5114 - MACROECONOMICS

The aim of this course is to provide an integrated view of Macroeconomics in both closed and open economies, and to equip the student with tools to understand and analyze past and current macroeconomic events. Particular focus is given to the role of economic policy (fiscal and monetary).

• Introduction
  - Macroeconomic aggregates: GDP, inflation, unemployment
  - The national accounts
• The short run
  - The goods market
  - Financial markets
  - Short-run equilibrium: the IS-LM model
• The medium run
  - The labor market
  - Medium-run equilibrium: the AS-AD model
  - Output, unemployment and inflation
• The long run: Economic growth
  - Saving and capital accumulation
  - Technological progress
• Expectations
  - Expectations and financial markets
  - Expectations, consumption and investment
  - Expectations and policy
• The open economy
  - Output, the interest rate and the exchange rate: the Mundell-Fleming  model
  - Exchange rate regimes
• Macroeconomic policy: a summary
  - Credibility
  - Monetary Policy
  - Fiscal Policy

The exam will be in written form.  Students may take the exam either in two parts: a 1^st partial exam and a 2^nd partial exam, or as one general exam at the end of the course. 

• O. BLANCHARD, Macroeconomics, Prentice-Hall, 2003, 3^rd ed.
• Additional material (e.g. newspapers articles) may be provided during the course.

For further and continuously updated information consult the IEP web site or contact S.I.D. - Servizio Informazioni Didattica - Institute of Economics - via Gobbi, 5 - Room 313.