International Economic Policy
A.Y. 2022/2023
Learning objectives
The course aims to provide students with the essential tools and conceptual foundations of macroeconomics and economic policy, with particular attention to open economy issues, as well as the basic concepts relating to the main reference economic models in the short and long term and to the problems of the international interdependence of economic policy.
Secondly, it aims to provide the necessary skills to understand and critically analyse the economic policy choices at the centre of the contemporary international debate and the effectiveness of these alternative choices.
Finally, the course aims to deepen and interpret, in the light of the concepts introduced, some transversal topics, connected to the integrated vision of the Sustainable Development Goals (SDGs) of the UN 2030 Agenda (Goals: 1, 4, 8, 10).
Secondly, it aims to provide the necessary skills to understand and critically analyse the economic policy choices at the centre of the contemporary international debate and the effectiveness of these alternative choices.
Finally, the course aims to deepen and interpret, in the light of the concepts introduced, some transversal topics, connected to the integrated vision of the Sustainable Development Goals (SDGs) of the UN 2030 Agenda (Goals: 1, 4, 8, 10).
Expected learning outcomes
The course is intended to lead the student to:
- (judgment) develop an analytical method of thought in order to critically assess contemporary economic issues and, eventually, learn to evaluate choices and policies made by policy makers;
- (knowledge and understanding) master the fundamental concepts of the economic theory and the main tools for analysing the functioning of markets at the macroeconomic and international level; gain adequate knowledge of the main stylized facts of current economic systems, and understand and interpret them in the light of economic theory;
- (ability to apply knowledge and understanding) possess the tools in order to interpret both daily situations and national and international economic dynamics, i.e. the effects of alternative public policies on the welfare of countries.
- (judgment) develop an analytical method of thought in order to critically assess contemporary economic issues and, eventually, learn to evaluate choices and policies made by policy makers;
- (knowledge and understanding) master the fundamental concepts of the economic theory and the main tools for analysing the functioning of markets at the macroeconomic and international level; gain adequate knowledge of the main stylized facts of current economic systems, and understand and interpret them in the light of economic theory;
- (ability to apply knowledge and understanding) possess the tools in order to interpret both daily situations and national and international economic dynamics, i.e. the effects of alternative public policies on the welfare of countries.
Lesson period: Second semester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Lesson period
Second semester
Course syllabus
Part I: Principles of Macroeconomics
Introduction to macroeconomics, data definition, measurement and analysis.
Domestic Product, the production function, the market for inputs and the long-run equilibrium
Money and Inflation
Unemployment and the Labour Market
Part II Growth Theory: The Economy in the Very Long Run.
Capital Accumulation as a Source of Growth
Solow's model: capital accumulation, Population Growth and Technological Progress
Growth Empirics and Policy
Special topics: inequality, globalization and economic growth; SDGs and HDI; growth policies and global partnership for sustainable development.
Part III Business Cycle Theory: The Economy in the Short Run
Introduction to Economic Fluctuations: the aggregate demand and supply
The IS-LM model and the effects of monetary and fiscal policy
Aggregate Supply and the Short-Run Trade-off Between Inflation and Unemployment
Part IV The Open Economy
The Open Economy: introduction to international flows of capital and goods and the market of exchange rates
The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime
Special topics: Multilateral trade coordination, genesis and development of international trade and global governance institutions, international monetary and financial coordination, policies for international development and cooperation.
Part V: Topics in Macroeconomic Policy Debates
Alternative Perspectives on Stabilization Policy
Government Debt and Budget Deficits
Currency areas, monetary unions and the European Union
The Financial System: Opportunities and Dangers
Finally, the course aims to deepen and interpret, in the light of the concepts introduced, some transversal topics, connected to the integrated vision of the Sustainable Development Goals (SDGs) of the UN 2030 Agenda (Goals: 1, 4, 8, 10).
Introduction to macroeconomics, data definition, measurement and analysis.
Domestic Product, the production function, the market for inputs and the long-run equilibrium
Money and Inflation
Unemployment and the Labour Market
Part II Growth Theory: The Economy in the Very Long Run.
Capital Accumulation as a Source of Growth
Solow's model: capital accumulation, Population Growth and Technological Progress
Growth Empirics and Policy
Special topics: inequality, globalization and economic growth; SDGs and HDI; growth policies and global partnership for sustainable development.
Part III Business Cycle Theory: The Economy in the Short Run
Introduction to Economic Fluctuations: the aggregate demand and supply
The IS-LM model and the effects of monetary and fiscal policy
Aggregate Supply and the Short-Run Trade-off Between Inflation and Unemployment
Part IV The Open Economy
The Open Economy: introduction to international flows of capital and goods and the market of exchange rates
The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-Rate Regime
Special topics: Multilateral trade coordination, genesis and development of international trade and global governance institutions, international monetary and financial coordination, policies for international development and cooperation.
Part V: Topics in Macroeconomic Policy Debates
Alternative Perspectives on Stabilization Policy
Government Debt and Budget Deficits
Currency areas, monetary unions and the European Union
The Financial System: Opportunities and Dangers
Finally, the course aims to deepen and interpret, in the light of the concepts introduced, some transversal topics, connected to the integrated vision of the Sustainable Development Goals (SDGs) of the UN 2030 Agenda (Goals: 1, 4, 8, 10).
Prerequisites for admission
Basic skills in mathematics and logic.
Teaching methods
Frontal lessons and individual study.
The course will address different topics of economic science through a mainly descriptive and not very formalized approach with the help of graphs, examples and applications drawn from real world and daily experience.
The first lessons will be dedicated to providing the basic mathematical tools for a complete understanding of the topics covered in the following lectures.
The course will address different topics of economic science through a mainly descriptive and not very formalized approach with the help of graphs, examples and applications drawn from real world and daily experience.
The first lessons will be dedicated to providing the basic mathematical tools for a complete understanding of the topics covered in the following lectures.
Teaching Resources
Bibliography
Mankiw N. G., Taylor, M., P., 2015, Macroeconomics, Sixth Italian edition , Zanichelli.
Further materials used by the teacher and other additional materials will be made available during the lessons on Ariel.
The chapters not covered in class are excluded from the exam program and explained in details by the teacher during the course.
Mankiw N. G., Taylor, M., P., 2015, Macroeconomics, Sixth Italian edition , Zanichelli.
Further materials used by the teacher and other additional materials will be made available during the lessons on Ariel.
The chapters not covered in class are excluded from the exam program and explained in details by the teacher during the course.
Assessment methods and Criteria
The exam consists of a single written test covering the entire program.
The written test is aimed at verifying the students' disciplinary knowledge and interpretative and argumentative skills as well as the reasoning skills based on the theoretical tools presented during the course.
The exam questions include a series of multiple choice and/or true/false questions and might include the resolution of simple economic problems and/or completing or drawing simple graphs.
The final mark is expressed in 30 points. Each question is worth a variable number of points depending on the question and will be made explicit on the text. The final mark is given by the sum of the points obtained in the answers.
Those who do not pass the "written multiple choice" exam twice, even if not consecutively, or refuse a positive mark twice, even if not consecutively, will take the oral exam. This in order to be able to obtain a positive outcome or a more satisfactory outcome of the exam through the oral interview which allows a more articulated answer to the questions proposed by the Commission.
The written test is aimed at verifying the students' disciplinary knowledge and interpretative and argumentative skills as well as the reasoning skills based on the theoretical tools presented during the course.
The exam questions include a series of multiple choice and/or true/false questions and might include the resolution of simple economic problems and/or completing or drawing simple graphs.
The final mark is expressed in 30 points. Each question is worth a variable number of points depending on the question and will be made explicit on the text. The final mark is given by the sum of the points obtained in the answers.
Those who do not pass the "written multiple choice" exam twice, even if not consecutively, or refuse a positive mark twice, even if not consecutively, will take the oral exam. This in order to be able to obtain a positive outcome or a more satisfactory outcome of the exam through the oral interview which allows a more articulated answer to the questions proposed by the Commission.
SECS-P/02 - ECONOMIC POLICY - University credits: 9
Lessons: 60 hours
Professors:
Bozzano Monica, Graffi Alessandro, Parravicini Paola
Educational website(s)
Professor(s)
Reception:
14.30 -15.30
Dipartimento di Diritto Privato e Storia del Diritto, stanza 1117