Course Description

Course Name

Open Economy Macroeconomics

Session: VDNS3122

Hours & Credits

18 Credit Points

Prerequisites & Language Level

ECON 202

Taught In English

  • There is no language prerequisite for courses at this language level.


Macroeconomic aspects of international economics, including the balance of payments, the foreign exchange market, the international monetary system, and the effectiveness of monetary, fiscal, and exchange-rate policies in an open economy.

Learning Outcomes
The broad objective of this paper is to develop your ability to think independently, critically and analytically. Its more specific objective is to develop your knowledge and understanding of:
- Key macroeconomic variables (eg the balance of payments, the money supply, the current account, the exchange rate, the price level, national income, etc) and their relationships with each other
- The effects of shocks (including policy shocks) on an open economy from both Keynesian and Monetarist perspectives
- The implications of the international transmission of shocks for macroeconomic policy makers
- The economic factors relevant to the choice of an exchange rate regime
- The role of the international monetary system in general and the relative merits of the various systems that have operated since the late 19th century

Keith Pilbeam's (2013) International Finance, 4th edition, though the 3rd edition would serve just as well.
Additional (and equally important) readings will be handed out at the start of the semester.

*Course content subject to change