Macroeconomics: Business Cycles

The course presents short- and medium-run economic theories in both closed and open economies. It also analyzes the labor market and the relationship between inflation and output. In more detail, the topics covered will be the following:

1. National accounting;
2. Goods markets;
3. Financial markets;
4. The IS-LM model in a closed economy (short run);
5. The role of financial intermediaries and the financial crisis;
6. The labor market;
7. The Phillips curve;
8. The medium term;
9. The IS-LM model in an open economy (short and medium run);
10. Exchange-rate regimes;
11. Fiscal policy;
12. Monetary policy.

The first semester course in Macroeconomics aims to provide students with the basic conceptual and analytical tools for interpreting the main macroeconomic phenomena. At the end of the course, students will be able to understand the relationships between the main macroeconomic variables and the nature of the main problems of modern economies such as - for example - economic fluctuations, unemployment and inflation. Students will also be able to critically analyse and evaluate the functioning of the macroeconomic system in its entirety as well as the economic policies implemented by policymakers.

In presence

The pedagogical-didactic approach of the course is based on rigorous analysis of the topics presented in the syllabus and it also consists ofcontinuous cross-references between theory and data. The main pedagogical objective of the course is also to stimulate students to argue critically about the topics under discussion. Periodic exercises will be conducted as part of the course in order to test the students' understanding of the topics covered.

The assessment method of the topics of the course consists of a written exam.