ECONOMIC POLICY

Scienze Politiche e delle Relazioni Internazionali ECONOMIC POLICY

1212100045
DIPARTIMENTO DI SCIENZE POLITICHE, SOCIALI E DELLA COMUNICAZIONE
POLITICAL AND INTERNATIONAL RELATIONS SCIENCE
2013/2014



OBBLIGATORIO
YEAR OF COURSE 2
YEAR OF DIDACTIC SYSTEM 2008
PRIMO SEMESTRE
CFUHOURSACTIVITY
1080LESSONS
Objectives
THE OBJECTIVE OF THE COURSE IS TO INTRODUCE THE BASIC MACROECONOMIC MODELS AND TO ILLUSTRATE THEIR POLICY IMPLICATIONS. THE EFFECTS OF FISCAL AND MONETARY POLICIES IN CLOSED AND OPEN ECONOMIES WILL BE STUDIED BY TAKING FIRST A SHORT RUN AND SUBSEQUENTLY A LONG RUN PERSEPCTIVE. THE BASIC INDIVIDUAL INTERTEMPORAL CHOICE PROBLEM WILL BE ALSO PRESENTED, FOCUSING ON THE ROLE OF AGENTS' EXPECTATIONS AS A DRIVER OF INDIVIDUAL DECISIONS AND MARKET OUTCOMES.
Prerequisites
TO BE ADMITTED TO THE COURSE THE STUDENTS MUST HAVE PASSED THE EXAM "ISTITUZIONI DI ECONOMIA"
Contents
THE COURSE IS DIVIDED IN TWO PARTS

PART 1
THE IS-LM MODEL IS PRESENTED TO STUDY THE IMPACT MONETARY AND FISCAL POLICY IN A CLOSED ECONOMY. THE ANALYSIS IS SUBSEQUENTLY EXTENDED TO OPEN ECONOMIES BY INTRODUCING THE CONCEPTS OF NOMINAL AND REAL EXCHANGE RATE. AFTER STUDYING THE INTERACTIONS BETWEEN REAL AND FINANCIAL MARKETS IN OPEN ECONOMIES, THE EFFECTS OF FISCAL AND MONETARY POLICY IN FIXED AND FLEXIBLE EXCHANGE RATE REGIMES WILL BE ANALYZED.

PART 2
A SIMPLIFIED MODEL OF INTERTEMPORAL CHOICE IS INTRODUCED IN ORDER TO STUDY THE IMPACT OF CONSUMPTION AND SAVING DECISIONS, TOGETHER WITH AGENTS' EXPECTATIONS, ON THE MAIN MACROECONOMIC AGGREGATES. SUBSEQUENTLY THE AS-AD MODEL IS PRESENTED AND THE MEDIUM AND LONG-TERM EFFECTS OF MACROECONOMIC POLICIES ARE INVESTIGATED.
THE DETERMINANTS OF LONG TERM UNEMPLOYMENT AND INFLATION AND THE RELATIONSHIP BETWEEN INFLATION RATE AND OUTPUT GROWTH RATE ARE THEN ANALYZED.
FINALLY THE CONCEPTS OF RATIONAL AND ADAPTIVE EXPECTATIONS ARE INTRODUCED, AND THE INTERTEMPORAL EFFECTS OF MACROECONOMIC POLICIES ARE ILLUSTRATED.
Teaching Methods
LECTURES, EXERCISES' SESSIONS,WORKSHOPS AND PRESENTATIONS BY STUDENTS
Verification of learning
WRITTEN AND ORAL EXAM
Texts
TEXTBOOKS
PART I
BLANCHARD,O., AMIGHINI, A.,GIAVAZZI,F., (2011)
SCOPRIRE LA MACROECONOMIA
I. QUELLO CHE NON SI PUÒ NON SAPERE, IL MULINO, BOLOGNA CHAPTERS 1,2,3,4,5,6

BLANCHARD,O., AMIGHINI,A., GIAVAZZI, F. (2011)
SCOPRIRE LA MACROECONOMIA
II. UN PASSO IN PIÙ,
IL MULINO, BOLOGNA CHAPTERS 1,2,3,4

More Information
GIUSEPPINA AUTIERO

E-MAIL: PINAUT@UNISA.IT, TEL. ++ 089962659.
INFORMATION ON THE INSTRUCTOR'S OFFICE HOURS CAN BE FOUND ON THE INSTRUCTOR'S WEBPAGE.
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