59691 - Macroeconomics

Learning outcomes

This is an introductory course in macroeconomics. The goal is to develop a relatively advanced basis for an understanding of how the national and global economies work at the aggregate level, and how production, employment, prices and interest rates are determined. We will develop the theoretical foundations to analyze the business cycle (why economic activity fluctuates), long run economic growth (why some countries are rich and other poor, why some countries are growing and other stagnating), the 2007-2008 financial crisis and subsequent deep recession as well as how fiscal, monetary, and economic policy in general affect economic activity.

Course contents

1. Main macroeconomic aggregates.

2. Real and financial markets. Macroeconomic equilibrium in the short run.

3. The labor market. The Phillips curve. Inflation and unemployment. Macroeconomic equilibrium in the medium run.

4. The open economy. Production and the trade balance. Production, the interest rate and the exchange rate. Exchange rate regimes.

5. Financial markets and expectations. Expectations, consumption and investment. Economic policy and expectations. The government's budget constraint: public deficit and public debt.

6. Economic Growth. Savings, capital accumulation and growth. Technological progress and growth.

Readings/Bibliography

Blanchard, O. Amighni A. e F. Giavazzi, MACROECONOMICS: A EUROPEAN PERSPECTIVE, 3rd edition, Pearson Education Limited, 2017.

Exercise book: Ferraguto G. MACROECONOMICS: PROBLEMS AND QUESTIONS, Egea, last edition.

Teaching methods

Lectures. Classes with presentation of exercises.

Lectures are held by the professor in the dedicated room, with contextual connection to the virtual classroom of the course via Teams.

Students can attend in presence, upon confirmed reservation of a seat in the room on Presente, or online by joining the virtual classroom of the course on Teams.

Important note: only students with a confirmed reservation on Presente for the lecture are allowed into the room to attend in presence.

Classes, held by the course's tutor, take place online in the virtual classroom of the course on Teams.

Assessment methods

The final exam is written and aims at verifying the acquisition of expected learning outcomes. The exam is divided in two parts, with equal weight for evaluation. The first part proposes essay-type or multiple choice questions and true/false questions in order to verify the acquisition of specific analytical tools and language of the subject. In the second part, the student is asked to solve exercise-type questions, following typologies proposed during lectures and classes, in order to verify the ability to understand the effects of specific policy interventions and to apply general notions to specific cases.

 

Teaching tools

Classes with presentation of exercises and examples useful for preparing the written exam. Classes will be held online by the course's tutor.

Teaching materials (lectures' slides, exercises presented in classes) will be published weekly on Virtuale. 

 

 

Office hours

See the website of Carlotta Berti Ceroni