Quantitative Models for Economic Analyses - MACROECONOMIA (2011/2012)

Course code
4S02761
Credits
6
Other available courses
Other available courses
    Academic sector
    SECS-P/01 - ECONOMICS SECS-P/02 - ECONOMIC POLICY
    Language of instruction
    Italian
    Teaching is organised as follows:
    Activity Credits Period Academic staff Timetable
    Teoria 5 II semestre GianPaolo Mariutti
    Esercitazioni 1 II semestre GianPaolo Mariutti

    Lesson timetable

    II semestre
    Activity Day Time Type Place Note
    Teoria Tuesday 9:30 AM - 11:30 AM lesson Lecture Hall SPB  
    Teoria Thursday 9:30 AM - 11:30 AM lesson Lecture Hall SPB  

    Learning outcomes

    GNP, or Gross National Product, aggregate consumption, investment, public expenditure, general level of prices, and its rate of change (inflation), as well as employment, and the rate of unemployment are all macroeconomic variables. The course aims to investigate the determinants of these variables, and their role in making an economy work.
    Three markets are involved in this investigation.
    First, the market of goods. We shall study it from both the demand and the supply side
    Second, the monetary and financial market. We shall pay particular attention to the forces behind the determination of the rate of interest.
    Third, the labour market. We shall focus on the determination of the level of wages and on the relationship between wages and general level of prices.
    The time frame of the investigation will be both the short run as well as the long run.
    The main macroeconomic theories of these three markets will be presented in descriptive, graphical and mathematical language. At the beginning the student will be also exposed to some methodological issues (in particular on the difference between social and natural sciences) and to a brief history of macroeconomics.

    Syllabus

    1. Natural and Social sciences: Macroeconomics in the History of Economic Thought
    2. National Accounts and empirical macroeconomic evidence
    3. The market of goods
    4. The financial and monetary market
    5. The IS-LM model
    6. Macroeconomics and Economic Policy
    7. Economic growth
    8. The accumulation of capital and the instability of capitalism
    9. The labour market
    10. The AD-AS equilibrium model and the relation Unemployment-inflation
    11. The open economy (in short)
    12. The role of expectations (in short)


    References:
    Blanchard O., Amighini A., Giavazzi F., Macroeconomia, Il Mulino, 2011. Part II, III, IV in full. Part V e VI in brief. Students that follow the course will get access to notes, exercises and further reading list in preparation of the exam.
    Findlay D.W. Esercizi di Macroeconomia. Guida allo studio del testo di Olivier Blanchard, Il Mulino, 2011.

    There is also a short-cut version of the textbook: Blanchard O. Scoprire la macroeconmia, Il Mulino, 2011.

    Assessment methods and criteria

    Final examination: Written exam with multiple-choice test and numerical exercises. It will be followed by a short oral examination.