Macroeconomics
A.Y. 2021/2022
Learning objectives
The course offers the basic instruments to understand macroeconomic phenomena. The aim is to provide a good knowledge of the main themes of macroeconomics: cyclical output and employment fluctuations; inflation dynamics; monetary and fiscal stabilization policy; exchange rate determination and the trade balance. The course presents key concepts, relations, and models to understand the functioning of the market for goods and services, and financial markets in the global economy. The analysis focuses on the objectives of monetary and fiscal policy and their effects which are studied using dynamic models of the cyclical variations of output and inflation.
Expected learning outcomes
The course enables students to understand the basic principles of Macroeconomics. Specifically, competence is developed regarding: i) the functioning of markets for goods and services and of financial markets; ii) the economic interactions between States; iii) the objectives and instruments of monetary and fiscal policies. Students will be able to autonomously analyze macroeconomic phenomena such as cyclical output fluctuations, unemployment, inflation, international trade dynamics. Attention focuses on developing the basic skills to interpret economic data and information, and to analyze policy issues and their solutions.
Lesson period: First trimester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
A-K
Responsible
Lesson period
First trimester
Lectures will be given online in synchronous way on the Zoom platforms according to the timetable provided by the university. Lectures will be recorded and made available to the students to be followed in an asynchronous way. Power point presentations of the lecture contents (slides) will also be available on the course webpage on http://ariel.unimi.it
The program of the course will remain unchanged.
The program of the course will remain unchanged.
Course syllabus
The course offers an introduction to the most important topics in macroeconomics, from the functioning of the economic system to the role of fiscal and monetary policy. The analysis shows how the goods market and financial markets determine output, employment, inflation and the exchange rate. The main topics addressed are: (i) output and employment determination; (ii) inflation dynamics and cyclical output fluctuations; (iii) the exchange rate, the trade balance and the capital movements in the world economy; (iv) monetary and fiscal stabilization policy.
Course plan
1. Production, unemployment and inflation. Mishkin, Ch. 1, 2.
2. Financial markets and monetary policy. Mishkin, Ch. 5.
3. Output and inflation in the long run. Mishkin, Ch. 3, 5.
4. The Business Cycle. Mishkin, Ch. 8.
5. Output fluctuations in the short run. Mishkin, Ch. 9, 10, 17.
6. The Aggregate-Demand Aggregate-Supply model. Mishkin, Ch. 11, 12.
7. The role of fiscal and monetary policy. Mishkin, Ch. 13.
8. Borrowing and lending in the world economy. Mishkin, Ch. 4.
Course plan
1. Production, unemployment and inflation. Mishkin, Ch. 1, 2.
2. Financial markets and monetary policy. Mishkin, Ch. 5.
3. Output and inflation in the long run. Mishkin, Ch. 3, 5.
4. The Business Cycle. Mishkin, Ch. 8.
5. Output fluctuations in the short run. Mishkin, Ch. 9, 10, 17.
6. The Aggregate-Demand Aggregate-Supply model. Mishkin, Ch. 11, 12.
7. The role of fiscal and monetary policy. Mishkin, Ch. 13.
8. Borrowing and lending in the world economy. Mishkin, Ch. 4.
Prerequisites for admission
Knowledge of basic concepts of mathematics
Teaching methods
Lectures and review sessions. Lectures present the main macroeconomic relations and discuss policy issues. Review sessions provide the instruments to solve exercises on the topics addressed in the lectures.
Teaching Resources
Mishkin, Frederic S., Macroeconomics: Policy and Practice, 2nd Edition, Pearson 2015.
Power point presentations and further readings will be available on the course webpage on http://ariel.unimi.it
Power point presentations and further readings will be available on the course webpage on http://ariel.unimi.it
Assessment methods and Criteria
Written exam (approximately 1 hour and 30 minutes). The exam covers all the topics presented during lectures and review sessions and it consists of a series of open-ended questions which may include explanation, technical analysis and simple exercises, and few multiple-choice questions.
L-Z
Lesson period
First trimester
More specific information on the delivery modes of training activities for academic year 2021-2022 will be provided over the coming months, based on the evolution of the public health situation.
Course syllabus
The course offers an introduction to the most important themes of macroeconomics, from the functioning of the economic system to the role of fiscal and monetary policy. The analysis shows how the commodity market and financial markets determine production, employment, inflation and the exchange rate. The main issues addressed are: (i) the determination of production and employment; (ii) the dynamics of inflation and cyclical fluctuations in production; (iii) the exchange rate, trade balance and capital movements in the world economy; (iv) monetary and fiscal stabilization policies.
Program
1. Production, unemployment and inflation. Mishkin, Ch. 1, 2.
2. Financial markets and monetary policy. Mishkin, Ch. 5.
3. Output and inflation in the long run. Mishkin, Ch. 3, 5.
4. The Business Cycle. Mishkin, Ch. 8.
5. Output fluctuations in the short run. Mishkin, Ch. 9, 10, 17.
6. The Aggregate-Demand Aggregate-Supply model. Mishkin, Ch. 11, 12.
7. The role of fiscal and monetary policy. Mishkin, Ch. 13.
8. Borrowing and lending in the world economy. Mishkin, Ch. 4.
Program
1. Production, unemployment and inflation. Mishkin, Ch. 1, 2.
2. Financial markets and monetary policy. Mishkin, Ch. 5.
3. Output and inflation in the long run. Mishkin, Ch. 3, 5.
4. The Business Cycle. Mishkin, Ch. 8.
5. Output fluctuations in the short run. Mishkin, Ch. 9, 10, 17.
6. The Aggregate-Demand Aggregate-Supply model. Mishkin, Ch. 11, 12.
7. The role of fiscal and monetary policy. Mishkin, Ch. 13.
8. Borrowing and lending in the world economy. Mishkin, Ch. 4.
Prerequisites for admission
Basic Math knowledge.
Teaching methods
Lectures and exercises in presence. The lectures present the main macroeconomic relationships and discuss economic policy issues. The exercises provide the tools to solve exercises on the topics covered in the lessons.
Teaching Resources
Mishkin, Frederic S., Macroeconomics: Policy and Practice, 2nd Edition, Pearson 2015.
Slides and online teaching materials on http://ariel.unimi.it
Slides and online teaching materials on http://ariel.unimi.it
Assessment methods and Criteria
Written exam (1hour and a half). The exam is based on lessons and exercises and it consists of open and multiple choice questions.
SECS-P/01 - ECONOMICS - University credits: 6
Lessons: 40 hours
Professor:
Novelli Giacomo
Educational website(s)
Professor(s)
Reception:
Wednesday, 10:0-13:00
Dipartimento di Economia, via Conservatorio 7, Second floor, Room 5