Macroeconomics
A.Y. 2024/2025
Learning objectives
The course provides the basic tools required for understanding the key macroeconomic issues. The aim of the course is to provide a basic understanding of macroeconomics and to enable students to attend more specialized courses such as "Scienza delle Finanze" and "Politica Economica".
Expected learning outcomes
At the end of the course students will have familiarized with the macroeconomic models of: output and employment determination in the short run; medium run inflation dynamics and cyclical output fluctuations; long run economic growth and its determinants. Additionally, they will have learnt the role of expectations in economic policy.
Lesson period: Second trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course can be attended as a single course.
Course syllabus and organization
Single session
Responsible
Lesson period
Second trimester
Course syllabus
Part 1 - The short run
- Introduction to macroeconomic problems: an overview.
- The goods market, financial markets, and income determination in the short run (the IS-LM model).
Part 2 - The medium run
- The labor market, unemployment, and inflation (the Phillips curve).
- Production and price level determination in the medium run.
Parte 3 - The long run
- Economic growth: savings, capital accumulation and technical progress (the Solow model).
Part 4 - Open eocnomy and extensions
- The goods market and financial markets in an open economy.
- Nominal and real exchange rates.
- Interest rates and exchange rates.
- Exchange rates, trade balance, and production.
- The IS-LM model in an open economy.
- Public debt
Materiale di riferimento
Blanchard et al. (2020) "Macroeconomia. Una prospettiva europea", capp. XIV. Mercati finanziari e aspettative. - XV. Aspettative, consumo e investimento. - XVI. Aspettative, produzione e politica economica. - XVII. Apertura del mercato dei beni e dei mercati finanziari. - XVIII. Il mercato dei beni in economia aperta. - XIX. Produzione, tasso di interesse e tasso di cambio. - XX. Regimi di cambio. - XXII. La politica fiscale.
- Introduction to macroeconomic problems: an overview.
- The goods market, financial markets, and income determination in the short run (the IS-LM model).
Part 2 - The medium run
- The labor market, unemployment, and inflation (the Phillips curve).
- Production and price level determination in the medium run.
Parte 3 - The long run
- Economic growth: savings, capital accumulation and technical progress (the Solow model).
Part 4 - Open eocnomy and extensions
- The goods market and financial markets in an open economy.
- Nominal and real exchange rates.
- Interest rates and exchange rates.
- Exchange rates, trade balance, and production.
- The IS-LM model in an open economy.
- Public debt
Materiale di riferimento
Blanchard et al. (2020) "Macroeconomia. Una prospettiva europea", capp. XIV. Mercati finanziari e aspettative. - XV. Aspettative, consumo e investimento. - XVI. Aspettative, produzione e politica economica. - XVII. Apertura del mercato dei beni e dei mercati finanziari. - XVIII. Il mercato dei beni in economia aperta. - XIX. Produzione, tasso di interesse e tasso di cambio. - XX. Regimi di cambio. - XXII. La politica fiscale.
Prerequisites for admission
There is no manadatory pre-requirement. However, familiarity with basic mathematics and microeconomics is strongly recommended.
Teaching methods
Lectures and tutorials.
Teaching Resources
Blanchard, Olivier; Amighini, Alessia; Giavazzi, Francesco "Macroeconomia. Una prospettiva europea". Bologna: Il Mulino, 2020
Assessment methods and Criteria
Written exam. You will have one hour to answer 15 multiple-choice questions and two open questions. Open questions will be graded only to students who answer correctly at least 7 multiple choice questions,
There is no mid-term test scheduled. However, students will receive a set of exercises that they will be asked to solve independently, and these exercises will be corrected during the tutorials.
There is no mid-term test scheduled. However, students will receive a set of exercises that they will be asked to solve independently, and these exercises will be corrected during the tutorials.
SECS-P/01 - ECONOMICS - University credits: 12
Lessons: 80 hours
Professors:
Frattini Tommaso, Massaro Domenico
Professor(s)
Reception:
Wednesday 9:30 - 12:30. Office hours on Wednesday November 13 will be from 11am to 1pm
Room 218 or MS Teams