MACROECONOMICS

Expected Learning Outcomes

1. Knowledge and understanding: The course aims at presenting the main macroeconomic models, in the short run (Keynesian income-expendture model; IS-LM model), in the medium run (AD-AS, Phillips curve) and in the long run (Harrod-Domar, Solow; endogeneous growth models).
2. Applying knowledge and understanding:  The student has to be able to apply the theoretical knowledge acquired to analyse specific case studies,to solve simple numerical exercises, and to provide comments and criticisms on data and statistics.
3. Making judgements: The student will be able to understand which theoretical model is the most appropriate to describe and analyse real situation. He/she will be also able to understand pros and cons of different models, along with their weakness and strength points.
4. Communication skills: During the course the student has to improve and develop the knowledge of a technical and economic language to use in an appropriate way as an useful instrument of communication, even with the aim of introducing herself /himself in the job market.
5. Learning skills: The student will be able to understand which theoretical concept is appropriate to deal with specific case(s); he/she will be able to solve simple numerical analysis exercises; he/she will be able to comment upon news and data from official statistics. 

Lectures (80%); Guided exercises (10%); Discussion on case studies and statistics (10%).

Required Prerequisites

Detailed Course Content

(1) Introduction to Macroeconomics (facts and statistics), (2) The composition of GDP and the goods market, (3) The Keynesian multiplier model, (4) Financial and money market, (5) The public sector and the public budget; (6) IS-LM model, (7) The labour market, the Phillips curve, reasons of sticky wages, (8) AD-AS model (i.e., IS-LM-PC model in Blanchard’s label), (9) Growth theory (classical, Keynesian, neoclassical and endogeneous growth models), (10) Basics of open economy, (11) The role of expectetions in financial markets, (12) Main schools in the history of macroeconomics.

Textbook Information

The reference textbook is: O. Blanchard, A. Amighini, F. Giavazzi, Macroeconomics – A European Perspective, Pearson, London: 2020 4th edition. – Chapters 1-14, 18-20, 25, along with 5 (compulsory) short handouts provided by the Instructor. (Alternative textbooks, --e.g., R. Dornbush,  S. Fischer, R. Starz, Macroeconomics, McGraw Hill, last edition, are possible; Please, contact the Instructor).

Exam: written; optional subsequent oral colloquium;
(Should teaching be carried out in mixed mode or remotely, it may be necessary to introduce changes with respect to previous statements, in line with the programme planned and outlined in the syllabus.)

(The written exam can be done in Italian or English; questions are set in Italian).