ECTS - University of Pisa
| Modules | Area | Type | Hours | Teacher(s) | |
| ECONOMIC POLICY | SECS-P/02 | LEZIONI | 42 |
|
The course provides students with an overview of the policy implications of economic theories in diverse areas of economics. The topics examined during the coursework can vary also depending from the students' background and interests, but they generally cover the following areas: Monetary and Fiscal policy in action; Fiscal policy and implications of deficit and debt management; Institutions, rules and scope of Monetary policy; Workings and management of capital markets and banking sector; open economy macro and policy; theories of the firm,
industrial and competition policies.
A final written exam is compulsory for all students. Students attending classroom lectures also have the opportunity to fulfill part of the requirements via a short in-class oral presentation on a topic of interest chosen by them.
The successful student is expected to being able to understand the trade-offs underlying policy debates, through the acquisition of a solid theoretical and applied knowledge to support policy decisions.
Students are given the opportunity to participate and to some extent develop some of the content of the lectures: by actively solving some exercises, discussing some simple applications of the thories proposed during the course, and possibly devoting part of the lectures to organize and discuss an oral presentation on topics of their own interest.
The students will understand how economic theories inform and shape policy decisions, and the ability to master the complex interaction between theories and practical decision making
During the lectures, the students are asked to provide real world examples of policy making, identifying the consistency between theories and practice of economic policy.
Succesfull completion of first-year courses in advanced micro and macro may provide the students with a useful background of the main economic theories informing policy-making. However, the aim of this course is to provide a much more practical overview of real-world policy making, confronting theories with reality.
1. The "3-Equation model" framework for policy-making under imperfections
2. Fiscal and monetary policy in the real world
3. Money, banking, finance and the macroeconomy
4. Open economy 3-equation model,
introduction to trade theories
5. Theories of the firm and the efficiency of markets
6. Debating over specific policy issues: crisis, the Eurozone, globalization and gains
from trade, market efficiency, innovation policy
The course largely draws upon the following materials:
1) Carlin W. and Soskice D. "Macroeconomics: Institutions, Instability, and the Financial System", Oxford University Press, 2015.
2) Lecture notes are also provided, especially on some topics not covered by the main textbook above.
The syllabus and the final exam is identical for attending and non-attending students. However, attending students can fulfill part of the requiremnt for passing the exam via an in-class presentation on a topic of their choice (up to 3 points to be added to the final exam grade).
The final written exam combines multiple choice and open questions.
