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ECON 442 Syllabus
Course: ECON 442, Winter 2008School: Michigan
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Economics Syllabus 442: International Finance Winter 2008 General information Time and place: 8:30 A.M. - 10:00 A.M., T and TH, EH 1360 Instructor: E-mail: Phone: Office: Office hours: T.A.: Anusha Chari achari@umich.edu 734-764-2371 371 Lorch Hall Tuesdays 10:00am-12:00pm Yun Jung Kim 112 Lorch 734-763-6875 yunjungk@umich.edu Office Hours: Mondays-4:00 pm-6:00 pm. Discussions: 002 Friday,...
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Economics Syllabus 442: International Finance Winter 2008
General information Time and place: 8:30 A.M. - 10:00 A.M., T and TH, EH 1360 Instructor: E-mail: Phone: Office: Office hours: T.A.: Anusha Chari achari@umich.edu 734-764-2371 371 Lorch Hall Tuesdays 10:00am-12:00pm Yun Jung Kim 112 Lorch 734-763-6875 yunjungk@umich.edu
Office Hours: Mondays-4:00 pm-6:00 pm. Discussions: 002 Friday, 11:00AM-12:00PM, 110 DENN 003 Friday 12:00pm-1:00pm Location: 1068 EH Thursday February 7th in class Tuesday March 18th in class Monday, April 21st 8:00 am - 10:00 am
Midterm 1: Midterm 1: Final Exam:
Course summary and objectives: International Economics is one of the oldest disciplines within Economics. International Trade deals with the flow of goods and services among countries. International Finance, the subject of this course, deals with the flow of capital. Topics covered by this course include: the gains from participating in international financial markets, the operation of the foreign exchange market, the parity conditions linking exchange rates to interest rates and goods prices, the determination of exchange rates and its relationship with other economic variables, alternative exchange rate regimes, currency crises and the management of exchange rate risk. This class will provide you with a framework for thinking about the important issues and controversies surrounding global financial markets.
Text/Readings: The textbook for this course is International Financial Markets: Prices and Policies by Richard Levich, (McGraw-Hill & Irwin publishers, 2001). Unfortunately the textbook is going out of print. However, I have made arrangements with the author to make copies of the book which are available from Dollar Bill Copying. You may also be able to obtain used and surplus copies through university booksellers or online at Borders or Amazon. Any edition of the book you can obtain is fine. I just checked ebay and there are many reasonably priced copies available, but I recommend you order it soon. The syllabus, problem sets, lecture notes and additional readings will be posted online at CTOOLS. All materials on the website should be considered required reading unless otherwise noted. Note also that the lecture notes posted on the website are meant to be a supplement to the notes you take in class they are a very poor substitute for class attendance. You should check the website frequently for new updates. Usually I will post lecture notes one day before the class.
Course Requirements and Grading 5 Problem Sets: (together 20 percent of your grade) Problem sets are due at the beginning of the lecture period. Late problem sets will not be accepted. The five scores homework of will be counted, each 4% of the course grade. 2 Midterms: (each 20 percent of your grade) The midterm exams will be taken in class, and are closed-book exams. The first midterm exam will be in class on Thursday February 7 and the second in class on Tuesday March 18. Due to the large number of students in the class, it will not be possible to schedule make-up exams. If the midterm must be missed for a documented excuse, the final will carry the extra weight. Final exam: (40 percent) The final is cumulative. The final must be taken at the scheduled time. The final exam is on Monday, April 21 at 8:00 am. If there is a dispute over the grade you receive on an exam, I will be happy to reconsider your grade but I reserve the right to re-grade the entire exam.
Grading scale:
92%-100%: A 78%-79% : C+ -59%: F
90%-91%: A72%-77%: C
88%-89%: B+ 70%-71%: C-
82%-87%: B 80%-81%: B68%-69%: D+ 60%-67%: D
I reserve the right to lower the cutoffs but not to raise them.
Tentative Schedule of Classes I will attempt to follow the tentative schedule outlined below. 1. (01/03/08) (Th): Describe syllabus, and introduce this course 2. (01/08/08) (T): National income accounting and the Balance of Payments 3. (01/10/08) (Th): Chapter 3 Market structures and institutions 4. (01/15/08) (T) & (01/22/08) (T): Chapter 4 Purchasing Power Parity (PPP) Homework 1 due in class on 01/22/08 Note: No class on 01/17/08. 5. (01/24/08) (Th): Chapter 5 Interest Rate Parity (IRP) 6. (01/29/08) (T): Chapter 5 Fisher parities (FP) 7. (01/31/08) (Th) & (02/05/08) (T): Chapter 6 Spot exchange rate determination Homework 2 due in class on 02/05 (T) 8. 02/07/08 (Th) Midterm 1 in class 9. (02/12/08) (T) & (02/14/08) (Th): Chapter 6 Spot exchange rate determination contd. 10. (02/19/08) (T) & (02/21/08) (Th): Chapter 7 Foreign exchange rate markets & Chapter 8 Exchange rate forecasting 11. (03/04/08) (T): Chapter 2 Overview of international monetary systems.
12. (03/06/08) (Th) & (03/11/08) (T): Cost and benefits of different regimes, Chapter 17 Central Bank Interventions Homework 3 due in class on 03/11 (T) 13. (03/13/08) (Th) & (03/20/08) (Th): 14. Balance of payment crises and Speculative attacks 14. 03/18/08 (T) Midterm 2 in class 15. (03/25/08) (T): Currency Crises 16. (03/27/08) (Th): ERM, Mexico and Asia crisis Homework 4 due on 03/27 (Th) 17. (04/01/08) (T): European Monetary Union, Chapter 11: Currency and interest rate futures 18. (04/03/08) (Th): Currency Options Homework 5 due on 04/08 (T) 19. (04/08/08) (T) & (04/10/08) (Th): Gains from international diversification 20. (04/15/08) (T): Review session Final Exam: 08:00am 10:00am Monday, April 21, 2008
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