The aim of the course is to provide a good knowledge and understanding of the economic system and of the role of economic policy. The course presents key concepts, relations, and models to understand the functioning of the market for goods and services, the financial markets and the labor market, especially with regard to the determination of output, employment and inflation. The main topics addressed are: (i) output and employment determination in a closed and in an open economy; (ii) inflation dynamics and cyclical output fluctuations; (iii) monetary and fiscal stabilization policy.
Risultati apprendimento attesi
Students are expected to acquire the knowledge of the basic principles of Macroeconomics. Competence is developed regarding: i) the functioning of markets for goods and services, financial and labor markets; the macroeconomic interactions between States; iii) the objectives and instruments of monetary and fiscal policies. Students are expected to develop the basic skills for macroeconomic analysis with special attention to the interpretation of data and information, and the analysis of policy issues and their solutions.
Periodo: Secondo trimestre
(se vi sono più edizioni controllare anche il periodo dell'edizione, che può essere diverso)
The course examines the functioning of the economic system, and discusses the role of economic policy. It provides an analysis of the market for goods and services, the financial markets and the labor market, especially with regard to the determination of output, employment and inflation. The main topics addressed are: (i) output and employment determination in a closed and in an open economy; (ii) inflation dynamics and cyclical output fluctuations; (iii) monetary and fiscal stabilization policy.
First part: The main economic variables 1. Production, unemployment and inflation. Mishkin, Chapters 1, 2, 3. 2. Saving and investment in closed and open economies. Mishkin, Chapter 4. 3. Money and equilibrium in financial markets. Mishkin, Chapter 5.
Second part: Output fluctuations and inflation 4. Economic fluctuations. Mishkin, Chapters 8. 5. The Aggregate Demand and monetary policy. Mishkin, Chapters 9, 10. 6. Inflation, unemployment and the Aggregate Supply. Mishkin, Chapter 11. 7. The Aggregate-Demand Aggregate-Supply Model. Mishkin, Chapter 12. 8. Equilibrium on the market for goods and services; the role of macroeconomic policies. Mishkin, Chapter 13.
Basic knowledge of mathematics
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.
Materiale di riferimento
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
Modalità di verifica dell’apprendimento e criteri di valutazione
Written exam (approximately 1 hour and 30 minutes). The exam covers all the topics presented during lectures and it consists of a series of open-ended questions which may include calculations and/or explanation and/or technical analysis.