B2204 - MACROECONOMIC MODELS FOR POLICY ANALYSIS

Conoscenze e abilità da conseguire

The course aims at familiarizing the student with the tools that Macroeconomics offers for the analysis of the most relevant issues in the policy debate. The student will be expected to be familiar with and to use models explaining the short-run determinants of aggregate demand, consumption and investment; to be able to analyze problems concerning the determinants of unemployment and the labor market outcomes; to be familiar with and be able to analyze the sustainability of public debt and its effects on the economy; to be familiar with and be able to analyze the determinants o of inflation and the scope for monetary policy.

Contenuti

Part 1: Acquiring Analytical Tools
- Two-Period Consumption-Saving Model
- Infinite-Horizon Consumption-Saving Model without Uncertainty
- Infinite-Horizon Consumption-Saving Model with Uncertainty

Part 2: The Ramsey-Cass-Koopmans Model
- General Setup
- Equilibrium Analysis (Solution Technique)
- Social Planner’s Problem
- Comparative Statics
- Dynamic Responses

Part 3: Real Business Cycle (RBC) Model without Capital
- Business Cycle Facts (Empirical Evidence)
- General Setup
- Analytical Solution
- Responses to Technology Shocks
- Responses to Government Spending Shocks

Part 4: Real Business Cycle (RBC) Model with Capital
- General Setup
- Calibration
- Numerical Solution with Dynare
- Impulse Responses to Technology Shocks
- Impulse Responses to Government Spending Shocks

Part 5: New Keynesian Models without Capital
- General Setup
- Analytical Solution
- Calibration
- Numerical Solution
- Impulse Responses to Technology Shocks
- Impulse Responses to Government Spending Shocks
- Impulse Responses to Monetary Policy Shocks

Part 6: Advanced Topics (if time permits)
- New Keynesian Models with Capital
- Role of Financial Frictions
- Indeterminate Models and Sunspot Equilibria
- Frictional Labor Market

Testi/Bibliografia

- Primary Textbook: M. Azzimonti, P. Krusell, A. McKay, and T. Mukoyama, Macroeconomics (Open Source). Available online: https://phdmacrobook.org/ 

- Handouts: Supplementary materials provided during lectures, available for download.

Metodi didattici

- Lectures: Delivered in a traditional in-person format, covering theoretical foundations and practical applications.

- Homework Assignments: Designed to reinforce concepts discussed in lectures. Submission details and deadlines will be provided throughout the course.

Modalità di verifica e valutazione dell'apprendimento

- Homework Assignments: Regularly assigned to reinforce key concepts. Submission deadlines and guidelines will be provided in class.

- Final Exam: A comprehensive assessment covering all course topics. Details on format and grading criteria will be announced in advance.

Il punteggio massimo possibile è 30 e lode, nel caso in cui tutte le risposte siano corrette, complete e formalmente rigorose
La valutazione è così articolata:
<18 insufficiente
18-23 sufficiente
24-27 buono
28-30 molto buono
30 e lode eccellente

Strumenti a supporto della didattica

- MATLAB: Freely available for University of Bologna students. Ensure access through the university's licensing system.

- Dynare: Required for some course exercises. Download it from the official website: https://www.dynare.org/

Orario di ricevimento

Consulta il sito web di Marco Brianti