International Macroeconomics HHL SS 2017  


Lecturer: Prof. Dr. Gunther Schnabl
Start: 12.04.2017
Date: Wednesday, 08:30 - 10:00 / 10:30 - 12:00
Room: UH-Lecture Hall 110
Language: English
Conditions of Participation: Admission to the HHL full-time Master Program in Managment


The course "International Macroeconomics" aims at conveying basic terms and structures to enable students to understand macroeconomic reasoning and apply to real world economic problems. 

After the completion of the course, students should be able

  • to understand the influence of fundamentals on the determination of exchange rates in different modelling frameworks
  • to understand the limitations of theoretical models and their empirical testing
  • to understand the complex interaction of institutions, regulation and market process during currency crisis
  • to apply macroeconomic concepts on public available data and interpret the results
  • to evaluate policy decisions, give the trade-offs between different policy goals

Contents and Slides

1.Currency Markets12.04. (10:30-12:00)
2.Interest Rate Parity and Purchasing Power Parity26.04. (08:30-10:00)
3.The Choice of Exchange Rate Regime26.04. (10:30-12:00)
4.Gold Standard and Bretton-Woods-System03.05. (10:30-12:00)
5.Monetary and Fiscal Policies in an Open Economy10.05. (08:30-10:00)
6.Current Account Imbalances10.05. (10:30-12:00)
7.Monetary Policy and Credit Cycles17.05. (10:30-12:00)
8.Asymmetric Monetary Policy and Financial Instability24.05. (08:30-10:00)
9.Capital Flows, Growth and Economic Development24.05. (10:30-12:00)
10.Credibility and Currency Crisis31.05. (10:30-12:00)
11.Monetary Policy in a Monetary Union07.06. (08:30-10:00)
12.Fiscal Policy in a Monetary Union07.06. (10:30-12:00)
Gast-Sprecher Prof. Dr. Dr. h.c. mult. Hans-Werner Sinn (Präsident a.D. ifo Institut): „Zur Zukunft der Europäischen Union“20.06. (18:30-20:00) Universitätsstaße 3, Hörsaal 9
Exam (Sample Exam)26.06. (13:00-14:30)


Copeland, Laurence (2008): Exchange Rates and International Finance, Harlow.

De Grauwe, Paul (2016), Economics of Monetary Union, 9th ed., Oxford University Press.

Schnabl, Gunther (2016): Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory, CESifo Working Paper Series No. 6179.

letzte Änderung: 08.06.2017