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Outline Module

Outline Module. International Macro Rosa Capolupo 2 cfu A.A. 2006/2007 February 11, 2008 – February 15, 2008. Outline. The main topics that will be explained and discussed during the module are: A Macroeconomic tour of the world economy The macromodels in an open economy

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Outline Module

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  1. Outline Module International Macro Rosa Capolupo 2 cfu A.A. 2006/2007 February 11, 2008 – February 15, 2008

  2. Outline The main topics that will be explained and discussed during the module are: • A Macroeconomic tour of the world economy • The macromodels in an open economy • Economic integration with particular attention to the EMU • Trade and growth: theories and empirical evidence

  3. A Macroeconomic tour of the world economy • The key economic variables in an open economy • The dynamics of the real exchange rate • The current macroeconomic situations in the following countries: • USA • EU • Japan and East Asian Economies • Emerging economies with special features to those with high growth rates

  4. The Framework in an open economy • The lectures aims at explaining the main models used in an open economy (small) • The Income - Expenditure Model • The AD-AS Model • The RFMP and the Phillis Curve Model

  5. Economic integration : the functioning of EMU • Theories of OCA (Mundell, Kenen, etc) • Costs and benefits of an OCA • Direct and Indirect gains of the EMU • Convergence, divergence and asymmetric shocks in the EMU • Monetary Unions and more trade • Integration and economic growth (the model of Rivera Batiz and Romer) • Empirical evidence of the trade effects

  6. Models of convergence and endogenous growth through trade • Exogenous vs endogenous growth and their predictions • The updating debate: factor-based models vs R&D models • Models with Externalities • Trade as engine of economic growth (Some elements of the Grossman and Helpman Model) • Empirical evidence (micro and macro) of trade and growth

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