"G. d'Annunzio"
There’s no scheduled prerequisites in this course, however, it is advised that the basic concepts of Microeconomics should be already acquired.
The course will provide the students solid basis and analytical instruments on main Macroeconomics models. In particular, the analytical tools to understand the most relevant economic models will be provided. In addition, on the basis of what is taught in the first part of the course the student will be able to understand, interpret and envisage the consequences of the economic policies that will be illustrated in the second part of the course. At the end of the course, students will therefore have acquired the knowledge/competencies needed for: - interpret the aggregate demand/aggregate supply model (knowledge and comprehension ability); - describe, analytically and graphically, the IS and LM curves (knowledge and comprehension ability); - use the IS-LM model to explain the functioning of the monetary and fiscal policy (knowledge and comprehension ability); - illustrate the main economic policy fields, distinguishing the various underlying economic theories (knowledge and applied comprehension ability); - make a speech in an economic perspective about the most significant events, including in relation to the economic and financial crisis (independent thinking); - evaluate the public-sector intervention in the economy (independent thinking); - use the Macroeconomic and Political Economy technical terms to develop the basic concepts of this course (communication skills); - stablish interdisciplinary connections (communication skills).
The course will be formed by the following contents. The first part of the course will be devoted to the teaching of the Macroeconomics basis through the analysis of: - Aggregate Demand - Aggregate Supply - Influence of fiscal and monetary policy in the model of Aggregate Demand and Supply
The second part of the course will illustrate and analyse the economic policies on the basis of what is taught in the first part of the course: - Fiscal and Monetary policies (the role of the Monetary Union and of the European Central Bank) - Policies for employment - Growth policies
The course will be formed by the following contents. The first part of the course will be devoted to the teaching of the Macroeconomics basis through the analysis of: - Aggregate Demand: from the income and expenditure and IS-LM models to the definition of the Aggregate Demand - Aggregate Supply: productivity, wages and the definition of the Aggregate Supply in the short and long run - Influence of fiscal and monetary policy in the model of Aggregate Demand and Supply
The second part of the course will illustrate and analyse the economic policies on the basis of what is taught in the first part of the course: - Fiscal and Monetary policies: the role of the Monetary Union and of the European Central Bank; some hints on the Fiscal Compact and on the consequences of an incomplete monetary union. - Growth policies: economic models to interpret the economic growth and the policies that may influence the rate of growth of a country; - Employment policies: analysis of the labour market and of the models used to interpret labour market's phenomena.
Dornbusch at al. (2014), Macroeconomia, XI Edizione, McGrawHill, Milano (Ch. 4,5,6,8)
Benassy-Quere et al. (2014), Politica Economica. Teoria e Pratica (a cura di A. Petretto e F.F. Russo), Il Mulino, Bologna (Ch. 3,4,6,8)
The course is made by 72 hours of frontal lessons, divided into three weekly lessons. This is a two-hours lesson. The course includes a significant teacher-student relationship aimed at improving the quality of teaching. The course will be set up in specific modules and the lessons will be carried out using the following teaching methods: frontal lessons and discussions based on topical economic issues. Any handout and digital learning material will be available on the e-learning platform. Attendance is not compulsory, but it is recommended.
Compulsory written examination, which it may supplement with an oral examination. The written exam has a duration of two hours (five open questions) and it has as its objective to verify theoretical knowledge and understanding of the subjects on the study plan (see the extended programme). The oral exam is intended to examine the ability to represent and analyse the subjects covered during the course. Both exams are based on the indicated reference texts with no distinction between attending students and non-attending students. Both exams will be carried out on different days to allow the teacher to properly evaluate all the exams. The overall mark awarded to the written exam will be between 0 and 30. The oral exam may add up to two points to the written exam. Students who have been awarded a score of 16/30-18/30 must take the oral exam. Students, who have been awarded at least 18/30 in the written exam, will be able to register their score without taking the oral exam. The written exam will be valid for twelve months.
Erasmus students are invited to contact the teacher for their study plan.
