Teaching staff:
Zografakis Stavros
Assistant Professor, Department of Agricultural Economics & Rural Development, Agricultural University of Athens

PART I: Methodology in macroeconomics. Macroeconomic models. Aggregate demand: derivation & analysis of the IS-LM model, elasticities and the effectiveness of fiscal and monetary policy, the aggregate demand function. Aggregate supply: the labour market, equilibrium with and without nominal/real rigidities, determination of the elasticity and position of the aggregate supply function. General macroeconomic equilibrium: determination of real output, employment, unemployment, the price level and nominal & real wages. The Neo-classical model as a special case. Fiscal and monetary policy in the general equilibrium macroeconomic model. Extension of the general-equilibrium macroeconomic model to the open-economy case. Analysis of fiscal & monetary policy in the open economy. Inflation and the Phillips curve. Inflationary expectations and the natural rate of unemployment. Rational expectations. The macroeconomic policy debate: the New Classical macroeconomics, activist and non-activists.    

PART II: The theory of Optimal Currency Areas. European Monetary Unification:  costs & benefits of EMU and EU macroeconomic policies. Fiscal federalism and rural governance. EU budget: stabilization and distributional functions. Fiscal discipline, Common Agricultural Policy and EU rural development policy. Stability and Growth Pact: critical considerations and heterodox approaches. EMU and cohesion.