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08795 - Macroeconomics (O-Z)

Academic Year 2024/2025

                
                        Docente:
                        Carmine Guerriero
                    
                        Credits:
                        10
                    
                        Language:
                        Italian
                    
                        Moduli:
                        
                            Carmine Guerriero
                            (Modulo 1)
                        
                            Emanuela Randon
                            (Modulo 2)
                        
                        Teaching Mode:
                        
                                    Traditional lectures (Modulo 1)
                                
                                    Traditional lectures (Modulo 2)
                                
                            Campus:
                            Bologna
                        
                            Corso:
                            First cycle degree programme (L) in
                            Political, Social and International Sciences (cod. 8853)

                            Online Lessons
                        
                            Teaching resources on Virtuale
                        
                                        Course Timetable
                                    
from Sep 16, 2024 to Oct 24, 2024

                                        Course Timetable
                                    
from Nov 05, 2024 to Dec 09, 2024

Learning outcomes

By the end of the course, the student will:

- possess the basic analytical tools for understanding the behavior of the economic system as a whole;

- be able to apply theoretical models to the solution of macroeconomic problems;

- understand the relevant aspects of the current political debate;

- be able to evaluate the benefits and costs of economic policy.

Course contents

Part I (Guerriero):

Real market

GDP

Demand for goods

Equilibrium production

Financial markets

The demand for money

Interest rate

Relationship between the two markets: the IS-LM model The market for good and the IS curve

Financial markets and the LM curve

The IS-LM model: equilibrium

The job market

The determination of wages

Pricing

The natural unemployment rate

Unemployment, inflation and growth
Inlation, expected inflation and unemployment
The Phillips curve
The Okun's law

The AD-AS model

Aggregate supply

Aggregate demand

The equilibrium in the short and medium run

The effects of monetary and fiscal policy

Parte II (Randon):

Economic Growth

Main facts

OCSE countries growth across time and space.

Technological progress and growth

Challenges: inequality and climate change

The IS-LM model in open economy

The markets for goods in an open economy

Financial markets in an open economy

The IS curve in an open economy

Equilibrium in the financial markets

Fiscal Policies

Classification of public administration

Main accounting papers (public finance in Italy)

Government budget constraint: debt, deficit, expenses and taxes

Historic evolution of public debt in Italy

Public debt sustainability

Main characteristics of the italian tax system

Economy Policy

Economic Policy: Limits
Uncertainty and expectations in political economy

Tax system drawback

Readings/Bibliography

Olivier J. Blanchard, Alessia Amighini, Francesco Giavazzi. 2020. Macroeconomia. Una prospettiva europea. Bologna: Il Mulino. Part I: Chapters I-VI. Part II: Chapters X, XII-XIII, XVII-XIX e XXI-XXII.