08795 - Macroeconomics

Learning outcomes

This course provides an introduction to the economic analysis of key macroeconomic variables such as output, employment, inflation, interest rates and exchange rates. It first builds a foundation to understand how the labour, money, and goods and services markets are interacted, interconnected and are influenced by changes in prices, inflation rates and interest rates. The basic framework is then used to examine how the policies set by the central bank and the government affect the economy in the short-run and long-run time horizon.

Course contents

Introduction

• Macroeconomics as a Science

• The Main Macroeconomic Variables

Classical Theory: The Economy in the Long Run

• Determination of Output and Income in Closed and Open Economies

• Money, Inflation, and Unemployment

Growth Theory: The Economy in the Very Long Run
Balanced Growth Theory

• Capital Accumulation and Population Growth

• Technology and Economic Policy

• Growth Accounting, Endogenous Growth Models: Human Capital and Technology

Business Cycle Theory: The Economy in the Short Run

• The IS/LM Model and Aggregate Demand and Supply in Closed and Open Economies

• The Inflation–Unemployment Trade-Off

• Currency Areas and the European Economic and Monetary Union

• Public Debt

• The Dynamic Aggregate Demand and Supply Model

• Stabilization Policies

• In-depth Analysis of Current Issues in Macroeconomics.

Readings/Bibliography

Mankiw G. Macroeconomia (sixth italian edition), Zanichelli Ed. - Textbook

Teaching methods

Frontal lessons, take-home exercises and problem sets. All the insights and solutions of the exercises solved in class are available on the channel Macro_Clea_2026 in OneDrive.

A facsimile of the exam is available on Virtuale Unibo.

Assessment methods

The learning test is based on a written examination. 

During the course, some lectures will be devoted to the analysis of topical issues concerning the main macroeconomic events. The goals of these in-depth studies are (i) to allow students to acquire autonomy and critical skills and (ii) to stimulate interest in the most relevant macroeconomic issues. The oral presentation of these topics (group work) is optional: a bonus of up to 3 points is awarded (to be added to the final grade of the written exam).

The written exam aims to verify the theoretical knowledge acquired. It lasts 1 hour and is a closed book exam. It is divided into two parts:

• 10 multiple choice questions (both theoretical and numerical): 4 answer options (one of which is true) for a total of 20 points.
  
• Exercise with 4 or 5 questions, both thoeretical and numerical: 11 points.

The maximum score obtainable by providing all the correct answers is 30 cum laude.

The grade is graduated as follows:

<18 failed
18-23 sufficient
24-27 good
28-30 very good
30 cum laude excellent

Regarding the use of generative Artificial Intelligence in examinations, the use of AI tools is prohibited. Any unauthorized use constitutes a violation of academic integrity.

Teaching tools

Here is the translation:

Interactive slides and review exercises will be provided by the instructor during the lectures. The second cycle of lectures will include in-depth seminars on specialized topics in monetary, fiscal, and trade policy, applied to concrete and current cases. Particular attention will be devoted to the challenges posed by the spread of artificial intelligence, with a focus on its potential distributional effects, the evolution of economic inequality, and its implications for the labor market, productivity, and growth. Within this framework, one lecture will be dedicated to the conduct of monetary policy: in addition to providing an overview of the Eurosystem’s operational framework, it will illustrate the main challenges that monetary policy will be called upon to address in the coming years, also in light of technological change and its effects on inflation, employment, and inequality.

Links to further information

https://sites.google.com/site/minnitianto77/teaching/macroeconomia

Office hours

See the website of Antonio Minniti