ECTS : 3
Lecturer in charge : Florence PISANI
Language of instruction : French
Teaching hours : 24
Course content:
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
Skills to be acquired:
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.
Recommended prerequisites
Some basic macro-economic background and an interest in financial markets
Assessment:
A presentation, including the use of visual aids and possibly a final exam (with a quiz and an essay-type question).
Weighting : 1.00
Bibliography, recommended reading:
- 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.