Bachelor's degree in Economics and Business (Verona)

Course partially running (all years except the first)

Macroeconomics (2013/2014)

Course code

4S00242

Credits

9

Coordinator

Gianpaolo Mariutti

Academic sector

SECS-P/01 - ECONOMICS

Language of instruction

Italian

Teaching is organised as follows:
Activity	Credits	Period	Academic staff
lezione	7	secondo semestre	Gianpaolo Mariutti
esercitazione	2	secondo semestre	Gianpaolo Mariutti

Lesson timetable

Learning outcomes

-- Introdution ––
Modern macroeconomics was born with J.M. Keynes in 1936. His book "The General Theory" recalls the title of Einstein's famous paper. Such a parallelism is not completely out of place. In fact, one could argue that macroeconomics is to economics what cosmology is to physics. It studies the aggregate phenomena of an economic system. It does not inquiry on the infinitely small, such as a single firm or the behaviour of an individual (the field of microeconomics), but it deals with the overall forces of an economic system. Like cosmology, macroeconomics too asks ultimate questions on the “massimi sistemi”. In short, what is made the wealth of a nation, and how much is it, from where does such wealth come from, and where (i.e. to whom) does it end. It is not necessary to be a cosmologist to know that “il sole e le altre stelle” do exist. Equally, one can speak about GDP, aggregate consumption, industrial investment, inflation without knowing the subject matter involved in these phenomena. However, common sense apart, one cannot answer how the PIL is formed, who has produced it, how much it has been consumed or invested, and the effects these decisions have generated, without some training in macroeconomics.
-- First aim––
The first aim of the lectures consists to providing such basic training. The level of exposition will be introductory, but not superficial. Some basic mathematical knowledge is required (mainly on linear functions), since there will be an extensive use of graphics and equations. Three markets, that make up a typical economic system, will be examined in succession: (1) the good market, (2) the financial and monetary market, (3) the labour market. The laws of these three markets will be carefully analyzed, as well as their interactions in determining the economic equilibrium (or disequilibrium) of an economic system.
-- Second aim––
But macroeconomics is not cosmology. If cosmology cannot usually change the phenomena it studies, this is not the case of macroeconomics. Similarly to what happens to other social sciences, macroeconomists aim at knowing the world not just for the sake of knowledge, but also for the sake of improving the world. Coherently, the second aim of these lectures will be to point out the role played by economic policy (in the three markets) in promoting – or at least in our difficult times, in preserving) the level of wealth achieved by the developed world.

Syllabus

Lectures will be both on theory and on practice. Students will be asked to take weekly exercises and test, so to verify their progress to the preparation for the final exam.

The main topics that will be addressed are the following:
1. Macroeconomics: History of Economic Thought and Economic History
2. National Accounts and further Empirical Evidence
3. The market of goods
4. The financial and monetary market
5. The IS-LM model
6. The labour market
7. Unemployment and inflation: the Phillips curve
8. The AD-AS equilibrium model
9. Economic growth (including Harrod-Domar model)
10. The accumulation of capital and the technical progress
11. The role of expectations and inflationary effects
12. The open economy
13. Macroeconomics and Economic Policy

Textbook basic References (see below in the other box the detailed bibliography): Blanchard et al. (2011). It is ok also the previous edition Blanchard (2009). Manual of solutions: Findlay (2011), or Findlay (2009).

Assessment methods and criteria

Mid-term exam: Written exam with multiple-choice and numerical test. Final exam: Written exam divided in two parts: a)Multiple-choice test (20 questions) b)Numerical exercises (4 exercises). The final exam covers the whole syllabus. Students that have passed the mid-term exam will be assessed as follows. The final mark of the written exam will be the sum of the weighted (35%) mark of the mid-term exam and the wighted (65%) mark of the final exam. Students may renounce the mid-term mark. In that case the assessment will be made only with the final exam. Oral exam for those that have passed the written exam with a mark of 17 or higher. a) Compulsory for those with a mark between 17 and 18 in the written exam. b) Optional for those with a mark of 18 or higher in the written exam. Students that have taken weekly monitored test and exercises can asked a bonus of a maximum of 10% of the mark of the written exam.

STUDENTS WITH 10CFU, 9CFU e 6CFU ENROLLED IN THE PREVIOUS YEARS

To be instructed which is the course and who is the Lecturer in your case, please see attached PDF file below under the item "Teaching Material".

Reference books
Activity	Author	Title	Publisher	Year	ISBN	Note
lezione	Blanchard Olivier, Amighini Alessia, Giavazzi Francesco	Macroeconomia	Il Mulino	2016	9788815149731	Il libro di testo di Blanchard et al. 2011 è molto simile all'edizione 2009. La maggiore novità è l'inclusione di un nuovo capitolo sulla crisi, e una diversa collocazione di un capitolo sull'economia internazionale. Il resto è rimasto sostanzialmente lo stesso.
esercitazione	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	L'eserciziario di Findlay è associato al nuovo libro di testo Blanchard et al. 2011. Bisogna prestare attenzione di abbinare l'eserciziario al libro di testo in base alla data di pubblicazione. Pertanto l'utilizzo del Findlay 2011 va fatto in tandem con il Blanchard et al. 2011, mentre l'utilizzo del Findaly 2009 va fatto se si possiede l'edizione del Blanchard 2009. Attenzione: *non* utilizzare il criterio del colore per un eventuale acquisto. Il colore dell'eserciziario 2011 è uguale al colore del libro di testo 2009.

Teaching aids
Activity	Title	Format (Language, Size, Publication date)

Bachelor's degree in Economics and Business (Verona)

Course partially running (all years except the first)

Macroeconomics (2013/2014)

Course code

4S00242

Credits

9

Coordinator

Gianpaolo Mariutti

Academic sector

SECS-P/01 - ECONOMICS

Language of instruction

Italian

Teaching is organised as follows:
Activity	Credits	Period	Academic staff
lezione	7	secondo semestre	Gianpaolo Mariutti
esercitazione	2	secondo semestre	Gianpaolo Mariutti

Lesson timetable

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