Insegnamento a.a. 2026-2027

• National Income Accounting
• The goods market: composition of GDP, equilibrium output, investment, and saving
• Financial markets: demand and supply of money and monetary policy
• Macroeconomic equilibrium and macroeconomic policies in the short run
• Labor market, unemployment and inflation
• From the short to the medium run
• The role of expectations in the financial and real markets
• The open economy: saving and investment, the exchange rate, trade policies
• Fiscal policy and government debt
• The determinants of economic growth
• The economic crises and policy responses

• Understand how the main macroeconomic variables are defined and measured.
• Illustrate the determinants of the main macro variables prevailing in an economy.
• Explain the effects of monetary, fiscal and structural policies
• Understand the role of economic policies in responding to shocks.
• Identify and describe the main economic mechanisms lying behind the most relevant political issues
• Recognize how the effects of policies and shocks differ depending on the exchange rate regime in place.
• Describe the interactions between developments in financial markets and changes in a country's macroeconomic equilibrium.
• Identify the causes and potential consequences of the sustainability or unsustainability of public deficits and debt.

• Apply the knowledge acquired during the course to evaluate the macroeconomic environment faced by the firm or organization they join after graduation.
• Search for, understand and interpret the main macroeconomic data, making comparisons, evaluations, and basic predictions.
• Predict the impact of central banks' decisions on the likely evolution of the key macro variables.
• Assess the impact of fiscal policy announcements and interventions on the likely evolution of the key macro variables.
• Compare the performance of different economies.

• Apply the theories and analytical tools studied in the course to understand major macroeconomic challenges faced by policymakers.

• Critically evaluate economic forecasts and views on the state of the economy as presented in the media and published reports.

• Use macroeconomic analysis to support a wide range of business decisions (such as pricing, portfolio management, investment, or hiring) throughout their professional careers.

• Lectures
• Practical Exercises
• Individual works / Assignments
• Collaborative Works / Assignments

• In addition to face-to-face and online lectures, tutorials are scheduled throughout the semester to provide students with the opportunity to further explore and apply some of the concepts introduced in class through questions and problem-solving exercises.
• The course also includes discussions of recent economic events and policy issues related to the models and concepts introduced during the lectures. Some of these discussions are based on recent articles or reports and aim to show how macroeconomic analysis can be used to interpret real-world developments.

The assessment of whether the student has achieved the intended learning outcomes above is conducted through complementary methods:

1. Two written partial examinations (each with a weight of 50%). Eligibility to each of the exams requires a minimum attendance of 80%, calculated on the number of hours taught in class until the date of the exam. Students failing to pass either of the two partial exams will have to take a general exam.
   • The written exam consists of open questions and multiple-choice questions. Questions may require students to provide definitions, perform calculations, discuss comparative statics results, comment on true-or-false statements, and apply the analytical tools developed throughout the course, including in seemingly novel contexts. The purpose of the exam is to assess whether the student can employ the analytical tools developed throughout the course, even in seemingly novel contexts, as well as formulate coherent and logical reasoning using the economic concepts studied in class.
   • To pass the exam, the grade on each written exam has to be at least 18/30.
2. Group assignment: part of the final grade is based on a group assignment with a final presentation. The aim of the group assignment is to develop students’ teamworking skills and multicultural attitudes, leadership skills, as well as to improve their capacity to write formal reports and to present effectively. Students will be asked to evaluate their groupmates’ contribution to the group project. Detailed information on the assessment will be provided during the first week of the course.
3. Additional points may be awarded through quizzes throughout the course. Their aim is to help students keep up with the lectures and to allow the instructor to make sure students are not falling behind. They are thus strongly encouraged and rewarded accordingly.

Note, the grades for the group assignment and quizzes  will be valid until September 2027.

Students are required to take a written final general exam, which accounts for 100% of the final grade.

Non-attending students may only take the comprehensive final examination. The assessment consists of a written examination covering the entire course syllabus. Students are expected to prepare independently using the required readings and the study materials indicated by the instructor.

The written examination consists of a combination of multiple-choice and open-ended questions. Questions may require students to provide definitions, perform calculations, discuss comparative statics results, comment on true-or-false statements, and apply the analytical tools developed throughout the course, including in seemingly novel contexts.

The examination places emphasis on students' ability to study independently, integrate concepts across different parts of the syllabus, and demonstrate a comprehensive understanding of the course material. Students are therefore expected to engage critically with the assigned readings, apply the analytical tools developed throughout the course materials and formulate clear, coherent, and logically sound economic arguments.

• O. BLANCHARD, A. AMIGHINI, F. GIAVAZZI, Macroeconomics - A European Perspective, Pearson Education Limited, 2021, Fourth Edition.
• G. FERRAGUTO, Macroeconomics - Problems and Questions, Egea, April 2020, 7th edition.
• Class material, additional exercises and other readings will be made available during the semester on the course website on Bboard.