The aim of the course is the introduction to macroeconomic analysis.
The macroeconomic analysis studies the economic system as a whole and tries to interpret and predict aggregate variables such as the gross domestic product, the level of unemployment, inflation and exchange rates.
We will learn how economists answer questions like:
What determines economic growth, wealth and welfare in the long-run?
Why are modern economies subject to cycles in which recessions are followed by expansions?
What drives inflation and unemployment?
What kinds of economic policies (monetary and/or fiscal) can be pursued in order to increase national income and reduce inflation and unemployment.
Intended learning outcomes:
Knowledge and understanding:
Students are expected to understand the causal links among the main macroeconomic variables, to know why the business cycle occurs and the determinants of the long run economic growth. Moreover, they understand the macro effects of both countercyclical and structural economic policy interventions.
Applying knowledge and understanding:
Students are expected to be able to: (1) apply macro models to formulate rigorous reasoning on different macro issues, (2) understand the content of articles and documents related to macroeconomic issues.
Making judgments:
Students are expected to be able to critically analyze the effect of different shocks on both the domestic economy and the global economy. They are also able to evaluate the role of the key economic actors and the effects of policy actions in different economic scenarios.
Communication Skills:
Students are able to (1) process data, documents and opinions on the most important macroeconomic issues (2) clearly present to an audience of peers their reasoning on a given macroeconomic issue as well as state the theoretical motivations underlying their conclusions.
Learning skills:
Classes, lecture notes, and articles allow students to undertake with autonomy more advanced courses of economics and to plan and conduct independently a small research project (e.g. an undergraduate dissertation) on macroeconomics topics.
