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International Money and Finance

Course Number:



Marvin Goodfriend,


Undergraduate Economics


B.A. in Economics, B.S. in Economics, B.S. in Economics and Statistics, B.S. in Economics and Mathematical Sciences, Additional Major in Economics, Additional Major in Economics and Statistics, Minor in Economics

Course Description

INTERMITTENT The course introduces students to a micro-founded model of the global monetary system. The model is employed to assess the roles of money, banking, and central banking in the management of inflation, employment, and financial stability. Interest rates, the international exchange rate, the trade balance, and international capital flows are explored in terms of the model. The model is used to address controversial issues in international trade and financial relations, as well as current macroeconomic stabilization problems in China, the Euro area, the United States, and elsewhere. Theoretical points are illustrated with references to historical central bank practices from around the world in recent decades. The course concludes with student briefings on current central bank policies from around the world.   (Lecture, 3 hours). Minimum grade of "C" required in all economics pre-requisite courses.


Lecture: 160min/wk



Learning Objectives

At the end of the semester, students should be able to:
  1. Employ a micro-founded model of the monetary system creatively to assess current developments in the national and global economy;
  2. Discuss central banking matters intelligently in terms of a micro-founded model of the international monetary system;
  3. Read the Wall Street Journal productively on matters of international money and finance;
  4. Understand the empirical and theoretical relationship between inflation and unemployment;
  5. Recognize the links between monetary policy and exchange rate policy;
  6. Appreciate the nature and causes of the financial turmoil of 2007-9; and
  7. Assess economic trends in national and international macroeconomic data from the perspective of a central bank.


(21256) AND (73230) AND (73240)