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Einrichtungen >> Fakultät Sozial- und Wirtschaftswissenschaften >> Bereich Volkswirtschaftslehre >>
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Lehrstuhl für Volkswirtschaftslehre, insbes. Internationale Wirtschaft
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S: Systemic Risk, Regulation and Stability 2 -
- Dozentinnen/Dozenten:
- Mishael Milakovic, Ilfan Oh
- Angaben:
- Seminar, 2 SWS
- Termine:
- Einzeltermin am 2.7.2014, 16:00 - 21:00, F21/02.41
ab 16.4.2014
- Inhalt:
- This two-part sequence deals with the risks that emanate from modern financial markets and
their regulation. The central question is how these risks, their regulation, and the institutional
framework itself can actually contribute to the creation of systemic risk, resulting in historically
recurring economy-wide crises.
The second course in the sequence deals with a very recent strand of literature that approaches
systemic risk from the perspective of herd behavior and the institutional or network structure of
financial markets. The latter shifts the traditional focus on incentive problems for financial institutions
that are too big to fail to concepts regarding network fragility when financial institutions
are too interconnected to fail, and also deals with the question how to characterize the
fragility or resilience of networks from a statistical point of view. The main purpose of the
course is to make students aware of the conceptual shortcomings in the definition of systemic
risk that is inherent in traditional asset pricing theories, and to introduce them to models of herd
behavior and elementary notions of the structure and functioning of complex networks. Recent
institutional setups, like the European Financial Stability Facility (EFSF) or European Stability
Mechanism (ESM), are discussed in light of such an approach. Lectures are in English.
- Empfohlene Literatur:
- Selected readings: (a more detailed syllabus will be distributed in class)
M. L. BECH AND E. ATALAY (2010) The topology of the federal funds market, Physica A 389:
5223-5246.
G. IORI ET AL. (2008) A network analysis of the Italian overnight money market, Journal of
Economic Dynamics and Control 32: 259-278.
R. M. MAY ET AL. (2008) Complex systems: Ecology for bankers, Nature 451: 893-895.
K. SORAMÄKI ET AL. (2007) The topology of interbank payment flows, Physica A 379: 317
333.
S. ALFARANO AND M. MILAKOVIC (2009) Network structure and N-dependence in agent-based
herding models, Journal of Economic Dynamics and Control 33: 78-92.
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V/Ü: Economic Nature of the Firm 2: V/Ü: The Economic Nature of the Firm 2 -
- Dozent/in:
- Ilfan Oh
- Angaben:
- Vorlesung, 2 SWS
- Termine:
- Do, 12:00 - 14:00, F21/03.80
- Inhalt:
- This course is the second part of a two-semester sequence on the economic nature of the firm. The
objective of the course is to consider the financial aspects of firm behavior and their relation to the
capital market structure. The course starts with a review of traditional approaches, including
mean-variance portfolio theory, the capital asset pricing model, and the Modigliani-Miller theorem
regarding the irrelevance of firms’ financing decisions. After examining the theoretical implications
proposed by these approaches, the course focuses on the following topics:
- Attributes of perfect capital markets
- Determinants of firm financing and investment decisions
- Firm valuation and capital structure
- Dividend policy
- Efficient market hypothesis
- Financing and investment behavior in the presence of capital market imperfections
The course also deals with empirical aspects regarding the above topics. Upon completion of the
course, students should be equipped with a collection of tools to analyze the diversified aspects of
firm financing decisions, the complex properties of capital markets, and the possible impact of
firm financing and investment behavior upon macroeconomic activity. The course is taught in
English.
- Empfohlene Literatur:
- The course syllabus will be periodically updated and posted on the virtual campus.
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V/Ü: International Macroeconomics I -
- Dozent/in:
- Mishael Milakovic
- Angaben:
- Vorlesung, 2 SWS
- Termine:
- Do, 12:00 - 14:00, F21/02.41
- Inhalt:
- This course deals with the two most important traditional models of exchange rate determination
and open economy macroeconomics, which start from different pre-analytical visions
and thus arrive at very distinct open economy policy prescriptions. We start from basic concepts
of exchange rate determination, like purchasing power parity and (un)covered interest
rate parity, and review the basic accounting principles underlying the balance of payments.
Then we move on to standard Keynesian models and to a variety of monetarist approaches to
the balance of payments. Topics include the following:
- Fixed and floating exchange rate regimes in Mundell-Fleming-type models
- Monetarist flex- and sticky-price approaches to the balance of payments
- Exchange rate 'overshooting'
- Portfolio balance approach to exchange rate determination
- Foreign exchange market efficiency and the 'risk premium'
The main purpose of the course is to make students aware of the different strands of eco-nomic
thought in international macroeconomics, and to emphasize how they arrive at very different
policy prescriptions regarding balance of payments equilibrium, and monetary and fiscal policy
issues in general as witnessed, for instance, in the current debate on the feasibility of a monetary
union in the European Union. In particular, students should be able to understand why various
pressure groups favor certain models or are strictly opposed to others, and where the various
models meet their empirical limitations. Lectures are in English.
- Empfohlene Literatur:
- K. PILBEAM, International Finance, Palgrave Macmillan, current edition.
L. COPELAND, Exchange Rates and International Finance, Pearson, current edition
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Vorlesung: Introduction to European and International Economics -
- Dozent/in:
- Mishael Milakovic
- Angaben:
- Vorlesung, 2 SWS
- Termine:
- Di, 12:00 - 14:00, FG1/00.08
ab 15.4.2014
- Inhalt:
- Today s economies are increasingly linked through trade and financial flows, with important
consequences for national employment, consumption, and firm investment that
are typically summarized under the colloquial but rather vague term of globalization.
Its consequences are severely debated and often take center stage in national political
programs as witnessed, for instance, in the contemporary debate on the macroeconomic
implications of the European Monetary Union. This course aims at providing a comprehensive
(albeit introductory) overview of fundamental issues in the theory of international
economics and finance, taking into account various contemporary debates on the costs
and benefits of globalization. Topics include (but are not limited to) the following:
- Classical theories of international trade (Smith, Ricardo)
- Standard theories of trade (Heckscher-Ohlin, gravitation models)
- The political economy of trade
- Basic concepts of balance of payments accounting and exchange rate determination
- Macroeconomic implications of fixed and floating exchange rate regimes
The objective of the course is to equip students with the necessary tools to evaluate the
risks and chances of globalized economic and financial markets, and to enable them to
make informed decisions in an intertwined and increasingly complex global marketplace.
- Empfohlene Literatur:
- P. Krugman, M. Obstfeld, and M. Melitz, International Economics, Pearson, current edition
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