Macroeconomics
A.Y. 2025/2026
Learning objectives
The course aims to provide students with a general knowledge of macroeconomics and to expand their understanding of the notions needed to analyse the economic phenomena related to national policy and interventions in the markets, also in regard to the international dynamics and with a focus on economic aggregates.
The course is based on previously acquired knowledge and intends to introduce students to the method of aggregation in economic analysis with regard to big macroeconomic aggregates, e.g. gross domestic products, employment and unemployment, price indexes.
The main tools of fiscal policy and monetary policy will be analysed in depth, and well as the interaction between these tools both in closed and open economies.
Lectures are complemented by exercises so that students become familiar with the basic technical aspects of macroeconomic analysis.
Students who wish to improve their skills may subsequently attend the course "International and Development Economics".
The course is based on previously acquired knowledge and intends to introduce students to the method of aggregation in economic analysis with regard to big macroeconomic aggregates, e.g. gross domestic products, employment and unemployment, price indexes.
The main tools of fiscal policy and monetary policy will be analysed in depth, and well as the interaction between these tools both in closed and open economies.
Lectures are complemented by exercises so that students become familiar with the basic technical aspects of macroeconomic analysis.
Students who wish to improve their skills may subsequently attend the course "International and Development Economics".
Expected learning outcomes
By the end of the course, students are expected to have acquired an overview of the functioning of macroeconomic aggregates and of the tools of political economics. They should also know how fiscal policy and monetary policy have an impact on economic growth and cost containment mechanisms.
The focus is on the effect that these policies have on open economies, considering exchange rates dynamics and balance of payments stability. Students should also be able to deal with economic models on the impact of fiscal policy and monetary policy both in open and closed economies.
Through their active participation in lectures and exercises, students will develop the ability to use bibliographic and statistical resources to carry out research on various economic and social aspects related to the functioning of markets.
The focus is on the effect that these policies have on open economies, considering exchange rates dynamics and balance of payments stability. Students should also be able to deal with economic models on the impact of fiscal policy and monetary policy both in open and closed economies.
Through their active participation in lectures and exercises, students will develop the ability to use bibliographic and statistical resources to carry out research on various economic and social aspects related to the functioning of markets.
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
Surname A-K
Responsible
Lesson period
First trimester
Course syllabus
The course offers an introduction to the most important topics of 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 production, employment, inflation and the exchange rate. The main topics covered are: (i) the determination of production and employment; (ii) the components of the demand for goods; (iii) the demand for money and determination of the interest rate (iv) fiscal and monetary policies in a closed economy (v) the exchange rate, the trade balance and capital movements in the world economy; (vi) monetary and fiscal stabilization policies.
The Short Run - closed economy
- Introduction and basic concepts
- The goods market and financial markets, IS-LM model
The Medium Run
- Labor Markets, Unemployment and Inflation (Phillips curve)
- Production, Unemployment and Inflation in short run and in medium run (IS-LM-PC model)
The Short Run - open economy
- IS-LM model in open economy
The Long Run
- Introduction to Economic Growth (Solow model)
The program for non-attending students is identical to the program for attending students.
The analysis shows how the goods market and financial markets determine production, employment, inflation and the exchange rate. The main topics covered are: (i) the determination of production and employment; (ii) the components of the demand for goods; (iii) the demand for money and determination of the interest rate (iv) fiscal and monetary policies in a closed economy (v) the exchange rate, the trade balance and capital movements in the world economy; (vi) monetary and fiscal stabilization policies.
The Short Run - closed economy
- Introduction and basic concepts
- The goods market and financial markets, IS-LM model
The Medium Run
- Labor Markets, Unemployment and Inflation (Phillips curve)
- Production, Unemployment and Inflation in short run and in medium run (IS-LM-PC model)
The Short Run - open economy
- IS-LM model in open economy
The Long Run
- Introduction to Economic Growth (Solow model)
The program for non-attending students is identical to the program for attending students.
Prerequisites for admission
Knowledge of the basic concepts of microeconomics (official prerequisite) and mathematics (recommended prerequisite)
Teaching methods
Lessons and exercises.
Teaching Resources
- Blanchard, Amighini, Giavazzi, Macroeconomia. Una prospettiva europea, ed. 2024 Il
Mulino
- Power point presentations and further readings will be available on the course webpage on myariel.unimi.it
Mulino
- Power point presentations and further readings will be available on the course webpage on myariel.unimi.it
Assessment methods and Criteria
Written exam (60 minutes). The exam covers all the topics presented during the lectures and exercises and consists of 2 open-ended questions, which may include explanations, technical analyses and simple exercises, and 15 multiple-choice questions. The open-ended questions will be evaluated only in the case of at least 7 multiple-choice questions solved correctly.
SECS-P/01 - ECONOMICS - University credits: 9
Lessons: 60 hours
Professors:
Barba Navaretti Giorgio, Parodi Francesca
Surname L-Z
Responsible
Lesson period
First trimester
Course syllabus
The course offers an introduction to the most important topics of 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 production, employment, inflation and the exchange rate. The main topics covered are: (i) the determination of production and employment; (ii) the components of the demand for goods; (iii) the demand for money and determination of the interest rate (iv) fiscal and monetary policies in a closed economy (v) the exchange rate, the trade balance and capital movements in the world economy; (vi) monetary and fiscal stabilization policies.
The Short Run - Closed Economy
- Introduction to macroeconomic issues: an overview
- The goods market, financial markets, and income determination in the short run (the IS-LM model)
The Medium Run
- The labour market, unemployment, and inflation (the Phillips curve)
- Output, unemployment, and inflation in the short and medium run (the IS-LM-PC model)
The Short Run - Open Economy
- The IS-LM model in an open economy
The Long Run
- Economic growth; saving, capital accumulation, and technological progress (the Solow model)
The program for non-attending students is identical to the program for attending students.
The analysis shows how the goods market and financial markets determine production, employment, inflation and the exchange rate. The main topics covered are: (i) the determination of production and employment; (ii) the components of the demand for goods; (iii) the demand for money and determination of the interest rate (iv) fiscal and monetary policies in a closed economy (v) the exchange rate, the trade balance and capital movements in the world economy; (vi) monetary and fiscal stabilization policies.
The Short Run - Closed Economy
- Introduction to macroeconomic issues: an overview
- The goods market, financial markets, and income determination in the short run (the IS-LM model)
The Medium Run
- The labour market, unemployment, and inflation (the Phillips curve)
- Output, unemployment, and inflation in the short and medium run (the IS-LM-PC model)
The Short Run - Open Economy
- The IS-LM model in an open economy
The Long Run
- Economic growth; saving, capital accumulation, and technological progress (the Solow model)
The program for non-attending students is identical to the program for attending students.
Prerequisites for admission
Knowledge of the basic concepts of microeconomics (official prerequisite) and mathematics (recommended prerequisite)
Teaching methods
Lessons and tutorials.
Teaching Resources
- Blanchard, Amighini, Giavazzi, Macroeconomia. Una prospettiva europea, ed. 2024 Il Mulino
- Power point presentations and further readings will be available on the course webpage on myariel.unimi.it
- Power point presentations and further readings will be available on the course webpage on myariel.unimi.it
Assessment methods and Criteria
Written exam. You will have one hour to answer 15 multiple-choice questions and 2 open-ended questions. Scoring 7 out of 15 in the mutiple choice questions is a necessary condition for receiving a grade in the open-ended questions.
Educational website(s)
Professor(s)