2024-2025 - International Economics (16762) - Materials and items

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• International macroeconomics - lecture notes  [↑] [top]
• 01 Balance of payments [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BOP: CA + KA + EO = FA (identity used until January 2022: CA + KA + FA + EO = 0)
• [Balance of payments accounting - Balance of payments statistics]: BoP structure
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• [Balance of payments accounting - National income accounting and the balance of payments]: $Y^E$ = GNE, $Y^P$ = GDP, GNI, $Y$ = GNDI
• [Balance of payments accounting - National income accounting and the balance of payments]: C, I, G, TB, NFIA, NUT, CA
• [Balance of payments accounting - National income accounting and the balance of payments]: $\CA = s^\To - I$
• 02 Gains from globalization [↑] [top]
• [Wealth - Preliminary concepts]: Sum of geometric series - $\sum_{i=0}^\m a^i = \frac{1-a^{m+1}}{1-a}$
• [Wealth - Preliminary concepts]: Sum of geometric series - $\sum_{i=0}^\infty a^i = \frac{1}{1-a}$
• [The balance of payments in economics - A model of the current account]: Gains from globalization
• 04 Basic financial concepts [↑] [top]
• [Wealth - Asset returns and asset prices]: Return versus risk (asset price adjustments)
• [Wealth - Asset returns and asset prices]: Cumulative return, rule of 72
• [The balance of payments in economics - A model of international investment]: Assets - risk and return
• [The balance of payments in economics - A model of international investment]: International investment
• [The balance of payments in economics - A model of international investment]: Long and short positions
• [The balance of payments in economics - A model of international investment]: Risk diversification
• [The balance of payments in economics - A model of international investment]: Leverage
• [The balance of payments in economics - A model of international investment]: Leverage - mortgage example
• [The balance of payments in economics - A model of international investment]: Leverage coefficient
• [The nominal exchange rate - Preliminary concepts]: Logarithmic function
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• 05 Monetary models of exchange rate determination [↑] [top]
• [Wealth - Real and financial assets]: Money creation
• [The nominal exchange rate - The monetary model with flexible prices]: Maastricht criteria
• [The nominal exchange rate - The monetary model with flexible prices]: Money multiplier
• 08 The currency flow model [↑] [top]
• [Balance of payments accounting - National income accounting and the balance of payments]: CA in Japan
• [The balance of payments in economics - The four main categories of the balance of payments]: $z = e + b + m + b_{CB}$
• [The balance of payments in economics - The four main categories of the balance of payments]: $\FA = \Delta z^{HF}$ (identity used until January 2022: $\FA = - \Delta z^{HF}$)
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - net money inflow under flexible and fixed exchange rates, managed float
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 1
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 2
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 3
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 4
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 5
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 6
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 7
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 8
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 9
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 10
• [The nominal exchange rate - A unified currency flow model]: NER determination (traditional and currency flow approaches)
• [The nominal exchange rate - A unified currency flow model]: Monetary model and currency flow model combined
• [The nominal exchange rate - A unified currency flow model]: --- Exchange rate models: 2013-2014-4
• [Balance of payments crises - Currency crises]: Currency crises
• 09 Case studies [↑] [top]
• [The balance of payments in economics - A model of international investment]: s^T = I + \Delta z^{HF} - risks of capital inflows and capital outflows
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• 10 The open economy [↑] [top]
• [The balance of payments in economics - A model of the current account]: Mundell-Fleming model - $\CA(Y^\Ho, Y^\Fo, q)
• [The balance of payments in economics - A model of the current account]: Mundell-Fleming model - $\CA^\Ho = Y^\Ho - C^\Ho = (1-\alpha^\Ho) C^\Ho + \alpha^\Fo C^\Fo - C^\Ho = \alpha^\Fo C^\Fo - \alpha^\Ho C^\Ho$
• Monetary models of exchange rate determination [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• [The nominal exchange rate - The monetary model with flexible prices]: Money supply and money demand
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model - one period
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model - two or more periods
• [Omitted topics - The monetary model with fixed prices (exchange rate overshooting)]: Monetary model with fixed prices

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• International macroeconomics - additional lecture notes  [↑] [top]
• Balassa Samuelson effect [↑] [top]
• [The real exchange rate - Purchasing power parity]: Balassa-Samuelson effect
• [The real exchange rate - Purchasing power parity]: Balassa-Samuelson effect - the role of traded and non-traded good prices (Balassa-Samuelson hypothesis)
• [The real exchange rate - Purchasing power parity]: Balassa-Samuelson effect - the role of currency market pressure
• Bond prices [↑] [top]
• [Wealth - Preliminary concepts]: $\frac{1+x}{1+y} \approx 1+x-y$
• [Wealth - Asset returns and asset prices]: Bond price determination
• [The balance of payments in economics - Preliminary concepts]: Present discounted value (PDV)
• Currency flow model [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Equity and debt finance [↑] [top]
• [The balance of payments in economics - A model of international investment]: Equity versus debt finance
• Log-differencing [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Log-differencing
• [Introduction to international trade - Introduction to international trade]: Interpreting regression coefficients
• [Wealth - Preliminary concepts]: Log-differencing
• [The nominal exchange rate - Preliminary concepts]: Logarithmic function
• Logarithm to base b [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Logarithm to base b
• Mathematical concepts [↑] [top]
• [Wealth - Preliminary concepts]: $ln(1+a) \approx a$
• [Wealth - Preliminary concepts]: $e^a \approx 1+a$
• Optimization [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Lagrange multiplier method
• [The balance of payments in economics - Preliminary concepts]: Lagrange method - mathematical formulation
• [The balance of payments in economics - Preliminary concepts]: Value function
• [The balance of payments in economics - Preliminary concepts]: Interpretation of the Lagrange multiplier
• [The balance of payments in economics - A model of the current account]: Intertemporal approach - Lagrange method
• Over- and undervaluation of the nominal exchange rate [↑] [top]
• [The real exchange rate - The Big Mac index]: int_macro_ps - question 4 - Big Mac index
• Share prices [↑] [top]
• [Wealth - Asset returns and asset prices]: Return on shares
• [Wealth - Asset returns and asset prices]: Share price as PDV of dividends, $\frac{1+R}{R-g}$
• [The balance of payments in economics - Preliminary concepts]: Present discounted value (PDV)
• Volatilities of national income components [↑] [top]
• [The balance of payments in economics - A model of the current account]: Volatilities of consumption, investment and government spending at different horizons
• Wealth [↑] [top]
• [Wealth - Real and financial assets]: Balance sheets of different agents (see "International macroeconomics - collection of balance sheets and economic formulas")
• [Wealth - Real and financial assets]: Money creation
• [The balance of payments in economics - A model of international investment]: Leverage
• [The nominal exchange rate - The monetary model with flexible prices]: Money creation - open market operations, money supply, bond demand, bond price, bond return, interest rate

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• International macroeconomics - problem set  [↑] [top]
• Question 1 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BOP: CA + KA + EO = FA (identity used until January 2022: CA + KA + FA + EO = 0)
• [Balance of payments accounting - Balance of payments statistics]: BoP structure
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• [Balance of payments accounting - Balance of payments statistics]: BoP transaction - purchase of a house
• [Balance of payments accounting - National income accounting and the balance of payments]: $Y^E$ = GNE, $Y^P$ = GDP, GNI, $Y$ = GNDI
• Question 2 a [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• Question 2 b [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transaction - purchase of a house
• Question 2 c [↑] [top]
• [The balance of payments in economics - A model of the current account]: int_macro_ps - question 2 c - Intertemporal approach with investment
• Question 2 d [↑] [top]
• [The balance of payments in economics - A model of the current account]: int_macro_ps - question 2 d - Intertemporal approach with $\beta$ and $R$
• Question 3 [↑] [top]
• [The balance of payments in economics - A model of international investment]: int_macro_ps - question 3 - International investment - modern portfolio theory
• Question 4 [↑] [top]
• [The real exchange rate - The Big Mac index]: int_macro_ps - question 4 - Big Mac index
• Question 5 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)

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• International trade - lecture notes  [↑] [top]
• Gravity model [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Log-differencing
•  [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Gravitiy model
• [Introduction to international trade - Introduction to international trade]: Logarithmic function
• [Introduction to international trade - Introduction to international trade]: Interpreting regression coefficients
• [Introduction to international trade - Introduction to international trade]: Border effect
• [Introduction to international trade - Introduction to international trade]: Border effect
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: PPF
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Competitive salary
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Utility functions, marginal utility and indifference curves
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Utility functions, marginal utility and indifference curves
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Benefits from trade - numerical examples
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Gains from trade: PPF, budget constraint and exchange
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Ricardian model - PPF and ConsPF (= budget constraint)
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Ricardian model with diagram
• [Resources, comparative advantage and income distribution - Resources, comparative advantage and income distribution]: ---
• [Trade, growth and international transfers - Trade, growth and international transfers]: ---
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Monopoly
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Monopolistic competition
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - model
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Graph - AC, P vs. N
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Internal economies of scale - benefits of trade
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - numerical example
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Dumping
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: External economies of scale
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Krugman and Obstfeld, International economics, chapter 6, questions 4
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Krugman and Obstfeld, International economics, chapter 6, questions 4
• [International factor movements - International factor movements]: Migration
• [The instruments of trade policy - The instruments of trade policy]: ---

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• International trade - problem set  [↑] [top]
• Question 1 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Krugman and Obstfeld, International economics, chapter 2, question 1
• Question 2 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Krugman and Obstfeld, International economics, chapter 2, question 2
• Question 3 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Krugman and Obstfeld, International economics, chapter 2, question 3
• Question 4 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Krugman and Obstfeld, International economics, chapter 2, question 4
• Question 5 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Krugman and Obstfeld, International economics, chapter 2, question 5
• Question 6 [↑] [top]
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Krugman and Obstfeld, International economics, chapter 6, questions 4

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• Feenstra, Taylor - International Economics  [↑] [top]
• F 12-03 - Currency crashes.jpg [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• F 12-04 - Global imbalances.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Current account data
• F 12-05 - External wealth.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Empirical data - CA, w, K, z^{HF}
• F 12-07 - Financial globalization.jpg [↑] [top]
• [The balance of payments in economics - The four main categories of the balance of payments]: $\FA = \Delta z^{HF}$ (identity used until January 2022: $\FA = - \Delta z^{HF}$)
• F 13-04 - Exchange rate regimes.jpg [↑] [top]
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes
• F 13-09 - Covered Interest Parity Arbitrage.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• [The nominal exchange rate - Preliminary concepts]: Covered interest parity (CIP)
• F 14-03 - Exchange rates and relative prices.jpg [↑] [top]
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' purchasing powers ("basic NER model")
• F 14-07 - Inflation and money growth.jpg [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• F 14-08 - Money growth and depreciation.jpg [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• F 14-09 - PPP during hyperinflations.jpg [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• F 14-12 - Inflation and nominal interest rates.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Fisher effect
• F 14-13 - Real interest rate differentials.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real interest rate - $r_t = R_t - \pi_{t+1}$
• F 16-05 - US GNE and components, 1990-2006.jpg [↑] [top]
• [Balance of payments accounting - National income accounting and the balance of payments]: $Y^E$ = GNE, $Y^P$ = GDP, GNI, $Y$ = GNDI
• F 16-06 - US current account and components, 1990-2006.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• F 16-07 - Saving, investment and current accounts in industrial countries.jpg [↑] [top]
• [Balance of payments accounting - National income accounting and the balance of payments]: $\CA = s^\To - I$
• F 16-08 - Private and public savings in industrial countries.jpg [↑] [top]
• [Wealth - Real and financial assets]: D <= 60\%, BD <= 3\%
• F 16-09 - Global imbalances.jpg [↑] [top]
• [Balance of payments accounting - National income accounting and the balance of payments]: $\CA = s^\To - I$
• F 16-11 - Finland-s external wealth, 1991-2003.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• F 17-03 - Sovereign ratings and public debt levels.jpg [↑] [top]
• [The balance of payments in economics - A model of international investment]: Assets - risk and return
• F 17-06 - The oil boom in Norway.jpg [↑] [top]
• [Balance of payments accounting - National income accounting and the balance of payments]: $\CA = s^\To - I$
• F 18-04 - US real exchange rate and trade balance, 1975-2006.jpg [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 5
• F 19-01 - Exchange rate regimes of the world, 1870-2000.jpg [↑] [top]
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes
• F 19-09 - Foreign currency denominated debt and the costs of crises.jpg [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• F 20-01 - Currency crashes.jpg [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• F 20-02 - The economic costs of crises.jpg [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• F 20-03 - The political costs of crises.jpg [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• F 20-06 - Interest rate spreads - currency and country premiums.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Nominal exchange rate country risk premium, currency risk premium
• F 20-11 - Reserve accumulation, 1997-2005.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• F 20-15 - A crisis in Peru.jpg [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• F 21-09 - Breaking of fiscal rules in 2005.jpg [↑] [top]
• [Wealth - Real and financial assets]: D <= 60\%, BD <= 3\%
• F 22-02 - Price levels in rich and poor countries.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The real exchange rate - The Big Mac index]: PPP
• [The real exchange rate - Purchasing power parity]: Empirical evidence on purchasing power parity (PPP puzzle)
• [The real exchange rate - Purchasing power parity]: Balassa-Samuelson effect
• F 22-03 - Predicted real exchange rate adjustments in emerging markets.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• F 22-04 - Carry trades.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Carry trades
• F 22-06 - UIP and the efficient markets hypothesis.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• F 22-07 - Risk versus reward in the carry trade.jpg [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Carry trades
• F 22-08 - Emerging global imbalances.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• F 22-14 - Reserve accumulation and global imbalances.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• F 22-15 - The wealth effects of global imbalances.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Empirical data - CA, w, K, z^{HF}
• F 22-20 - Returns on emerging market debt, 1970s-2000s.jpg [↑] [top]
• [The balance of payments in economics - A model of international investment]: Assets - risk and return
• T 14-02 - Global disinflation.jpg [↑] [top]
• [The nominal exchange rate - A unified currency flow model]: Monetary model and currency flow model combined
• T 19-01 - Inflation performances and exchange rate regimes.jpg [↑] [top]
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes
• T 19-02 - External liabilities denominated in foreign currency.jpg [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Empirical data - CA, w, K, z^{HF}
• T 20-01 - Costly banking crises.jpg [↑] [top]
• [Balance of payments crises - Preliminary concepts]: Financial crises - definition and examples

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• Krugman, Paul R. and Maurice Obstfeld - International Economics [↑] [top]
•  [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Gravitiy model
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: PPF
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Competitive salary
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Benefits from trade - numerical examples
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Gains from trade: PPF, budget constraint and exchange
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Ricardian model - PPF and ConsPF (= budget constraint)
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Ricardian model with diagram
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Monopoly
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Monopolistic competition
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - model
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Graph - AC, P vs. N
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Internal economies of scale - benefits of trade
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - numerical example
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Dumping
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: External economies of scale
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Krugman and Obstfeld, International economics, chapter 6, questions 4
• [International factor movements - International factor movements]: Migration

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• Articles and other research documents [↑] [top]
• Eleftheriou, Maria and Nikolas Müller-Plantenberg: The purchasing power parity fallacy - time to reconsider the PPP hypothesis Figure 1 [↑] [top]
• [The nominal exchange rate - A unified currency flow model]: Contribution of price level difference and currency market pressure to nominal exchange rate changes at different horizons
• Eleftheriou, Maria and Nikolas Müller-Plantenberg: Price level convergence and purchasing power divergence Figure 6 [↑] [top]
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy - price level convergence and nominal exchange rate divergence
• Credit Suisse: Global Investment Returns Yearbook  [↑] [top]
• [Wealth - Asset returns and asset prices]: 1900-2011: bonds - 1.6\%, shares - 5.5\%
• [The balance of payments in economics - A model of international investment]: Return on equity and debt
• Credit Suisse: Global wealth report  [↑] [top]
• [Wealth - Domestic and foreign assets]: Wealth, real wealth and NFA - $w^\Ho = K^\Ho + z^{\Ho\Fo}$
• Eleftheriou, Maria and Nikolas Müller-Plantenberg: The purchasing power parity fallacy - time to reconsider the PPP hypothesis  [↑] [top]
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy - good market arbitrage does not contribute to real exchange rate convergence
• Engel, Charles and John H. Rogers: How wide is the border?  [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Gravitiy model
• Müller-Plantenberg, Nikolas: Accounting for current account changes: what matters is spending, not income  [↑] [top]
• [The balance of payments in economics - A model of the current account]: int_macro_ps - question 2 b - Accounting for current account changes - variable expenditure approach
• Müller-Plantenberg, Nikolas: Boom-and-bust cycles - a collection of figures  [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• Müller-Plantenberg, Nikolas: International macroeconomics - collection of balance sheets and economic formulas  [↑] [top]
• [Wealth - Real and financial assets]: Balance sheets of different agents (see "International macroeconomics - collection of balance sheets and economic formulas")
• [Wealth - Real and financial assets]: Commercial bank balance sheets
• [Wealth - Real and financial assets]: Comm. bank - balance sheet transactions
• [Wealth - Real and financial assets]: Central bank balance sheet
• [Wealth - Real and financial assets]: Consolidated balance sheets of H and F (see "International macroeconomics - collection of balance sheets and economic formulas")
• Müller-Plantenberg, Nikolas: International macroeconomics - collection of balance sheets and economic formulas  [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Money creation - open market operations, money supply, bond demand, bond price, bond return, interest rate
• Müller-Plantenberg: Balance of payments accounting and exchange rate dynamics  [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)

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• Wikipedia articles  [↑] [top]
• Comparative statics  [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Comparative statics
• Consumption smoothing  [↑] [top]
• [The balance of payments in economics - A model of the current account]: Consumption smoothing
• Deleveraging  [↑] [top]
• [Balance of payments crises - The global financial crisis of 2008]: Deleveraging
• Differentiation rules  [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Differentiation rules
• Euro convergence criteria  [↑] [top]
• [Wealth - Real and financial assets]: D <= 60\%, BD <= 3\%
• Financial crisis  [↑] [top]
• [Balance of payments crises - Preliminary concepts]: Financial crises - definition and examples
• [Balance of payments crises - Preliminary concepts]: Classification of financial crises
• Global financial crisis  [↑] [top]
• [Balance of payments crises - The global financial crisis of 2008]: Leverage in the global financial crisis
• List of countries by current account balance  [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Current account data
• List of countries by current account balance as a percentage of GDP  [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Current account data
• Net international investment position  [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Empirical data - CA, w, K, z^{HF}
• Price–earnings ratio  [↑] [top]
• [Wealth - Asset returns and asset prices]: P/E ratio for shares
• Quantity theory of money  [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Quantity theory of money

---

• Websites [↑] [top]
• Deutsches Aktieninstitut - Rendite-Dreiecke (trianges of returns)  [↑] [top]
• [The balance of payments in economics - A model of international investment]: Triangle of stock market returns
• Federal Reserve Bank of St. Louis: Velocity of the M2 money stock since 1959Q1  [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Velocity of money
• The Economist - Global cities house-price index  [↑] [top]
• [Wealth - Asset returns and asset prices]: House prices - renting or buying
• The Economist - Global house prices  [↑] [top]
• [Wealth - Asset returns and asset prices]: House prices - renting or buying

---

• Exam - 2006-2007 - International macroeconomics - 1  [↑] [top]
• Question 1 a [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• Question 1 b [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Nominal exchange rate
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• Question 1 c [↑] [top]
• [The nominal exchange rate - A unified currency flow model]: Monetary model and currency flow model combined
• Question 1 d [↑] [top]
• [Omitted topics - The monetary model with fixed prices (exchange rate overshooting)]: Monetary model with fixed prices
• Question 1 e [↑] [top]
• [Omitted topics - The portfolio balance model]: Portfolio balance model
• Question 2 [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 3 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 6
• Question 4 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• [Omitted topics - The monetary model with fixed prices (exchange rate overshooting)]: Monetary model with fixed prices

---

• Exam - 2006-2007 - International macroeconomics - 2  [↑] [top]
• Question 1 a [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises
• Question 1 b [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' purchasing powers ("basic NER model")
• Question 1 c [↑] [top]
• [The nominal exchange rate - A unified currency flow model]: Monetary model and currency flow model combined
• Question 1 d [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Nominal exchange rate
• Question 1 e [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• [The nominal exchange rate - Preliminary concepts]: Covered interest parity (CIP)
• Question 2 [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 3 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 6
• Question 4 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model - two or more periods

---

• Exam - 2006-2007 - International trade  [↑] [top]
• Question 1 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 2 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 3 [↑] [top]
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: External economies of scale
• Question 5 [↑] [top]
• [International factor movements - International factor movements]: Migration
• Question 6 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Benefits from trade - numerical examples
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Ricardian model - PPF and ConsPF (= budget constraint)

---

• Exam - 2007-2008 - International macroeconomics  [↑] [top]
• Question 1 (01) [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• Question 1 (02) [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Money supply and money demand
• Question 1 (03) [↑] [top]
• [Omitted topics - The portfolio balance model]: Portfolio balance model
• Question 1 (04) [↑] [top]
• [The real exchange rate - The Big Mac index]: Real exchange rate
• Question 1 (05) [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Structural and reduced forms
• Question 1 (06) [↑] [top]
• [Wealth - Preliminary concepts]: $ln(1+a) \approx a$
• [Wealth - Preliminary concepts]: $\frac{1+x}{1+y} \approx 1+x-y$
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• Question 1 (07) [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 1 (08) [↑] [top]
• [Wealth - Domestic and foreign assets]: Saving, real investment and change in net foreign assets - $s^\To = I + \Delta z^{\Ho\Fo}$
• [Balance of payments accounting - National income accounting and the balance of payments]: $Y^E$ = GNE, $Y^P$ = GDP, GNI, $Y$ = GNDI
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model - two or more periods
• [Omitted topics - Preliminary concepts]: Matrix inversion
• Question 1 (09) [↑] [top]
• [Wealth - Preliminary concepts]: Average return
• [Wealth - Preliminary concepts]: Nominal versus real return: $1+r = \frac{1+R}{1+\pi}$
• Question 1 (10) [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• Question 2 [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 3 [↑] [top]
• [Omitted topics - The monetary model with fixed prices (exchange rate overshooting)]: Monetary model with fixed prices

---

• Exam - 2008-2009 - International macroeconomics  [↑] [top]
• Question 1 (01) [↑] [top]
• [Wealth - Preliminary concepts]: $ln(1+a) \approx a$
• [Wealth - Preliminary concepts]: Nominal versus real return: $1+r = \frac{1+R}{1+\pi}$
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• Question 1 (02) [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 1 (03) [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• Question 1 (04) [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 6
• Question 1 (05) [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP structure
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• Question 1 (06) [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 1 (07) [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The nominal exchange rate - The monetary model with flexible prices]: Money creation - open market operations, money supply, bond demand, bond price, bond return, interest rate
• [The nominal exchange rate - A unified currency flow model]: Monetary model and currency flow model combined
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes
• Question 1 (08) [↑] [top]
• [Wealth - Preliminary concepts]: Nominal versus real return: $1+r = \frac{1+R}{1+\pi}$
• [Wealth - Real and financial assets]: Budget deficit and public debt
• [Balance of payments accounting - Empirical evidence]: Current account data
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• Question 1 (09) [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• Question 1 (10) [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• Question 2 [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 3 [↑] [top]
• [The real exchange rate - The Big Mac index]: Real exchange rate

---

• Exam - 2009-2010 - International macroeconomics  [↑] [top]
• Question 1 (01) [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• Question 1 (02) [↑] [top]
• [Omitted topics - The Mundell-Fleming model]: Mundell-Fleming model
• Question 1 (03) [↑] [top]
• [The real exchange rate - The Big Mac index]: Real exchange rate
• Question 1 (04) [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• Question 1 (05) [↑] [top]
• [The balance of payments in economics - A model of international investment]: Leverage
• Question 2 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model - two or more periods
• Question 3 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)

---

• Exam - 2010-2011 - International macroeconomics  [↑] [top]
• Question 1 (01) [↑] [top]
• [Wealth - Preliminary concepts]: Stocks and flows
• Question 1 (02) [↑] [top]
• [Wealth - Asset returns and asset prices]: Return on shares
• Question 1 (03) [↑] [top]
• [Wealth - Asset returns and asset prices]: Return on shares
• Question 1 (04) [↑] [top]
• [Omitted topics - The portfolio balance model]: Portfolio balance model
• Question 1 (05) [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Definitions, identities, stock-flow equations and theoretical hypotheses
• Question 2 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 3 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model - two or more periods

---

• Exam - 2011-2012 - International macroeconomics  [↑] [top]
• Question 1 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 2 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Maastricht criteria
• Question 3 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 4 [↑] [top]
• [The balance of payments in economics - A model of international investment]: International investment
• Question 5 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)

---

• Exam - 2012-2013 - International economics (1)  [↑] [top]
• Question 1 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 2 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• Question 3 [↑] [top]
• [The real exchange rate - The Big Mac index]: Real exchange rate
• Question 4 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 6

---

• Exam - 2012-2013 - International economics (2)  [↑] [top]
• Question 1 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 2 a [↑] [top]
• [Resources, comparative advantage and income distribution - Resources, comparative advantage and income distribution]: ---
• Question 2 b [↑] [top]
• [Resources, comparative advantage and income distribution - Resources, comparative advantage and income distribution]: ---
• Question 2 c [↑] [top]
• [International factor movements - International factor movements]: Migration
• Question 3 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy
• Question 4 [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Structural and reduced forms
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• Question 5 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP structure
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions

---

• Exam - 2013-2014 - International economics  [↑] [top]
• Question 1 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 2 [↑] [top]
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: External economies of scale
• Question 3 [↑] [top]
• [The real exchange rate - The Big Mac index]: Real exchange rate
• [The real exchange rate - The Big Mac index]: PPP
• Question 4 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• [Balance of payments crises - Currency crises]: Currency crises - causes
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 8

---

• Exam - 2013-2014 - International macroeconomics  [↑] [top]
• Question 1 [↑] [top]
• [Omitted topics - The monetary model with fixed prices (exchange rate overshooting)]: Monetary model with fixed prices
• Question 2 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Gains from globalization
• Question 3 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Maastricht criteria
• Question 4 [↑] [top]
• [Wealth - Real and financial assets]: Real and financial assets
• [Wealth - Asset returns and asset prices]: Return versus risk (asset price adjustments)
• [Wealth - Asset returns and asset prices]: Cumulative return, rule of 72
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 9

---

• Exam - 2014-2015 - International economics (part on international macroeconomics)  [↑] [top]
• Question 1 [↑] [top]
• [Balance of payments accounting - National income accounting and the balance of payments]: $Y^E$ = GNE, $Y^P$ = GDP, GNI, $Y$ = GNDI
• [Balance of payments accounting - National income accounting and the balance of payments]: C, I, G, TB, NFIA, NUT, CA
• Question 2 [↑] [top]
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• Question 3 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• Question 4 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Consumption smoothing
• [The balance of payments in economics - A model of the current account]: Intertemporal approach - consumption smoothing and CA
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model

---

• Exam - 2015-2016 - International economics (part on international macroeconomics)  [↑] [top]
• Question 1 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• Question 2 [↑] [top]
• [Wealth - Asset returns and asset prices]: Cumulative return, rule of 72
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• Question 3 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy
• Question 4 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach - consumption smoothing and CA
• [The balance of payments in economics - A model of the current account]: int_macro_ps - question 2 c - Intertemporal approach with investment
• Question 5 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Maastricht criteria

---

• Exam - 2016-2017 - International economics (part on international macroeconomics)  [↑] [top]
• Question 1 [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• [Balance of payments accounting - National income accounting and the balance of payments]: C, I, G, TB, NFIA, NUT, CA
• [Balance of payments accounting - National income accounting and the balance of payments]: C, I, G, TB, NFIA, NUT, CA
• Question 2 [↑] [top]
• [Wealth - Preliminary concepts]: Sum of geometric series - $\sum_{i=0}^\m a^i = \frac{1-a^{m+1}}{1-a}$
• [Wealth - Preliminary concepts]: Sum of geometric series - $\sum_{i=0}^\infty a^i = \frac{1}{1-a}$
• [The balance of payments in economics - A model of the current account]: Gains from globalization
• Question 3 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - The monetary model with flexible prices]: Maastricht criteria
• Question 4 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• Question 5 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• [Balance of payments crises - Currency crises]: Currency crises - causes

---

• Exam - 2017-2018 - International economics (part on international macroeconomics)  [↑] [top]
• Question 1 [↑] [top]
• [Wealth - Preliminary concepts]: Stocks and flows
• [Wealth - Real and financial assets]: Real and financial assets
• [Balance of payments accounting - Balance of payments statistics]: BOP: CA + KA + EO = FA (identity used until January 2022: CA + KA + FA + EO = 0)
• [Balance of payments accounting - Balance of payments statistics]: BoP structure
• Question 2 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy - good market arbitrage does not contribute to real exchange rate convergence
• Question 3 [↑] [top]
• [Balance of payments accounting - The international investment position]: Net international investment position (NIIP), net foreign assets (NFA), net external wealth (NEW)
• [The balance of payments in economics - A model of the current account]: Gains from globalization
• Question 4 [↑] [top]
• [The real exchange rate - The Big Mac index]: Real exchange rate
• [The real exchange rate - The Big Mac index]: PPP
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• [Balance of payments crises - Currency crises]: Currency crises
• [Balance of payments crises - Currency crises]: Currency crises - causes
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence

---

• Exam - 2018-2019 - International economics  [↑] [top]
• Question 1 - Peru [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Logarithmic function
• [The nominal exchange rate - Preliminary concepts]: Nominal exchange rate
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' purchasing powers ("basic NER model")
• [Balance of payments crises - Preliminary concepts]: Financial crises - definition and examples
• Question 2 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• Question 3 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 4 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model

---

• Exam - 2018-2019 - International macroeconomics  [↑] [top]
• Question 1 - Turkey [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Logarithmic function
• [The nominal exchange rate - Preliminary concepts]: Nominal exchange rate
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' purchasing powers ("basic NER model")
• Question 2 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy
• Question 3 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)
• [The balance of payments in economics - A model of the current account]: int_macro_ps - question 2 c - Intertemporal approach with investment
• Question 4 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 5 [↑] [top]
• [The balance of payments in economics - A model of international investment]: Leverage
• [Balance of payments crises - The global financial crisis of 2008]: Leverage in the global financial crisis

---

• Exam - 2019-2020 - International economics  [↑] [top]
• Question 1 - China, Germany, Spain or United States [↑] [top]
• [Balance of payments accounting - National income accounting and the balance of payments]: $Y^E$ = GNE, $Y^P$ = GDP, GNI, $Y$ = GNDI
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 2 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [Wealth - Domestic and foreign assets]: Wealth, real wealth and NFA - $w^\Ho = K^\Ho + z^{\Ho\Fo}$
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)
• Question 3 [↑] [top]
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• Question 4 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model

---

• Exam - 2019-2020 - International macroeconomics  [↑] [top]
• Question 1 - Korea, Mexico, Spain, United States [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Current account data
• [Balance of payments crises - Currency crises]: Currency crises
• Question 2 [↑] [top]
• [The balance of payments in economics - A model of international investment]: Leverage
• [The balance of payments in economics - A model of international investment]: Leverage coefficient
• Question 3 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy
• Question 4 [↑] [top]
• [The balance of payments in economics - A model of international investment]: Long and short positions
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• [The nominal exchange rate - Preliminary concepts]: Real interest rate - $r_t = R_t - \pi_{t+1}$
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model

---

• Exam - 2020-2021 - International economics (course 16693)  [↑] [top]
• Question 1 - Brazil - 1980-1982 and 1998-1999 [↑] [top]
• [The nominal exchange rate - A unified currency flow model]: Monetary model and currency flow model combined
• Question 2 [↑] [top]
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary and exchange rate policy
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 10
• [The nominal exchange rate - A unified currency flow model]: Monetary model and currency flow model combined
• Question 3 [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Gravitiy model
• [Balance of payments accounting - Balance of payments statistics]: BOP: CA + KA + EO = FA (identity used until January 2022: CA + KA + FA + EO = 0)
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 4 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Benefits from trade - numerical examples
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Ricardian model - PPF and ConsPF (= budget constraint)
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 7
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 9

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• Exam - 2020-2021 - International economics (course 16762)  [↑] [top]
• Question 1 - China [↑] [top]
• [Wealth - Real and financial assets]: Monetary and exchange rate policy
• [Wealth - Domestic and foreign assets]: Wealth, real wealth and NFA - $w^\Ho = K^\Ho + z^{\Ho\Fo}$
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 2 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 3 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [The real exchange rate - The Big Mac index]: Real exchange rate
• Question 4 [↑] [top]
• [Wealth - Preliminary concepts]: Log-differencing
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• [The nominal exchange rate - The monetary model with flexible prices]: Quantity theory of money
• Question 5 [↑] [top]
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction

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• Exam - 2020-2021 - International macroeconomics  [↑] [top]
• Question 1 - China [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' purchasing powers ("basic NER model")
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 2 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BOP: CA + KA + EO = FA (identity used until January 2022: CA + KA + FA + EO = 0)
• [Balance of payments accounting - Balance of payments statistics]: BoP structure
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• [The balance of payments in economics - The four main categories of the balance of payments]: $z = e + b + m + b_{CB}$
• Question 3 [↑] [top]
• [Wealth - Preliminary concepts]: Stocks and flows
• [Wealth - Asset returns and asset prices]: Cumulative return, rule of 72
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• Question 4 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)
• [The balance of payments in economics - A model of the current account]: Intertemporal approach - Lagrange method
• Question 5 [↑] [top]
• [Wealth - Real and financial assets]: Commercial bank balance sheets
• [Wealth - Real and financial assets]: Central bank balance sheet
• [Wealth - Real and financial assets]: Money creation
• [Wealth - Real and financial assets]: Monetary and exchange rate policy
• [The balance of payments in economics - A model of international investment]: Leverage coefficient

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• Exam - 2021-2022 - Economía internacional (course 16693)  [↑] [top]
• Question 1 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Logarithmic function
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The real exchange rate - Purchasing power parity]: Empirical evidence on purchasing power parity (PPP puzzle)
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy - price level convergence and nominal exchange rate divergence
• Question 2 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Utility functions, marginal utility and indifference curves
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Gains from trade: PPF, budget constraint and exchange
• Question 3 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP structure
• Question 4 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' purchasing powers ("basic NER model")
• [The real exchange rate - The Big Mac index]: Real exchange rate
• [The real exchange rate - The Big Mac index]: int_macro_ps - question 4 - Big Mac index
• Question 5 [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Gravitiy model
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary and exchange rate policy

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• Exam - 2021-2022 - International economics (course 16762)  [↑] [top]
• Question 1 [↑] [top]
• [Wealth - Preliminary concepts]: Log-differencing
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• Question 2 - Japan [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 5
• Question 3 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BOP: CA + KA + EO = FA (identity used until January 2022: CA + KA + FA + EO = 0)
• [The balance of payments in economics - The four main categories of the balance of payments]: $\CA = \FA = \Delta (e + b + m + b_{CB})$ (identity used until January 2022: $\CA = - \FA = \Delta (e + b + m + b_{CB})$, note the minus sign)
• Question 4 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Benefits from trade - numerical examples
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Ricardian model with diagram
• Question 5 [↑] [top]
• [Introduction to international trade - Introduction to international trade]: Gravitiy model
• [Wealth - Preliminary concepts]: Log-differencing
• [The nominal exchange rate - Preliminary concepts]: Purchasing power parity
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes

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• Exam - 2021-2022 - International macroeconomics  [↑] [top]
• Question 1 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)
• [Balance of payments crises - Preliminary concepts]: Financial crises - definition and examples
• Question 2 [↑] [top]
• [Wealth - Real and financial assets]: Balance sheets of different agents (see "International macroeconomics - collection of balance sheets and economic formulas")
• [Wealth - Real and financial assets]: Commercial bank balance sheets
• [Wealth - Real and financial assets]: Money creation
• [Wealth - Real and financial assets]: Monetary and exchange rate policy
• [The nominal exchange rate - The monetary model with flexible prices]: Money creation - open market operations, money supply, bond demand, bond price, bond return, interest rate
• Question 3 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - net money inflow under flexible and fixed exchange rates, managed float
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes
• Question 4 [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Structural and reduced forms
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices
• Question 5 [↑] [top]
• [Wealth - Domestic and foreign assets]: Saving, real investment and change in net foreign assets - $s^\To = I + \Delta z^{\Ho\Fo}$
• [Balance of payments accounting - National income accounting and the balance of payments]: $Y^E$ = GNE, $Y^P$ = GDP, GNI, $Y$ = GNDI
• [Balance of payments accounting - National income accounting and the balance of payments]: C, I, G, TB, NFIA, NUT, CA
• [Balance of payments accounting - National income accounting and the balance of payments]: $\CA = s^\To - I$

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• Exam - 2022-2023 - Economía internacional (course 16693)  [↑] [top]
• Question 1 [↑] [top]
• [Balance of payments accounting - The international investment position]: Net international investment position (NIIP), net foreign assets (NFA), net external wealth (NEW)
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• Question 2 [↑] [top]
• [The real exchange rate - Purchasing power parity]: Balassa-Samuelson effect - the role of traded and non-traded good prices (Balassa-Samuelson hypothesis)
• [The real exchange rate - Purchasing power parity]: Balassa-Samuelson effect - the role of currency market pressure
• Question 3 [↑] [top]
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Monopolistic competition
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - model
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 4 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 5 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions

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• Exam - 2022-2023 - International economics (course 16762)  [↑] [top]
• Question 1 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [Balance of payments crises - Currency crises]: Currency crises
• [Balance of payments crises - Currency crises]: Currency crises - causes
• Question 2 [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - introduction
• [Balance of payments crises - Preliminary concepts]: Financial crises - definition and examples
• Question 3 [↑] [top]
• [International factor movements - International factor movements]: International borrowing and lending
• Question 4 [↑] [top]
• [Wealth - Real and financial assets]: Real and financial assets
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• [Balance of payments accounting - National income accounting and the balance of payments]: C, I, G, TB, NFIA, NUT, CA
• Question 5 [↑] [top]
• [Wealth - Real and financial assets]: Monetary and exchange rate policy
• [The real exchange rate - The purchasing power parity fallacy]: PPP fallacy
• [Balance of payments crises - Currency crises]: Currency crises

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• Exam - 2022-2023 - International macroeconomics  [↑] [top]
• Question 1 [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [Balance of payments crises - Currency crises]: Currency crises
• [Balance of payments crises - Currency crises]: Currency crises - causes
• Question 2 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)
• [The balance of payments in economics - A model of the current account]: Intertemporal approach - consumption smoothing and CA
• Question 3 [↑] [top]
• [Wealth - Real and financial assets]: Commercial bank balance sheets
• [The balance of payments in economics - A model of international investment]: Leverage coefficient
• Question 4 [↑] [top]
• [International macroeconomics - introduction - Exchange rates - introduction]: Purchasing powers of currencies (PP)
• [The nominal exchange rate - Preliminary concepts]: Nominal exchange rate
• [The nominal exchange rate - Preliminary concepts]: Real exchange rate
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 5 [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Comparative statics
• [The nominal exchange rate - The monetary model with flexible prices]: Monetary model with flexible prices

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• Exam - 2023-2024 - International economics (course 16762)  [↑] [top]
• Question 1 a [↑] [top]
• [Exchange rate regimes - Classification of exchange rate regimes]: Exchange rate regimes
• Question 1 b-d [↑] [top]
• [The nominal exchange rate - Preliminary concepts]: Nominal exchange rate country risk premium, currency risk premium
• [The nominal exchange rate - Preliminary concepts]: Uncovered interest parity (UIP) and covered interest parity (CIP)
• [The nominal exchange rate - Preliminary concepts]: Covered interest parity (CIP)
• Question 1 e [↑] [top]
• [Balance of payments crises - Currency crises]: Currency crises - empirical evidence
• Question 1 f [↑] [top]
• [Wealth - Preliminary concepts]: $ln(1+a) \approx a$
• Question 2 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions
• Question 3 a [↑] [top]
• [Labour productivity and comparative advantage: the Ricardian model - Labour productivity and comparative advantage: the Ricardian model]: Comparative advantage
• Question 3 b [↑] [top]
• [The balance of payments in economics - Preliminary concepts]: Definitions, identities, stock-flow equations and theoretical hypotheses
• Question 4 [↑] [top]
• [Economies of scale, imperfect competition and international trade - Economies of scale, imperfect competition and international trade]: Economies of scale - model
• Question 5 [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 5

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• Exam - 2023-2024 - International macroeconomics  [↑] [top]
• Question 1 - China - a [↑] [top]
• [International macroeconomics - introduction - Exchange rates - introduction]: Real exchange rate
• Question 1 - China - b-c [↑] [top]
• [The real exchange rate - The Big Mac index]: Real exchange rate
• Question 1 - China - d-e [↑] [top]
• [The real exchange rate - The Big Mac index]: PPP
• Question 1 - China - f [↑] [top]
• [Balance of payments accounting - Empirical evidence]: Individual countries - balance of payments - empirical evidence
• Question 1 - China - g [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model
• Question 1 - China - h [↑] [top]
• [The nominal exchange rate - Model based on currency flows]: Currency flow model - case 10
• Question 2 [↑] [top]
• [The balance of payments in economics - A model of the current account]: Intertemporal approach to the current account (simple model)
• [The balance of payments in economics - A model of the current account]: Consumption smoothing
• [The balance of payments in economics - A model of the current account]: Intertemporal approach - consumption smoothing and CA
• Question 3 [↑] [top]
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' purchasing powers ("basic NER model") - derivation based on consumer's utility maximization
• [The nominal exchange rate - Model based on currencies' purchasing powers]: Nominal exchange rate - model based on currencies' marginal utilities - derivation based on consumer's utility maximization
• Question 4 [↑] [top]
• [Wealth - Real and financial assets]: Consolidated balance sheets of H and F (see "International macroeconomics - collection of balance sheets and economic formulas")
• Question 5 [↑] [top]
• [Balance of payments accounting - Balance of payments statistics]: BoP transactions

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