08795 - Macroeconomics (O-Z)

Course Unit Page


This teaching activity contributes to the achievement of the Sustainable Development Goals of the UN 2030 Agenda.

No poverty Decent work and economic growth Industry, innovation and infrastructure Partnerships for the goals

Academic Year 2021/2022

Learning outcomes

By the end of the course, the student will:

- possess the basic analytical tools for understanding the behavior of the economic system as a whole; 

- be able to apply theoretical models to the solution of macroeconomic problems;

- understand the relevant aspects of the current political debate;

- be able to evaluate the benefits and costs of economic policy.

Course contents

Part I (Guerriero):

Real market


Demand for goods

Equilibrium production

Financial markets

The demand for money

Interest rate

Relationship between the two markets: the IS-LM model The market for good and the IS curve

Financial markets and the LM curve

The IS-LM model: equilibrium

The IS-LM model in open economics

The markets for goods in an open economy

Financial markets in an open economy

The IS curve in an open economy

Equilibrium in the financial markets

The job market

The determination of wages


The natural unemployment rate

The AD-AS model

Aggregate supply

Aggregate demand

The equilibrium in the short and medium run

The effects of monetary and fiscal policy

Unemployment, inflation and growth
Inlation, expected inflation and unemployment
The Phillips curve
The Okun's law


Parte II (Randon):

Fiscal Policies
Definition of public sector: functions and choicesi

Classification of public administration

Main accounting papers (public finance in Italy)

Government budget constraint: debt, deficit, expenses and taxes

Historic evolution of public debt in Italy

Public debt sustainability

Constraints to public finance imposed by the European institusions.

Main characteristics of the italian tax system

Limiti della politica economica
Uncertainty and expectaion in political economy choices

Income inequality

Tax system drawback

Tax evasion


Olivier J. Blanchard, Alessia Amighini, Francesco Giavazzi. 2016/2020. Macroeconomia. Una prospettiva europea. Bologna: Il Mulino. Part I: Chapters I-VI e XVII-XX. Part II: Chapters XXI-XXII.

Teaching methods

Lectures and exercises.

Assessment methods

Written exam. 

The final grade will be assigned as follows:

  • unsatisfactory <18;
  • passing grade 18-23;
  • good 24-27;
  • very good 28-30;
  • excellent "30 e lode."

Teaching tools


Links to further information


Office hours

See the website of Carmine Guerriero

See the website of Emanuela Randon