Advanced Macroeconomics
A.Y. 2024/2025
Learning objectives
The aim of this course is to provide students with an introductory survey of some selected major aspects of modern macroeconomic theory. The course will enable students to better their knowledge and understanding of macroeconomics and of macroeconomic policy.
Expected learning outcomes
By the end of the course, students will be equipped with analytical tools for improving their knowledge and understanding of some major real-world macroeconomic issues (for example: why delegating monetary policy to an independent central bank? Should government fiscal policy be constrained by rules? Which factors can trigger bank runs or sovereign debt crises? how can government policy help to avoid them? What are the macroeconomic and welfare effects of different social security systems? Can government use fiscal policies to affect economic growth?) Students should know as well how to use economic analysis to make informed judgements about macroeconomic issues. Seminar presentations (on a voluntary basis) will enable students both to test their understanding and ability to communicate knowledge of the relevant topics and to discuss real-world macroeconomic issues with their pairs.
Lesson period: Third 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
Single session
Responsible
Lesson period
Third trimester
Course syllabus
This course provides students with an introductory survey of some selected major aspects of modern macroeconomic theory. The course will enable students to improve their knowledge and understanding of macroeconomics and of macroeconomic policy.
The course offers an overview of the microeconomic foundations of modern macroeconomics with specific focus on the analysis of consumption, investment, and labor supply decisions of economic agents. The course also examines the fundamentals of growth and business cycle models. Lastly, the course devotes some time to the introduction of dynamic programming methods, in particular numerical solution of basic models using Matlab.
Lectures will focus on real-world macroeconomic issues, their theoretical formalization and policy implications. The TA sessions will show how to solve exercises, and reinforce the understanding of the theory presented in the lectures.
The course offers an overview of the microeconomic foundations of modern macroeconomics with specific focus on the analysis of consumption, investment, and labor supply decisions of economic agents. The course also examines the fundamentals of growth and business cycle models. Lastly, the course devotes some time to the introduction of dynamic programming methods, in particular numerical solution of basic models using Matlab.
Lectures will focus on real-world macroeconomic issues, their theoretical formalization and policy implications. The TA sessions will show how to solve exercises, and reinforce the understanding of the theory presented in the lectures.
Prerequisites for admission
Optimization course (static optimization). Students should be familiar with an undergraduate macroeconomics course, taught on textbooks such as Mishkin, Frederic S., Macroeconomics: Policy and Practice, 2nd Edition, Pearson 2015 or Blanchard, O. Macroeconomics, Global Edition, Pearson Education 2020 (or previous editions). Students should also know the material presented in the Crash Macroeconomics course of September 2024.
Teaching methods
20 two-hour lectures and 7 two-hour review sessions.
Lectures present the main topics and discuss policy issues. Review sessions provide the instruments to solve exercises on the topics addressed in the lectures.
Lectures present the main topics and discuss policy issues. Review sessions provide the instruments to solve exercises on the topics addressed in the lectures.
Teaching Resources
Lecture slides, handouts and journal articles will be provided on the course website as the course proceeds. Lectures will refer to textbooks such as:
- Kurlat, P., ``A Course in Modern Macroeconomics", https://sites:google:com/view/pkurlat.
- Adda, J. & Cooper, R., "Dynamic Economics", MIT Press, Cambridge, 2003.
- Kurlat, P., ``A Course in Modern Macroeconomics", https://sites:google:com/view/pkurlat.
- Adda, J. & Cooper, R., "Dynamic Economics", MIT Press, Cambridge, 2003.
Assessment methods and Criteria
Course grade will be based on a written final exam and a class presentation (both compulsory).
Educational website(s)
Professor(s)