Welcome to the Economics of Global Business
The Economics of Global Business is an intermediate level course in macroeconomics, with particular attention on international economics. The goal of this course is to provide a coherent framework for analyzing international macroeconomic events (e.g. long-run economic growth, the rise of globalization, recessions, and booms) and macroeconomic policies (e.g. monetary, fiscal, trade, and currency policy).
What: NYU-Stern, ECON-UB.0011.01. and .03, Spring 2019.
Who: Professor Michael Waugh.
- Email: mwaugh@stern.nyu.edu.
- Office: KMC 7-74.
- Office hours: Email by appointment or drop by \@ Monday and Wednesday 4:45 PM - 6:00 PM, Tuesday 4:00 - 5:00 pm.
Where and When:
- Section .01: TISCH UC24, Tuesday and Thursday 11:00 AM - 12:15 PM.
- Section .03: KMEC 4-80, Monday and Wednesday 3:30 PM - 4:45 PM.
Important Resources
Important Dates
- Midterm #1: Section 3 on Wednesday 3/13; Section 1 on Thursday 3/14
- Midterm #2: Section 3 on Wednesday 4/17; Section 1 on Thursday 4/18
- Final: All sections, 8:00am, May 21, 2019
Week by Week Schedule
Week # 1: 1/28-1/31
Introduction and overview. Measurement of GDP.
Read/Do for class: 1/28
- Syllabus , Chapter 1 from Mankiw.
- Introduction Slides
- Online Survey
Read/Do for class: 1/31
- Chapter 2, Mankiw.
- Slides
- Notes on Computing Growth Rates
Week # 2: 2/4-2/7
Real vs. Nominal. Measuring labor market performance.
Read/Do for class 2/4:
- Chapter 2, Mankiw.
- Slides
- In class Example: Measuring GDP
- Solutions Here
- Problem Set #1 Due: 2/13 or 2/14 depending on section.
Week # 3: 2/11-2/14
The aggregate production function and national income.
Read/Do for class 2/7:
- Chapter 3 from Mankiw
- Slides
Marginal products and factor prices.
Read/Do for class 2/11:
- Chapter 3 from Mankiw
- Slides
Quiz on Measurement
- https://goo.gl/forms/kF3xOSYnZ5OmaYTa2
- Must complete by FEB 15 end of day.
Week # 4: 2/18-2/21
Finish up…marginal products and factor prices.
Read/Do for class:
Week # 5: 2/25-2/28
Demand Side of National Income
Read/Do for class:
- Chapter 3 from Mankiw
- Demand Side Slides
- In class exercise
- OLD exercise with solutions
Quiz on Chapter 3
- https://goo.gl/forms/6whrv2jvTfjELLRr2
- Must complete by MAR 4 end of day.
Week # 6: 3/4-3/7
Using the production function to understand growth I. Read/Do for class:
- Appendix of Chapter 9 “Accounting for the Sources of Economic Growth”
- Slides
- Problem Set #2
- Data Set Here
Week # 7: 3/11-3/14
Midterm #1 In class: Section .03 on Wednesday 3/13, Section .01 on Thursday 3/14
Read/Do for class:
-
Review
- Practice midterms (No solutions) Spring 2016 Fall 2016
-
With solutions Spring 2016 Fall 2016
- Overview and details for Midterm Monday / Wednesday Class
- Solution to Midterm (M/W class)
Spring Break
Week # 8: 3/25 - 3/28
Intro to Trade. Trade, technology, and the Ricardian Model.
Read/Do for class:
- Notes from Stern
- Slides: Intro to Trade, Finish up Ricardian Model
Week # 10: 4/1- 4/4
-
Must complete by April 7 end of day.
- Ricardian Model Practice
- Solutions
Week # 11: 4/8-4/11
Winners and Losers from Trade, “America First Policies”
-
See blog discussion on this.
Trade Imbalances and Capital Flows
Read/Do for class: - Mankiw Chapter 6 (Only Sections 6-1 and 6-2)
Quiz on International Capital Flows
- Must complete by April 16 end of day.
Week # 12: 4/15 - 4/18
Midterm #2 In class: Section .03 on Wednesday 4/17, Section .01 on Thursday 4/18
Week # 13: 4/22-4/25
Money and Banking
Read/Do for class:
-
Chapter 4-1, and chapter 5
Quiz on Money, Inflation, Banking
- Must complete by May 6 end of day
Week # 14: 4/29-5/2
Intro to Business Cycles and Aggregate Demand and Supply
Read/Do for class:
-
Chapter 10 (Mankiw)
Week # 15: 5/6-5/9
-
Chapter 10 (Mankiw)
Putting AS/AD + Monetary Policy all together
- Must complete before final on May 21st
Finish up
-
Practice Materials: Exam. Exam with Solutions. Warning: This is a slightly different format
Review sessions on 5/17
Review session on 5/20
Office hours:
Generally from 230pm to 6pm, Tuesday - Friday.