08795 - Macroeconomics (M-Z)

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.
A special focus will be on understanding and debating the appropriateness of the macroeconomic policies adopted in the Great Recession.
In addition, students will also be prepared to follow more advanced courses on macro economic analysis and policies, should they wish to do so in their graduate studies.

Course contents

I: Introduction 

·         The Macroeconomic approach

·         The Data of Macroeconomics

II: The Economy in the Long Run 

·         National Income: Where It Comes From and Where It Goes

·         Money and Inflation 

·         The Open Economy 

·         Unemployment 

·         Economic Growth

III: The Economy in the Short Run 

·         IS-LM Model 

·         The Open Economy: The MF Model and the Exchange-Rate Regime

·         Phillips Curve and policy tradeoffs

·         Aggregate Demand and Supply. Demand and supply shocks

·         Stabilization policies

·         Government Debt and Deficits

·         Money and Finance

IV: Ongoing Debates

·         Monetary Union in the EU and euro adoption

·         Macroeconomics of the Great Recession: the crisis, unsustainable debts, austerity policies

·         Why is it more difficult in the euro area?

Readings/Bibliography

N. Gregory Mankiw e  Mark P. Taylor. Macroeconomia. Ed. Zanichelli. Quinta edizione italiana (2011) aggiornata alla settima edizione americana.

• Alternatively, the latest (8th) US or European edition of the same text (Worth Publishers)

Some additional texts (for the final topics of the course) will be posted electronically)

Teaching methods

Traditional lectures, supported by PC-based presentations

Assessment methods

Three written (partial) exams, each on specific parts of the syllabus, and a final exam, on the whole syllabus.
All exams are written.
Each exam includes multiple choice questions, open-ended 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 additional info, see the course description in Italian.

Teaching tools

Lectures will be supported by PC-based presentations
Files of the lectures will be made available electronically
Additional readings will be posted electronically

Office hours

See the website of Riccardo Rovelli