International Economic Relations: the Case of Europe
Full course description
In this course we investigate international economic relations, with a particular focus on the European Union (EU) and the euro area (EA). We discuss channels through which nations are economically connected. This involves analyzing the dynamics of international markets for products and services, labor and finance and the importance of the underlying institutional designs. We study the underlying economic theory and the way such insights have been translated into the institutional arrangements of the European Union. We discuss how effects of macroeconomic policies are transmitted from country to country through these channels and how fiscal and monetary policies can/should be coordinated to contribute to fostering economic integration. We pay attention both to the intra-European dynamics and the relation of Europe with the rest of the world.
To be able to understand and analyze the institutional design of EU and EA and its role in cross country economic relations.
To understand theories of economic and financial integration and apply these to understand cross-country dynamics within the EU/EA and between the EU/EA and the rest of the world.
To understand and use the role and impact of macroeconomic policies on economic and financial integration.
Understand the challenges for European integration and be able to discuss possible policy solutions.
SSC1027 Principles of Economics, SSC2007 Intermediate Macroeconomics.
SSC2048 Intermediate Microeconomics.
- R. Baldwin and C. Wyplosz, The Economics of European Integration, 2020, 6th edition, McGraw-Hill, selected chapters.