The lecture Economic Policy is held during the summer semester.
Lecturer: Prof. Dr. Gunther Schnabl
Tutor: Alexander Herborn
Start: 06.04.2023
Date: TBA
Room: TBA
Language: Englisch
Objectives
This course is on economic policy in theory and practice with a focus on financial-crisis related economic policy issues in both the advanced and emerging market economies. We discuss topics such as fiscal demand stimulus, the link between monetary policy and credit booms, problems of debt sustainability and liquidation as well as international aspects of the recent crisis and economic policy responses.
Main Texts
- Hayek, Friedrich August von 1931 [1935]: Prices and Production, Augustus M. Kelly, Publishers, New York.
- Schnabl, Gunther 2019: Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory, In Mayes, David / Siklos, Pierre / Sturm, Jan-Egbert (Eds.), The Oxford Handbook of the Economics of Central Banking, Oxford University Press, Oxford, 551-584.
Requirements
This course is part of the module International Economic Policy. Besides this course the module comprises a class in European Integration as well as a seminar. Students can chose between participation in the seminars „Multilateralismus“ in Eltville or „Development Economics“ in Leipzig. Grading will be based on an exam covering the two courses worth two-thirds of your grade. For the seminar you will write a paper worth one third of your final grade.
Contents and Slides
| Lecture | Date | |
|---|---|---|
1. | Market Failure | 06.04.23 |
2. | Keynesian Demand Stimulus | 13.04.23 |
3. | Time Inconsistency and Rules in Economic Policy | 20.04.23 |
4. | Monetary Policy and Credit Cycles | 27.04.23 |
5. | Asymmetric Monetary Policy and Financial Instability | 04.05.23 |
6. | Fiscal Implications of Asymmetric Monetary Policy Time: 9:15 - 10:45 Room: Seminarraum 7 | 10.05.23 |
7. | International Implications of Low Interest Rate Policies | 25.05.23 |
8. | Oil Bill Recycling, Sterilization and Dutch Disease | 01.06.23 |
| Event: Leipziger Wirtschaftspolitische Gespräche: "Inflation - Ursachen, Folgen, Lösungswege" im Audimax Plakat | 06.06.23 (19:00-20:30) | |
9. | Global Imbalances | 08.06.23 |
10. | Intra-European Imbalances | 15.06.23 |
| Guest Speaker | 21.06.23 (9:00-11:00) | |
11. | Financial Repression | 22.06.23 |
12. | Long-term Implications of Low Interest Rate Policies | 29.06.23 |
| Questions and Answers | 06.07.23 |