Open Economy Macroeconomics
University of Otago
Dunedin, New Zealand
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4 - 6
Hours & Credits
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.
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.
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
Some courses may require additional fees.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.
Please reference fall and spring course lists as not all courses are taught during both semesters.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations
Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.