Economics of OECD Countries

Chris Allsopp, Andrea Boltho, Jenny Corbett, and Mark Rebick (Convenor).

RUBRIC

The rubric for this paper is: Main phases of development since 1945. Institutional framework of policy formation; conduct of demand management policies; the welfare state and public expenditure; experience of policies and strategies. The behaviour of major macroeconomic aggregates; the labour market and industrial relations. Development of external trade and financial relations; competitiveness and exchange rates; economic integration and the international coordination of economic policies.

Questions will be set requiring knowledge of one or more of the following countries; France, Germany, Italy, Japan, UK and US. Candidates will be expected to answer at least one question (out of three) from Part A.

Part A. Comparative analysis of the OECD countries

Part B. The Major Areas

Section 1: Western Europe
Section 2: the United States
Section 3: Japan

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CONTENT AND STRUCTURE

This course examines the comparative economic performance of the main OECD countries in Western Europe, as well as the USA and Japan.  The course focuses on long-term growth and productivity performance, and analyses the main explanations of differences across countries and over time.  The course also considers a series of policy issues that arose after the growth slowdown of the early 1970s.  These include the rises in both unemployment and inflation, as well as the differences across countries in the extent of these increases and their duration.  The course also addresses the problems of specific countries, such as the sustainability of the European Social Model, the 'New Economy' in the USA, and the length and severity of the Japanese recession.  In the examination of these problems, the course also sheds light on the relative performance of different varieties of capitalism.

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The course objectives are

a) to enable students to gain an understanding of the patterns of growth in the major OECD countries; of the major economic policy problems facing those countries over the last 3 decades, and of their key institutional differences relating to economic policy making.

b) to see that students gain a good knowledge of the scholarly literature in the field.

c) to allow students to develop some experience in the application of theoretical economic thinking to applied policy problems.

d) to show students how the theoretical knowledge they have acquired in the core Macro and Micro economics courses are related to real economic issues.