|Academic year||2018/2019 Syllabus of previous years|
|Official course title||POLITICA ECONOMICA - 1|
|Course code||ET0052 (AF:253049 AR:147070)|
|Modality||On campus classes|
|ECTS credits||6 out of 12 of ECONOMIC POLICY|
|Degree level||Bachelor's Degree Programme|
|Educational sector code||SECS-P/02|
|Spazio Moodle||Link allo spazio del corso|
1.1. Understand the interconnections between goods and financial markets.
1.2. Understand the determinants of short- medium- and long run equilibrium in goods and financial markets in closed and open economy.
1.3. Understand the effect of fiscal and monetary policies in the short and in the medium run
1.4. Understand the determinants of long run economic growth.
2. Ability to apply knowledge:
2.1. Identify effects of economic policies on goods and financial markets
2.2. Apply macroeconomic models to understand which economic policy tools may be used to achieve specific goals set by governments or central banks in terms of output, unemployment rate and inflation.
2.3. Evaluate the differential impact of alternative economic policy instruments on the equilibrium in good and financial market.
3. Judging capacity:
3.1. Evaluate the condition of a particular macroeconomic system and formulate hypothesis on its future evolution, based on analytical models.
3.2. Based on the models studied in the course, evaluate the efficacy of alternative economic policies on various macroeconomic objectives in the short, medium and long run.
3.3. Understand the current economic debate and critically assess the empirical relevance of the models studied.
Prerequisites: main learning outcomes of the Math course (first and second module) must be achieved (even if the exam has not been taken yet). In particular, students should be familiar with basic tools of analytic geometry and systems of equations.
- National accounting; definition of inflation rate
- The Goods Market
- Financial Markets
- Goods and Financial Markets: The IS-LM Model
- Financial Markets II: the extended IS-LM model
- The Labour Market
- The Phillips Curve, the Natural Rate of Unemployment, and Inflation
- Putting All Markets Together: From the Short to the Medium Run: IS-LM-PC model
Financial Markets and Expectations
Expectations, Output, and Policy
Openness in Goods and Financial Markets
The Goods Market in an Open Economy
Output, the Interest Rate, and the Exchange Rate
Exchange Rate Regimes
Additional material on specific topics will be made available on Moodle.
The use of books, notes and electronic devices (with the only exception of a calculator) is not allowed during the examination. Oral exams are not possible.
There is the possibility of taking two partial exams, at the end of the first and second period respectively on the topics covered in each module. Students that fail partial exams cannot take the exam in first session in January.
The exam assesses students’ knowledge and understanding of the topics included in the program as well as students’ ability to apply the theoretical framework acquired in the course to evaluate the effect of monetary and fiscal policies on macroeconomic equilibrium.
The exercises presented during the tutorials and the topics discussed in teachers’ notes are part of the exam’s program.
Additional exercises can be found in this book: D. W. Findlay, Esercizi di Macroeconomia. Guida allo studio del testo di O. Blanchard, A. Amighini, F. Giavazzi, Il Mulino, Bologna, 2017.