Learning outcomes of the course unit
Knowledge and understanding
The student learns how economic systems work and how they evolve across time.
The aim is to provide the tools required to analyze and understand:
•The determinants of growth and decline of the main macroeconomic variables.
•The way these variables interact within an economy
•The effects of international trade on the economy
•The way the government and the central bank can affect the main macroeconomic variables to pursue the aim of increasing economic welfare
• History and functioning of Euro.
Applying knowledge and understanding
• Obtaining the required tools to describe the equilibrium of simple macroeconomic models.
• Obtaining the required tools to understand and elaborate the main economic statistics.
• Obtaining the required tools to assess the impact of economic policies in the short, in the medium and in the long run
• Developing the necessary skills to assess the results of macroeconomic studies and of economic policies
• Developing the necessary skills to explain critically the results of economic studies and the scenarios described by economic statistics both to expert and non-expert people in the field of economics
• Developing the necessary skills to explain briefly complex issues by means of charts and analytical formulae.
Course contents summary
The Macroeconomics course provides a rigorous and critical description
of an aggregate economic system and it focuses on the topics listed below.
1) Short run equilibrium
1b) Money Market
2) Economic Policy in the short run
3) Medium run equilibrium
3a) Labour market
3b) AD-AS mode
3c) Phillips curve
4) Long run equilbrium. Solow model
5) Open economy
6) Thematic issues
• O. Blanchard, Macroeconomia
Una prospettiva europea, Il Mulino, edition 2016, chapters 2,3,4,5,7,8,10,11,17,18.
• O. Blanchard, Macroeconomia
Una prospettiva europea, Il Mulino, 2014, chapter 8.
• M. Menegatti, Applicazioni di macroeconomia second edition, Giappichelli, 2018.
During the course the basic notions about macroeconomics are provided and the main theories which describe the functioning of economic system are discussed by means of lectures. These are flanked by tutorials where numerical examples are proposed to the students which represent a simplified description of the main theoretical models, with the aim to give the students the opportunity to solve some of the typical problem in macroeconomics such as the determination of the equilibrium of an economy and the definitions of the effects of economic policies on it.
Classes are held with different modalities; some are held online in live streaming, others are recorded videolessons.
Assessment methods and criteria
Written exam, carried out remotely, and held on the Elly portal until the state of emergency due to the pandemic has ended. Knowledge and learning ability will be tested in 16 short multiple answer questions, to which 1 point is awarded each, and through a numerical exercise/application. The latter is divided into 5 parts to which 3 points are awarded each. The threshold of sufficiency is fixed at the value of 18, while honors are awarded to those students having complied with the requisites necessary to obtain full marks, i.e. 31/30. The exam lasts 60 minutes. It is possible to consult educational material, including the calculator. Each students receives his/her grade by email from the Segreteria Studenti within the two weeks following the exam. The on line registration for the exam is mandatory. It is also possible to take the exam in two partial tests which are held during the course with the same modalities described above. It is also possible to take the exam in two partial tests that will be held during the course, in the same way as those described above. In this case, however, the test consists of 8 multiple choice questions, each of which is worth 2 points, and of a numerical exercise, divided into 5 parts to which 3 points are assigned each. The threshold of sufficiency is fixed at the value of 18 in both the two intermediate tests, and, similarly, honors are given to students who reach the maximum score in both the two intermediate tests, i.e. 31/30. The duration of the intermediate test is 45 minutes. Consultation of the didactic material, including the use of a calculator, is allowed. The results of the intermediate tests are communicated to the students through the Elly platform.