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
(In case of multiple editions, please check the period, as it may vary)
- Introduction to Macroeconomic issues: an overview - Goods markets, financial markets and short-run equilibrium (the IS-LM model) - The medium run equilibrium - The labor market: the Phillips curve, the natural rate of unemployment, and inflation - Public debt - Expectations - Open economy - Openness in Goods and Financial Markets: exports, imports and capital movements - Growth: savings, capital accumulation, and technological progress (Solow model)
Prerequisites for admission
There is no manadatory pre-requirement. However, familiarity with basic mathematics and microeconomics is strongly recommended.
Theory classes and tutorials
Blanchard, Olivier; Amighini, Alessia; Giavazzi, Francesco "Macroeconomia. Una prospettiva europea". Bologna: Il Mulino, 2016 (or the forthcoming most recent edition).
Optional: David W. Findlay, "Esercizi di macroeconomia. Guida allo studio del testo di Olivier Blanchard, Alessia Amighini, Francesco Giavazzi". Bologna, Il Mulino, any edition.
Assessment methods and Criteria
There will be a final written exam. Students will have 60 minutes to answer 15 multiple choice questions and two open questions/exercises. I will also post on the course ARIEL webpage every week (ungraded) problem sets that we will then correct in class.