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Understanding economic policymaking

This is the first of the three courses part of the Globalization, Economic Growth and Stability Specialization. This course will employ a non-technical approach to analyze how governments use policy to influence a country's economy. Upon completing the course you should be able to discuss national debts and deficits, examine fiscal and monetary policy and their appropriateness to the situation of an economy, and anticipate the results of fiscal and monetary policies and structural reform on a country. These concepts will give you the tools to develop your own position in many current economic debates, such as fiscal stimulus vs. austerity, the merits of quantitative easing, the need for higher interest rates or the future growth path of many modern economies.

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Syllabus

Macroeconomy Overview

We are surrounded by news and commentary on the macroeconomy. To understand it, we need to grasp the meaning of GDP, inflation and unemployment and see what their “normal” levels are and how they relate to one another. Though these levels and relationships are far from mechanical, they provide an essential foundation to understanding what governments are doing in a macroeconomy.

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Explores how governments influence economies with non-technical language, making it accessible to learners

Provides a framework for understanding economic policies and their implications

Covers essential concepts in macroeconomics, fiscal policy, monetary policy, and other economic tools

Taught by Gayle Allard, an experienced instructor in economic policy and development

Offers practical insights into the real-world applications of economic policies

Includes interactive simulations and hands-on exercises to reinforce learning

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Reviews summary

Accessible intro to economic policymaking

According to learners, this course provides a largely positive introduction to how governments influence the economy using various policy tools. Students appreciate the non-technical approach, which makes complex topics like fiscal and monetary policy accessible, even for those without a strong economics background. The course is seen as highly relevant for understanding current economic news and debates, with specific modules covering the post-financial crisis landscape and clearing up myths about deficits and debts. While some learners found it a solid foundation, a few noted that it might be too simplistic if you have prior economic knowledge, suggesting it's best suited for beginners or those seeking a high-level overview.

Interactive policy simulation exercise.

"The simulator assignment was a great practical exercise."

"The simulator was a unique addition."

"Enjoyed getting a chance to run a country using the simulator."

Provides a good understanding of policy basics.

"Solid overview. Covers the main tools effectively."

"Good foundation for understanding economic policy."

"Provides a broad overview of how policy tools work."

Connects policy concepts to real-world issues.

"Highly relevant to understanding current events."

"Changed how I view news about the economy."

"Useful for getting the big picture and understanding economic news."

Explains complex economic policy simply.

"The non-technical approach was perfect for me, coming from a non-econ background."

"Made complex economic ideas easy to understand."

"Explains things well and makes complex topics accessible with real-world examples."

May be too basic for advanced learners.

"Some parts felt a bit basic if you have prior economics knowledge."

"Found this course too simplistic."

"The 'non-technical' approach stripped away too much detail needed for a deeper understanding."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Understanding economic policymaking with these activities:

Read "Macroeconomics" by Olivier Blanchard

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Supplement your understanding with a comprehensive textbook.

View Fiscal Policy under Low Interest Rates on Amazon

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Read the assigned chapters.
Take notes and highlight key concepts.
Participate in online forums or discussion groups to discuss the book.

Review macroeconomic models

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Sharpen your conceptual understanding of economic models.

Browse courses on Macroeconomic Models

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Examine different types of macroeconomic models.
Analyze the assumptions and limitations of each model.
Apply the models to real-world economic scenarios.

Explore fiscal policy simulations

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Gain practical experience in evaluating the impact of fiscal policies.

Browse courses on Fiscal Policy

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Access online fiscal policy simulators.
Adjust spending and tax rates to observe simulated economic outcomes.
Analyze the results and draw conclusions about the effectiveness of different fiscal policies.

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Participate in a group case study

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Collaborate with peers to analyze real-world economic scenarios.

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Join a study group
Review the case study materials.
Discuss and analyze the case study as a group.
Develop and present recommendations based on your analysis.

Develop a hypothetical monetary policy plan

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Enhance your understanding by creating your own monetary policy proposals.

Browse courses on Monetary Policy

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Identify the current economic situation and monetary policy goals.
Research different monetary policy tools and their potential impact.
Develop a plan outlining specific monetary policy actions and their expected outcomes.
Present your plan and be prepared to defend your recommendations.

Participate in an economic forecasting competition

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Test your skills and gain recognition for your economic acumen.

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Identify and register for relevant competitions.
Analyze economic data and develop forecasts.
Submit your forecasts and track your performance against others.

Build a dynamic economic model

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Develop your technical abilities by creating a computational economic model.

Browse courses on Economic Modeling

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Identify a specific economic problem or phenomenon to model.
Gather and analyze relevant data.
Build and test the model using appropriate software.
Validate and interpret the results.
Prepare a report or presentation summarizing your findings.

Career center

Learners who complete Understanding economic policymaking will develop knowledge and skills that may be useful to these careers:

Economist

Economists are integral to the understanding and shaping of economic policy, making this course an excellent foundational resource. This course can help one who wishes to become an Economist build a strong understanding of how governments use policy to influence an economy. The knowledge and tools provided by this course will enable one to develop their own positions in current economic debates, a valuable asset to economists who often inform public policy discussions and provide advice to policymakers.

See salaries and explore the career path for Economist

Financial Analyst

Financial Analysts study and interpret economic and financial data and trends to make informed judgments and offer financial advice. This course provides the necessary foundation in macroeconomic principles and the tools to analyze economic data, providing a significant advantage to those who wish to succeed in this role. The knowledge gained from this course will enhance their ability to assess the impact of economic policies on industries, companies, and investments, enabling them to make sound financial recommendations.

See salaries and explore the career path for Financial Analyst

Policy Analyst

Policy Analysts play a pivotal role in shaping and evaluating government policies, and this course will provide a solid foundation for those aspiring to enter this field. The course covers the intricacies of fiscal and monetary policy, enabling one to understand how governments use these tools to influence economic outcomes. This knowledge will empower Policy Analysts to participate effectively in policy development, assess policy effectiveness, and make data-driven recommendations.

See salaries and explore the career path for Policy Analyst

Budget Analyst

Budget Analysts play a critical role in the allocation of public funds, making this course a valuable asset. This course provides a thorough understanding of fiscal policy, allowing Budget Analysts to assess the impact of government spending on the economy. The knowledge gained will enable them to make informed recommendations on budgetary matters and contribute to the effective management of public resources.

See salaries and explore the career path for Budget Analyst

Economic Consultant

Economic Consultants provide expert advice on economic issues to businesses and governments, and this course can significantly enhance their capabilities. The course offers insights into how economic policies shape economic outcomes, empowering Economic Consultants to make informed recommendations to their clients. The understanding gained will enable them to navigate economic trends and advise on strategies for growth, investment, and risk management.

See salaries and explore the career path for Economic Consultant

Investment Banker

Investment Bankers facilitate capital raising and financial transactions, and this course provides a foundation in economic principles that can enhance their success. The course covers monetary policy and its impact on interest rates and financial markets, knowledge that is critical for Investment Bankers to make sound investment decisions. By understanding the macroeconomic environment, they can better assess investment risks and opportunities, leading to more informed advice for their clients.

See salaries and explore the career path for Investment Banker

Actuary

Actuaries are responsible for assessing financial risks and developing strategies to mitigate them, and this course can be a valuable addition to their skillset. The course offers a solid understanding of macroeconomic trends and their impact on insurance and pension funds. Actuaries can leverage this knowledge to develop more accurate risk models, set appropriate premiums, and provide sound financial advice to clients.

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Underwriter

Underwriters assess and manage risks for insurance companies, and this course can provide them with a solid foundation in economic principles. The course covers the impact of economic conditions on insurance markets, as well as the role of government policies in regulating the insurance industry. This knowledge will empower Underwriters to make informed risk assessments, set appropriate premiums, and contribute to the stability of the insurance market.

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Risk Manager

Risk Managers are responsible for identifying, assessing, and mitigating risks for organizations, and this course can enhance their capabilities. The course provides a comprehensive understanding of economic factors that can impact organizational performance, such as inflation, interest rates, and exchange rates. This knowledge will enable Risk Managers to develop more effective risk management strategies, protect their organizations from potential losses, and contribute to long-term success.

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Credit Analyst

Credit Analysts evaluate the creditworthiness of borrowers, and this course can provide them with a deeper understanding of economic factors that influence credit risk. The course covers the impact of monetary policy on interest rates and economic growth, as well as the role of government policies in regulating the financial system. This knowledge will enable Credit Analysts to make more accurate credit assessments, reduce risk exposure, and contribute to the stability of the financial system.

See salaries and explore the career path for Credit Analyst

Financial Planner

Financial Planners help individuals and families manage their finances, and this course can enhance their ability to provide sound financial advice. The course provides a solid understanding of macroeconomic trends, such as inflation, interest rates, and economic growth, and their impact on financial markets. This knowledge will enable Financial Planners to make informed investment recommendations, develop effective financial plans, and help their clients achieve their financial goals.

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Quantitative Analyst

Quantitative Analysts use mathematical and statistical models to analyze financial data and make investment decisions, and this course provides a strong foundation in economic principles. The course covers the impact of economic policies on financial markets and the economy as a whole. This knowledge will enable Quantitative Analysts to develop more accurate models, make more informed investment decisions, and contribute to the success of their investment strategies.

See salaries and explore the career path for Quantitative Analyst

Data Scientist

Data Scientists use data to solve business problems, and this course can provide them with a solid understanding of economic principles that can enhance their capabilities. The course covers the impact of economic policies on businesses and industries, as well as the role of economic data in decision-making. This knowledge will enable Data Scientists to develop more effective data-driven solutions, provide more accurate insights, and contribute to the success of their organizations.

See salaries and explore the career path for Data Scientist

Business Analyst

Business Analysts identify and solve business problems, and this course can provide them with a solid understanding of economic principles that can enhance their capabilities. The course covers the impact of economic policies on businesses and industries, as well as the role of economic data in decision-making. This knowledge will enable Business Analysts to develop more effective solutions, make more informed recommendations, and contribute to the success of their organizations.

See salaries and explore the career path for Business Analyst

Consultant

Consultants provide advice and guidance to organizations on a wide range of issues, and this course can provide them with a solid foundation in economic principles that can enhance their capabilities. The course covers the impact of economic policies on businesses and industries, as well as the role of economic data in decision-making. This knowledge will enable Consultants to provide more informed advice, develop more effective solutions, and contribute to the success of their clients.

See salaries and explore the career path for Consultant

Reading list

We've selected 35 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Understanding economic policymaking.

International Macroeconomics

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Provides a rigorous and in-depth analysis of monetary policy, making it a valuable resource for anyone who wants to understand the role of monetary policy in economic stabilization.

Understanding economic policymaking

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What's inside

Syllabus

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Reviews summary

Accessible intro to economic policymaking

Activities

Career center

Reading list

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