Camilo Granados

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Assistant Professor of Economics
University of Texas at Dallas
Email 1 : camilo.granados@utdallas.edu
Email 2 : cagranados8@gmail.com


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Economics 6356: International Finance and Macroeconomics (UTD)

Fall 2024

Instructor: Camilo Granados
Class Time and Location: Monday 11:30-12:45 PM, PHY 1.103
Course Office Hours: GR 2.820, Wednesday 4:00-5:15 PM or by appointment (in person and on Teams)
Email: Camilo.granados@utdallas.edu
Website: https://cagranados.github.io/gradintfinmacro.html

Course Description

This course explores modern topics in international finance and macroeconomics. The goal is to introduce the students to seminal research frameworks in the study of the international business cycles, the effect of policies in an open economy environment, as well as the determination of international prices and variables such as external borrowing, the exchange rate, and the terms of trade, among others.

We will initially study models of small open economies with flexible prices, focusing on the changes the frameworks undergo to adjust them to an international setting where step by step, we will be adding layers of variables that become relevant once we abandon the closed economy setup. Then, we will cover models with financial frictions and nominal rigidities, focusing on the optimal determination of the -monetary and financial- policy actions that can be applied in the presence of exogenous shocks. After this, we will extend the framework to that of large open economies and discuss the potential international spillovers that can be transmitted between economies.

The course is designed as an advanced graduate class (Ph.D.) with a strong emphasis on developing research skills.

Syllabus: [pdf]

Outline:

  1. Introduction: International Business Cycles Facts [Slides]

  2. Small Open Economy Models: Endowments and Model with Capital [Slides-part1] [Slides-part2]

  3. The SOE-RBC model: Exploring exogenous shocks as economic drivers [Slides-part1] [Slides-part2] [Slides-part3] [Mendoza91 Dynare] [Mendoza91 Matlab] [Mendoza91 handout]

  4. The Terms of Trade, Purchasing Power Parity, and the Real Exchange Rate [Slides-part1] [Slides-part2] [Slides-part3]

  5. Nominal Rigidities in Open Economies [Slides]

  6. The Global Financial Cycle [Slides]

  7. International RBC model: Large Open Economy setup [Slides-part1] [Slides-part2]

  8. Local Currency Pricing: Deviations from PPP and Expenditure Switching [Slides]

  9. Exchange Rate Dynamics Determination [Slides]

Assignments, Exams, and Deadlines

Specific guidelines are discussed on the syllabus; here, we list the dates and some examples (from similar past courses)

Workshop Presentation 1: due date 9/19

Workshop Presentation 2 (recent article or paper): due date 11/7 (a paper must be selected by 10/24)

Article Technical Report: due date 11/17: based on the article presented in the second workshop [Sample]

Final Research Proposal OR Term Paper: due date 12/5 .
Research Proposal: [Guidelines]
Term Paper: [Sample 1] [Sample 2] [Sample 3] [Modeling advice]

Other materials:

These extra resources can be helpful in your studies for this class.