ECONOMIC POLICY M - Z

Knowledge and understanding

• of the rationale for public intervention in the economy;

• of the role played by institutions in the context of economic policy;

• of the effect of the economic policy actions in specific contexts, such as the labor markets;

Applying knowledge and understanding

• Ability to perform an analysis of the economic behavior of public and private agents;

• Ability to evaluate the role of government and the need for political and economic interventions in market economies;

• Ability to formulate objectives of economic policy, evaluate their results, and use available information to evaluate the adequacy of policies adopted in specific cases;

Making judgments

• on the appropriate theoretical frameworks and tools to evaluate econ

omic policy actions in specific contexts;

Communication skills

• to present in a consistent and clear way the rationale and the effects of public intervention in the economy;

Learning skills

• ability to understand the theoretical framework to assess the public

intervention in the economy;

• ability to evaluate the empirical evidence and connect it to specific policy contexts

Economic policy and conflicts. The normative theory of economic policy. The economics of welfare. The objectives of the new welfare economics. The microeconomic failures of the market. The market power and the antitrust policy; strategic interdependence like a source of market failure. Public goods. The level of the aggregate income in the fundamental models of the macroeconomic analysis. The fiscal policy. The role of money and the monetary policy. Inflation and the anti-inflation policy. The Phillips curve and the theoretical debate on the Phillips curve. Growth and development policy. The balance of payments and currency rates. Macroeconomic policy in open markets: the IS-LM-BP model. The main European institutions and economic policies. The economic policy in the era of globalization.

Cellini R., Politica Economica. Introduzione ai modelli fondamentali. McGraw-Hill, Milano, II edizione, 2011, capitoli 1, 2, 3, 4, 5, 6, 7, 9, 10, 17, 18, 19, 20, 21, 23, 24, 25, 26 e 27.