78
549339	92
9845941	90
544485	78
9000816	75
536423	45
447773	81
131199	86
9002663	69
452149	88
9003361	37
555878	72
539287	60
9002224	88
9002530	61
555746	62
9007469	93
559644	92
552755	80
44415	84
560332	66
9002307	74
233021	66
355453	96
128856	50
9002542	36
619558	77
9003337	64
551546	86
549908	47
9002992	74
9001363	67
9002276	72
9003297	88
562262	69
9003663	79
9002495	74

International Monetary Economics Lecture 9

Stephen — Tue, 06 Apr 2010 23:08:40 +0000

Click here to get the notes for the lecture, here to get an extended set of notes on these models, and here for the spreadsheet on difference equations. The Goodwin predator prey simulation is here. Click below for some useful readings.

Lance Taylor and Stephen A. O’Connell, A Minsky Crisis, The Quarterly Journal of Economics, Vol. 100, Supplement (1985), pp. 871-885.[jstor]

R. M. Goodwin The Nonlinear Accelerator and the Persistence of Business Cycles, Econometrica, Vol. 19, No. 1 (Jan., 1951), pp. 1-17.[jstor]

EJ Nell, The General Theory of Transformational Growth, Chapter 13. [amazon link]

R. M. Goodwin A Non-Linear Theory of the Cycle, The Review of Economics and Statistics, Vol. 32, No. 4 (Nov., 1950), pp. 316-320 [jstor]

Maurice Obstfeld and Kenneth Rogoff Exchange Rate Dynamics Redux The Journal of Political Economy, Vol. 103, No. 3 (Jun., 1995), pp. 624-660. [jstor]

Fantastic Podcast on Trade

Stephen — Thu, 25 Mar 2010 12:39:47 +0000

EC6012 and EC4024 students, have a listen to Prof. Russell Roberts’ podcast on trade. This is a really deep, scholarly, and thoughtful summary of the ideas behind trade. Listen to it, you’ll get smarter.

Roberts on Trade

Click below to get the links mentioned in Robert’s talk (these are from the podcast site)

Books

The Choice: A Fable of Free Trade and Protectionism, by Russ Roberts. (Chapter 1-3 at no charge.) Available in print at Amazon

- An Inquiry into the Nature and Causes of the Wealth of Nations, byAdam Smith. Specifically, Book I, Chapter 1, “Of the Division of Labor,and Book I, Chapter 3, “That the Division of Labour is Limited by the Extent of the Market. On Econlib.
- “Before Tea, Thank Your Lucky Stars,”by Robert Frank, New York Times, April 25, 2009.
- “Treasure Island: The Power of Trade Part I. The Seemingly Simple Story of Comparative Advantage,” by Russ Roberts. November 6, 2006, from Ten Key Ideas at the Library of Economics and Liberty.
- “Treasure Island: The Power of Trade. Part II. How Trade Transforms Our Standard of Living” by Russ Roberts. December 4, 2006, from Ten Key Ideas at the Library of Economics and Liberty.
- “A Brief History of the Concept of Comparative Advantage,” by Morgan Rose. August 6, 2001, at the Library of Economics and Liberty
- “Globalization as Framed by the Two Logics of Trade,” by James Buchanan and Yong Yoon, The Independent Review, v.VI, n.3, Winter 2002.
- “A Smithean Perspective on Increasing Returns,” by James Buchanan and Yong Yoon, Journal of the History of Economic Thought. (2000), 22:43-48 Cambridge University Press (requires payment)
- Opportunity Cost, by David R. Henderson. Concise Encyclopedia of Economics.
- David Ricardo. Biography. Concise Encyclopedia of Economics.
- “Comparative Advantage,” by Lauren Landsburg at the Library of Economics and Liberty.
- “Frontier House” at PBS.
- Russ Roberts, Meet Paul Krugman, by Arnold Kling. EconLog post , February 8, 2010.
- Luck, Wealth, and Immigration, by David Henderson. EconLog post , April 27, 2009.
- Munger on the Division of Labor. EconTalk podcast.
- Romer on Growth. EconTalk podcast.
- Don Boudreaux on Globalization and Trade Deficits. EconTalk podcast.
- Don Boudreaux on the Economics of “Buy Local”. EconTalk podcast.
- Robert Frank on Economics Education and the Economic Naturalist. EconTalk podcast.
- Spence on Growth . EconTalk podcast.

Books:Articles:Web Pages:Podcasts and Blogs:

International Monetary Economics Lecture 8

Stephen — Thu, 18 Mar 2010 11:57:58 +0000

Here are the lecture notes for lecture 8, the excel sheet for the figures is here, the lecture itself is from 1-3 in SR3008 on Monday. Here is an excellent blog post by Paul Krugman addressing the major points of the lecture (cheers Paul!) in the context of China’s exchange rate issues.

International Monetary Economics Lecture 7

Stephen — Mon, 15 Mar 2010 12:27:58 +0000

Here are the lecture notes for the class, here is an updated version of the excel sheet used in class, and below are some cool readings on business cycles. Here’s a recording of the lecture.

Business Cycles and the Macroeconomy

Christina Romer: Business Cycles

CEPA: Business Cycles

NBER: Business Cycle Dating

New Ideas for Limiting Bank Size

Stephen — Sun, 14 Mar 2010 09:05:52 +0000

This conference held at Fordham (and blogged by Rortybomb and BaselineScenario) has some really interesting presentations. Students of EC6012 and EC4024 should definitely check these out, they are relevant to this and next week’s lectures.

Here’s Simon Johnson of MIT on the Doom (aka: Minsky) Cycle:

Simon Johnson on the Doom Cycle (MMBM) from Roosevelt Institute on Vimeo.

EC6012 International Monetary Economics Resit

Stephen — Fri, 12 Mar 2010 13:58:07 +0000

For students who missed the EC6012 midterm this week, we’ll do a resit on Monday at 11 in KB-1-11. Please bring all relevant medical certs, etc, to the exam.

International Monetary Economics Readings

Stephen — Thu, 04 Mar 2010 14:11:45 +0000

Yesterday students alerted me to the fact that some key readings weren’t available in the library. I asked our librarian, Peter Reilly, about this, and here’s the important bit from his mail:

I was aware that the four copies of Macroeconomy of Eurozone were
missing, but we cannot remove the individual record from the catalogue
system

I replaced these four missing items last week.

There are now twelve copies of the book placed in Short Loan (1 day).
Two of these are currently borrowed so at the moment there are ten
residing on the shelf and trolley.

I think the problem could be that the students glanced at the catalogue
saw four were missing and did not go to the end of the record.

I went to the library myself this morning, and books by Mankiw, Macroeconomics, Blanchard, Macroeconomics, and Abel and Bernanke, Macroeconomics, as well as by Krugman and Wells, Macroeconomics, are available, and these are all pretty close substitutes.

International Monetary Economics Lecture 6

Stephen — Tue, 02 Mar 2010 14:36:54 +0000

: Image by Getty Images via Daylife

Exchange rate determination is extremely important in the theory of monetary economics, and we’ll look at some theories of exchange rates tomorrow. Get the slides here, a mathematica notebook for the lecture is here, and the data I used on exchange rates are here. Play about with it to get a sense of what’s happening. Here’s the Wolfram|Alpha code, too. Messing about with these online toys is a great way to understand CIP and UIP better. Finally, Stockman’s (1978) theory of exchange rate determination is here. The important reading for this lecture is Mishkin, chapter 19. Here’s a recording of the lecture.

International Monetary Economics Tutorial Times

Stephen — Fri, 26 Feb 2010 12:17:47 +0000

We’ll be having a tutorial in

Week 6
Day:Wed/Time:14:00-16:00/Room:S205/

and then from Weeks 7-13:
Day:Mon/Time:13:00-15:00/Room:SR3008/

Note that this won’t be a weekly tutorial, probably bi-weekly, but now we have the slot.

International Monetary Economics Lecture 5

Stephen — Tue, 23 Feb 2010 23:54:49 +0000

In this lecture, we’ll look at balance of payments (or currency) crises, and Minsky crises. Here are the slides for the lecture. Here’s a recording of the lecture.

Readings

Krugman: Currency Crises

A Minsky Meltdown

Hyman Minsky

The Financial Instability Hypothesis

Uncovered Interest rate parity

International Monetary Economics Sample Exam

Stephen — Thu, 18 Feb 2010 10:45:32 +0000

Here is the sample midterm–would the class reps for EC6012′s various courses please drop me a mail to figure out a good time for a tutorial? I’ve heard from the Computational Finance rep only.

International Monetary Economics Lecture 4

Stephen — Tue, 16 Feb 2010 21:07:38 +0000

This lecture describes the connection between macroeconomics, inflation, disinflation, the exchange rate, and of course the role of the central bank in all of this. Here are the slides I’ll use in tomorrow’s lecture. Here is a recording of the lecture.

Readings

Blanchard and Fisher, Chapter 8.

ECB. Inflation targeting.

Central Bank: Forecasting Inflation

The debt snowball problem.

International Monetary Economics Lecture 3

Stephen — Wed, 10 Feb 2010 18:55:34 +0000

Here are the slides from the lecture, here is the Bernanke-Blinder paper (requires login, be on campus), here are my notes on that model and another IS-LM variant from last year.

International Monetary Economics Lecture 3 from Stephen Kinsella on Vimeo.