Nel corso di laurea magistrale in Giurisprudenza (il +2 del 3+2!) a Cassino, era previsto il corso di Economia politica II.
Questo corso non è mai stato attivato, ma chi vuol conseguire la “vecchia” laurea specialistica può comunque sostenere il relativo esame.
In questo caso, lo studente può seguire il corso da 4 crediti di Macroeconomia, che si terrà nel secondo semestre a partire da Marzo 2007, e deve poi concordare con il docente una parte integrativa da 2 crediti.
Dimitri B. Papadimitriou, Gennaro Zezza, and Greg Hannsgen, “Can Global Imbalances Continue? Policies for the U.S. Economy”, Levy Institute of Economics, Strategic Analysis, November, 2006.
In this new Strategic Analysis, we review what we believe is the most important economic policy issue facing policymakers in the United States and abroad: the prospect of a growth recession in the United States, linked to the imbalances in the U.S. current account, government, and private sector deficits. The current account balance, which is a negative addition to U.S. aggregate demand, is now likely to be above 6.5 percent of GDP and has been rising steadily for some time. The government balance has improved, again giving no stimulus to demand, which has therefore relied entirely on a large and growing private sector deficit. A rapidly cooling housing market is one of the signs showing that this growth path is likely to break down.
We focus first on the current account deficit. Our analysis suggests that a necessary and sufficient condition to address this problem, without dire consequences for unemployment and growth, is that net export demand grow by a sufficient amount. For this to happen, three conditions need to be satisfied: foreign saving has to fall, especially in Europe and East Asia; U.S. saving has to rise; and some mechanism, such as a change in relative prices, should be put in place to help the previous two phenomena translate into an improvement in the U.S. balance of trade.
We next turn to the ever-rising growth in private sector debt. As long as interest rates were moving downwards, a larger debt was consistent with stable interest payments, relative to income. Since interest rates have now stabilized or increased, debt service is taking an increasing share of households’ disposable income, a development that may have negative impacts on consumers’ demand.
