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Regular version of the site
Master 2021/2022

Theory and Practice of Macroeconomic Policy

Type: Elective course (Economics: Research Programme)
Area of studies: Economics
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

Learning Objectives

  • to present the main current macroeconomic problems
  • to describe the role of government and central banks in the economy
Expected Learning Outcomes

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

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

Assessment Elements

  • non-blocking Average mark for quizzes
  • non-blocking Attendance
  • non-blocking Essay
    The 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)
  • non-blocking Exam
    The written documentation for the excuse is to be presented to the Students’ Office in accordance with the HSE’s rules.
Interim Assessment

Interim Assessment

  • 2021/2022 2nd module
    0.299 * Average mark for quizzes + 0.001 * Attendance + 0.4 * Exam + 0.3 * Essay
Bibliography

Bibliography

Recommended Core Bibliography

  • Monetary theory and policy, Walsh, C. E., 2003

Recommended Additional Bibliography

  • Chebbi, T. V. aut. (2019). What does unconventional monetary policy do to stock markets in the euro area? / Tarek Chebbi.

Authors

  • KUZNETSOVA OLGA SERGEEVNA