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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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Experimental Methods in Economics -
- Dozent/in:
- Eva Camacho Cuena
- Angaben:
- Vorlesung, 2 SWS, ECTS: 6
- Termine:
- Di, 16:00 - 18:00, F21/02.55
- Inhalt:
- Experimental Economics has been defined as “the art of generating empirical evidence” and has developed as a source of data for economists during the last decades. Nowadays, it is considered a legitimate tool for modelling in microeconomics and game
theory in order to study different phenomena in asset markets, industrial organization,environmental economics, and many other institutions and fields.
The purpose of this course is to take the students through the process of conducting economic experiments by learning the basic tools and methods.
Since most experimental economists learned the method by doing, it is also interesting to have a look at the main literature on experiments conducted in different fields. At the end of the course, the student will be able to design and conduct his/her own experiment, collecting and analyzing the data in order to report the main results.
The course will be held in English and the basic material (slides and main papers) will be provided before each lesson.
Besides the theory, there will be a practical part in order to get familiar with the experimental method by participating in some experiments, analysing some experimental data and programing some simple experiments using the software Z-tree.
The final assessment is a written exam. Successful participation carries the award of 6 ECTS credit points, which can be considered for the Master’s program European Economic Studies.
- Empfohlene Literatur:
- • Cassar A. and Friedman D. (2004), Economics Lab An Intensive Course in Experimental Economics, Routledge,
• Friedman, D. and Sunder S. (1994), Experimental Methods: A Primer for Economist, Cambridge University Press.
• Davis, D. and Holt, C. (1993) Experimental Economics, Princeton Unversity Press.
• Kagel, J. and Roth, A., 1995, The Handbook on Experimental Economics,Princeton University Press.
• Holt, C.H.(2007) Markets, Games, & Strategic Behavior, Addison Wesley, Pp. 3-19
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International Monetary Economics -
- Dozent/in:
- Mishael Milakovic
- Angaben:
- Vorlesung, 2 SWS
- Termine:
- Do, 12:00 - 14:00, F21/02.55
- 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 economic 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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Introduction to European and International Economics -
- Dozent/in:
- Mishael Milakovic
- Angaben:
- Vorlesung, 2 SWS
- Termine:
- Di, 12:00 - 14:00, F21/02.55
- 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)
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The political economy of trade
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Basic concepts of balance of payments accounting
and exchange rate determination
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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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S: Systemic Risk, Regulation and Stability 2 -
- Dozentinnen/Dozenten:
- Mishael Milakovic, Ilfan Oh
- Angaben:
- Seminar, 2 SWS
- Termine:
- Einzeltermin am 1.7.2015, 16:00 - 21:00, F21/02.41
- 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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The Economic Nature of the Firm 2 -
- Dozent/in:
- Ilfan Oh
- Angaben:
- Vorlesung, 2 SWS, ECTS: 6
- Termine:
- Do, 12:00 - 14:00, F21/02.41
- 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 theo-
rem regarding the irrelevance of firms’ financing decisions. After examining the theoretical impli-
cations 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 m
acroeconomic activity.
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