Economic Policy
A.Y. 2023/2024
Learning objectives
At the end of the course, the student will acquire the ability to understand the objectives, the characteristics and the consequences of the main interventions of the policy authorities.
Expected learning outcomes
The Intended Learning Outcomes according to the Dublin Descriptors are the following:
· Knowledge and understanding: At the end of the course, the student will be able to describe and understand the theoretical framework and the implementation of the economic policy instruments analyzed in the course;
· Applying knowledge and understanding: At the end of the course, the student will be able to interpret and discuss the rationale and the consequences of the main policy interventions occurred in Italy and in other countries of interests;
· Making judgements: At the end of the course, the student will be able to analyze and evaluate the main economic policy problems and to give a critical interpretation of real world economic issues;
· Communication abilities: At the end of the course, the student will be able to manage the basic economic policy concepts and use the economic terminology in the proper way;
· Learning abilities: At the end of the course, the student will be able to develop her learning abilities and apply the knowledge acquired in the course in both economic and law contexts.
· Knowledge and understanding: At the end of the course, the student will be able to describe and understand the theoretical framework and the implementation of the economic policy instruments analyzed in the course;
· Applying knowledge and understanding: At the end of the course, the student will be able to interpret and discuss the rationale and the consequences of the main policy interventions occurred in Italy and in other countries of interests;
· Making judgements: At the end of the course, the student will be able to analyze and evaluate the main economic policy problems and to give a critical interpretation of real world economic issues;
· Communication abilities: At the end of the course, the student will be able to manage the basic economic policy concepts and use the economic terminology in the proper way;
· Learning abilities: At the end of the course, the student will be able to develop her learning abilities and apply the knowledge acquired in the course in both economic and law contexts.
Lesson period: Second semester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course can be attended as a single course.
Course syllabus and organization
Single session
Responsible
Lesson period
Second semester
Course syllabus
The course aims to provide students with the tools necessary to understand the objectives, characteristics and consequences of economic policy decisions. After introducing the concept of economic policy and the fundamentals, motivations, main methods and limits of public intervention, four major sectors of economic policy will be addressed in detail: budget policy, monetary policy, growth policy and employment policies. For each sector, the fundamental concepts, main theoretical models and public intervention policies will be presented. At the end of the course, students will have acquired useful knowledge for assessing the effects of government intervention.
In detail:
1. An introduction to economic policy; the reasons for public intervention; the evaluation of economic policies.
2. Economic policy in an imperfect world: the limits of economic policy.
3. Fiscal policy: basic concepts; the demand side effects; the sustainability of public debt.
4. Monetary policy: fundamental concepts; the transmission channels of monetary policy; financial stability; non-conventional monetary policies.
5. Growth policies: fundamental concepts; the accumulation of capital; innovation and growth.
6. Employment policies: fundamental concepts; equilibrium unemployment; the Phillips curve.
7. The role of uncertainty, credibility and expectations.
8. New challenges for current fiscal and monetary policy.
In detail:
1. An introduction to economic policy; the reasons for public intervention; the evaluation of economic policies.
2. Economic policy in an imperfect world: the limits of economic policy.
3. Fiscal policy: basic concepts; the demand side effects; the sustainability of public debt.
4. Monetary policy: fundamental concepts; the transmission channels of monetary policy; financial stability; non-conventional monetary policies.
5. Growth policies: fundamental concepts; the accumulation of capital; innovation and growth.
6. Employment policies: fundamental concepts; equilibrium unemployment; the Phillips curve.
7. The role of uncertainty, credibility and expectations.
8. New challenges for current fiscal and monetary policy.
Prerequisites for admission
Only students who had successfully passed the exam of Economia Politica can sit the exam of Politica Economica.
Teaching methods
The course consists of 32 lectures.
Teaching Resources
Macroeconomia. Una prospettiva europea
by Olivier J. Blanchard, Alessia Amighini, Francesco Giavazzi. Sections 3-8, 10-13, 21-23.
Slides uploaded in the ARIEL website by the instructor.
by Olivier J. Blanchard, Alessia Amighini, Francesco Giavazzi. Sections 3-8, 10-13, 21-23.
Slides uploaded in the ARIEL website by the instructor.
Assessment methods and Criteria
The exam consists of a written test, with open questions and exercises.
Students may be given the possibility to sit a written intermediate test (neither mandatory nor binding).
Students may be given the possibility to sit a written intermediate test (neither mandatory nor binding).
Educational website(s)
Professor(s)