The aim of the course is to provide a good knowledge and understanding of the economic system, of the factors determining long-term growth and of the role of economic policy. 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 will acquire the basic skills for macroeconomic analysis with special attention to the interpretation of data and information, and the analysis of policy issues and their resolution.
First part: Goods and financial markets in the short run 1. The main economic variables: production, unemployment and inflation. BJ Chapters 1, 2. 2. Goods and financial market equilibrium: The IS-LM model. BJ Chapters 3, 4, 5. 3. Equilibrium in an open economy: Output, the interest rate and the exchange rate. BJ Chapters 18, 19, 20.
Second part: Output fluctuations and Economic growth 4. The labor market. BJ Chapter 6. 5. Output fluctuations; The Aggregate-Supply Aggregate-Demand Model. BJ Chapters 7, 8, 21. 6. The global financial crisis and the great depression. BJ Chapter 9.
If time remains 7. Fixed versus flexible exchange rates and monetary unions. BJ Chapter 21. 8. Economic growth and its determinants: Capital and technological progress. BJ Chapters 10, 11, 12.
Prerequisiti e modalità di esame
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. The exam aims to verify that the course objectives have been achieved; i.e. that students have learned the theory, and know how to use macroeconomic concepts to interpret economic events and data, and to analyze simple policy issues.
Lectures and seminars. Power point presentations will generally be available on the Ariel website the same day of each lecture. They are neither complete nor exhaustive. They represent a guide to the different subjects and they cannot replace the reference book and class attendance.
Materiale didattico e bibliografia
Blanchard, Olivier and David H. Johnson, Macroeconomics, 6th Edition, Pearson 2013, ISBN-13: 978-0133061635 or ISBN-10: 0133061639 or the new edition: Blanchard, Olivier, Macroeconomics, 7th Edition, Pearson 2017, Print ISBN : 9780133780581, 0133780589, eText ISBN : 9780133839395, 0133839397