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Macroeconomics - Stream A

Oggetto:

Macroeconomics - Stream A

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Academic year 2022/2023

Course ID
MAN0269
Teachers
Teodoro Togati (Lecturer)
Samuele Ialenti (Tutor)
Alessandro Stanchi (Tutor)
Year
2nd year
Teaching period
First term
Type
Distinctive
Credits/Recognition
9
Course disciplinary sector (SSD)
SECS-P/01 - economics
Delivery
Formal authority
Language
English
Attendance
Obligatory
Type of examination
Written
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Sommario del corso

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Course objectives

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.

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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 

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Program

What is the macroeconomics and why it is useful

  1. Output growth, unemployment and inflation
  2. Business cycles and Economic growth
  3. Aggregate demands, aggregate supply and business cycles
  4. Aggregate demand
  5. The goods market (IS curve) and the money market (LM curve)

iii.            Equilibrium and adjustment mechanisms

  1. Aggregate supply
  2. Supply side in an imperfectly competitive model
  3. Aggregate demand and aggregate supply
  4. Inflation, unemployment and monetary rules
  5. Inflation and the Phillips curve
  6. Monetary rules and the three equation IS-LM-MR model

iii.            Inflation and the medium run equilibrium

  1. Labour market and supply side policies
  2. Supply side structures, policies and shocks
  3. Factors that shift the WS and PS curve

iii.            Unions, wage setting arrangements and the equilibrium unemployment 

  1. The Beveridge approach to unemployment
  2. Monetary policy
  3. Inflation, disinflation and deflation
  4. Monetary policy paradigms

iii.            Credibility, time consistency and rules versus discretion in monetary policy

  1. The automatic stabilizers
  2. Discretionary fiscal policy

iii.            Deficits and debt

  1. Monetizing the debt: seignorage and hyperinflation
  2. Basic intertemporal choice models: the life cycle and permanent income hypotheses
  3. Investment in the theory of the firm
  4. Growth and growth rates
  5. The Solow-Swann model

iii.            Solow growth accounting

  1. Technological progress in the S-S model
  2. Economic convergence

Fiscal policy

Consumption and investment

Exogenous growth theory

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Course delivery

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.

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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

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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.

 



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