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It is important the knowledge of Macroeconomics (Economics II).
Knowledge and understanding The course of Economic policy will offer to the student the fundamental knowledge regarding economic policy decision-making, with particular reference to macroeconomic policy. Applying knowledge and understanding The student will be able to adequately discuss economic policy decisions, with reference to real problems such as weak economic growth, high unemployment, high public debt, and similar. Making judgements The student will be able to analyze and critically interpret the key economic facts, at the center of the national and international debate as well as the alternative options for the policymaker. Communication skills The student will be able to communicate with various interlocutors, by means of an appropriate language, her own reflections on the discussed and examined topics. Learning skills The student will be able to employ the method of study, the learned theoretical models and their applications in view of more deepened studies in the economic policy field.
The course of Economic Policy allows students to comprehend the motivations, characteristics and effects of economic policy decisions. On the basis of the key economic models, the students will analyze and discuss the issues concerning the economies of Italy, Europe and the world.
Economics and economic policy. The macroeconomic models. Theory of economic policies: objectives and instruments. Typology of economic policies. Keynesian schools and policies. Public intervention in the economy: theories and empirical evidence. Unemployment and the labour market. Monetarists and the debate on stabilization policies. Inflation and disinflation policies. Rational expectations and credibility of economic policies. Monetary policy: objectives, strategies and theories on central banking. Fiscal policy, sustainability of public debt and adjustment policies. Macroeconomic policies in open economies. Growth and development in the world. Globalization and trade policies. The integration process in the EU: form the Customs Union to the Single Market. The Maastricht Treaty and the European Economic and Monetary Union. The European Central Bank and the European monetary policy. Rules on public budgets: from the Growth and Stability Pact to the Fiscal Compact. Financial crisis, Sovereign Debt crisis and the EU response. The sluggish growth and the structural problems of the Italian economy. Policies for employment and growth in Europe and Italy.
E. Marelli e M. Signorelli, Politica Economica: Le politiche nel nuovo scenario europeo e globale, Giappichelli, Torino, 2015 edition or later.
Lectures; Exercises and seminars on themes relevant for the course; Student help service (weekly hours).
Compulsory written exam (with additional and optional oral exam). The written exam is 90 min. long and includes theoretical open questions (including graphs and equations when relevant). Some examples of written exams will be available to students and some examples of typical answers to the questions will be given during the lectures. Optional mid-term exam (available for all students). For attending students, the active participation to the Seminars may allow the grant of a “bonus”.
The examination programme is the same for all students, attending or not attending lectures. The former students (attending at least 4/5 of lectures), however, can study in deep some themes during the seminars (Focus).