The course enables students to analyse the leading macroeconomic models and to understand the functioning of the aggregate economies in the short and long run. The learning skills acquired at the end of the course can be classified as follows: a) Knowledge and understanding: students should master the basic economic principles and be familiar with basic tools for economic analysis. b) Applying knowledge and understanding: students will be able to analyse macroeconomic models using graphs and numerical exercises. c) Making judgments: The course will provide students with adequate background to interpret patterns and data in the real world. d) Assessment of communication skills: Students are called to discuss on the appropriateness of suggested policy actions in different economic scenarios. e) Learning skills: At the end of the course, students must have developed good learning skills, which allow them to independently apply the knowledge acquired to the other courses of their studies.

Students should have knowledge of Microeconomics (mandatory) and Mathematics (highly recommended).

Students will be introduced to the major indicators, variables, data, tools and methods for macroeconomic analysis. After having analysed the national income accounts, the lectures will focus on the classical model and the quantity theory of money. The attention will then be turned to the good and financial markets and to the short run equilibrium according to the IS-LM model. The analysis of the business cycle is accomplished using extensions of the IS-LM model with the Phillips curve theory. The long run dynamics of economic systems are presented using the Solow model and its extensions. Finally, the main issues in the open economies such as the balance of payments, the exchange rates and the macroeconomic equilibrium under different exchange rate regimes are examined. List of topics: Introduction to macroeconomics and macroeconomics variables; National Income Accounting; The Goods Market; Financial markets; The Classical Model and the quantity theory of money; Monetary policy, banking system and money multiplier; The short run IS-LM Model; Fiscal policy, Government Debt and Budget Deficits; The Labour Market, Price, Production, Unemployment and Inflation; The medium run IS-LM-PC model; Long-run economic growth; The open economy issues.

Macroeconomics - A European Perspective, 4th edition. Olivier Blanchard, Alessia Amighini, Francesco Giavazzi. Pearson, 2021. Supplementary readings and material will be provided during the course on the Moodle platform.

Introduction to macroeconomics and macroeconomics variables; National Income Accounting; The Goods Market; Financial markets; The Classical Model and the quantity theory of money; Monetary policy, banking system and money multiplier; The short run IS-LM Model; Fiscal policy, Government Debt and Budget Deficits; The Labour Market, Price, Production, Unemployment and Inflation; The medium run AS-AD Model; Long-run economic growth; The open economy issues; Public policy and economics.

The course will be based on formal lectures with the support of slides and articles. Attendance is strongly recommended. The course will use the Moodle platform, where the course slides and other useful material will be available.

The textbook is also available in electronic form. On the website of the textbook, students can find additional material.

Students preparation is assessed through a two-hours written exam covering the full syllabus, according to the prevailing public health rules. Students are asked to explain, comment and interpret the different models and issues of macroeconomics. Ability in mathematical formalization, graphical representation and appropriate economic language are also evaluated. Final mark is expressed through a 30-point scale. A passing mark ranges from 18/30 ( if the student shows a sufficient level of knowledge of the subjects) to 30/30. To achieve the maximum score, cum laude, students must show that they have acquired an excellent knowledge of all topics of the course combined with an outstanding graphic representation, and an excellent use of technical language.

Questo insegnamento concorre alla realizzazione degli obiettivi ONU dell'Agenda 2030 per lo Sviluppo Sostenibile