59691 - Macroeconomics

Learning outcomes

At the end of the course students know issues and method of Macroeconomics. Students learn to understand Macroeconomic equilibrium in protected and open economic systems and the main issues of public policy debate in Economics.

Course contents

The program covers chapters 1-21 of Mankiw's handbook (12th edition, see below) and in particular the following topics.

Introduction

Introduction to Macroeconomics

Data and models

GDP

Classic theory: the economy in the long run

The long run

Income production, distribution and expenditure

Equilibrium in the goods market and in the financial market

The monetary system

Inflation

Costs of inflation

Open economy: trade balance and net capital outflows

Open economy: real and nominal exchange rate

Unemployment

Labor market reforms in Europe and in Italy

Growth theory: the economy in the very long run

Economic growth and the Solow model: capital accumulation, steady state, policy, golden rule, population dynamics, technological progress, empirics, growth enhancing policies

Endogenous growth

Business cycle theory: the economy in the short run

Introduction to short run fluctuations: AD-SRAS-LRAS IS-LM model

Economic policy, shocks, IS-LM and AD

Great depression, Japanese stagnation, Great recession, European sovereign debt crisis, Covid-19 pandemics

Fiscal and monetary policy in the EU since the Great recession

Mundell- Fleming model

International financial crises

Aggregate supply and Phillips curve

Adaptive and rational expectations

The debate on macroeconomic policy

Stabilization policy

Debt and deficit

Financial system: opportunities and dangers

Readings/Bibliography

N. Gregory Mankiw, Macroeconomics, 12th Edition, Macmillan, 2025

For some arguments we will also refer to CORE Econ, The Econmy (1.0 and 2.0)

Teaching methods

Lectures, tutorials, and home assignments for attending students

Assessment methods

Mandatory written exam (computerized): 30 points available. It consists of 9 multiple choice questions (2 points each) and 4 open questions (3 points each).

Optional oral exam: +/- 3 points from the grade of the written exam (mandatory to obtain "30/30 cum laude"). The oral exam consists of 3 questions on the entire program, whose answers may increase or decrease the grade by one point each.

The oral exam can be taken only at the first session following the written exam. Admission to the oral exam requires a grade of at least 15/30 in the written exam.

Partial exams: for attending students there will be a partial exam after the first half of the course (on the program of chapters 1-7); the second partial exam (on the remaining program) can be sustained either at the end of the course (the day of the first full exam) or at the following session (the day of the second full exam), but it can be sustained only once. The final grade, which can be recorded or modified through the optional oral exam, will be the simple average of the two partial exams. Even for those opting for partial exams, the optional oral exam covers the entire program.

In both written and oral exams the evaluation depends on the correctness, completeness and rigor of the answers.

Registration on AlmaEsami is mandatory both for written exam sessions and for the "Oral and grade recording" session immediately following the completion of the written exam. Those who show up at this session will be able to review the corrections and choose whether to give the oral exam or not. Those who do not show up will have the grade of the written exam recorded.

OFA: students with OFA in Math cannot sustain either total or partial exams.

Erasmus: at most 20 Erasmus and Overseas students, and 10 UADE students, selected in chronological order, will be admitted to the course and the exam.

Home assignements: for those attending the course and taking partial exams, there will be bi-weekly home assignements. Handing in all assignements raises the grade of each partial exam by 1 point.

Fractionary final grades obtained in the written exam will be approximated to the superior unit above 0.5 included, and to the inferior unit otherwise.

The (rounded) final grade can be refused only once.

Grading scale:

< 18: failed
18-23: sufficient
24-27: good
28-30: very good
30 e lode: outstanding

Teaching tools

Slides published online in advance.

Students with disability or specific learning disabilities (DSA) are required to make their condition known to find the best possibile accommodation to their needs.

Office hours

See the website of Paolo Vanin