Macroeconomics
A.Y. 2023/2024
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 can be attended as a single course.
Course syllabus and organization
A-K
Responsible
Lesson period
First trimester
If required by emergency conditions due to the pandemic, lectures will be given online in synchronous way on the Zoom platforms according to the timetable provided by the university. Power point slides of the lecture will also be available on the course webpage on http://ariel.unimi.it
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) components of aggregate demand; (iii) demand for money end interest rates; (iv) fiscal and monetary policies in a closed economy; (v) the exchange rate, the trade balance and the capital movements in the world economy; (vi) monetary and fiscal stabilization policy.
Course plan
1. Introduction and principles Ch 1, 2. Blanchard et al.
2. The market for goods Ch 3 Blanchard et al.
3. Financial markets Ch 4 Blanchard et al.
4. Financial and goods' markets the IS_LM model Chs 5 and 6 Blanchard et al.
5. Financial and goods' markets in open economy Chs 17 and 18 Blanchard et al.
6. Exchange rate regimes Chs 19 and 20 (excluding 20.1.) Blanchard et al.
7. Labour markets and inflation Chs 7 and 8 Blanchard et al.
Course plan
1. Introduction and principles Ch 1, 2. Blanchard et al.
2. The market for goods Ch 3 Blanchard et al.
3. Financial markets Ch 4 Blanchard et al.
4. Financial and goods' markets the IS_LM model Chs 5 and 6 Blanchard et al.
5. Financial and goods' markets in open economy Chs 17 and 18 Blanchard et al.
6. Exchange rate regimes Chs 19 and 20 (excluding 20.1.) Blanchard et al.
7. Labour markets and inflation Chs 7 and 8 Blanchard et al.
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
Blanchard, Amighini, Giavazzi, Macroeconomia. Una prospettiva europea, ed. 2020 Il Mulino
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). The exam covers all the topics presented during the lectures and review sessions and it consists of a series of multiple-choice questions and a few open-ended questions which may include short essays, technical analysis and simple exercises.
L-Z
Responsible
Lesson period
First trimester
If required by emergency conditions due to the pandemic, lectures will be given online in synchronous way on the Zoom platforms according to the timetable provided by the university. Power point slides of the lecture will also be available on the course webpage on http://ariel.unimi.it
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) components of aggregate demand; (iii) demand for money end interest rates; (iv) fiscal and monetary policies in a closed economy; (v) the exchange rate, the trade balance and the capital movements in the world economy; (vi) monetary and fiscal stabilization policy.
Course plan
1. Introduction and principles Ch 1, 2. Blanchard et al.
2. The market for goods Ch 3 Blanchard et al.
3. Financial markets Ch 4 Blanchard et al.
4. Financial and goods' markets the IS_LM model Chs 5 and 6 Blanchard et al.
5. Financial and goods' markets in open economy Chs 17 and 18 Blanchard et al.
6. Exchange rate regimes Chs 19 and 20 (excluding 20.1.) Blanchard et al.
7. Labour markets and inflation Chs 7 and 8 Blanchard et al.
Course plan
1. Introduction and principles Ch 1, 2. Blanchard et al.
2. The market for goods Ch 3 Blanchard et al.
3. Financial markets Ch 4 Blanchard et al.
4. Financial and goods' markets the IS_LM model Chs 5 and 6 Blanchard et al.
5. Financial and goods' markets in open economy Chs 17 and 18 Blanchard et al.
6. Exchange rate regimes Chs 19 and 20 (excluding 20.1.) Blanchard et al.
7. Labour markets and inflation Chs 7 and 8 Blanchard et al.
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
Blanchard, Amighini, Giavazzi, Macroeconomia. Una prospettiva europea, ed. 2020 Il Mulino
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). The exam covers all the topics presented during the lectures and review sessions and it consists of a series of multiple-choice questions and a few open-ended questions which may include short essays, technical analysis and simple exercises.
Educational website(s)
Professor(s)