## MACROECONOMICS

## Syllabus

### Prerequisiti

### Prerequisites

### Programma

2) Modelli macroeconomici: soggetti e mercati

3) Equilibri macroeconomici

4) Il modello reddito-spesa

5) Il modello IS-LM

6) Economie aperte e modelli Mundell-Fleming

7) Il modello AD-AS con concorrenza perfetta e imperfetta

8) Curva di Phillips e inflazione

9) Macroeconomia neoclassica

10) Il modello neoclassico puro e i cicli economici reali

11) Il modello monetarista e la curva di Phillips aumentata per le aspettative

12) La Nuova Macroeconomia Classica e la critica di Lucas

13) La Nuova Macroeconomia Keynesiana

14) Discrezionalità, commitment e politica monetaria ottimale

15) Sviluppi recenti della teoria e della politica macroeconomica

### Program

2) Macroeconomic modelling: agents and markets

3) Macroeconomic equilibria

4) The income-expenditure model

5) The IS-LM model

6) Open economies and Mundell-Fleming models

7) The AD-AS model with perfect and imperfect competition

8) The Phillips curve and inflation dynamics

9) Neoclassical macroeconomics

10) The pure neoclassical model and real business cycles

11) The Monetarist model and the expectations-augmented Phillips curve

12) The New Classical Macroeconomics model and the Lucas critique

13) New Keynesian macroeconomics

14) Discretion, commitment and optimal monetary policy

15) Recent developments of macroeconomic theory and policy

### Testi Adottati

Le risorse didattiche centrali per la preparazione dell'esame finale sono costituite dalle lezioni frontali, disponibili nella piattaforma Teams, accompagnate dalle Lecture Notes e dai Problem Sets, disponibili nella sezione "Materiale didattico".

Letture facoltative

I libri standard di macroeconomia che utilizzano quadri analitici paragonabili a quelli adottati nel nostro corso sono:

- A. Abel, B. Bernanke and D. Croushore, Macroeconomics, Pearson, 2020.

- O. J. Blanchard, Macroeconomics, Pearson, 2021.

- R. Dornbusch, S. Fischer and R. Startz, Macroeconomics, McGraw-Hill, 2018.

- R. T. Froyen, Macroeconomics: Theories and Policies, Pearson, 2023.

- R. J. Gordon, Macroeconomics, Pearson, 2021.

- S. D. D. Williamson, Macroeconomics, Pearson, 2023.

### Books

The central learning resources to prepare the final exam are given by the on class lectures, available in the Teams platform, accompanied by the Lecture Notes and the Problem Sets, available in the section "Teaching material".

Optional readings

Standard Macroeconomics books employing analytical frameworks that are comparable to those adopted in our course are:

- A. Abel, B. Bernanke and D. Croushore, Macroeconomics, Pearson, 2020.

- O. J. Blanchard, Macroeconomics, Pearson, 2021.

- R. Dornbusch, S. Fischer and R. Startz, Macroeconomics, McGraw-Hill, 2018.

- R. T. Froyen, Macroeconomics: Theories and Policies, Pearson, 2023.

- R. J. Gordon, Macroeconomics, Pearson, 2021.

- S. D. D. Williamson, Macroeconomics, Pearson, 2023.

### Modalità di svolgimento

### Teaching methods

### Regolamento Esame

- Esame scritto) Agli studenti vengono date sei domande - quattro domande teoriche e due esercizi numerici - a cui rispondere. L'esame deve essere completato in due ore. Desidero vedere evidenza della loro capacità di comprendere i principi teorici e della loro capacità di apprenderne l'applicazione.

- Esame orale) Agli studenti potrà essere chiesto di discutere le risposte scritte e di concentrarsi su alcune questioni teoriche specifiche.

### Exam Rules

- Written exam) Students are given six questions - four theoretical questions and two numerical exercises - to answer. The examination must be completed in two hours. I wish to see evidence of their ability to understand theoretical principles and of their ability to learn their application.

- Oral exam) Students may be asked to discuss their written answers and to focus on some specific theoretical issues.

### Obiettivi Formativi

Ci si attende che al termine del corso gli studenti siano in grado di:

(i) esaminare le interazioni tra le variabili macroeconomiche;

(ii) analizzare gli effetti delle politiche fiscali e monetarie;

(iii) valutare le teorie sulla base dell'evidenza empirica;

(iv) utilizzare sia la teoria sia l'evidenza empirica al fine di caratterizzare le azioni correttive di politica economica volte a fronteggiare le crisi economiche e finanziarie.

### Learning Objectives

empirical regularities.

At the end of the course, the students will be able to:

(i) investigate the interactions between macroeconomic variables;

(ii) analyze the effects of fiscal and monetary policies;

(iii) evaluate theories from the empirical evidence;

(iv) use both theory and evidence to derive the corrective policy actions for economic and financial crises.

### Prerequisiti

### Prerequisites

### Programma

2) Modelli macroeconomici: soggetti e mercati

3) Equilibri macroeconomici

4) Il modello reddito-spesa

5) Il modello IS-LM

6) Economie aperte e modelli Mundell-Fleming

7) Il modello AD-AS con concorrenza perfetta e imperfetta

8) Curva di Phillips e inflazione

9) Macroeconomia neoclassica

10) Il modello neoclassico puro e i cicli economici reali

11) Il modello monetarista e la curva di Phillips aumentata per le aspettative

12) La Nuova Macroeconomia Classica e la critica di Lucas

13) La Nuova Macroeconomia Keynesiana

14) Discrezionalità, commitment e politica monetaria ottimale

15) Sviluppi recenti della teoria e della politica macroeconomica

### Program

2) Macroeconomic modelling: agents and markets

3) Macroeconomic equilibria

4) The income-expenditure model

5) The IS-LM model

6) Open economies and Mundell-Fleming models

7) The AD-AS model with perfect and imperfect competition

8) The Phillips curve and inflation dynamics

9) Neoclassical macroeconomics

10) The pure neoclassical model and real business cycles

11) The Monetarist model and the expectations-augmented Phillips curve

12) The New Classical Macroeconomics model and the Lucas critique

13) New Keynesian macroeconomics

14) Discretion, commitment and optimal monetary policy

15) Recent developments of macroeconomic theory and policy

### Testi Adottati

Le risorse didattiche centrali per la preparazione dell'esame finale sono costituite dalle lezioni frontali, disponibili nella piattaforma Teams, accompagnate dalle Lecture Notes e dai Problem Sets, disponibili nella sezione "Materiale didattico".

Letture facoltative

I libri standard di macroeconomia che utilizzano quadri analitici paragonabili a quelli adottati nel nostro corso sono:

- A. Abel, B. Bernanke and D. Croushore, Macroeconomics, Pearson, 2020.

- O. J. Blanchard, Macroeconomics, Pearson, 2021.

- R. Dornbusch, S. Fischer and R. Startz, Macroeconomics, McGraw-Hill, 2018.

- R. T. Froyen, Macroeconomics: Theories and Policies, Pearson, 2023.

- R. J. Gordon, Macroeconomics, Pearson, 2021.

- S. D. D. Williamson, Macroeconomics, Pearson, 2023.

### Books

The central learning resources to prepare the final exam are given by the on class lectures, available in the Teams platform, accompanied by the Lecture Notes and the Problem Sets, available in the section "Teaching material".

Optional readings

Standard Macroeconomics books employing analytical frameworks that are comparable to those adopted in our course are:

- A. Abel, B. Bernanke and D. Croushore, Macroeconomics, Pearson, 2020.

- O. J. Blanchard, Macroeconomics, Pearson, 2021.

- R. Dornbusch, S. Fischer and R. Startz, Macroeconomics, McGraw-Hill, 2018.

- R. T. Froyen, Macroeconomics: Theories and Policies, Pearson, 2023.

- R. J. Gordon, Macroeconomics, Pearson, 2021.

- S. D. D. Williamson, Macroeconomics, Pearson, 2023.

### Modalità di svolgimento

### Teaching methods

### Regolamento Esame

- Esame scritto) Agli studenti vengono date sei domande - quattro domande teoriche e due esercizi numerici - a cui rispondere. L'esame deve essere completato in due ore. Desidero vedere evidenza della loro capacità di comprendere i principi teorici e della loro capacità di apprenderne l'applicazione.

- Esame orale) Agli studenti potrà essere chiesto di discutere le risposte scritte e di concentrarsi su alcune questioni teoriche specifiche.

### Exam Rules

- Written exam) Students are given six questions - four theoretical questions and two numerical exercises - to answer. The examination must be completed in two hours. I wish to see evidence of their ability to understand theoretical principles and of their ability to learn their application.

- Oral exam) Students may be asked to discuss their written answers and to focus on some specific theoretical issues.

### Updated A.Y. 2022-2023

### Updated A.Y. 2022-2023

**University of Rome "Tor Vergata"**

**Faculty of Economics**

**B.Sc. in Business Administration and Economics**

Academic Year 2022-2023

**MACROECONOMICS**

Prof. Alessandro Piergallini

Email: alessandro.piergallini@uniroma2.it

Office Hours: by appointment

**Summary and learning objectives**

The purpose of this course is to examine the fundamental elements of macroeconomic theory. The study of the main theoretical models is combined with the analysis of data and empirical regularities. At the end of the course, the students will be able to investigate the interactions between macroeconomic variables, analyze the effects of fiscal and monetary policies, evaluate theories from the empirical evidence, and use both theory and evidence to derive the corrective actions for economic and financial crises.

**Topics**

1) Introduction to Macroeconomics: stylized facts

2) Macroeconomic modelling: agents and markets

3) Macroeconomic equilibria

4) The income-expenditure model

5) The IS-LM model

6) Open economies and Mundell-Fleming models

7) The AD-AS model with perfect and imperfect competition

8) The Phillips curve and inflation dynamics

9) Neoclassical macroeconomics

10) The pure neoclassical model and real business cycles

11) The Monetarist model and the expectations-augmented Phillips curve

12) The New Classical Macroeconomics model and the Lucas critique

13) New Keynesian macroeconomics

14) Discretion, commitment and optimal monetary policy

15) Recent developments of macroeconomic theory and policy

**Core learning material**

The central learning resources to prepare the final exam are given by the on class lectures, available in the Teams platform, accompanied by the *Lecture Notes* and the *Problem Sets, *available in the section "Teaching material".

**Optional readings**

Standard Macroeconomics books employing analytical frameworks that are comparable to those adopted in our course are:

- A. Abel, B. Bernanke and D. Croushore, *Macroeconomics*, Pearson, 2020.

- O. J. Blanchard, *Macroeconomics*, Pearson, 2021.

- R. Dornbusch, S. Fischer and R. Startz, *Macroeconomics*, McGraw-Hill, 2018.

- R. T. Froyen, *Macroeconomics: Theories and Policies*, Pearson, 2013.

- R. J. Gordon, *Macroeconomics*, Pearson, 2013.

- S. D. D. Williamson, *Macroeconomics*, Pearson, 2018.

**Exam**

The exam is made up of two parts: a written exam and an oral exam, which will be held on two different days.

** - Written exam)** You are given six questions - four theoretical questions and two numerical exercises - to answer. The examination must be completed in two hours. I wish to see evidence of your ability to understand theoretical principles and of your ability to learn their application. To prepare the written exam, you are strongly advised to solve the

*Problem Sets*. Suggestions and short answers to solve them are provided in the section "Teaching material". Specimen examination papers showing you the type of the written exam are available in the same section.

**- Oral exam)** You may be asked to discuss your written answers and to focus on some specific theoretical issues.

*Non compulsory Lecture Notes: 46, 49, 73, 92, 93, 140.*

### Updated A.Y. 2021-2022

### Updated A.Y. 2021-2022

**University of Rome "Tor Vergata"**

**Faculty of Economics**

**B.Sc. in Business Administration and Economics**

Academic Year 2021-2022

**MACROECONOMICS**

Prof. Alessandro Piergallini

Email: alessandro.piergallini@uniroma2.it

Office Hours: by appointment

**Summary and learning objectives**

The purpose of this course is to examine the fundamental elements of macroeconomic theory. The study of the main theoretical models is combined with the analysis of data and empirical regularities. At the end of the course, the students will be able to investigate the interactions between macroeconomic variables, analyze the effects of fiscal and monetary policies, evaluate theories from the empirical evidence, and use both theory and evidence to derive the corrective actions for economic and financial crises.

**Topics**

1) Introduction to Macroeconomics: stylized facts

2) Macroeconomic modelling: agents and markets

3) Macroeconomic equilibria

4) The income-expenditure model

5) The IS-LM model

6) Open economies and Mundell-Fleming models

7) The AD-AS model with perfect and imperfect competition

8) The Phillips curve and inflation dynamics

9) Neoclassical macroeconomics

10) The pure neoclassical model and real business cycles

11) The Monetarist model and the expectations-augmented Phillips curve

12) The New Classical Macroeconomics model and the Lucas critique

13) New Keynesian macroeconomics

14) Discretion, commitment and optimal monetary policy

15) Recent developments of macroeconomic theory and policy

**Core readings**

The central learning resources to prepare the final exam are given by the *Lecture Notes* and the *Problem Sets* available in the section "Teaching material".

**Optional readings**

Standard Macroeconomics books employing analytical frameworks that are comparable to those adopted in our course are:

- A. Abel, B. Bernanke and D. Croushore, *Macroeconomics*, Pearson, 2020.

- O. J. Blanchard, *Macroeconomics*, Pearson, 2017.

- R. Dornbusch, S. Fischer and R. Startz, *Macroeconomics*, McGraw-Hill, 2018.

- R. T. Froyen, *Macroeconomics: Theories and Policies*, Pearson, 2013.

- R. J. Gordon, *Macroeconomics*, Pearson, 2012.

- S. D. D. Williamson, *Macroeconomics*, Pearson, 2018.

**Exam**

The exam is made up of two parts: a written exam and an oral exam, which will be held on two different days.

** - Written exam)** You are given six questions - four theoretical questions and two numerical exercises - to answer. The examination must be completed in two hours. I wish to see evidence of your ability to understand theoretical principles and of your ability to learn their application. To prepare the written exam, you are strongly advised to solve the

*Problem Sets*. Suggestions and short answers to solve them are provided in the section "Teaching material". Specimen examination papers showing you the type of the written exam are available in the same section.

**- Oral exam)** You may be asked to discuss your written answers and to focus on some specific theoretical issues.

*Non compulsory Lecture Notes: 46, 49, 73, 92, 93, 140.*

### Updated A.Y. 2020-2021

### Updated A.Y. 2020-2021

**University of Rome "Tor Vergata"**

**Faculty of Economics**

**B.Sc. in Business Administration and Economics**

Academic Year 2020-2021

**MACROECONOMICS**

Prof. Alessandro Piergallini

Email: alessandro.piergallini@uniroma2.it

Office Hours: by appointment

**Summary and learning objectives**

The purpose of this course is to examine the fundamental elements of macroeconomic theory. The study of the main theoretical models is combined with the analysis of data and empirical regularities. At the end of the course, the students will be able to investigate the interactions between macroeconomic variables, analyze the effects of fiscal and monetary policies, evaluate theories from the empirical evidence, and use both theory and evidence to derive the corrective actions for economic and financial crises.

**Topics**

1) Introduction to Macroeconomics: stylized facts

2) Macroeconomic modelling: agents and markets

3) Macroeconomic equilibria

4) The income-expenditure model

5) The IS-LM model

6) Open economies and Mundell-Fleming models

7) The AD-AS model with perfect and imperfect competition

8) The Phillips curve and inflation dynamics

9) Neoclassical macroeconomics

10) The pure neoclassical model and real business cycles

11) The Monetarist model and the expectations-augmented Phillips curve

12) The New Classical Macroeconomics model and the Lucas critique

13) New Keynesian macroeconomics

14) Discretion, commitment and optimal monetary policy

15) Recent developments of macroeconomic theory and policy

**Core readings**

The central learning resources to prepare the final exam are given by the *Lecture Notes* and the *Problem Sets* available in the section "Teaching material".

**Optional readings**

Standard Macroeconomics books employing analytical frameworks that are comparable to those adopted in our course are:

- A. Abel, B. Bernanke and D. Croushore, *Macroeconomics*, Pearson, 2017.

- O. J. Blanchard, *Macroeconomics*, Pearson, 2017.

- R. Dornbusch, S. Fischer and R. Startz, *Macroeconomics*, McGraw-Hill, 2018.

- R. T. Froyen, *Macroeconomics: Theories and Policies*, Pearson, 2013.

- R. J. Gordon, *Macroeconomics*, Pearson, 2012.

- S. D. D. Williamson, *Macroeconomics*, Pearson, 2018.

**Exam**

The exam is oral via Teams.

To prepare the exam, you are strongly advised to solve the theoretical *Problem Sets*. Numerical exercises will not be asked. Suggestions and short answers to solve *Problem Sets* are provided in the section "Teaching material".

*Non compulsory Lecture Notes: 46, 49, 73, 92, 93, 140.*

### Updated A.Y. 2019-2020

### Updated A.Y. 2019-2020

**University of Rome "Tor Vergata"**

**Faculty of Economics**

**B.Sc. in Business Administration and Economics**

Academic Year 2019-2020

**MACROECONOMICS**

Prof. Alessandro Piergallini

Email: alessandro.piergallini@uniroma2.it

Office Hours: by appointment

**Summary and learning objectives**

**Topics**

1) Introduction to Macroeconomics

2) Macroeconomic modelling: agents and markets

3) Macroeconomic equilibria

4) The income-expenditure model

5) The IS-LM model

6) Open economies and Mundell-Fleming models

7) The AD-AS model

8) The Phillips curve and inflation dynamics

9) Neoclassical macroeconomics

10) Recent developments of macroeconomic theory and policy

**Core readings**

The central learning resources to prepare the final exam are given by the *Lecture Notes* and the *Problem Sets* available in the section "Teaching material".

**Optional readings**

- A. Abel, B. Bernanke and D. Croushore, *Macroeconomics*, Pearson, 2017.

- O. J. Blanchard, *Macroeconomics*, Pearson, 2017.

- R. Dornbusch, S. Fischer and R. Startz, *Macroeconomics*, McGraw-Hill, 2017.

- R. T. Froyen, *Macroeconomics: Theories and Policies*, Pearson, 2013.

- R. J. Gordon, *Macroeconomics*, Pearson, 2014.

- S. D. D. Williamson, *Macroeconomics*, Pearson, 2015.

**Exam**

The exam is written. You are given six questions - four theoretical questions and two numerical exercises - to answer. The examination must be completed in two hours.

To prepare the written exam, you are strongly advised to solve the *Problem Sets*. Suggestions and short answers to solve them will be provided in the section "Teaching material".

**Pre-exam**

The first pre-exam will take place on October 28, 2019, at 3pm in classroom T2. The second pre-exam will take place on December 20, 2019, at 10am in classroom T2. You are requested to use https://delphi.uniroma2.it to book for the pre-exams.

In each pre-exam, you will be given three questions - two theoretical questions and one numerical exercise - to answer. The examination must be completed in one hour.

*Compulsory Lecture Notes for the first pre-exam: 1-48; 50-72; 74-91; 94-106.*

*Compulsory Lecture Notes for the second pre-exam: 107-139; 141-158; 161-191; 194-205; 208-209; 211-220.*

### Updated A.Y. 2018-2019

### Updated A.Y. 2018-2019

**University of Rome "Tor Vergata"**

**Faculty of Economics**

**B.Sc. in Business Administration and Economics**

Academic Year 2018-2019

**MACROECONOMICS**

Prof. Alessandro Piergallini

Email: alessandro.piergallini@uniroma2.it

Office Hours: by appointment

**Summary and learning objectives**

**Topics**

1) Introduction to Macroeconomics

2) Macroeconomic modelling: agents and markets

3) Macroeconomic equilibria

4) The income-expenditure model

5) The IS-LM model

6) Open economies and Mundell-Fleming models

7) The AD-AS model

8) The Phillips curve and inflation dynamics

9) Neoclassical macroeconomics

10) Recent developments of macroeconomic theory and policy

**Core readings**

*Lecture Notes* and the *Problem Sets* available in the section "Teaching material".

**Optional readings**

- A. Abel, B. Bernanke and D. Croushore, *Macroeconomics*, Pearson, 2017.

- O. J. Blanchard, *Macroeconomics*, Pearson, 2017.

- R. Dornbusch, S. Fischer and R. Startz, *Macroeconomics*, McGraw-Hill, 2017.

- R. T. Froyen, *Macroeconomics: Theories and Policies*, Pearson, 2013.

- R. J. Gordon, *Macroeconomics*, Pearson, 2014.

- S. D. D. Williamson, *Macroeconomics*, Pearson, 2015.

**Exam**

The exam is written. You are given six questions - four theoretical questions and two numerical exercises - to answer. The examination must be completed in two hours.

To prepare the written exam, you are strongly advised to solve the *Problem Sets*. Suggestions and short answers to solve them will be provided in the section "Teaching material".

**Pre-exam**

The pre-exams will take place (*i*) on **October 31, 2018, **at **3pm** in classroom **T5**, and (*ii*) on **December 21, 2018**, at **3pm** in classroom **T2**. You are requested to use **https://delphi.uniroma2.it** to book for the pre-exams.

In each pre-exam, you will be given three questions - two theoretical questions and one numerical exercise - to answer. The examination must be completed in one hour.

*Compulsory Lecture Notes for the first pre-exam (October 31, 2018): 1-48; 50-91; 94-106.*

*Compulsory Lecture Notes for the second pre-exam (December 21, 2018): 107-191; 193-230.*