This four-session mini-course covers four core topics in international macroeconomics: the global allocation of capital and current-account dynamics; the determination of nominal and real exchange rates; balance-of-payments crises under fixed exchange rates and capital controls; and the economics of sovereign debt with a focus on self-fulfilling crises. Each session combines a workhorse model with applications to historical episodes .
Balance of Payments Accounting, Data on Global Capital Flows, Israel. Download PDF
A simple model of the global economy. Download PDF
Current account dynamics. Download PDF
Introducing non-traded goods. The Real Exchange Rate. Download PDF
International business cycles. Download PDF
Emerging market business cycles. Download PDF
Israel's business cycle. Download PDF
Nominal Exchange Rates, Exchange Rate Regimes. Speculative Attacks on the Balance of Payments. Download PDF.
Sovereign Debt and Speculative Attacks on Sovereign Debt
Self-fulfilling rollover crisis. Download PDF
Self-fulfilling high cost of servicing debt. Download PDF
Research paper examples
Javier Charotti, Constantino Hevia, and Andy Neumeyer, The macroeconomics of Itaipú. Slides
Juan Sebastián López Almirante and Andy Neumeyer, Dollarization and Default Risk, June 2023, Slides
Paricio Goldstein and Andy Neumeyer, I Don’t Want Your Dollars: Reverse Speculative Attacks and the Collapse of Bretton Woods, May 2026
Israel research questions. Download PDF