This course will look at some issues related to the American economy, both from an historical perspective and in relation to current events. We start with a special emphasis on monetary aspects by examining the evolution of the monetary system in the US and studying the creation and the workings of the Federal Reserve System. We then look at business cycles and recession episodes throughout the past century. In particular, we examine the different underlying causes and draw lessons regarding the role of institutions (with a special look at the Great Depression). We then examine the analogies and differences with regard to the current crisis. Finally, we study the US as part of the global economy, specifically its historical role in past international monetary systems (e.g. the Gold Standard and Bretton Woods), and its position in the current discussions about global imbalances.
