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MACROECONOMICS MOD. BUSINESS CYCLE ANALYSIS

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MACROECONOMICS MOD. BUSINESS CYCLE ANALYSIS

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Academic year 2024/2025

Course ID
SEM0181A
Teacher
Fabio Cesare Bagliano (Lecturer)
Year
1st year
Teaching period
First semester
Type
Distinctive
Credits/Recognition
6
Course disciplinary sector (SSD)
SECS-P/01 - economics
Delivery
Formal authority
Language
English
Attendance
Optional
Type of examination
Written
Prerequisites
Working knowledge of microeconomics and macroeconomics at the level of three-year undergraduate courses is required. The formalized analysis of macroeconomic models requires familiarity with mathematical and statistical tools acquired in the three-year undergraduate program in Economics. In particular, extensive use of differential calculus and constrained optimization techniques will be made.
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Sommario del corso

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Course objectives

The course will provide students with a deep and up-to-date knowledge of modern theories of economic fluctuations and the related techniques of macroeconomic analysis and model-building.

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Results of learning outcomes

During the course, students will learn how to apply economic concepts and methodologies to actual economic problems and situations related to business cycle fluctuations, drawing the appropriate policy implications, and how to autonomously apply rigorous macroeconomic reasoning with the support of quantitative methods, in order to formulate personal judgements on economic developments and policy issues.

The course will enable students to understand the most recent developments in macroeconomic theory and will be a suitable basis for further research work in macroeconomics.

- Knowledge and understanding: this course will provide students with a deep and up-to-date knowledge of economic models currently in use in macroecoomic and business cycle analysis.

- Applying knowledge and understanding: students will learn how to apply economic modelling tools to actual economic and policy problems.

- Making judgements: the students will learn how to assess the validity of the assumptions of a wide range of theroretical macreconomc models with the purpose of realizing potential drawbacks or dangers in their application to relevant empirical and/or policy issues.

- Communication skills: students will learn how to effectively organize ideas both in written and oral form, possibly with the help of presentation of scientific papers during the course.

- Learning skills: this course will enable students to understand the recent developments in the macroeconomic analysis of business cycles and will be a suitable basis for further research work in the area.

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Program

The course will cover the following topics:

1. The "neoclassical synthesis"

2. The "natural" rate of unemployment and the long-run Phillips curve

3. The "rational expectations" hypothesis and the business cycle theory of the New Classical Macroeconomics

4. Nominal rigidities, rational expectations, and the effectiveness of stabilization policies

5. Dynamic macroeconomic models with rational expectations: (a) output and the stock market; (b) exchange rate dynamics in open economies

6. The "real business cycle theory"

7. The "New-Keynesian Macroeconomics": macroeconomic implications of imperfections in labor and goods markets

8. Unemployment: search and matching models of labor market dynamics

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Course delivery

The course consists of a series of lectures on the topics listed above; problem sets and exercises on some topics will be handed out (with solutions available).

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Learning assessment methods

Written (max 2-hour) exam at the end of the course, with both formalized and theoretical questions (min 2 max 4). The overall mark (30) will be equally divided among questions.

Suggested readings and bibliography

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The course is not based on a textbook. For each topic, lecture notes will be circulated and a set of readings (mostly drawn from scientific international journals) will be provided, containing the original presentations of the models discussed in the lectures. A complete reading list (with access to papers and other resources, and with a list of papers for students' presentations) will be available on the Moodle platform at the beginning of the course.



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