Macroeconomics - Stream A
Macroeconomics - Stream A
Academic year 2022/2023
- Course ID
- Teodoro Togati (Lecturer)
Samuele Ialenti (Tutor)
Alessandro Stanchi (Tutor)
- 2nd year
- Teaching period
- First term
- Course disciplinary sector (SSD)
- SECS-P/01 - economics
- Formal authority
- Type of examination
Sommario del corso
Endow students with the basic instruments to understand: the macroeconomic environment; the interconnections between economic variables and relationships (such as the consumption function); the tradeoff between different uses of resources; the tendency towards market equilibria which can be very unsatisfactory from a social point of view (such as the notion of equilibrium unemployment); the complexity of economic adjustments and the difference between their action in the short, medium and long run. Finally, to understand the role of macroeconomic policies, especially the fiscal and monetary policies.
Results of learning outcomes
After completing the course, students will be able to understand the main economic indicators and their complex interrelations.
- Students will learn to: acquire information on the status and prospects of the national economy and the main countries; consult statistics and official documents .
- They will have to develop independent judgment and criticism being aware of the complexity of economic phenomena and of the range of possible policy proposals.
- After completing the course students will have acquired knowledge and competences for putting in context the polices implemented across Europe, with the support of the data.
- Condition of success in learning is the ability to acquire good familiarity with the concepts , principles and economic phoenomena
What is the macroeconomics and why it is useful
- Output growth, unemployment and inflation
- Business cycles and Economic growth
- Aggregate demands, aggregate supply and business cycles
- Aggregate demand
- The goods market (IS curve) and the money market (LM curve)
iii. Equilibrium and adjustment mechanisms
- Aggregate supply
- Supply side in an imperfectly competitive model
- Aggregate demand and aggregate supply
- Inflation, unemployment and monetary rules
- Inflation and the Phillips curve
- Monetary rules and the three equation IS-LM-MR model
iii. Inflation and the medium run equilibrium
- Labour market and supply side policies
- Supply side structures, policies and shocks
- Factors that shift the WS and PS curve
iii. Unions, wage setting arrangements and the equilibrium unemployment
- The Beveridge approach to unemployment
- Monetary policy
- Inflation, disinflation and deflation
- Monetary policy paradigms
iii. Credibility, time consistency and rules versus discretion in monetary policy
- The automatic stabilizers
- Discretionary fiscal policy
iii. Deficits and debt
- Monetizing the debt: seignorage and hyperinflation
- Basic intertemporal choice models: the life cycle and permanent income hypotheses
- Investment in the theory of the firm
- Growth and growth rates
- The Solow-Swann model
iii. Solow growth accounting
- Technological progress in the S-S model
- Economic convergence
Consumption and investment
Exogenous growth theory
Lectures and exercises. Lectures will be based on slides and reading of newpapers articles. These will be discussed with students, that are invited to take part in the discussion.
Learning assessment methods
The exam wiill consist of a mulitiple choice test taken on the Moodle platform. There will be sample tests for students self-evaluation.
Suggested readings and bibliography
Blanchard, Amighini and Giavazzi, Macroeconomics: A European Perspective, Pearson 2021 (lThis is the last edition of this textbook)
Morevover, a number of newpapers articles will be distributed during the course, which students should read and understand as part of the exam.