03576 - Economics

Course contents

MICROECONOMICS

• Introduction: individual decisions and interactions.
  
• Market demand and supply. Elasticities.
• The theory of consumer choice.
  
• Firms in competitive markets.
  
• Markets, efficiency, and welfare.
  
• Market inefficiency: public goods, externalities and asymmetric information.
• Non-competitive markets: monopoly and oligopoly
  
• Labour market. Income inequality.
  
• Interdependence and gains from trade.
  

MACROECONOMICS:

• The data of macroeconomics.
  
• Economic growth.
  
• Unemployment.
• Saving and investment.
  
• The financial system.
  
• Money. Inflation.
• Open economy and policies.
  
• IS-LM.
  
• Aggregate demand and supply.
• Effects of fiscal and monetary policies on aggregate demand.
• Inflation and unemployment.
  
• International macroeconomics.
  

Readings/Bibliography

N. G. Mankiw and M. P. Taylor, Principles of Economics

Teaching methods

Traditional lectures with slides. For each topic, theoretical lectures will be followed by examples from the real world.

Exercises and tests.

Assessment methods

Assessment is by written exam and it includes multiple choice questions, questions testing knowledge of definitions, open questions and simple exercises in line with those covered in the lectures. The number of questions depends on their difficulty.

Final marks are out of 30, with equal weight given to micro and to macro. The total mark is the sum of marks for each section; marks available are indicated on the exam sheet as appropriate. Students are not allowed to bring support material (textbooks, notes, internet enabled devices etc.).

First-year students can take two partial exams: the first on microeconomics and the second on macroeconomics. Those who wish to refuse their mark for the partial exams will take the overall exam during the standard exam sessions.

Students may refuse the grade only once. The grade has to be considered for the whole exam; it is not possible to maintain the grade for just one of the two parts of the exam.

First-year students attending the course can take a total of 8 short tests on a weekly basis during the course, for a maximum overall score of 6/30. This can replace the multiple choice section of the exam whenever the student is happy with the grade, and provided that the exam is taken by the end of February.

Each of the two partial exams lasts 45 minutes. The overall exam lasts 1 hour and 30 minutes.

For any additional information please see the course web page within InsegnamentiOnLine (IOL)

Teaching tools

Students can find the detailed program, lecture slides, any additional material, exercises given in the classes, exam results and any other information in InsegnamentiOnLine (IOL).

Office hours

See the website of Renata Bottazzi