DEPARTMENT OF POLITICAL SCIENCE

GRADUATE COURSE IN INTERNATIONAL STUDIES

INTERNATIONAL MACROECONOMICS

Syllabus – Academic Year 2017-2018

DESCRIPTION: The course covers the main issues in the economic and policy debate in macroeconomics, making close contact with current macroeconomic events, from the major economic crisis that has engulfed the world economy since 2008, to the problems of the euro area, and the impact of technological progress on labor markets and growth. It provides an integrated view of modern macroeconomics building on a basic mainstream macroeconomic model that describes the functioning of the goods market, the financial markets and the labor markets in the short, the medium and the long run.

NUMBER OF CREDITS: 8

INSTRUCTOR: Lilia Cavallari

Email:

Office hours: Thursday 16,00-17,30 in the period March-May 2018, otherwise by appointment

TIMETABLE:

Wednesday 18,00-19,30 [Lecture hall 1D],

Thursday 18,00-19,30 [Lecture hall 1D],

Friday 14,30-16,00 [Lecture hall 1D],

COURSE OBJECTIVES: the course aims to provide a comprehensive background in macroeconomics, building on a mainstream macroeconomic model for the analysis of both business cycle and growth in closed and open economies. The analytical tools developed in the course allow students to understand questions at the core of the current economic and policy debates, from the unfolding of major economic crises, to cyclical fluctuations andthe role of stabilization policies, to the challenges for growth.

REQUIRED WORK AND FORM OF ASSESSMENT:

For attending students: there will be two intermediate tests (written exam) on the two main parts of the program, homeworkson specific topics that will be indicated during the course and a test on the topics object of the seminar. The final evaluation is an average of the grades reported in each of these tests, based on the following weights: 35% for the 1st intermediate test, 35% for the 2nd intermediate test, 20% for the seminar, 10% for homeworks.

For non-attending students: assessment is based on a written exam.

CONTENTS:

The program of the course follows the textbook. Attendance of the seminar “The global financial crisis and its legacy”, given by Dr. Simone Romano, is compulsory and will be part of the overall assessment. The detailed program is as follows:

  1. Introduction of the course and macroeconomics in the short run: chapters from 1 to 6 of the textbook, appendixes are excluded;
  2. Macroeconomics in the medium run: chapters 7-8-9 of the textbook, appendixes are excluded;
  3. Macroeconomics in the long run: chapters from 10 to 13 of the textbook, appendixes are excluded;
  4. The open economy: chapters from 17 to 20 of the textbook, appendixes are excluded;
  5. Back to policy: chapters 21-22 and 23 of the textbook, appendixes are excluded.

TEXTBOOK:Macroeconomics: A European Perspective, 3rd Edition, Olivier Blanchard, Francesco Giavazzi, AlessiaAmighini, Pearson University Press, 2017

Date / Topic / Textbook
March 7 / Introduction / Chapters 1 and 2
March 8 / goods market / Chapter 3
March 9 / seminar
March 14 / money market / Chapter 4
March 15 / seminar
March 16 / seminar
March 21 / IS-LM model / Chapter 5
March 22 / IS-LM model / Chapter 5
March 23 / IS-LM model / Chapter 6
March 28 / seminar
April 4 / labor market / Chapter 7
April 5 / Phillips curve / Chapter 8
April 6 / IS-LM-PC / Chapter 9
April 11 / seminar
April 13 / Intermediate test
April 18 / growth / Chapter 10
April 19 / saving and accumulaion / Chapter 11
April 20 / technological progress / Chapter 12
May 2 / open economy / Chapter 17
May 3 / open economy / Chapter 18
May 4 / open economy / Chapter 19
May 9 / exchange rate regimes / Chapter 20
May 10 / stabilization policy / Chapter 21
May 11 / fiscal policy / Chapter 22
May 16 / monetary policy / Chapter 23
May 17 / seminar
May 18 / seminar
May30 / Intermediate test
Summer session / 13th June, 27th June, 11th July
Fall session / 12th September, 26th September