POLITICAL ECONOMYModule ELEMENTS OF MACROECONOMICS
Academic Year 2022/2023 - Teacher: Massimo ARNONEExpected Learning Outcomes
Knowledge and understanding
The course aims to provide an in-depth analysis of the functioning mechanisms of the economic system as a whole, underlining the differences between a micro- and a macro-economic approach. Its main purpose is to allow students to understand how the general overall functioning of the economy also affects the elements of business disciplines and the operating logic of business systems
Applied Knowledge and Comprehension Skills
The student must demonstrate that he has understood the determinants of the main variables of macroeconomic equilibrium and their interactions
Autonomy of judgment and learning ability
The student must be able to independently and critically understand and discuss the fundamental concepts and mechanisms of macroeconomic balance
Communication skills
The student must arrive at a clear development of the main conceptual connections in order to be able to apply the language and argumentative methods of the discipline with rigor and simplicity, both in the oral and in the written form.
Course Structure
Required Prerequisites
Detailed Course Content
This course aims to systematically address the fundamental theories of macroeconomics and economic policy and associate them with concrete examples drawn from the world economy. At the end of the course, the student is able to: analyze the functioning of macroeconomic systems and monetary and fiscal policies; identify the determinants of output, unemployment and the rate of inflation; apply the principles of macroeconomics to the real world.
Subjects
Textbook Information
Course Planning
| Subjects | Text References | |
|---|---|---|
| 1 | Introduction to macroeconomics | Blanchard Cap. 1 |
| 2 | Introduction to macroeconomics | Blanchard Cap. 1 |
| 3 | The national accounts | Blanchard Cap. 2 |
| 4 | The national accounts | Blanchard Cap. 2 |
| 5 | The market for goods | Blanchard Cap. 3 |
| 6 | The financial markets | Blanchard Cap. 4 |
| 7 | The IS-LM model | Blanchard Cap. 5 |
| 8 | The IS-LM model | Blanchard Cap. 5 |
| 9 | The extended IS-Lm model | Blanchard Cap. 6 |
| 10 | The extended IS-Lm model | Blanchard Cap. 6 |
| 11 | The labour marrket | Blanchard Cap. 7 |
| 12 | The labour marrket | Blanchard Cap. 7 |
| 13 | The Phillips curve and the inflation rate | Blanchard Cap. 8 |
| 14 | The IS-LM-PC model | Blanchard Cap. 9 |
| 15 | The growth | Blanchard Cap. 10 |
| 16 | Saving, capital accumulation, production | Blanchard Cap. 11 |
| 17 | technological progress and growth | Blanchard Cap. 12 |
| 18 | The challenges of growth | Blanchard Cap. 13 |
| 19 | Opening of the goods market and financial markets | Blanchard Cap. 17 |
| 20 | Goods markets in an open economy | Blanchard Cap. 18 |
| 21 | Production, interest rate | Blanchard Cap. 19 |
| 22 | Exchange regimes | Blanchard Cap. 20 |
Learning Assessment
Learning Assessment Procedures
To pass the exam, the student must absolutely be aware of the following information.
The course "Elements of Macroeconomics" is a module (6 credits) of the subject "Political Economy" (12 credits)
To pass this module, the student must first have taken and passed the "Elements of Microeconomics" module (6cfu)
The student can choose to take the exam for all 12 credits or divide it into two modules
In both cases, the exam is an oral test of three questions of microeconomics and three questions of macroeconomics. The two parts will each have a weight of 50% on the final evaluation.