Testo in Inglese This course aims at providing the methodological and theoretical tools to understand how the economies work and to explain past and current economic developments. We will focus on the stylized facts of business cycle fluctuations and economic growth, the determinants of unemployment and inflation. We also discuss whether and to what extent economic policy may improve macroeconomic performance.

Knowledge and understanding: Students can understand the causal links among the main macroeconomic variables, know why the business cycle occurs and know the determinants of the long run economic growth. Moreover, they understand the macroeconomic effects of both countercyclical and structural economic policy interventions. Applying knowledge and understanding: Students can (1) apply macro models to formulate rigorous reasoning on different macro issues, (2) understand the content of articles and documents related to macroeconomic issues. Making judgments: Students are 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 are 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: Classes, lecture notes, and articles allow students to undertake with autonomy more advanced courses of economics and to plan and conduct independently a small research project (e.g. an undergraduate dissertation) on macroeconomics topics.

Introduction- Defining the macroeconomics variables. The Short Run, the Medium Run and the Long Run PART I -The Short Run: The goods market, the financial markets and the IS-LM model. Fiscal and monetary policies in the short run. The open economy: The interest rate parity. The Mundell-Fleming model, exchange rate regimes, expectations, limitations of economic policy fiscal and monetary policy. PART II – The Medium Run: The labour market and the natural rate of unemployment. The IS-LM-PC model. Fiscal and monetary policies in the medium run PART III – The Long Run: Saving, capital accumulation and growth. The role of technological progress.

All course materials are made available via Moodle, including notes to accompany the lectures, but this can be supplemented with additional background reading. The recommended text is: Macroeconomia. Una prospettiva europea. Blanchard, Amighini e Giavazzi, Nuova ediz. 2024. Il Mulino. Esercizi di macroeconomia. Guida allo studio del testo di Olivier Blanchard di D. W. Findlay (a cura di L. Dalla Pellegrina), Nuova ediz. 2025. Il Mulino (opzionale)

Teaching consists of lectures and practice sessions. Problem sets are assigned in advance and discussed during practice sessions. Students are expected to attempt and submit weekly assignments. Active participation in class discussions is expected.

The assessment of whether students have achieved the intended learning outcomes is carried out through a combination of evaluation methods: 1. Written exam: Students who regularly attend the course may choose between: (a) two partial written exams (the first accounting for 40% of the final grade, held mid-semester, and the second accounting for 60%, held during the first session of the regular exam period), or (b) one comprehensive written exam. For non-attending students, only a single comprehensive exam during the regular exam sessions is available. The exams include open-ended questions, multiple-choice questions, and exercises. Their purpose is to assess the student’s ability to apply the analytical tools developed during the course, even in new contexts, and to construct clear and coherent reasoning using the economic concepts covered in class. A minimum grade of 18/30 in the written exam is required to pass. 2. Quizzes: Students may earn up to 2 additional points through quizzes administered during the course. These are intended to help students keep up with the lectures and allow the instructor to monitor their progress. More detailed information on the assessment methods will be provided during the first week of the course.

Interview with the lecturer, interest in the subject