The course aims to provide students with:

- The concepts and theoretical foundations necessary to understand the basic phenomena of international monetary economics;

- Analysis of the main macroeconomic policy instruments in an open economy and knowledge of the historical development of the international monetary system;

- the analysis of the main problems of the current international economy: globalisation, financial crises and monetary areas, with particular reference to the European Monetary Union.

The first part, devoted to the analysis of foreign exchange markets and international macroeconomic equilibrium, examines: the balance of payments and the accounting structure of an open economy; the characteristics of the foreign exchange market; the determination of the short-run equilibrium exchange rate under flexible exchange rates; the relationship between the money market and the foreign exchange market and between the price level, the exchange rate and output in the short and long run; the modalities of central bank intervention under fixed or floating exchange rates.

The second part of the course, devoted to international macroeconomic policies, examines: the historical evolution of the international monetary system from 1870 to the present; macroeconomic and coordination policies under fixed and floating exchange rate regimes; the European Monetary Union.

1.Introduction: the fundamental issues of international economics

2.National Income Accounting and the Balance of Payments
3.Exchange Rates and the Foreign Exchange Market: An Asset Approach
4.Money, Interest Rates, and Exchange Rates
5.Price Levels and the Exchange Rate in the Long Run
6.Output and the Exchange Rate in the Short Run
7.Fixed Exchange Rates and Foreign Exchange Intervention
8.International Monetary Systems: An Historical Overview
9.Optimum Currency Areas and the Euro

- Knowledge and understanding: Students are expected to acquire knowledge of the main theoretical tools developed to understand the determination of exchange rates and international macroeconomic equilibrium. The teaching methods used to achieve these outcomes are: lectures, analysis and discussion of concrete cases, group work and in-depth seminars.

- Applied knowledge and understanding: Students are expected to acquire knowledge of the historical development and functioning of currency markets and of the main instruments of international macroeconomic policy. The teaching methods used to achieve these outcomes will include: lectures, analysis and discussion of concrete cases, group work and in-depth seminars.

- Making judgements : Students should be able to assess the costs and benefits of international financial transactions and of the various macroeconomic policies adopted in open economies. The teaching methods used to achieve these results will include: lectures, analysis and discussion of concrete cases, group work and in-depth seminars.

- Communication skills: Students should be able to discuss the main issues of international economic and financial globalisation with conceptual and terminological rigour. The teaching methods used to achieve these outcomes will include: lectures, analysis and discussion of concrete cases, group work and in-depth seminars.

- Learning skills: Students are expected to acquire the ability to keep abreast of developments in the international economy and of the main issues in international economic affairs. The teaching methods used to achieve these objectives are: lectures, analysis and discussion of concrete cases, group work and in-depth seminars.

The teaching material prepared by the lecturer in addition to recommended textbooks (such as for instance slides, lecture notes, exercises, bibliography) and communications from the lecturer specific to the course can be found inside the Moodle platform › blended.uniurb.it

No additional support activities are planned beyond the lessons given by the professor

Teaching

The course uses a variety of teaching methods:

- Lectures;

- Individual or group work;

- class discussions.

Innovative teaching methods

Throughout the course, students will actively participate in group or individual work, analyzing some of the main problems of the contemporary international economy.

Attendance

To be considered attending, students must frequent 75% of lectures.

Course books

Paul R. Krugman, Maurice Obstfeld, Marc Melitz, International Economics: Theory and Practice, Pearson Education, 2018 (chapters 1 - 8 and 10, excluding appendices and case studies).

Assessment

Oral examination and ongoing evaluation of the work in the classroom. The oral interview is aimed at assessing the level of competence, acquired in the ability to coordinate knowledge and skills, to deal with complex situations or problems in the context of international economic analysis.

Disability and Specific Learning Disorders (SLD)

Students who have registered their disability certification or SLD certification with the Inclusion and Right to Study Office can request to use conceptual maps (for keywords) during exams.

To this end, it is necessary to send the maps, two weeks before the exam date, to the course instructor, who will verify their compliance with the university guidelines and may request modifications.

Attendance

Individual study of the teaching materials and the course book.

Course books

Paul R. Krugman, Maurice Obstfeld, Marc Melitz, International Economics: Theory and Practice, Pearson Education, 2018 (chapters 1 - 8 and 10, excluding appendices and case studies).

Assessment

Oral examination and ongoing evaluation of the work in the classroom. The oral interview is aimed at assessing the level of competence, acquired in the ability to coordinate knowledge and skills, to deal with complex situations or problems in the context of international economic analysis.

Disability and Specific Learning Disorders (SLD)

Students who have registered their disability certification or SLD certification with the Inclusion and Right to Study Office can request to use conceptual maps (for keywords) during exams.

To this end, it is necessary to send the maps, two weeks before the exam date, to the course instructor, who will verify their compliance with the university guidelines and may request modifications.

The student can request to sit the final exam in English.