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 the European Union.
Applying knowledge and understanding
• Acquiring the tools that are required to describe the equilibrium of simple macroeconomic models.
• Acquiring the tools that are required to understand and elaborate the main economic statistics.
• Acquiring the tools that are required 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 experts and non-experts in the field of economics
• Developing the necessary skills to briefly explain 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 b e l o w .
1) Short run equilibrium a)Goods Market
b) Money Market
2) Economic Policy in the short run 3) Medium run equilibrium a) Labour market
b) AD-AS model
c) Phillips curve
4) Long run equilbrium. Solow model
5) Open economy
6) Euro and European Union
7) Macroeconomi effects of the COVID-19 pandemic
O. Blanchard, Macroeconomia
Una prospettiva europea, Il Mulino, edition 2020, chapters 2,3,4,5,7,8,10,11,17,18.
O. Blanchard, Scoprire la Macroeconomia
Una prospettiva europea, Il Mulino, 2014, chapters 8
M. Menegatti, Applicazioni di macroeconomia, Giappichelli, 2018.
Knowledge acquisition: lectures
Acquisition of the skill to apply the methodologies of economic analysis: exercises
Acquisition of the autonomy of judgment: exercises
Acquisition of learning skills: lectures and exercises present problematic situations and stimulate students to focus their attention on the functioning of economic systems. These excerises 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.
Acquisition of technical language: during the course the meaning of the terms commonly used in macroeconomics will be illustrated. The lessons will favor dialogic confrontation with the classroom aimed at favoring the critical discussion of the topics examined. During the exercises the student will be exposed to collections of exercises designed to develop the ability to apply to practical problems the theoretical knowledge discussed during the lessons. The guidelines for the solution of different exercises will be provided and the autonomous resolution by students, possibly grouped in small groups, will be encouraged. In a second moment the exercise will solved on the blackboard by the instructor.
Non-attending students should check the teaching material and the instructions provided by the teacher through the Elly platform.
Short recorded video-lessons on all course topics will be made available on the course webpage for the whole academic year.
The teacher is available during his/her office hours for students to clarify the lessons and exercises.
Assessment methods and criteria
Knowledge and learning ability will be tested by 11 short-answer questions.
The skills in applying knowledge will be tested by a numerical exercise.
Judgement and learning abilities will be tested by a long-answer question which requires a wide and in depth argumentation.
The ability to properly communicate by means of technical language will be evaluated through the analysis of the language used to answer this question.
Each correct answer to the 11 short-answer questions is worth 1 point. There is no penalty for wrong or missing answers. The maximum score for this section is 11 points.
The numerical exercise and the long-answer question are worth 10 points each.
In order to pass the exam the student must obtain 18 point out of 31. Honors are awarded to students whose exam obtains a full mark , i.e. a score of 31 points out of 31.
The exam lasts 90 minutes. It is not possible to consult any kinds of educational staff, with the only exception of the calculator.
Each students receives his/her grade by email from the Segreteria Studenti within the two weeks following the exam. The online registration for the exam is mandatory.
There is no midterm exam during the course