First part of the programme (Prof. Riccardo Pariboni): Fundamentals and the European crisis
1. Basic concepts: Balance of payments and foreign constraint; payment systems; exchange rates
Materials of study: handouts chap. 1, Six lessons of economics, chap. 4.
2. Theory of surplus, mercantilism, classical economists and theory of comparative advantages by Ricardo
Materials of study: handouts chap. 2, Six lessons of economics, chap. 1.
3. Marginalist theory in closed and open economy: Heckscher-Ohlin, tarifs, international factor movements, monetary theory of balance of payments adjustment; hints at new theories of international trade
Materials of study: handouts chap. 3, Six lessons of economics, chap. 2.
3. Keynesian approach to open economy and foreign constraint
Materials of study: handouts chap. 4, Six lessons of economics, chap. 3-4.
4. The crisis of the European Monetary Union
Materials of study: Six lessons in economics, chap. 5-6.
* Sergio Cesaratto, Sei lezioni di economia, Imprimatur, 2016, will be available from September/beginning October in a revised version with a new publisher (Diarkos). A Spanish translation will be available on request.
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Second part of the programme (Prof. Giuliano Curatola): More about exchange rates, open economy economic policies, financial crises.
1. Exchange rates and the foreign exchange market
a. Exchange rates: definition
b. Equilibrium exchange rate
c. Arbitrage
d. Currency derivatives
e. Purchasing power parity
f. The balance of payments

2. Exchange rates and open-economy macroeconomics (Dominick Salvatore Chapters 16 -19 and slides)
a. Adjustment through changes in the price levels
b. Adjustment through income changes
c. Monetary and fiscal policies in an open economy
d. Price and output determination in an open Economy

3. Speculative capital flows and currency crises
a. Long-term capital flows
b. Short-term capital flows and speculation
c. Speculative attacks and currency crises