Master
2021/2022
Theory and Practice of Macroeconomic Policy
Type:
Elective course (Economics: Research Programme)
Area of studies:
Economics
Delivered by:
Department of Theoretical Economics
Where:
Faculty of Economic Sciences
When:
2 year, 1, 2 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Instructors:
Olga Kuznetsova
Master’s programme:
Academic Economics
Language:
English
ECTS credits:
6
Contact hours:
60
Course Syllabus
Abstract
Course “Theory and practice of macroeconomic policy” consists of three parts. The first part is devoted to the discussion of the main problems of macroeconomic policy. The second part of the course deals with the peculiarities of macroeconomic policy in monetary unions. The last part of the course studies the macroeconomic policy regimes. The main emphasis will be made on the current tendencies in macroeconomic policy throughout the world, especially on communication policies in different countries. The Russian macroeconomic policy will be widely discussed.
Learning Objectives
- to present the main current macroeconomic problems
- to describe the role of government and central banks in the economy
Expected Learning Outcomes
- be able to acquire the necessary skills to discuss different macroeconomic problems, the fiscal and monetary authorities’ actions and decisions, the consequences of macroeconomic policy changes for the economy
- be able to analyze financial and real data, apply the macroeconomic tools for the analysis of both monetary and financial sphere
- to understand the role of fiscal and monetary policy
Course Contents
- Part 1. The main problems of macroeconomic policy. Topic 1. Introduction. Macroeconomic policy: targets and constraints
- Part 1. Topic 2. Macroeconomic problems: Inflation
- Part 1. Topic 3. Zero-lower bound
- Part 1. Topic 4. Currency crises
- Part 1. Topic 5. Government debt
- Part 2. The economics of monetary unions. Lecture 6. Between international openness and monetary sovereignty
- Part 2. Lecture 7. Monetary policy in currency unions
- Part 2. Lecture 8. Fiscal policies in currency unions
- Part 2. Lecture 9. Fiscal federalism or intergovernmental cooperation?
- Part 2. Lecture 10. Thoughts of a fiscal union
- Part 2. The evolution and the current state of macroeconomic policy. Topic 6. Monetary policy regimes
- Part 2. Topic 7. Inflation targeting
- Part 2. Topic 8. Communication policy of central banks
- Part 2. Topic 9. New challenges to macroeconomic policy
- Part 3. Lecture 14. Optimal policy under uncertainty
Assessment Elements
- Average mark for quizzes
- Attendance
- EssayThe essay is to be prepared after the second part of the course. The essay is the critical literature overview at a chosen topic. Max length of the document is 5 pages (appendices and covers not included)
- ExamThe written documentation for the excuse is to be presented to the Students’ Office in accordance with the HSE’s rules.
Interim Assessment
- 2021/2022 2nd module0.299 * Average mark for quizzes + 0.001 * Attendance + 0.4 * Exam + 0.3 * Essay
