MACROECONOMIC THEORY AND POLICY

Anno accademico 2021/2022 - 1° anno
Docente: Alessio Emanuele Biondo
Crediti: 9
SSD: SECS-P/02 - Politica Economica
Organizzazione didattica: 225 ore d'impegno totale, 165 di studio individuale, 60 di lezione frontale
Semestre:
ENGLISH VERSION

Obiettivi formativi

1. Knowledge and understanding:

The course aims to present the most relevant literature of macroeconomic analysis. Theoretical models and actual policy implementations will be discussed by comparing different approaches from the methodological and the political point of view.

2. Applying knowledge and understanding:

The course aims to develop the ability of students to handle macroeconomic models and assess different policy addresses. This will contribute to develop their consciousness in the field of macroeconomics.

3. Making judgments :

Macroeconomic models and their policy application have profound ideological underpinnings. The course aims to strengthen students’ awareness on most of the epistemological roots of macroeconomic theories, thus enabling them to develop the attitude to identify policy objectives, policy instruments and their applicability range.

4. Communication skills:

The course aims also to provide students with the opportunity to learn specific technical language for macroeconomic analysis.

5. Learning skills:

The course will give the opportunity to understand how to frame and discuss both theoretical and applied macroeconomic topics, thus improving the ability to learn further related concepts.


Modalità di svolgimento dell'insegnamento

Lectures. 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.


Prerequisiti richiesti

Although a formal pre-requisite is not required, all students are firmly suggested to learn a taught programme in both Mathematics for Economics and Microeconomics.


Frequenza lezioni

Strongly encouraged (normally, mandatory).


Contenuti del corso

Understanding modern macroeconomics; Keynes v. the ‘old’ classical model; The orthodox Keynesian school; The orthodox monetarist school; The new classical school; The real business cycle school; The new Keynesian school; The Post Keynesian school; The Austrian school; The new political macroeconomics; The renaissance of economic growth research; Conclusions and reflections; Emergent Macroeconomics: Crucial Issues; Stylized Facts of Industrial Dynamics: Firms's size, Income and Productivity; An Agent-based Model; Where Do We Go from Here? Towards a new bottom-up paradigm for Macroeconomics.


Testi di riferimento

1. Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005.

2. Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008.



Programmazione del corso

 ArgomentiRiferimenti testi
1Understanding modern macroeconomicsSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.1 
2Keynes v. the ‘old’ classical modelSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2 
3Keynes v. the ‘old’ classical model (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2 
4Keynes v. the ‘old’ classical model (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2 
5The orthodox Keynesian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3 
6The orthodox Keynesian school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3 
7The orthodox monetarist schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4 
8The orthodox monetarist school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4 
9The orthodox monetarist school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4 
10The new classical schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5 
11The new classical school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5 
12The new classical school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5 
13The real business cycle schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.6 
14The real business cycle school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.6 
15The new Keynesian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7 
16The new Keynesian school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7 
17The new Keynesian school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7 
18The Post Keynesian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8 
19The Post Keynesian school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8 
20The Austrian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.9 
21The new political macroeconomicsSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.10 
22The renaissance of economic growth researchSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.11 
23The renaissance of economic growth research (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.11 
24Conclusions and reflectionsSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.12 
25Crucial IssuesDelli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.1 
26Stylized Facts of Industrial DynamicsDelli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.2 
27Stylized Facts of Industrial Dynamics (2)Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.2 
28Stylized Facts of Industrial Dynamics (3)Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.3 
29An Agent-based ModelDelli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.4 
30Where Do We Go from Here?Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.5 

Verifica dell'apprendimento

Modalità di verifica dell'apprendimento

Written exam. Learning assessment may also be carried out on line, should the conditions require it.


Esempi di domande e/o esercizi frequenti

Compare the effects of monetary policy intervention according to models proposed by monetarists and new-Keynesians.

Compare the IS-LM model and the approach contained in the General Theory of J.M. Keynes. Finally, discuss policy implications from both points of view.

Discuss the ability of RBC models to describe the macroeconomy and its dynamics.

After a presentation of the Agent-based approach to macroeconomics, provide a theoretical and applied comparison of such a class of models with new-Keynesian models with representative agents.

Present the most relevant ideas of the orthodox monetarist school.

Present the most relevant ideas of the new Keynesian school.

Present the most relevant ideas of the real business cycle school.