Teaching activities

Thursdays, 14:30 -16:30  Room TC.3.09

Course content:

The course will provide an overview of macroeconomic developments in the EU since the inception of the euro, the (changing) settings of macroeconomic policy designs and governance mechanisms, and its analytical underpinnings. Topics and issues covered will include:

    General issues ​(October 20, 27; November 3,10,17)

• The Maastricht-Treaty and the early years of EMU

• The “orthodox” economic policy paradigm at the turn of the century

• Analytics: the new Keynesian DSGE model and the "divine coincidence"

• Bubbles, intra-area capital flows, economic convergence, and divergence

• The financial crisis 2008 and its fall-out

• Intellectual and institutional governance failure and repair

• The main economic challenges at the current juncture

    Special topics ​

• EU enlargement and catching-up                                                 December 1

• Income inequality in the EU                                                           December 1

• Greece and the Troika                                                                    December 15

• Brexit                                                                                                December 15

• The productivity paradox                                                               December 22

• The EU in the global economy                                                      December 22

• The secular stagnation hypothesis                                                January, 12 

• Fiscal and monetary governance reconsidered                           January 12

• The macro-policy response to the Covid-pandemic                   January 19

• The return of inflation                                                                     January 19

Teaching/learning methods:

The general issues will be covered by the instructor in a lecture format with Q&A; homework questions will be posed at the end of each lecture. Special topics will be dealt with in presentations (30 minutes max) and discussion by students’ teams; two topics per session.

Learning outcomes:

Students will learn about the main macroeconomic developments in the EU over the past 25 years, and gain knowledge and a broad analytic understanding of the evolving patterns of macroeconomic policy settings, governance mechanism and institutional design at the Community level. Students will practise literature search, exercise teamwork, and improve presentation techniques and discussion proficiency.

Attendance requirements:

Students must not miss more than two sessions, attendance at the introductory session (October 13) is mandatory for students’ teams work assignment.  

Assessment:

Students´ special topic paper (40%)

Students´ presentation (35%)

Active participation in class (25%)

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Special topic papers due no later than February 17, 2023.

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Background reading:

Students are invited to search/consult the relevant pages on the websites of the European Commission, the European Central Bank and the European Stability Mechanism. Further reading suggestions will be provided in class.

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Course material is provided at www.wu.learn.at or upon request.

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