The aim of the course is the introduction to macroeconomic analysis. The macroeconomic analysis studies the economic system as a whole and tries to interpret and predict aggregate variables such as the gross domestic product, the level of unemployment, inflation and exchange rates. We will learn how economists answer questions like: What determines economic growth, wealth and welfare in the long-run? Why are modern economies subject to cycles in which recessions are followed by expansions? What drives inflation and unemployment? What kinds of economic policies (monetary and/or fiscal) can be pursued in order to increase national income and reduce inflation and unemployment.

Knowledge and understanding: Students at the end of the Course are expected to understand the main macroeconomic relations such as: the process of GDP formation, cyclical fluctuations, the role of monetary and fiscal policy in a closed and open economy, the modus operandi of the European institutions and of the European Central Bank. The acquired information set is a fundamental support for the understanding and deepening of the studies of all higher-ranking economic and financial subjects. Applying knowledge and understanding: At the end of the Copurse, Students will be able to recognise the main interdependencies between economic and monetary variables, both at the microeconomic level, as well as at the macroeconomic one, apply macro models to formulate rigorous reasoning on different macro issues, understand the content of articles and documents related to macroeconomic issues. Making judgments: Students are expected to be able to critically analyze the effect of different shocks on both the domestic economy and the global economy. They are also able to evaluate the role of the key economic actors and the effects of policy actions in different economic scenarios. Communication Skills: Students will be able to describe economic and financial problems analytically, with the opportunity to refer to the scientific literature proposed in the course. Students will also be able to (1) process data, documents and opinions on the most important macroeconomic issues (2) clearly present to an audience of peers their reasoning on a given macroeconomic issue as well as state the theoretical motivations underlying their conclusions. Learning skills: At the end of the Course students will be acknowledged of the theoretical and technical references concerning the effects of fiscal and monetary policy. This will enable them to tackle studies in the economic and financial sectors at more advanced levels. The Course will provide students with the basis for learning what will be proposed in the courses of master's degree in economics and management, as well as in international finance.

1. Introduction to macreconomics, data definition, measurement and analysis. 2. Domestic Product, the production function, the market for inputs and the long-run equilibrium. 3. Money and Inflation 4. The Open Economy dimension 5. Economic Growth 6. Unemployment 7. Economic fluctuations, price stickiness, the aggregate demand and supply. 8. The IS-LM model and the effects of monetary and fiscal policy 9. The Open Economy in the short-run, the exchange-rate regimes. 10. Aggregate Supply 11. Paradoxes at the ZLB

Mankiw, N.G, Macroeconomia, 2024, seventh edition, ed. Zanichelli

Online lectures, practice sessions on campus, discussions about current developments

The course includes practice sessions given on a regular basis, to prepare for the written exams. Students will be evaluated both "in itinere" and at the end of the course. 1. Assessment “in itinere” (individual basis): up to 1 bonus point. This activity is based on tests, and is meant to assess knowledge and comprehension skills during the semester. Up to a maximum of 1 (one) bonus point will be awarded (only for students attending the classes and taking the exam in the May-June session) based on performance and attendance; submission (on an individual basis) of at least two thirds of the Problem Sets posted over the semester is NECESSARY condition for using the bonus points. 2. Assessment at the end of the course (individual basis): up to 30 points. Final written exam, covering the entire course program. Through this activity, knowledge and comprehension skills will be assessed. The final exam will include a mix of open questions, multiple choice questions and exercises, through which the student will demonstrate to know theoretical concepts and how to apply them to real world cases, thus proving that he/she has acquired a good study method and the ability to learn, both necessary to continue autonomously the study of the subject matter. The number of questions within each type will be decided by the instructor during the course and it will be communicated to students before the exam. In order to pass the exam, it is necessary that the student gets at least 18/30 in each of the aforementioned activity. The correct answer to all multiple-choice questions, the demonstration of an excellent knowledge in open questions and the correct resolution of exercises leads to getting 30/30 with the possible awarding of cum laude.

Active attendance and participation, satisfactory performance at final exam (at least 27/30)