economic and monetary union (emu) - uni kasseleconomic and monetary union kirchner/schwanebeck...
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Economic and Monetary Union (EMU)
Philipp Kirchner and Benjamin Schwanebeck
Winter Term 2016/17
Outline and syllabus
Economic and Monetary Union Kirchner/Schwanebeck
Who are we?
Chair for Money, Credit and Currency – Prof. Dr. Jochen Michaelis
What are we interested in / what do we actually do?
• Research in macroeconomics with focus on monetary economics
• Impact of monetary policy on the business cycle
• Macroeconomic modeling with an emphasis on DSGE models
• Labor market questions
What do we offer?
• Basic bachelor courses in macroeconomics (VWL 2 – Makroökonomik)
• Advanced courses on monetary economics
• Theory and politics of monetary policy (Geldtheorie und –politik)
• Selected topics in monetary policy (Ausgewählte Fragen der GP)
• International macroeconomics (Internationale Makroökonomie)
• Bachelor/ Master thesis
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Time and location
Time: Thursday, 8:00 – 12:00h
Location: Nora-Platiel 6, Room 0211
Examination Regulations:
M.A. Wirtschaftswissenschaften (Master-PO 2007) : SP 4, SP 6, Masterprofil 1
M.Sc. Business Studies (Master-PO 2012): Modul FACT 3 - VWL
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, some course of monetary economics
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Structure of the course
The course is divided into two parts:
1. Lecture part: 27th October 2016 – 08th December 2016
• Midterm exam: 15th December 2016
2. Seminar part: 22nd December, 2016 – 9th February 2017
• Due date seminar paper: 3rd March, 2017
Credits and requirements:
• Attendance and active oral participation
• Midterm exam, 60 minutes
• Seminar paper (see topics below), 15 pages • Send two preferred topics (indicating first and second priority) to schwanebeck@uni-
kassel.de within one week. Allocation of topics is based on these preferences and on a first-
come-first-serve basis.
• Presentation of seminar paper + discussion, 45 minutes • Slides have to be handed in Mondays before the presentation day
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Please note: Binding registration in HIS until 1.11.16 for the seminar and 10.12.2016
(five days before the exam) for the lecture. A later cancellation is not possible.
Contact:
• Benjamin Schwanebeck: [email protected]
Office hours: by appointment, Room 3208b, Nora-Platiel-Straße 4
• Philipp Kirchner: [email protected]
Office hours: by appointment, Room 3207, Nora-Platiel-Straße 4
• Andreas Hanl: [email protected]
Further information on the course:
http://www.uni-kassel.de/fb07/institute/ivwl/faculty-chairs/michaelis-prof-dr/lehre/seminar-economic-
and-monetary-union-emu.html
Further information on how to write a seminar paper:
http://www.uni-kassel.de/fb07/fileadmin/datas/fb07/5-
Institute/IVWL/Michaelis/Lehre/11/Formal_configuration_seminar_paper_-_BA__-_MA_01.pdf
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Overview of the content
This course is supposed to …
• … give an introduction into the core economic concepts of “Economic and
Monetary Unions”
• … point out the implications of integration for fiscal policy and monetary policy
• … provide an overview of important theoretical/empirical findings regarding EMU
• … discuss current issues regarding EMU (with emphasis on EMU in Europe)
Above that, we put emphasis on…
• … recent topics in economics (Financial crisis 07/08, Refugee debate, BREXIT)
• … recent research topics in the field of monetary economics
• … providing you with further skills in working scientifically
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Topics and Literature:
1. Cost and Benefits of Monetary Unions (Benjamin Schwanebeck)
• 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 Euro Area an Optimal Currency Area? (Benjamin Schwanebeck)
• 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 Economics of Product Market Integration (B. Schwanebeck)
• Pelkmans, Jacques (2001): European Integration: Methods and Economic
Analysis, 2nd ed., Harlow.
• Griffith, Rachel, Rupert Harrison and Helen Simpson (2010): “Product Market
Reform and Innovation in the EU”, Scandinavian Journal of Economics 112 (2):
389–415.
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Topics and Literature:
4. The impact of the Euro on Trade (Andreas Hanl)
• 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.
5. Monetary and Fiscal Policy in a Heterogeneous Currency Union (A. Hanl)
• Gali, Jordi and Tommaso Monacelli (2008): “Optimal monetary and fiscal policy
in a currency union”, Journal of International Economics 76 (1): 116-132.
6. Monetary Policy and the Zero Lower Bound (A. Hanl)
• 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.
7. The Stability and Growth Pact and the Fiscal Compact (A. Hanl)
• 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.
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Topics and Literature:
8. The European Sovereign Debt Crisis (B. Schwanebeck)
• Lane, Philip (2012): “The European Sovereign Debt Crisis“, Journal of Economic
Perspectives 26 (3): 49-68.
9. The Greek Tragedy (Philipp Kirchner)
• Sinn, Hans-Werner (2015): The Greek Tragedy, CESifo Forum Special Issue,
June 2015.
10. Monetary Policy and Housing Markets – The Case of Spain (P. Kirchner)
• Conefrey, Thomas, and John Fitz Gerald (2010): Managing Housing Bubbles in
Regional Economies under EMU: Ireland and Spain, National Institute Economic
Review No. 211.
11. Monetary Policy and Housing Markets – The Case of Ireland (P. Kirchner)
• Conefrey, Thomas, and John Fitz Gerald (2010): Managing Housing Bubbles in
Regional Economies under EMU: Ireland and Spain, National Institute Economic
Review No. 211.
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Topics and Literature:
12. Unconventional Monetary Policy Measures (P. Kirchner)
• Fawley, Brett and Christopher Neely (2013): “Four Stories of Quantitative
Easing”, Federal Reserve Bank of St. Louis Review 95 (1): 51-88.
13. Shadow Banking in the Euro Area (P. Kirchner)
• ECB (2016): Shadow Banking in the Euro Area: Risks and Vulnerabilities in the
Investment Fund Sector, ECB Occasional Paper Series; No. 174.
14. Financial Stability and Macroprudential policy (P. Kirchner)
• Cecchetti, Stephen (2015): The Road to Financial Stability: Capital Regulation,
Liquidity Regulation and Resolution, International Journal of Central Banking 11
(3): 127-139.
• Bank of England (2009): The role of Macroprudential Policy, BoE Discussion
Paper Series, November 2009.
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Topics and Literature:
15. Contagion in Economic and Monetary Unions (P. Kirchner)
• Constancio, Vitor (2012): Contagion and the European Debt Crisis, Banque de
France Financial Stability Review No. 16, April 2012.
16. Sudden Stops in EMU (B. Schwanebeck)
• Gros, Daniel and Cinzia Alcidi (2013): Country adjustment to a ‘sudden stop’:
Does the euro make a difference?, International Economics and Economic Policy
12 (1): 5-20.
17. Current Account Imbalances in EMU (B. Schwanebeck)
• Zemanek, Holger, Ansgar Belke and Gunther Schnabl (2010): “Current account
balances and structural adjustment in the euro area, International Economics and
Economic Policy 7(1): 83-127.
18. Target2 (B. Schwanebeck)
• 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.
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Economic and Monetary Union Kirchner/Schwanebeck
Outline and syllabus
Topics and Literature:
19. The Economic Implications of Brexit (P. Kirchner)
• Alfano, Marco, Christian Dustmann and Tommaso Frattini (2016): Immigration
and the UK: Reflections after Brexit, CReAM Discussion Paper Series CPD
23/16.
• OECD (2016): The Economic Consequences of Brexit: a taxing decision, OECD
Economic Policy Paper No. 16, April 2016.
20. The Economics and Politics of Refugee Migration (B. Schwanebeck)
• Dustmann, Christian et al. (2016): On the Economics and Politics of Refugee
Migration, CReAM Discussion Paper Series, CPD 16/16.
21. Immigration inside the European Union (B. Schwanebeck)
• Dustmann, Christian and Tommaso Frattini (2011): Immigration: The European
Experience, CReAM Discussion Paper Series CPD 22/11.
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