08795 - Macroeconomics (GR. A)

Learning outcomes

The course is an introduction to the study of macroeconomics. It covers the main issues, methods, data, concepts and models.

Students will be able and motivated to follow and understand the current debates on macroeconomic issues, as they are reported by the qualified press and media.

A special focus will be on understanding and debating the appropriateness of the macroeconomic policies adopted since the Great Recession, and the roles of fiscal and monetary policies for the EU countries that have adopted the euro.

Students will also be prepared to follow more advanced courses on macro economic analysis and policies, should they wish to do so in their graduate studies.

Course contents

I: Introduction

• Macroeconomic issues

• The data

II: The macroeconomic system: concepts and equilibrium

• The market for goods and factors. Economic circuit

• Domestic product and national income

• Savings and investment

• The public sector

• Money and financial markets

• The labor market. Unemployment

• The open economy

• Private and national savings

III: The economy in the long-run

• Growth theory: Solow’s model

• Growth differentials

IV: The economy in the short and medium-run

• Intro to aggregate demand and supply

• The IS-LM model in a closed economy

• IS-LM in the open economy

• The Phillips curve

• Aggregate demand and supply. Demand and supply shocks

• The goals of stabilization policies: inflation control and full employment

• Choosing the exchange rate regime

• Government deficits and debt

V: Macroeconomic problems and debates

• Monetary union in the EU and euro adoption

• Fiscal and monetary policies in the euro area

• The financial crisis of 2007-2008

• The Great Recession and macro policies: USA and EU compared

Readings/Bibliography

Lecture notes, slides and other teaching materials will be downloadable from the course homepage: http://macroeconomia-sid-forli.weebly.com/

In addition to the lecture notes, students are suggested to study:

• N. Gregory Mankiw e Mark P. Taylor. Macroeconomia. Ed. Zanichelli. Sesta edizione italiana (2015) aggiornata alla ottava edizione americana.

• Alternatively, the latest (8th) European edition of the same text (Worth Publishers)

 

Teaching methods

Traditional lectures, supported by PC-based presentations

Assessment methods

For students attending lectures:

• Three written (intermediate) exams plus one final exam.  
• All exams are written.
• Each exam includes multiple choice questions, open-ended questions and a section with graphical or algebraic exercises.
• The final mark is the sum of the marks obtained in the four exams.
• The exam questions will be written in Italian. It is possible to answer in English.

For students not attending lectures:

• A single written exam, on the whole syllabus, lasting about two hours.

For all students:

• For additional info, see the course description in Italian.
  
  

Teaching tools

Lectures will be supported by PC-based presentations in .pptx format, downloadable from the course homepage:    http://macroeconomia-sid-forli.weebly.com/

A password will be given at the start of classes (February 2016).

All other information relevant to the course will be posted at the same address.

 

Links to further information

http://macroeconomia-sid-forli.weebly.com/

Office hours

See the website of Riccardo Rovelli