To understand international economic relations and the working of macroeconomic
policies in interdependent economies
At the end of the course, the students should be able
1) to demonstrate knowledge and understanding in the field of international economic policy; such knowledge provides an underpinning for personal development and further studies;
2) to apply their knowledge and understanding in professional and/or occupational contexts; in particular they should be able to apply what they learnt in order to evaluate the meaning of alternative pathways in various geopolitical situations.
3) to interpret information and data e to make judgments on specific issues on the working of the world-economy, to formulate responses to well-defined concrete and abstract problems
4) to present their conclusions on a given issue both to an audience of peers and to non specialist audiences
5) to develop their learning skills for undertaking further study or a professional career.

Required prerequisites are: microeconomics and macroeconomics.
It is useful to have attended international monetary economics (or international macroeconomics) and international trade courses .

Domestic and international economic policy
International economic relations
Evolution of international monetary systems
International economic crises

Agnes Benassy-Quere, Benoit Coeure, Pierre Jacquet, and Jean Pisani-Ferry (2018), Economic Policy: Theory and Practice.
Second Edition
Oxford University Press


Papers, reports of international economic organizations, book chapters, listed and
made available on the Moodle platform.

Fundamentals of Economic Policy: contents, principles, methods (chapter I of Economic Policy: Theory and Practice + course slides and materials indicated on Moodle) 1. Introduction: What is Economic Policy? 2. Economic Policy: the Trilemmas 3. Simplified Economic Policy and Motivations for Public Intervention 4. Evaluation of Economic Policies: levels and techniques 5. Indicators and indices for evaluation: income distribution and growth issues. Concentration and dispersion indices Models of economic policy in an imperfect and globalized world (chapter II of Economic Policy: Theory and Practice; course slides and materials indicated on Moodle) 1. Limitations of Economic Policy: uncertainty, incoherence, and information 2. Common good and the political-economic cycle. Median voter and consequences 3. International interdependence: Global governance and main global institutions. The issue of Global Public Goods (Moodle notes) 4. International cooperation and its forms; coordination and limits to free riding; game theory and its application to international cooperation; non-cooperative policies Fiscal policy at national and European level (chapter III of Economic Policy: Theory and Practice; course slides and materials indicated on Moodle; Chapter 1 of Economic Policy by Marcella Mulino – photocopies on Moodle) 1. From national accounts to models of PE in a macroeconomic context: Tinbergen’s normative model 2. Fundamental concepts of public budgets: Budget policy in the European context 3. The issue of budget balance and European coordination 4. Rules, objectives, tools in the European and Eurozone context 5. A new common policy? The PNRR case: a turning point for a common fiscal policy or a one-time emergency intervention? The current debate Monetary policy at national, international, and European levels (chapter IV of Economic Policy: Theory and Practice; course slides and materials indicated on Moodle) 1. Monetary policy and international monetary coordination 2. International monetary systems in an open economy: rules, agreements, free capital movement, and exchange rate regimes. An historical perspective 3. Implementation of monetary policy: conventional and unconventional methods 4. Intermediate and final targets and the international issue of price stability 5. Rules, behaviors, credibility, and temporal incoherence: brief summary 6. Interactions between monetary and fiscal policy Globalization, financialization, and exchange rate policies (chapters V §1 and V §3.3 and VI §1 and §3 of Economic Policy: Theory and Practice; course slides and materials indicated on Moodle) 1. International financial crises 2. Macroprudential policies 3. Optimal currency areas and convergence issues within the EU: a summary 4. Globalization and recent tensions in international monetary systems 5. Policies for financial integration Labor policies within a common area (chapter VIII §1 and §3 of Economic Policy: Theory and Practice; course slides and materials indicated on Moodle) 1. A heterogeneous labor market 2. Labor policies 3. Which policies in a common currency area? The EU case Policies for growth (chapter IX §1.1 and 1.2 and §3.1-3.4 of Economic Policy: Theory and Practice; course slides and materials indicated on Moodle) 1. Definitions and fundamental concepts 2. Policies for growth

Lessons, class discussions, case studies; participation of expert from other institutions

The course combines traditional and modern teaching methods to provide a "spaced learning" focused on the individual student's need

Student's preparation level will be assessed through a final exam covering all topics of the syllabus. The exam consists of a written test followed by a seminar discussion or by an individual report with discussion. The written test (open questions with short answers) ascertains student's basic knowledge. The oral exam ascertains their capacity of analysis and synthesis as well as their ability to properly use the rethoric of economics. In the final evaluation the written test weights 70% with a group seminar and debate (30%). Students who actively attend the course and participate in additional activities (such as exercises with submission and correction, expert seminars, etc.) can earn up to 2 points to be added to their final grade. Student with physical or psychological difficulties that affect their ability to sit exams or written tests may submit a request for attending the exam under particular circumstances.

The course deals with some important themes of the 2030 Agenda, such as inequalities among countries, distribution problems and policies to combat poverty, social hardships and problems concerning growth and PVS development (SDG 1, 8, 10). International trade, international investment and macroeconomic policies, as well as those for innovation such as education policies and industrial investments at the international level are other issues discussed in the course (SDG 4 and 9).