Παρουσίαση/Προβολή

(XTD131) -  Άγγελος Αντζουλάτος

Περιγραφή Μαθήματος

Objective

This course, designed with the needs of graduate business students in mind, analyzes the complex, and so often nowadays very subtle yet very powerful, interactions among policy-makers (governments and central banks), financial markets and the macroeconomy. It is essentially a course about the overall economic environment in which economic agents –governments, central banks, firms, financial institutions, investors, households— operate. It is about identifying the major forces at work in the global economy and financial markets; understanding their complex interactions; recognizing the dilemmas they pose to national and international policy-makers; and identifying the risks and opportunities they create for all economic agents.

 

By necessity, the course covers many diverse topics, such as, business cycles and long-run growth, money markets, inflation, unemployment, balance of payments, exchange rates, international capital flows, stabilization policies, and the interactions between financial markets and the “real” economy. Also, special emphasis is placed on interest rates and exchange rates, as well as on the role of asset prices in the conduct of economic policy.

 

The current international environment provides many interesting cases to tie the course’s conceptual tools to the “real world”. Some of these cases, such as, the introduction of the Euro and its evolution vis-à-vis the US dollar, the risk of deflation, the likely effect of China’s rising economic power, the risks posed by asset bubbles, plus crisis-contagion, will be discussed in class. Others will be explored as exam exercises.

 

Essentially, the course aims at teaching how to anticipate macroeconomic developments —interest-rate and exchange-rate changes, for example— in the fast-changing global economy. Specialized courses later in the program will teach how to design business and investment strategies to cope with the risks these developments entail and (possibly) profit from the opportunities they create.

 

Books & Readings

 

Κυβερνήσεις, Χρηματαγορές και Μακροοικονομία, Άγγελος Α. Αντζουλάτος, Εκδόσεις Διπλογραφία, Οκτώβριος 2011.

 

The book will be complemented with numerous articles from the financial press and the academic literature. The articles from the financial press, in particular, will help tie the course to the “real world”, as well as to monitor our progress in understanding global economic and financial developments and their impact on businesses. So will “market intelligence” gathered from major financial institutions, international organizations, central banks and BLOOMBERG (in the lab).

 

To put into perspective current economic trends and frictions, as well as the ongoing financial-market volatility, the following books are highly recommended (as leisure reading).

 

End this Depression Now, by Paul Krugman, (2012), Norton.

 

The Age of Diminished Expectations, by Paul Krugman, third edition (1997), The MIT Press.

 

The Great Crash – 1929, by John Kenneth Galbraith, 1997, Mariner Books.

 

Manias, Panics and Crashes – A History of Financial Crises, by Charles P. Kindleberger, revised edition (1989), Basic Books, Inc..

 

 The Fabulous Decade – Macroeconomic Lessons from the 1990s, by Alan S. Blinder and Janet L. Yellen (2001), The Century Foundation Press, New York.

 

 Globalizing Capital – A History of the International Monetary System, by Barry Eichengreen (1996), Princeton University Press, New Jersey. 

Ημερομηνία δημιουργίας

Τρίτη 20 Μαΐου 2014