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Syllabus (same as below, downloadable PDF)

Reading list



12 January - INTRODUCTION: CONCEPTS AND LIMITS OF ECONOMIC POLICY

[download Lesson 1 slides]

- Structure of the course and assignment of group presentations

19 January - FISCAL POLICY

[download Lesson 2 slides]

- Article: L. Christiano, M. Eichenbaum and S. Rebelo (2011): “When is the government spending multiplier large?”, Journal of Political Economy, 19(1), pp. 78–121.

- Policy: “Does Europe need a fiscal union?” [download memo]

26 January - MONETARY POLICY

[download Lesson 3 slides]

- Article: M. Brunnermeier and Y. Sannikov (2012), “Redistributive monetary policy”, mimeo, Princeton University.

- Policy: “Monetary policy at the zero bound” [download memo]

2 February - FINANCIAL STABILITY

[download Lesson 4 slides]

- Article: B. Holmstrom and J. Tirole (1998), “Private and public supply of liquidity,” Journal of Political Economy, Vol. 106, No. 1, pp. 1-40.

- Policy: Macroprudential supervision: Why? How? [download memo]

9 February - INTERNATIONAL FINANCIAL INTEGRATION AND FOREIGN-EXCHANGE POLICY

[download Lesson 5 slides]

- Article: O. Blanchard, F. Giavazzi, and F. Sa (2005), “International Investors, the US Current Account, and the Dollar,Brooking Papers on Economic Activity, Vol. 2005, No.1, pp. 1-49.

- Policy: “Why doesn’t capital flow to emerging-market economies?"[download memo].

16 February - TAX POLICY

[download Lesson 6 slides]

[download Appendix to Lesson 6: Redistributive features of the French tax system]

- Article: G. Zodrow and P. Mieszkowski (1986), “Pigou, Tiebout, Property Taxation, and the Underprovision of Local Public Goods,” Journal of Urban Economics, Vol. 19, No. 3, pp. 356-370.

Advised reading: Krogstrup (2004), “A Synthesis of Recent Developments in the Theory of Capital Tax Competition,” University of Copenhagen, EPRU Working Paper Series, No. 04-02, [download].

- Policy: “Options to finance social protection” [download memo].

23 February – LABOR MARKET POLICIES

[download Lesson 7 slides]

- Article: O. Blanchard and F. Giavazzi, "Macroeconomic effects of regulation and deregulation in goods and labor markets", Quarterly Journal of Economics, Vol. 118(3), pp. 879-907, [download].

- Policy: “Labor contract and employment protection in France” [download memo].

2 March – STUDENT PRESENTATIONS

16 March – STUDENT PRESENTATIONS