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Learning Objectives

The purpose of the 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:
(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.




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, 2023.
- R. J. Gordon, Macroeconomics, Pearson, 2021.
- S. D. D. Williamson, Macroeconomics, Pearson, 2023.

Teaching methods

The lectures integrate the analysis of economic theories with the examination of case studies.

Exam Rules

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) 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.