08795 - Macroeconomics

Learning outcomes

The aim of the course is to introduce students to the basic methods and topics of macroeconomic analysis and to ensure their understanding of macroeconomic equilibrium in closed and open economies. At the end of the course the student is able to: -define the main macroeconomic variables; -understand the interaction between the market for goods and for financial assets in closed and open economies; -understand the determinants of aggregate demand and aggregate supply, and of macroeconomic equilibrium in the short and in the long run; -understand the motivation of fiscal and monetary policy and the role of expectations in influencing their impact on the economic system.

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. Expectations, consumption and investment. Economic policy and expectations. 

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

6. Economic Growth.

7. Economic policy. The government budget constraint: public deficit and public debt. Unconventional monetary policy.

Readings/Bibliography

References required for the exam preparation:

 

 Blanchard, O. Amighini, A. e F. Giavazzi, Macroeconomia. Una prospettiva europea (9th edition). Il Mulino, 2020

Findlay D., Esercizi di macroeconomia, Il Mulino, 2021

Teaching methods

Lectures. Classes with presentation of exercises.

Assessment methods

The final exam is written and aims at verifying the acquisition of expected learning outcomes. The exam consists of an essay-type response arguing against or in favor of a proposed statement in order to verify the acquisition of specific analytical tools and language of the subject. The answers may require the use of graphs and mathmatical calculations.

At the end of the first and second cycle of lectures partial written exams are held on the material covered. Partial exams have the same structure as the final exam. For students who take partial exams, the final grade is the average of those obtained in the two partial exams.

In the case of online exams envisaged by the University of Bologna, the structure of the written exam is the same.

Detailed information on online exams will be made available on the course's online platform VIRTUALE

Grading:

<18 failed
18-23 sufficient
24-27 good
28-30 very good
30 e lode excellent

 

Teaching tools

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

Information on the schedule and contents of classes, on the exercises presented in class and suggested for self-study, the tutor's office hours and examples of past exams will be made available on the course's platform VIRTUALE.

For clarifications on the exercises presented in class, please see the tutor during office hours.

Additional information on the syllabus, classes, exercises and exams together with the class slides will be made available on the course's online platform VIRTUALE. 

All other information relevant to the course will be posted on the same platform.

The password to access VIRTUALE will be communicated in the first class. 

Office hours

See the website of Massimiliano Gaetano Onorato