The course covers the main contemporary issues in public finance and public economics. It is aimed at allowing students to read and understand the theoretical and empirical literature (both academic and policy-oriented) as well as to implement their own empirical research. Reference is also made to main institutional aspects at the national and, where relevant, international level.
Students will have a sound knowledge of concepts and phenomena related to public finance and public intervention in the economy with special reference to: corporate taxation and investment/financial decisions; public debt: macroeconomic effects, long-run financial sustainability, intergenerational equity; market regulation; market auctions.
Public finance and demographic changes, with special reference to the effects of welfare systems in an ageing society.
Public debt sustainability and intergenerational equity: concepts and measurements.
Imperfect Competition, Market Regulation and Regulatory Reforms; Auctions and Procurement.
Corporate taxation and capital assets taxation in a national and international setting.
Textbooks and references:
For each topic students will refer to a selected bibliography which will be given at the beginning of the course and will be available on the e-learning website dedicated to the course.
Students needing to refresh basic public finance concepts may refer to the following textbooks (listed in an increasing order of complexity):
J. Gruber, Public Finance and Public Policy, Worth Publishers.
H. Rosen, Public Finance, Mac Graw Hill;
J. Stiglitz, The Economics of the Public Sector, Norton & C;
R. Musgrave and P. Musgrave, Public Finance in Theory and Practice, Mc Graw Hill;
J. Hindriks and G. D. Myles, Intermediate Public Economics, MIT Press
Written examination: Candidates are expected to write short essays on specific topics and/or solve problems.
Candidates may prepare during the course an essay on a topic assigned by the teacher on a specific issue related to the course.
The aim of the essay is to train students to write short scientific reports on either theoretical or empirical issues relevant to the current debate and to become familiar with bibliographical research as well as on policy reports prepared by national or international institutions such as I.M.F., O.E.C.D., European Commission, National Central Banks, the European Central Bank.
When taking written examinations and in case of the preparation of an essay that has been positively assessed by the teacher, the student is allowed to skip the specific question on that specific topic.
