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Macroeconomics - Stream B

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Macroeconomics - Stream B

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Academic year 2020/2021

Course ID
MAN0269
Teacher
Teodoro Togati (Lecturer)
Year
2nd year
Type
Distinctive
Credits/Recognition
9
Course disciplinary sector (SSD)
SECS-P/01 - economia politica
Delivery
Formal authority
Language
English
Attendance
Obligatory
Type of examination
Written
Type of learning unit
corso
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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

I expect that students can at least read economic news and understand economic debates and policies. And that they can make use of the notions they have learnt in their future activity.

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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

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Learning assessment methods

Due to the emergency situation, In the next  exam sessions (summer and fall) students will take the  exam in ORAL online form (via WEBEX).

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Suggested readings and bibliography

Blanchard, Amighini and Giavazzi, Macroeconomics: A European Perspective, Pearson 2014.

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Notes


“Le modalità di svolgimento dell'attività didattica potranno subire variazioni in base alle limitazioni imposte dalla crisi sanitaria in corso. In ogni caso è assicurata la modalità a distanza per tutto l'anno accademico”

Enroll
  • Open
    Enrollment opening date
    01/03/2020 at 00:00
    Enrollment closing date
    31/12/2022 at 23:55
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