The aim of the course is to provide the appropriate tools to understand the role and methods of public intervention in the economy. In particular, the study will refer to objectives, models and tools of public intervention in the national (closed economy) and international (open economy) contexts Knowledge and understanding: students must first acquire knowledge of the main macroeconomic variables to understand the interrelations linking them in the different types of market (factors, goods and services, money ...) and the aim of public intervention in the economy. Applying knowledge and understanding: the student should demonstrate her/his ability to apply the theoretical knowledge acquired to real situations in particular in the Italian and the European contexts. Making judgements: the student should apply a critical approach in the study and should be able to increase autonomously her/his knowledge. Communication: the student must answer with correct use of economic language, in a concise and exhaustive way to the open-ended written and oral questions combining the answers (in the requested cases) with an accurate graphical analysis. Furthermore, he should be able to solve the exercises proposed in the final exam. Lifelong learning skills: the students must have acquired the basic instruments of macroeconomics and economic policy and prove to have a good learning level to face the subsequent exams of the course.
The course requires that students have learned the basic contents of Mathematics and Microeconomics.
Introduction to Macroeconomic policy. Definition and measurement of main macroeconomic variables: gross domestic product, price indices, unemployment rate. Market of Goods and services: determinants of aggregate demand and supply. Money and inflation. Money market: determinants of demand and supply; the role of Central Bank.
The economy in the short period. Introduction to economic fluctuations and the role of the economic policy. The analysis of fiscal and monetary policies in the closed economy (IS-LM model framework) and in the open economy (Mundell-Fleming model framework)
The economy in the long run. The theory of economic growth.
The macroeconomic debates: stabilization policies; public debt, unemployment. The currency areas and the Economic and Monetary Union in Europe.
The course will be organized in lectures and tutorials.
N.G. Mankiw, M. P. Taylor, Macroeconomia, Zanichelli (2015)
The learning assessment will be carried out through a written test and an oral interview on the topics of the program. The written test, for which the students will have 60’ time, will be divided into open questions and exercises and both may require a punctual graphic analysis. The vote will be the result of the two tests.