The course is an introduction to the study of macroeconomics. It covers the main issues, methods, data, concepts and models. Students will be able and motivated to follow and understand the current debates on macroeconomic issues, as they are reported by the qualified press and media. A special focus will be on understanding and debating the appropriateness of the macroeconomic policies adopted in the Great Recession.
The course provides the basic tools for understanding economic policies, in particular monetary and fiscal policies. The aim is to offer adequate preparation on the fundamental themes of macroeconomic analysis: fluctuations in income and employment and the role of stabilization policies, the causes of inflation and the determinants of economic growth.
At the end of the course, the student will have acquired a fundamental knowledge of all the major themes of modern macroeconomic equilibrium theory in the long-run.
The course assumes a basic knowledge of microeconomics, such as the theory of the consumer, producer theory, and the foundations of mathematical analysis.
The course consists of lectures, for a total of 60 hours (10 CFU) aimed at explaining the main notions of Macroeconomics. Graphs will be used, all of which will be explained and constructed in class. This explains the importance of attending classes.
The slides of the course, together with exercises to prepare the exams, will be uploaded on Aulaweb.
Introduction: course syllabus and scope. Definition of GDP.
Aggregate supply and effective demand. Equilibrium
Consumption, Investment, Government Expenditure
Savings and Investment
Money supply and money demand
Financial markets. The Central Bank
The IS and LM curves: meaning and warnings
Financial markets
The labour market. The bargaining process
The price level
The short-run and long-run: what these terms mean
The aggregate supply and aggregate demand curves
The Phillips curve and inflation
The Okun’s law
The long-run theory: the aggregate production function and steady states
Expectations: nominal and real interest rates
The open economy
Capital movements
The exchange rate and exchange rate regimes
MANKIW G. e TAYLOR M., Macroeconomia, Zanichelli, Bologna, latest edition.
Ricevimento: Tuesday, 10.00 to 12.00 in the Professor's office located on the 5th floor of the West Tower in the Albergo dei Poveri, Piazzale Brignole 3 canc.. In order to avoid overlaps and waits, please notify your request for an appointment in advance by email to seghezza@unige.it
ELENA SEGHEZZA (President)
MARTA SANTAGATA (President Substitute)
GIULIA BIANCHI (Substitute)
GIOVANNI BATTISTA PITTALUGA (Substitute)
ANDREA VINDIGNI (Substitute)
First semester, in the first week of the semester.
MACROECONOMICS
Written and oral exam. The oral part of the exam is not compulsory, however, it is not possible to reach a grade higher than 26 without doing the oral examination.
The written part of the exam consists of 22 quiz and 2 open questions. The student must be able to explain, using graphs, the various economic policies.
Assiduous frequancy and consultation of the aula web.
