59691 - Macroeconomics

Learning outcomes

This is an introductory course in macroeconomics. The goal is to develop a relatively advanced basis for an understanding of how the national and global economies work at the aggregate level, and how production, employment, prices and interest rates are determined. We will develop the theoretical foundations to analyze the business cycle (why economic activity fluctuates), long run economic growth (why some countries are rich and other poor, why some countries are growing and other stagnating), the 2007-2008 financial crisis and subsequent deep recession as well as how fiscal, monetary, and economic policy in general affect economic activity.

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

5. Financial markets and expectations. Expectations, consumption and investment. Economic policy and expectations. The government's budget constraint: public deficit and public debt.

6. Economic Growth. Savings, capital accumulation and growth. Technological progress and growth.

Readings/Bibliography

Blanchard, O. Amighni A. e F. Giavazzi, MACROECONOMICS: A EUROPEAN PERSPECTIVE, 3rd edition, Pearson Education Limited, 2017.

Exercise book: Ferraguto G. MACROECONOMICS: PROBLEMS AND QUESTIONS, Egea, last edition.

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 is divided in two parts, with equal weight for evaluation. The first part proposes essay-type and true/false questions in order to verify the acquisition of specific analytical tools and language of the subject. In the second part, the student is asked to solve exercise-type questions, following typologies proposed during lectures and classes, in order to verify the ability to understand the effects of specific policy interventions and to apply general notions to specific cases.

Further information on exercises, classes, and exam-type questions will be made available on the e-learning platform.

In the current academic year there will be no partial exams at the end of the first and second sub-cycles. The final writtem exam will be comprehensive and cover the whole program of the course. 

Teaching tools

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

Informations on the schedule and contents of classes, with indication of exercises presented in class and suggested for individual work at home, tutor's office hours and examples of past exams will be published on IOL. 

 

Office hours

See the website of Carlotta Berti Ceroni