The goal of this course is to provide students with a general understanding of macroeconomic mechanisms and capacity to assess macroeconomic policies. The main focus will be on macroeconomic stabilization while explaining the scope and limits of key macroeconomic concepts (like growth, inflation, public debt, monetary and financial stability, etc.). Some key questions will be addressed in the context of the pandemic and the Ukraine war. How to reduce unemployment? How to avoid both excessive inflation (2022) or the risk of deflation (2020)? How to deal with public debt? Specific issues as digital currencies will also be tackled.
Session 1 : Growth wealth and inequalities (Xavier RAGOT, XR)
Session 2 : Understanding growth and welfare, definition and environmental issues (XR)
Session 3 : Should the State sustain demand or investment (or nothing) ? Discussion of Biden's economics (XR)
Session 4 : Should we fear public debt? (XR)
Session 5 : Managing an heterogeneous Europe : divergences and convergences: Italy, France, Germany (XR)
Session 6 : Growing like China ? Trade, development and growth? (XR)
Session 7 : Comparing the Global Covid Crisis & the Global Financial Crisis; links with Monetary and Financial stability (Marc-Olivier Strauss-Kahn)
Session 8 : Monetary Stability: Introduction and Main Channels of Monetary policy (MOSK)
Session 9 : Monetary Policy Tools and Evaluation (MOSK)
Session 10 : Remaining Puzzles for Monetary Policy and Introduction to Financial Stability (MOSK)
Session 11 : Financial Stability: The Main Regulatory Reforms and their Limits (MOSK)
Session 12 : Evaluation and Focus on Digital Currency (Time allowing) - MOSK
Xavier RAGOT,Marc-Olivier STRAUSS-KAHN
Séminaire
English
Students are expected to read couple of articles or studies during the whole course. The amount of extra work is limited.
None.
Autumn 2022-2023
Validation will have to take account of possible constraints raised by sanitary conditions.
It should be based on:
- Active participation by raising relevant questions and/or trying to provide some answers
- 2-part exam corresponding to each half of the course (with equal weight). Each part of the exam may be composed of a quiz (multiple choices), a short essay, or a case study. In this last case, team work will be favoured.
The course will be mainly based on lessons, and then a general discussion of implications, including those personally drawn by the lecturers during their professional careers with ample reference to contemporaneous cases. Some lectures will be dedicated to case studies.
Macroeconomics, by Olivier Blanchard (a recent edition)