MACROECONOMIC THEORY AND POLICY

SECS-P/02 - 9 CFU - 1° semestre

Docente titolare dell'insegnamento

ALESSIO EMANUELE BIONDO

Obiettivi formativi

1. Knowledge and understanding:

The course aims to present the most relevant literature of macroeconomic analysis. Theoretical models and actual policy implementations will be discussed by comparing different approaches from the methodological and the political point of view.

2. Applying knowledge and understanding:

The course aims to develop the ability of students to handle macroeconomic models and assess different policy addresses. This will contribute to develop their consciousness in the field of macroeconomics.

3. Making judgments :

Macroeconomic models and their policy application have profound ideological underpinnings. The course aims to strengthen students’ awareness on most of the epistemological roots of macroeconomic theories, thus enabling them to develop the attitude to identify policy objectives, policy instruments and their applicability range.

4. Communication skills:

The course aims also to provide students with the opportunity to learn specific technical language for macroeconomic analysis.

5. Learning skills:

The course will give the opportunity to understand how to frame and discuss both theoretical and applied macroeconomic topics, thus improving the ability to learn further related concepts.

Modalità di svolgimento dell'insegnamento

Lectures

Prerequisiti richiesti

Mathematics for Economics, Microeconomics.

Frequenza lezioni

Strongly encouraged (normally, mandatory).

Contenuti del corso

Understanding modern macroeconomics; Keynes v. the ‘old’ classical model; The orthodox Keynesian school; The orthodox monetarist school; The new classical school; The real business cycle school; The new Keynesian school; The Post Keynesian school; The Austrian school; The new political macroeconomics; The renaissance of economic growth research; Conclusions and reflections; Emergent Macroeconomics: Crucial Issues; Stylized Facts of Industrial Dynamics: Firms's size, Income and Productivity; An Agent-based Model; Where Do We Go from Here? Towards a new bottom-up paradigm for Macroeconomics.

Testi di riferimento

1. Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005.

2. Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008.

Altro materiale didattico

Non previsto.

Programmazione del corso

	Argomenti	Riferimenti testi
1	Understanding modern macroeconomics	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.1
2	Keynes v. the ‘old’ classical model	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2
3	The orthodox Keynesian school	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3
4	The orthodox monetarist school	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4
5	The new classical school	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5
6	The real business cycle school	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.6
7	The new Keynesian school	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7
8	The Post Keynesian school	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8
9	The Austrian school	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.9
10	The new political macroeconomics	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.10
11	The renaissance of economic growth research	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.11
12	Conclusions and reflections	Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.12
13	Crucial Issues	Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.1
14	Stylized Facts of Industrial Dynamics: The Distribution of Firms' Size	Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.2
15	Stylized Facts in Industrial Dynamics: Exit, Productivity, Income	Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.3
16	An Agent-based Model	Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.4
17	Where Do We Go from Here?	Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.5

Verifica dell'apprendimento

MODALITÀ DI VERIFICA DELL'APPRENDIMENTO

Written (preliminary) and oral exam.

ESEMPI DI DOMANDE E/O ESERCIZI FREQUENTI

Compare the effects of monetary policy intervention according to models proposed by monetarists and new-Keynesians.

Compare the IS-LM model and the approach contained in the General Theory of J.M. Keynes. Finally, discuss policy implications from both points of view.

Discuss the ability of RBC models to describe the macroeconomy and its dynamics.

After a presentation of the Agent-based approach to macroeconomics, provide a theoretical and applied comparison of such a class of models with new-Keynesian models with representative agents.

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