|Esercitazioni||1||II semestre||Gianpaolo Mariutti|
|Teoria||5||II semestre||Gianpaolo Mariutti|
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.
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. Unemployment and inflation: the Phillips curve
11. The AD-AS equilibrium model
12. The open economy (in short)
13. The role of expectations (in short)
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, forthcoming.
There is also a short-cut version of the textbook: Blanchard O. Scoprire la macroeconmia, Il Mulino, 2009.
Final examination: Written exam with multiple-choice test and numerical exercises. It will be followed by a short oral examination.