Università degli Studi di Napoli "Parthenope"

Teaching schedule

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First Semester
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Italian and English

Course description

The course provides advanced analytical tools for the theory of international economic policy both from the microeconomic point of view and from the macroeconomic point of view from the latest facts and theories from the perspective of the EMU. The objective is to answer through rigorous analytical tools to the following questions: What is the role of fiscal policy in a context of interdependence among countries? How to handle sovereign debt? How to establish the policy objectives of a central bank? Is it better to choose fixed rates or flexible exchange rates? What policies do policy makers have in a globalized market? How do financial markets affect the outcomes of monetary policy and fiscal policy? How can policy makers affect the financial market outcomes? What is the link between economic policy, globalization, growth and inequality?


Knowledge of Macroeconomics and Economic Policy in Open Economies in its basic content. Elements of linear algebra and statistics.


I block of lessons
The Policy Framework in the Eurozone.The European Monetary Union: historical roots and recent events. Policy principles from WWII to the fall of Bretton Woods. The Optimal Currency Area Theory. Fiscal and monetary policy under alternative exchange rates regimes and perfect capital mobility: The Mundell-Fleming model. From the Exchange rate agreements to the common currency: the New Consensus Macroeconomics. The present policy framework of the Eurozone Fiscal Policy in the Eurozone. From Keynesian macroeconomics to contemporary theory. Fiscal policy theory in a Keynesian world. Fiscal policy and the intertemporal approach. Inflation and output effects of expansionary fiscal policies: the slope of the supply curve. The evolution of the theoretical debate and the case of the Eurozone. The public debt issue. The crowding-out effect in a monetary union.

II block of lessons.
Monetary policy: a general framework. Theoretical basis of the conduction of Monetary Policy: inflation vs. unemployment. The Taylor rule. Monetary policy under fixed exchange rates regimes. Evolution of the monetary policy theory. Monetary policy and the objective of financial stability. Monetary policy and the exchange rate objective. Monetary policy transmission mechanisms. Monetary Policy in the Eurozone. The issue of policy coordination at internal and external level. Policy Coordination in the Eurozone: a general framework. International spillover effects under floating exchange rate regimes. Policy coordination and financial markets. Policy coordination and external equilibrium. Policy coordination and the future of the Eurozone.

III block of lessons
Insights through reading and examining research papers from international journals on topical issues such as: the effectiveness of fiscal policy, the role of monetary policy in a globalized context, the relationship between financial markets, inequality and economic growth, European Monetary Union

Teaching Methods

The course includes lectures, tutorials and deepening of the essay on research topics related to the study program.


Canale R.R., Mirdala R., Fiscal and Monetary Policy in the Eurozone. Theoretical concepts and empirical evidence. Emerald publishing, London, 2019

Learning assessment

The exam is based on a written test with open questions that require analytical insights and synthesis skills. The written test is accompanied by an oral test that verifies the autonomy and independence of thought also through the presentation of the results achieved in the in-depth research essays in the classroom.

More information

. The course is avaliable in English in bleded form on the University e-learning portal