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MACROECONOMIC ANALYSIS
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Macroeconomic analysis
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Academic year 2019/2020
- Course ID
- SEM0079
- Teacher
- Fabio Cesare Bagliano (Lecturer)
- Year
- 1st year
- Teaching period
- First semester
- Type
- Distinctive
- Credits/Recognition
- 9
- Course disciplinary sector (SSD)
- SECS-P/01 - economia politica
- 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.
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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.
Specific exam rules for the Summer 2020 session (June exam) are detailed in the "Sample exam questions and exam rules" section on the Moodle page of the course.
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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
Suggested readings and bibliography
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The course is not based on a textbook. For most topics, lecture notes will be circulated; moreover, for each topic, a set of readings (mostly drawn from scientific international journals) will be provided, with the original presentations of the models presented in the lectures. A detailed reading list, lecture notes and other material can be found on the Moodle platform.
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Class schedule
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