MACROECONOMIC THEORY AND FINANCIAL POLICY
Academic Year 2023/2024 - Teacher: ALESSIO EMANUELE BIONDOExpected Learning Outcomes
1. Knowledge and understanding:
The course aims to present the most relevant literature of macroeconomic analysis. Theoretical models
and actual policy implementations will be discussed by comparing different approaches from t methodological and the political point of view.
2. Applying knowledge and understanding:
The course aims to develop the ability of students to handle macroeconomic models and assess different policy addresses. This will contribute to develop their consciousness in the field of macroeconomics.
3. Making judgments :
Macroeconomic models and their policy application have profound ideological underpinnings. The course aims to strengthen students’ awareness on most of the epistemological roots of macroeconomic theories, thus enabling them to develop the attitude to identify policy objectives, policy instruments and their applicability range.
4. Communication skills:
The course aims also to provide students with the opportunity to learn specific technical language for macroeconomic analysis.
5. Learning skills:
The course will give the opportunity to understand how to frame and discuss both theoretical and applied macroeconomic topics, thus improving the ability to learn further related concepts.
Course Structure
Lectures.
Required Prerequisites
Although a formal pre-requisite is not required, all students are firmly suggested to learn a taught programme in Mathematics for Economics, Microeconomics and Macroeconomics.
Attendance of Lessons
Detailed Course Content
Understanding modern macroeconomics; Keynes v. the ‘old’ classical model; The orthodox Keynesian school; The orthodox monetarist school; The new classical school; The real business cycle school; The new Keynesian school; The Post Keynesian school; The Austrian school; The Foreign Exchange Market; Exchange-Rate Regimes; Exchange-Rate Determination; International Monetary Integration; The European Monetary Union; Key Events in Postwar International Monetary System; Current Problems.
Textbook Information
1. Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, (chs. 1-9).
2. Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008 (ch. 1).
3. Gandolfo G., International Finance and Open-Economy Macroeconomics, Springer, 2016 (chs. 2, 3, 15, 20, 21, 22, 24).
Course Planning
| Subjects | Text References | |
|---|---|---|
| 1 | Understanding modern macroeconomics | a- Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.1; b- Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.1 |
| 2 | Keynes v. the 'old' classical model | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2 |
| 3 | Keynes v. the 'old' classical model (2) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2 |
| 4 | Keynes v. the 'old' classical model (3) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2 |
| 5 | The orthodox Keynesian school | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3 |
| 6 | The orthodox Keynesian school (2) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3 |
| 7 | The orthodox Keynesian school (3) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3 |
| 8 | The orthodox monetarist school | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4 |
| 9 | The orthodox monetarist school (2) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4 |
| 10 | The orthodox monetarist school (3) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4 |
| 11 | The new classical school | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5 |
| 12 | The new classical school (2) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5 |
| 13 | The new classical school (3) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5 |
| 14 | The real business cycle school | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.6 |
| 15 | The real business cycle school (2) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.6 |
| 16 | The new Keynesian school | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7 |
| 17 | The new Keynesian school (2) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7 |
| 18 | The new Keynesian school (3) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7 |
| 19 | The Post Keynesian school | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8 |
| 20 | The Post Keynesian school (2) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8 |
| 21 | The Post Keynesian school (3) | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8 |
| 22 | The Austrian school | Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.9 |
| 23 | The Foreign Exchange Market | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.2 |
| 24 | Exchange-Rate Regimes | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.3 |
| 25 | Exchange-Rate Determination | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.15 |
| 26 | Exchange-Rate Determination (2) | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.15 |
| 27 | International Monetary Integration | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.20 |
| 28 | International Monetary Integration (2) | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.20 |
| 29 | The European Monetary Union | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.21 |
| 30 | Key Events in Postwar International Monetary System | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.22 |
| 31 | Current Problems | Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.24 |