- Docente: Niko Samuli Jaakkola
- Credits: 8
- SSD: SECS-P/01
- Language: English
- Teaching Mode: Traditional lectures
- Campus: Forli
- Corso: First cycle degree programme (L) in Economics and business (cod. 9202)
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 students are able to: (a) define the main macroeconomic variables; (b) understand the determinants of aggregate demand and aggregate supply, and of macroeconomic equilibrium in the short and in the long run; (c) understand the motivation of fiscal and monetary policy and the role of expectations in influencing their impact on the economic system.
Course contents
PART 1: Macroeconomics in the long run and economic growth
Introduction
Introduction to Macroeconomics
Data and models
GDP
Classic theory: the economy in the long run
The long run
Income production, distribution and expenditure
Equilibrium in the goods market and in the financial market
The monetary system
Inflation
Costs of inflation
Open economy: trade balance and net capital outflows
Open economy: real and nominal exchange rate
Unemployment
Labor market reforms in Europe and in Italy
Growth theory: the economy in the very long run
Economic growth and the Solow model: capital accumulation, steady state, policy, golden rule, population dynamics, technological progress, empirics, growth enhancing policies
Endogenous growth
PART 2: Macroeconomics in the short run and economic policy
Business cycle theory: the economy in the short run
Introduction to short run fluctuations: AD-SRAS-LRAS IS-LM model
Economic policy, shocks, IS-LM and AD
Great depression, Japanese stagnation, Great recession, and European sovereign debt crisis
Fiscal and monetary policy in the EU since the Great recession
Mundell-Fleming model
International financial crises
Aggregate supply and Phillips curve
Adaptive and rational expectations
The debate on macroeconomic policy
Stabilization policy
Debt and deficit
Financial system: opportunities and dangers
The two parts will be assessed separately as partial exams. The full exam covers both parts.
Readings/Bibliography
The main textbook for the course (necessary material) is
N. Gregory Mankiw, Macroeconomics - International Edition, 10th edition, Macmillan, 2019.
Recent editions (e.g. the 9th edition, 2016) of the same text are similar and should be fine.
Teaching methods
Lectures and exercise classes.
Assessment methods
Written Exam (Partial or Full). Exam questions will be a combination of multiple choice, short answer and exercises.
The grade is determined as the sum of the grades for the two partials, or as the grade of the total exam.
Short exercises will be assigned during the course; completing and returning these on time yield additional marks.
NOTE. Assessment methods may change, depending on how the health situation develops.
Teaching tools
Lectures slides and material made available in advance on the e-learning web platform.
Office hours
See the website of Niko Samuli Jaakkola
SDGs
This teaching activity contributes to the achievement of the Sustainable Development Goals of the UN 2030 Agenda.