Economic Policy
The aim:
1. The first aim of the Economic Policy subject is to instil in successful candidates the ability to analyze macroeconomic issues such as growth, productivity, labor markets, wages, business cycles, inflation, money, interest rates, monetary policy, fiscal policy, and financial crises.
2. The second goal of this course is to instill in the successful candidates the ability to use the knowledge of macroeconomic issues to undertake the decisions in the realm of economic policy.
Acquired knowledge:
1. On completion of this subject the candidate will be able to demonstrate and use the knowledge of the fluctuations in the level of economic activity and the rate of economic growth, as well other macroeconomic variables such as prices and exchange rates.
2. On completion of this subject the candidate will be able to use the knowledge of macroeconomic issues to make the economic policy decisions.
Acquired skills:
1. On completion of this subject the candidate will be able to use a macro theory in economic policy applications.
Acquired social skills:
1. On completion of this subject the candidate will be able to understand what causes the fluctuations in the level of economic activity and the rate of economic growth, as well as analyse how policy makers can respond to them.
Course contents:
1. Heritage of Central Planning.
2. Mechanisms and Forms of Economic Transformation – Shock Therapy vs. Gradual Reforms.
3. Evolution of Foreign Trade during Transformation.
4. Labor Market Policies during Transformation.
5. The problem of Ageing Societies.
6. Social Reforms – Pension Reforms.
7. Healthcare Reforms.
8. Fiscal Policy.
9. Monetary Policy.
10. Global Financial Crisis & Covid-19 Pandemics in the CEE.
Recommended reading:
1. Macroeconomic Paradigms and Economic Policy, Nicola Acocella, Giovanni Di Bartolomeo, Andrew Hughes Hallett, Cambridge University Press. Cambridge 2016.
2. From the Soviet Bloc to the European Union, Ivan T. Berend, Cambridge University Press. Cambridge 2009.
3. An Economic History of Twentieth-Century Europe – Economic Regimes from Laissez-Faire to Globalization, Ivan T. Berend, Cambridge University Press. Cambridge 2016.
Additional reading:
1. The Business Environment of Europe, Terrence Guay, Cambridge University Press. Cambridge 2014.