ECON 538
Resilience and Macroeconomic Policy Spring 2024
Division II
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Despite tremendous improvements in combating global hunger and child mortality, an increasing number of the world’s population continue to live in fragile conditions, buffeted by climate change, conflict, forced migration, weak governance, and state inability to deliver basic services to its citizens. Setting macroeconomic policy is difficult in such countries. Not only are decisions affected by policymakers’ distorted incentives and governments’ internal conflicts, fragility also weakens policy transmission mechanisms and constrains policy spaces. This course aims at identifying the causes and consequences of fragility and at discussing how policies should be changed to enhance resilience in such countries. The course will, first, look into the definition and characteristics of fragility, its numerical representation, and its causes and main consequences. The course will also highlight how policy is made in states of fragility, in particular, fiscal policy, monetary policy, exchange rate policy, export promotion policy, etc.), as well as consider policy interactions. Finally, the course will focus on efforts to mitigate fragility and enhance resilience in such countries, including the role of structural policies and that of international financial institutions.
The Class: Format: tutorial
Limit: 10
Expected: 10
Class#: 4044
Grading: no pass/fail option, no fifth course option
Requirements/Evaluation: Students will write 5-6 papers during the term, and will prepare and deliver formal comments on 5-6 papers written by other students. The required text is "Macroeconomic Policy in Fragile States," edited by Ralph Chami, Raphael Espinoza, and Peter Montiel, 2021, OUP.
Prerequisites: ECON 252 and ECON 255
Enrollment Preferences: Economics majors
Distributions: Division II
Attributes: POEC Depth

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