MACROECONOMICS-1

Academic year
2018/2019 Syllabus of previous years
Official course title
POLITICA ECONOMICA - 1
Course code
ET0052 (AF:253050 AR:147072)
Modality
On campus classes
ECTS credits
6 out of 12 of ECONOMIC POLICY
Subdivision
Surnames Lb-Z
Degree level
Bachelor's Degree Programme
Educational sector code
SECS-P/02
Period
1st Term
Course year
2
Where
VENEZIA
Moodle
Go to Moodle page
This course is among those characterizing the Bachelor’s Degree programme in Economics and Business. The aim of the course is to provide an overview of main macroeconomic issues and tools. The course analyses models explaining the determinants of equilibria in goods and financial markets in closed and open economy. A particular attention is devoted to the temporal evolution of the equilibrium, distinguishing between short, medium and long run dynamics. The models analysed in the course will help understanding the effect of economic policies, such as fiscal policy and monetary policy, on three main macroeconomic variables: aggregate output, unemployment rate and inflation rate. The course will also introduce basic models of economic growth, which explain the evolution of aggregate production in the long run.
1. Knowledge and understanding:
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. Making judgements:
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.
Compulsory Prerequisites: http://www.unive.it/pag/203/ ;

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.

The complete program for the 12 credits course is as follows:

First module:
- 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

Second module
- 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
- Fiscal Policy
- Economic growth
O. Blanchard, A. Amighini e F. Giavazzi, Macroeconomia. Una prospettiva europea, Il Mulino, Bologna, 2016. Capitoli: II - IX (primo modulo); X, XIV, XVI - XX, XXII (secondo modulo).
Dispense ed integrazioni su argomenti specifici di entrambi i moduli verranno messe a disposizione dai docenti.
L’esame è in forma scritta ed è suddiviso in due parti, una per modulo e ciascuna della durata di 1 ora. Per ciascuna parte la prova si articola in una batteria di domande a risposta multipla e due domande aperte di carattere teorico e/o numerico. Il voto è unico ed è la media del voto nelle due parti. Una parte viene superata con almeno 14/30. L’esame si intende superato se la media delle due parti è almeno pari a 18. Durante l'esame è vietato l’utilizzo di libri, appunti, telefoni e di qualsiasi altro dispositivo elettronico, ad eccezione della calcolatrice. Non è possibile sostenere l’esame orale.
Vengono predisposte due prove parziali, rispettivamente alla fine del primo e del secondo modulo, e basate esclusivamente sul programma del modulo di pertinenza. Gli studenti che superano la prima prova parziale devono completare l’esame nella seconda prova parziale.
Gli studenti che tentano di superare l’esame con le prove parziali ma non riescono o si ritirano, non si possono presentare al primo appello.

L’esame valuta la conoscenza e la comprensione dei contenuti del programma del corso e l’abilità dello studente di utilizzare queste nozioni per definire l’equilibrio in un sistema macroeconomico e comprendere le sue variazioni in risposta all’introduzione di politiche economiche da parte di governi e banche centrali.
a) Teachers’ frontal lectures;
b) Tutorials

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.
Course website on Moodle
written

This subject deals with topics related to the macro-area "Poverty and inequalities" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development

Definitive programme.
Last update of the programme: 15/05/2018