Unit Economic Policy
- Course
- Political sciences and international relations
- Study-unit Code
- 10001809
- Curriculum
- In all curricula
- Teacher
- Marcello Signorelli
- Teachers
-
- Marcello Signorelli
- Hours
- 63 ore - Marcello Signorelli
- CFU
- 9
- Course Regulation
- Coorte 2016
- Offered
- 2017/18
- Learning activities
- Caratterizzante
- Area
- Discipline economiche-politiche
- Sector
- SECS-P/02
- Type of study-unit
- Obbligatorio (Required)
- Type of learning activities
- Attività formativa monodisciplinare
- Language of instruction
- Italian
- Contents
- The course of Economic Policy aims to provide the analytical tools of the fundamental theory of economic policy along with concrete applications related to the European and Italian economic policies in the new global context.
Part I: Models, theories and policies
1. Political economy and economic policy. The macroeconomic models
2. Theory of economic policy
3. Type of economic policies
4. The Keynesian economic policies
5. Public intervention in economy: theory and empirical evidence
Part II: The role of economic policies
6. Unemployment and the labor market
7. The monetarists and the debate on stabilization policies
8. Inflation and disinflationary policies
9. Rational expectations and the credibility of economic policies
Part III: Monetary policy and fiscal policy
10. Monetary policy: objectives, strategies and theories on central banking
11. Fiscal policy, the sustainability of public debt and return policies
11.1 Fiscal policy and public deficits
11.2 Deficit, debt and "risk premiums"
11.3 The public debt sustainability
11.4 Public debt and return policies: the Italian case
11.5 Financing monetary, interest rate policy and debt management
11.6 Primary budget, real growth and progression of fiscal consolidations
11.7 Public budget and planning documents in Italy
12. Macroeconomic policies in an open economy
Part IV: The world economy: growth and globalization
13. Growth and development in the world
14. Globalization and trade policies in an open economy
Part V: The European economic integration
15. The process of EU integration: the customs union to the single market. The EU budget
15.1 The EU enlargements, the subsequent treaties and institutions
15.2 The customs union, competition policy and the Structural Funds
15.3 The Single Market and the four liberalization
15.4 Structure and evolution of the EU budget
16. The Maastricht Treaty and the European "economic and monetary union"
16.1 The European Monetary System
16.2 The Treaty of Maastricht and convergence criteria
16.3 Theory of Optimum Currency Areas: Benefits and costs of monetary unions
16.4 Shock asymmetric and insurance systems
16.5 The EMU is an OCA?
Part VI: The economic policies in the eurozone
17. The ECB and European monetary policy
17.1 The ECB, organs and characteristics
17.2 The inflation target and the two pillars of monetary strategy
17.3 Instruments of monetary policy and the degree of activism of the ECB
17.4 An assessment based on macroeconomic performance
17.5 The dispersion of inflation and the exchange rate
17.6 The crisis and unconventional operations
17.7 The new supervisory bodies and the European banking union
18. Rules on the financial statements: stability and growth pact, Fiscal Compact
18.1 Default Risk and rules on the budgets in a monetary union
18.2 The "Stability and Growth Pact" and its reforms
18.3 The crisis and the new rules for the Eurozone (Fiscal Compact)
18.4 Policies of austerity and stagnation: how to get out?
19. The financial crisis, the sovereign debt crisis and the EU's responses
19.1 The crisis in the US: the subprime mortgages and the bursting of the bubble
19.2 The spread of the crisis and the Great Recession
19.3 The policy responses in different countries of the world
19.4 The sovereign debt crisis and the characteristics of the "PIIGS"
19.5 The EU and uncertain policy answers
19.6 The proposals for Eurobonds and greater European integration
Part VII: The problems of the Italian economy
20. The slow growth and the structural problems of the Italian economy
21. Policies for employment and growth in Europe and in Italy
22. Advantages, costs and risks of a return to a national currency (Italian lira) - Reference texts
- Main book:
E. MARELLI – M. SIGNORELLI (2015) “POLITICA ECONOMICA – Le politiche nel nuovo scenario europeo e globale”, Giappichelli Editore, Torino.
Additional book:
E. MARELLI – M. SIGNORELLI (2017) “E SE L'ITALIA TORNASSE ALLA LIRA? Vantaggi, costi e rischi", LibreriaUniversitaria, Padova, in corso di pubblicazione. - Educational objectives
- The course of Economic Policy aims to provide the analytical tools of the fundamental theory of economic policy along with concrete applications related to the European and Italian economic policies in the new global context.
The student will be able to assess the costs and benefits of different policy options in the new European and global scenario. He will acquire both theoretical knowledge and, above all, an ability to analyze the empirical evidence and critically discuss the different possible policy options. - Prerequisites
- A good knowledge of Political Economy is necessary.
- Teaching methods
- face-to-face
- Other information
- As for additional information please visit the Unistudium web platform dedicated to this specific course.
- Learning verification modality
- Written exam with open answer questions.
In particular, the written test is to verify the ability to critically develop the main themes of the program and to verify the ability to critically analyze empirical evidence (in the form of tables and graphics) related to the recent evolution of the main macroeconomic variables with specific reference to role of economic policies in the new European and global context.
Erasmus students can prepare the written test in Italian or in one of the following languages: English, French, Spanish.
More details are included in the Unistudium platform, in a section dedicated to this specific teaching. - Extended program
- Part I: Models, theories and policies
1. Political economy and economic policy. The macroeconomic models
2. Theory of economic policy
3. Type of economic policies
4. The Keynesian economic policies
5. Public intervention in economy: theory and empirical evidence
5.1 Market failures and government intervention
5.2 Theories on the secular expansion of the public sector
5.3 The schools of "public choice" and the "supply-side economics"
5.4 The expansion and reduction of the public sector
5.5 The weight of the public sector: evolution and comparisons
Part II: The role of economic policies
6. Unemployment and the labor market
6.1 Unemployment, cycle and growth
6.2 Indicators of the labor market
6.3 The Okun's Law: the link between unemployment and income
6.4 Frictional and structural unemployment
6.5 Unemployment, rigidity in the labor market and eurosclerosis
6.6 The models insider-outsider, the efficiency wages and the theory of hysteresis
6.7 Labour costs, wages and productivity
6.8 The evolution of the institutions of the labor market
7. The monetarists and the debate on stabilization policies
7.1 The monetarist school and debate with Keynesians
7.2 The Keynesian extreme cases
7.3 The monetarist extreme case and the quantity theory of money
7.4 The monetary policy, according to Keynesians and monetarists
7.5 Fiscal policy, according to Keynesians and monetarists
7.6 Effects crowding and wealth effects
7.7 Delays of economic policy and the permanence of the effects over time
7.8 The stabilization policies: effectiveness, objectives, rules and discretion
8. Inflation and disinflationary policies
8.1 Inflation: costs and benefits
8.2 The Phillips curve
8.3 The monetarist vision and the absence of trade-off in the long run
8.4 The disinflationary policies: the role of money
8.5 Incomes policy and wage negotiations
8.6 Effects of the rigidity of the price: the New Keynesian Economics
8.7 The hyperinflations and fiscal drag
9. Rational expectations and the credibility of economic policies
9.1 The New Classical Macroeconomics
9.2 Rational expectations
9.3 The supply curve à la Lucas and the real effects of the forecasting errors
9.4 Implications of economic policy and the "Lucas critique"
9.5 The Ricardian equivalence
9.6 The role of strategic interdependence
9.7 The time inconsistency of economic policy
9.8 Credibility, rules and institutions
Part III: Monetary policy and fiscal policy
10. Monetary policy: objectives, strategies and theories on central banking
10.1 The independence of central banks
10.2 Final objectives of monetary policy and types of conservatism
10.3 Intermediate objectives, monetary policy strategies and seigniorage
10.4 monetary policy instruments and the Taylor rule
11. Fiscal policy, the sustainability of public debt and return policies
11.1 Fiscal policy and public deficits
11.2 Deficit, debt and "risk premiums"
11.3 The public debt sustainability
11.4 Public debt and return policies: the Italian case
11.5 Financing monetary, interest rate policy and debt management
11.6 Primary budget, real growth and progression of fiscal consolidations
11.7 Public budget and planning documents in Italy
12. Macroeconomic policies in an open economy
Part IV: The world economy: growth and globalization
13. Growth and development in the world
13.1 Growth and development from a historical perspective
13.2 Problems and development policies
13.3 Development indicators and groups of countries
13.4 The Bric: growth, structure and policies of four emerging economies
14. Globalization and trade policies in an open economy
14.1 Globalization: historical stages and drivers
14.2 Liberalization, financialization and "global imbalances"
14.3 The internationalization of business and the effects of globalization on mature countries
14.4 Evolution of world trade
14.5 Theories of international trade and trade policies
14.6 Trade policies: instruments and evidence
14.7 International bodies: from GATT to WTO
Part V: The European economic integration
15. The process of EU integration: the customs union to the single market. The EU budget
15.1 The EU enlargements, the subsequent treaties and institutions
15.2 The customs union, competition policy and the Structural Funds
15.3 The Single Market and the four liberalization
15.4 Structure and evolution of the EU budget
16. The Maastricht Treaty and the European "economic and monetary union"
16.1 The European Monetary System
16.2 The Treaty of Maastricht and convergence criteria
16.3 Theory of Optimum Currency Areas: Benefits and costs of monetary unions
16.4 Shock asymmetric and insurance systems
16.5 The EMU is an OCA?
Part VI: The economic policies in the eurozone
17. The ECB and European monetary policy
17.1 The ECB, organs and characteristics
17.2 The inflation target and the two pillars of monetary strategy
17.3 Instruments of monetary policy and the degree of activism of the ECB
17.4 An assessment based on macroeconomic performance
17.5 The dispersion of inflation and the exchange rate
17.6 The crisis and unconventional operations
17.7 The new supervisory bodies and the European banking union
18. Rules on the financial statements: stability and growth pact, Fiscal Compact
18.1 Default Risk and rules on the budgets in a monetary union
18.2 The "Stability and Growth Pact" and its reforms
18.3 The crisis and the new rules for the Eurozone (Fiscal Compact)
18.4 Policies of austerity and stagnation: how to get out?
19. The financial crisis, the sovereign debt crisis and the EU's responses
19.1 The crisis in the US: the subprime mortgages and the bursting of the bubble
19.2 The spread of the crisis and the Great Recession
19.3 The policy responses in different countries of the world
19.4 The sovereign debt crisis and the characteristics of the "PIIGS"
19.5 The EU and uncertain policy answers
19.6 The proposals for Eurobonds and greater European integration
Part VII: The problems of the Italian economy
20. The slow growth and the structural problems of the Italian economy
20.1 The long-term decline and the impact of the recent crisis
20.2 The main determinants: productivity, human capital and innovation
20.3 The pattern of specialization and the question dimensional
20.4 The economy of the South
21. Policies for employment and growth in Europe and in Italy
21.1 Employment policies and labor flexibility
21.2 The European Employment Strategy and the Lisbon Agenda
21.3 "2020" and the National Reform Programmes
21.4 Evolution of labor law in Italy
22. Advantages, costs and risks of a return to a national currency (Italian lira)