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Macroeconomics - Stream A


Macroeconomics - Stream A


Academic year 2020/2021

Course ID
Teaching staff
Elsa Maria Fornero (Lecturer)
Margherita Borella (Lecturer)
Marcello Matranga (Tutor)
2nd year
Teaching period
To be defined
Course disciplinary sector (SSD)
SECS-P/01 - economia politica
Formal authority
Type of examination

Sommario del corso


Course objectives

This course provides students with key macroeconomic tools and models, useful to understand the working of economic systems and the behaviour of the main macroeconomic variables, such as gross domestic product, employment, consumption and inflation. After completing the course, students will be able to understand the main economic indicators and their complex interrelations


Results of learning outcomes

Knowledge and understanding. Knowing the functioning of a macroeconomic model, and understanding the relationships between the main economic variables.

Applying knowledge and understanding. A good knowledge of macroeconomic relationships represents an important element for a better professional performance 

Making judgements. Being able to apply a suitable model in order to understand and explain the logic of the macroeconomic system.

Communication skills. Translating with simple words the models, learning the rigorous reasoning through the use of graphs and formulae.

Learning skills. For a successful learning, students must acquire a good familiarity with economic concepts, principles and mechanism


Course delivery

Lectures with frequent interactions between teachers and students.

Invitation to show up during office hours for clarifications and control of the preparation acquired.

Lectures links and course material available at:


Learning assessment methods

The Macroeconomics exam is oral during the Covid-19 emergency. The rules will be the followings:

(Please read carefully. The rules seem complicated but they are aimed at devising, in the interest of the students, a serious online examination).

The exam will consist of only an oral examination.
Students will be divided in groups of four-five and will first have to solve a numerical/analytical problem, based on a macroeconomic model. This part will have a maximum score of 18 (pass).
Only those who have at least 15 can continue the oral examination. This will not be compulsory for students who have reached at least 18 with the first part (and are satisfied with their score) but suggested to those who are near 18 (15-16) and those who have 24-25 and would like a chance to improve.


Support activities

Office hours  for clarifications and control of the preparation acquired.



Introduction to Macroeconomics: What is Macroeconomics. Variables, relations and macroeconomic models. National Accounts.

The short run: The demand for goods. The determination of equilibrium output. Financial Markets. The IS-LM model.

The medium run: The labour market. The AS-AD model. The Phillips curve. Inflation, activity, and money growth.

Expectations: the basic tools. Financial markets and expectations. Expectations, consumption, and investment.

The long run: the facts of growth. Savings, capital accumulation and growth. Technological progress and growth.

The open economy: Openness in goods and financial markets. Output, the interest rate, and the exchange rate. Exchange rates: adjustments, crises, and regimes. The European Monetary Union.

Pathologies and policy: Inflation, unemployment and public debt. Monetary policy. Fiscal policy.

Suggested readings and bibliography


Blanchard - Amighini - Giavazzi  
Macroeconomics: A European Perspective  



“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”

Last update: 23/12/2020 14:57
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