This course focus provides an introduction to theoretical and applied aspects of economic policy. The first section starts by discussing basic concepts of economic policy making. A short refresher of welfare economics is provided here as well as a presentation of the objectives of economic policy making including an introduction to the "Beyond GDP" debate. In the second section, the course continues by analyzing the various limitations of economic policy such as incomplete information, imperfect credibility of announcement or political economy issues. The thrid section of the course talks about interdependence. It explains why international coordination is crucial in many areas, why it is so difficult and how it can be achieved. It covers the trilemma of integration, some basic ideas in the theory of fiscal federalism and then provides a brief introduction European economic integration. The fourth section provides an introduction to fiscal policy, covering some theoretical concepts and applications to the EU. Special emphasis is paid to the fiscal rules. The fifth section moves into an analysis of aspects of monetary policy, again focusing on Europe. Finally, the course is completed with a section on climate policy, talking about the recent development at the global and European level. It covers basics of the EU emission trading system and the proposed carbon border adjustment mechanism.

The students should learn to critically discuss topics of economic policy at a fairly advanced level. They should learn about the basic institutions and mechanisms. and to connect the debates to data.

Attendance and active participation are mandatory in all units.

The course will consist of lectures and the discussion of papers in a seminar-type environment.

A final exam (50%) and a short term paper (40%) and active participation in class and discussions (10%)

felbermayr@wifo.ac.at

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