ECTS : 3
Description du contenu de l'enseignement :
The aim of the course is to provide students an overview of the interaction between the macro-economic environment and financial markets developments.
There are four chapters:
I. How market participants follow and respond to the business cycle: an analytical framework
II. The interest rate markets
III. The stock markets
IV. The exchange rate markets
Compétence à acquérir :
At the end of the course, the students should have a better grasp of the interactions between financial markets and macro-economic evolution of advanced economies.
Mode de contrôle des connaissances :
A presentation, including the use of visual aids and possibly a final exam (with a quiz and an essay-type question).
Bibliographie, lectures recommandées :
- Brender A. et F. Pisani (2001), Les marchés et la croissance, Economica, Paris.
- Brender A. et F. Pisani (2010), Global imbalances and the collapse of globalised finance, CEPS, Brussels.
- Gurkaynak R., B. Sack et E. Swanson (2004), « Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements », Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System.
- Kozicki S. et G. H. Sellon Jr. (2005): “Longer-Term Perspective on the Yield Curve and Monetary Policy”, Economic Review, Federal Reserve Bank of Kansas city, Fourth Quarter
- Wright J. H. (2007): “The yield curve and predicting recessions”, Staff working papers in the Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System.