The subject consists in analyzing how monetary and fiscal policy may influence output, employment and inflation when a shock happens. So, it consists in analyzing how to react to these shocks more efficiently with monetary and fiscal instruments.

Students have already seen in previous macroeconomic courses some models as AS/AD model or the IS-LM that will be the base to develop the different topics of this subject.

1.- To identify and analyse the existing different theoretical approaches of fiscal and monetary policy and the objectives that they pursue.

2.- To understand the use of the instruments of fiscal and monetary policy.

3.- To apply the acquired knowledge to solve real problems suffered by nowadays economies.

4.- To foster the development of oral and written communication skills.

Learning Outcomes

I.- Intermediate duration tasks resolution during practice and seminars

II.- Resolution of projects in group

III.- Correct Resolution of problems

IV.- Projects presentations

I. INTRODUCTION TO ECONOMIC POLICY.



II: MONETARY POLICY



III: FISCAL POLICY



IV: ECONOMIC POLICY IN AN OPEN ECONOMY

This module is designed to develop the student’s critical skills as an economist and his/her ability to apply macroeconomic policy to specific issues. Preparation will typically involve reading and reflection on specific essay questions, testing their ability to apply macroeconomic reasoning and relevant empirical evidence to the problem at hand.

• Sistema de Evaluación Final
• Herramientas y porcentajes de calificación:
  • Prueba escrita a desarrollar (%): 70
  • Realización de prácticas (ejercicios, casos o problemas) (%): 30

Students who opt for a continuous assessment system will be asses by a final exam 7/10 (70%). Taking part actively in the classroom will be 3/10 (30%) points worth. No less than 2,5 points (2,5/7)in the final exam are required in order to add the points obtained in the continuous evalutaion to the points of the final exam.

The continuous assessment system involves the student to attend no less than 90% of the classes.

The points corresponding to the seminars and practical modules will be obtained by taking part actively during these hours and by doing the tasks and exercises assigned to the students.

Students may do a voluntary written essay individually. This essay will be worth 1 point the most; this point will be added to the final mark obtained by the student (exam + continuous evaluation) if and only if the student has passed the subject.



The students that in line with the regulation of the UPV/EHU, apply for not taking part in the continuous evaluation system, may opt for a final exam worth 100% of the subject. In this case, the final exam will contain all what is needed to properly assess the whole program of the subject. Students opting for this system should ask for it to the professor in charge of the subject during the 9 first weeks of the course.

In the RESIT (second final exam) a single exam will provide 100% of the subject’s grade (when fulfilling the legal requirements to do so) or the result of continuous assessment could also be considered.

Bibliografía básica

Wendy Carlin y David Soskice (2024) Macroeconomics: Institutions, Instability and Inequality, Oxford University Press.

Olivier Blanchard (2021) Macroeconomics, 8th ed. Prentice-Hall International Ed

Juan Ramón Cuadrado Roura (dir) (2023) Política Económica. McGraw Hill

O. Bajo Rubio y C. Díaz Roldan (2011): Teoría y Política Macroeconómica, Antoni Bosch

Bibliografía de profundización

Articles, documents and material supplied by Professors

Revistas

Publications by the European Central Bank, Bank of Spain and "Ministerio de Economía y Hacienda"

Direcciones web

Banco Central Europeo: www.ecb.int
Banco de España: www.bde.es
Fondo Monetario Internacional: www.imf.org
Ministerio de Economía y Competitividad: www.mineco.gob.es
Vox: www.voxeu.org
Bruegel www.bruegel.org