Prof. George Alogoskoufis
E251 The Economics of the European Union
This course analyzes the current state of the European Union, its institutional set up, it main policies with regard to the European economy, problem areas, and its role in the global economy. The first half of the course focuses on microeconomics, and examines the effects of economic integration on the structure of European product, labor and financial markets, the European economic and business context, growth in the EU, the Common Agricultural Policy (CAP), regional policy, EU competition and state aid policy and EU international trade policy, including trade relations between Europe and the Unite States. The second half focuses on macroeconomics and examines the process of European monetary integration, the evolution from the European Monetary System to the creation of the Euro, European economic and monetary institutions such as the EU Commission, the ECOFIN Council, the Eurogroup and the Stability and Growth Pact, and the European Central Bank (ECB). This part of the course provides a detailed assessment of current European macroeconomic developments and policies before and after the crisis of 2010, the role of European financial integration, and monetary and fiscal interactions between Europe and the USA. The course was offered to graduate students at the Fletcher School in the Fall Semester of the academic years 2016-17, 2017-18 and 2018-19.
E230 International Finance
This course presents the main theories of International Finance (also called International Macroeconomics or Open-Economy Macroeconomics) and applies them towards gaining an understanding of recent events and current policy issues.
The theories cover a broad range of topics including exchange rate determination, the macroeconomic implications of world capital market integration, monetary and fiscal policy in economies that trade goods and assets with the rest of the world, balance of payments crises, the choice of exchange rate systems, and international debt. The insights provided by these theoretical models are used to discuss topics such as business cycles in the United States, the European Union and other countries, the swings in the value of the US dollar and policy responses to these movements, trade imbalances, capital controls, the Euro Area crisis and aid to developing countries. The course was offered to graduate students at the Fletcher School by George Alogoskoufis in the Fall Semester of the academic year 2018-19. A related course was offered to undergraduate students at the Department of Economics, Tufts University, in the Fall Semester of the academic year 2016-17 and a related course on international financial crises was offered to Fletcher graduate students in the Spring Semester of the academic year 2016-17.
E215 The Economics of Public Policy
This course examines the economic role of the state and the potential and limits of public policy. It analyzes the rationale for public goods and publicly provided private goods, the role and economic impact of taxation and government borrowing and the scope for public policies and regulation in the presence of economic inequality, externalities, asymmetric information, imperfect competition and other market failures. The course analyzes public policy in areas such as defense and law and order, taxation, education, health, the environment, the labor market, financial markets and oligopolistic markets. It also analyzes the role of monetary and fiscal policy in stabilizing the economy, the determinants of long run economic growth and global macroeconomic imbalances. The detailed topics covered include: 1. The Scope of Government Intervention and Taxation, 2. The Public Sector in the USA and the Main Industrial Economies, 3. Theoretical Tools of Public Finance, 4. Equilibrium, Efficiency and Equity in Competitive Economies, 5. Externalities, Public Goods, Asymmetric Information and Increasing Returns, 6. Taxation, Efficiency and the Distribution of Income and Wealth, 7. Education, Health and Environmental Policies, 8. Social Security and Social Protection, 9. Competition Policy, 10. Regulation of Financial Markets, 11. Fiscal Policy and Public Debt, 12. The Inflation-Unemployment Tradeoff, Monetary Policy and Labor Market Policy, 13. The Determinants of Long Run Economic Growth, 14. Global Economic and Financial Imbalances and Financial Crises, 15 Financial Crises and Public Policy. The course was offered to graduate students at the Fletcher School in the Spring Semesters of the academic years 2016-17, 2017-18 and 2018-19.
This is an intermediate level course in macroeconomic theory and practice. It is oriented toward industrial economy issues, with explicit reference to global macroeconomic and financial developments. It introduces short-run and medium-run Keynesian models of the interactions of goods, financial and labor markets, and analyzes the determination of output, employment, inflation, interest rates, exchange rates and the current account. It also analyzes the short-run and medium-run implications of monetary and fiscal policies, the distinction between stocks and flows in the medium run, the role of expectations and financial crises. Finally, it analyzes the determinants of the process of long run economic growth. The course was offered to graduate students at the Fletcher School in the Spring Semesters of the academic years 2017-18 and 2018-19.