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. Macroeconomics: introduction
2. Goods market
3. Money market
4. The IS-LM model
5. The labour market
6. Unemployment-inflation and Phillips curve.
7.The IS-LM-PC equilibrium model.
8. Growth theory
9. The open economy (in short)
10. The role of expectations (in short)
Blanchard O., Amighini A., Giavazzi F., Macroeconomia, Il Mulino, 2016. Part II, III, IV in full. Part V e VI in brief.
Findlay D.W. Esercizi di Macroeconomia. Guida allo studio del testo di Olivier Blanchard, Il Mulino, 2017.
|Findlay, David W. (a cura di Lucia Dalla Pellegrina)||Esercizi di Macroeconomia. Guida allo studio del testo di Olivier Blanchard, Alessia Amighini, Francesco Giavazzi||Il Mulino||2017||9788815272003|
|OLIVIER BLANCHARD, ALESSIA AMIGHINI, FRANCESCO GIAVAZZI||Macroeconomia. Una prospettiva europea||Il Mulino||2016||978-88-15-26571-5|
The aim of the exam is to verify the student’s understanding of the theory analyzed in class, as well as the ability to apply the theory to solve numerical exercises.
The final exam consists of theoretical questions, numerical exercises and an optional oral test.
The exam will be based on the entire program covered during the course.
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