Anno accademico 2018/2019 - 2° anno
Docente: Domenico Lisi
Crediti: 9
SSD: SECS-P/02 - Politica Economica
Organizzazione didattica: 225 ore d'impegno totale, 165 di studio individuale, 60 di lezione frontale

Obiettivi formativi

1.Knowledge and understanding

The course aims to provide conceptual tools for the macroeconomic analysis of the global economic environment. The role of economic policy, in the current context of financial globalization will be studied by devoting a particular attention to understand different theoretical approaches to policy making. Thus, the emphasis will be focused in describing, from a macroeconomic point of view, the interaction between the real and financial side of economies, by focusing on expectations, markets and the determination of the equilibrium level of income. A specific reference to Monetary Unions will be done.

2. Applying knowledge and understanding

Applying knowledge and understanding: Students are required to broaden both their culture and their terminology. They should develop proactive analysis capabilities, in order to use theoretical models and verify their applicability to real cases. The degree of their ability will be monitored during the course, also by interpreting relevant facts of the critical global macroeconomic environment which are the core centre of the contemporary political debate.

3. Making judgments

It is particularly important that students develop their own critical skills and independent judgment capacity. Macroeconomic Policy is a matter of ideology, after all, and (therefore) an individual well sounded personality should be used for the analysis of actual cases. These cultural advancements are required in order to develop the attitude to identify policy objectives, policy instruments and their applicability range, both within a domestic scenario and in a supra-national setting. The course aims to strengthen students' awareness, by providing them with few basilar elements of philosophy, surrounding the different approaches, in order to stimulate the ability in understanding the complex nature of macroeconomic policy decisions.

4. Communication skills

During the course, the student will have the opportunity to improve and refine the technical language and to broaden their capability to express themselves in English. Communicative skills in the foreign language will not be tested, but it is obvious that the ability to reply to questions and discuss issues is “reasonably” necessary. Moreover, an adequate knowledge of basics of Macroeconomics and of Mathematics for Economics is needed.

5. Learning skills

The learning ability of the student will be checked by the teacher during the course, by encouraging participation and providing guidance for the most correct learning process. In this discipline, more than in others, analytical theoretical models should be carefully understood before they can be profitably referred to specific historical and institutional contexts.

Modalità di svolgimento dell'insegnamento

The course will be taught mainly through frontal lectures. During the course tutorials will also be provided by the instructor on the arguments covered in the lectures.

Prerequisiti richiesti

Basic knowledge of microeconomics and mathematics

Frequenza lezioni

Mandatory. Students are firmly suggested to attend lectures.

Contenuti del corso

Introduction; National Accounting*; The Goods Market*; The Financial Market*; Goods and Financial Markets: IS-LM*; International Economic Policy: IS-LM-BP*; The Labour Market*; The Macroeconomic Equilibrium: AD-AS*; The Philips Curve*; Again on the Macroeconomic Equilibrium*; The Expectations Theories; Optimal Currency Area and the European Perspective*; Sovereign Debt Dynamics.

A star, *, indicates the topics without which the exam cannot be passed

Testi di riferimento

Blanchard O., Amighini A., Giavazzi F., Macroeconomics, a European Perspective, Pearson 2017.

Programmazione del corso

 ArgomentiRiferimenti testi
1IntroductionTextbook, Ch. 1 
2National AccountingTextbook, Ch. 2 
3Macroeconomic variablesTextbook, Ch. 2 
4The goods market: the demand for goodsTextbook, Ch. 3 
5The goods market: the equilibrium outputTextbook, Ch. 3 
6The goods market: the effect of fiscal policyTextbook, Ch. 3 
7The financial market: the demand for moneyTextbook, Ch. 4 
8The financial market: the equilibrium interest rateTextbook, Ch. 4 
9The financial market: the effect of monetary policyTextbook, Ch. 4 
10Goods and financial markets: IS-LMTextbook, Ch. 5 
11Goods and financial markets in an open economyTextbook, Ch. 6 
12The balance of paymentTextbook, Ch. 7 
13International economic policy: IS-LM-BPTextbook, Ch. 7 
14The labour market: wage determinationTextbook, Ch. 8 
15The labour market: natural rate of unemploymentTextbook, Ch. 8 
16The macroeconomic equilibrium: AD-ASTextbook, Ch. 9 
17The effect of monetary and fiscal policyTextbook, Ch. 9 
18The Philips curveTextbook, Ch. 10 
19The Philips curve: critics and refinementsTextbook, Ch. 11 
20The macroeconomic equilibrium in an open economyTextbook, Ch. 12 
21Expectations theory: financial marketTextbook, Ch. 16 
22Expectations theory: consumption and investmentTextbook, Ch. 17 
23Expectations theory: output and policyTextbook, Ch. 18 
24Optimal currency areaTextbook, Ch. 19 
25The European perspective: the history of EuropeTextbook, Ch. 19 
26The European perspective: the monetary unionTextbook, Ch. 19 
27The financial crisisTextbook, Ch. 20 
28Sovereign debt dynamicsTextbook, Ch. 21 
29The constraints of policy and politicsTextbook, Ch. 22 
30The evolution of macroeconomic theoryTextbook, Ch. 24 

Verifica dell'apprendimento

Modalità di verifica dell'apprendimento

Regular examination consists of an oral exam. At the end of the first module, regularly attending students can sit a written test on the corresponding part of the program.

Esempi di domande e/o esercizi frequenti

Questions and problems can be found at the end of each chapter of the textbook "Blanchard O., Amighini A., Giavazzi F., Macroeconomics, a European Perspective, Pearson 2017". Solution to exercises and other questions on the programme are available at Other exercises will be provided during the course in Studium.