ECTS : 3
Description du contenu de l'enseignement :
Compétence à acquérir :
- Capacité à mobiliser le ou les théories macroéconomiques pertinentes pour analyser l'efficacité des politiques économiques de stabilisation.
Mode de contrôle des connaissances :
Contrôle continu : 40% de la note finale (20% pour un compte rendu de brainstorming sur un sujet d'actualité, 20% pour la rédaction d'une fiche de lecture sur un article de recherche récent - à choisi par l'etudiant dans une liste fournie par le professeur)
Examen terminal : 60% de la note finale
Bibliographie, lectures recommandées :
Blanchard – Perroti (2002) An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output, The Quarterly Journal of Economics, November 2002, pages 1329 – 1368
Biau – Girard (2005) Politique budgétaire et dynamique économique en France : l’approche VAR struturel, Economie et Prévision, 2005, n° 169 – 171, pages 1 – 23.
Ilzetzki – Mendoza – Vegh (2013) How big are fiscal multipliers ? Journal of Monetary Economics, 2013, n°60, pages 239 -254
Romer – Romer (2010) The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks, American Economic Review 100 (June 2010), pp. 763 – 801.
Nakamura, Steison, (2014) Fiscal Stimulus in a Monetary Union: Evidence from US Regions, The American Economic Review, Vol 104 No. 3 (March 2014), pp. 753- 792
Aart Kraay, 2014, Government Spending Multipliers in Developing Countries: Evidence from Lending by American Economic Journal: Macroeconomics, Vol. 6, No. 4 (October 2014), pp. 170- 208
Blanchard – Leigh (2013) Effects of Fiscal Policy in Deep Recessions: Simple and Hopefully Credible Empirical Evidence, American Economic Review: Papers & Procedings 2013, 112 – 120
Ramey, 2019, Ten Years After the Financial Crisis: What Have we Learned from the Renaissance in Fiscal Research?, Journal of Economic Perspectives, n° 2, Spring 2019, pages 89 – 114
Creel, Heyer, Plane, 2011, Petit précis de politique budgétaire par tous les temps. Les multiplicateurs budgétaires au cours du cycle, Revue e l’OFCE n° 116, janvier 2011, pages 61 – 88.
Romer, Romer (2018), Why some Times are Different: Macroeconomic Policy and the Aftermath of Financial Crises, Economica, 85, pp. 1 – 40. (voir aussi, Romer, Romer, 2019, Fiscal space and the Aftermath of Financial Crises: How it Matters and Why, NBER Working paper, no. 25768, Avril 2019)
Yared, 2019, Rising Government Debt: Causes and Solutions for a Decades-Old Trend, Journal of Economic Perspectives, n° 2, Spring 2019, pages 115 – 140
Romer C. and Romer D., 2004, "A new measure of Monetary Shocks: Derivations and Implications", The American Economic Review, September 2004, 106, 1055 - 1084
Bernanke B. and Kuttner K., 2005, "What explains the stock market’s reaction to Federal Reserve Policy" Journal of Finance, 60(3), 1221 - 1257
Fawley B and Neely C., 2014, "The evolution of Federal reserve policy and the impact of monetary policy surprises on Asset prices", Federal Reserve Bank of Saint Louis Review, 1st quarter 2014.
Brzezinski, Chen, Palma and Ward, 2019, "The Vagaries of the Sea: Evidence of the real effects of money from Maritime disaster in the Spanish Empire", CEPR discussion paper 14089.
Kuttner K., 2018, "Outside the Box: Unconventional Monetary Policy in the Great Recession and Beyond", Journal of Economic Perspectives, Vol 32, n°4, Falll 2018, p. 121 - 146.
Borio C., Zabai A., 2016, "Unconventional monetary policies: are-appraisal", WP 570, BIS
Schularick and Taylor, 2012, Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870 - 2008, AER 2012
Bernanke, Gertler (2001) « Should Central Banks Respond to Movements in Asset Prices? » American Economic Review, Papers and Proceedings, 2001, Vol 91, n°2, p. 253 - 257.
Cerruti, Claessens, Laeven (2017) “The Use and Effectiveness of Macroprudential Policies: New Evidence,” Journal of Financial Stability, vol. 28, pp. 203-224, 2017
Richter, Schularick, Shim, 2018, The macroeconomic effects of macroprudential policy, BIS working paper