This course will be taught in English. We will examine past depressions, recessions and bubbles and explore how these historical events can help us understand the recent ongoing economic problems the world economy faces. The approach will be thematic and focus on two sets of questions: The first set of questions concerns how economic problem arise and what effect they have: What causes recessions and bubbles? What are the effects of deflation, inflation, hyperinflation and currency crises? What are the effects of war? What causes unemployment? How can businesses and investors profit from bad times? The second set of questions concerns government policy: How should governments react to crises? How much discretion should be allowed to monetary authorities? Is fiscal stimulus useful? Is too-big-to-fail a problem? Most classes will be split between a lecture and class (and/or group) discussion. Reading material will mainly consist of papers which are available on line. Grades will be based on a midterm (35%), a final exam (40%) and class participation (25%).