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: 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.
Third part (if time remains): Economic growth 9. Long term economic growth; the role of capital accumulation. Mishkin, Chapter 6. 10. The determinants of growth: technology, policy and institutions. Mishkin, Chapter 7.
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 review sessions. Power point presentations will generally be available on the Ariel website. They are neither complete nor exhaustive. They represent a guide to the different subjects and they cannot replace the reference book and class attendance.