88014 - Macroeconomics (M-Z)

Course Unit Page

Academic Year 2021/2022

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, with a specific focus on the roles and limits of fiscal and monetary policies in open economies (and also within the EMU).

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

Course contents

Part 1 (prof. Onorato - 20 hours)

1. Main macroeconomic aggregates.

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

3. Extensions of the IS-LM model. The 2008 financial crisis. Unconventional monetary policy.

Part 2 (prof. Messori - 30 hours)

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

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

6. Economic Growth. Savings.

7. Public debt

Macroeconomic policy perspectives (2 seminars)





Blanchard, O. Amighini, A. e F. Giavazzi, Macroeconomia. Una prospettiva europea (Nona Edizione). Il Mulino, 2020

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

Teaching methods

There will be 25 two-hour lectures, and 8 two-hour exercise classes, plus a final seminar.

Lectures and exercise classes may be supported by presentations (.pptx or .pdf) that will be made available on the class platform VIRTUALE

Assessment methods

For students attending lectures:

  • There will be three written (intermediate) exams plus one final exam.
  • Each exam may include multiple choice 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 up to two hours.

For all students:

  • For additional info, see the course description in Italian and email the course's instructors.

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


Teaching tools

All teaching material will be made available on the course's platform VIRTUALE.

A password will be communicated during the first lecture.

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

Office hours

See the website of Massimiliano Gaetano Onorato

See the website of Luciano Messori