Università degli studi di Modena e Reggio Emilia

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Sara CARIA

Overview

This course offers an introduction to the study of macroeconomics and the main instruments of economic policy. After a brief overview of economics as a discipline and a review of the fundamentals of markets, demand and supply, the objectives and tools of macroeconomics are introduced, and the main macroeconomic variables are presented. Then, the determination of income is analysed through the analysis of the domestic components of aggregate demand, the multiplier model and the IS-LM equilibrium model. Economic fluctuations and their effects on economic activity will be addressed. The following block of lectures will introduce the external sector in order to understand economic relations with foreign countries, the functioning of an economy in the presence of international trade and the equilibrium model in an open economy. Finally, the main theories and models of economic growth and development are presented, addressing some of the main global challenges. The course ends with a critique of the main models of economic growth and development derived from ecological economics approaches, to face the sustainability debate. The learning objectives of the course refer to the ability to understand the basic variables of macroeconomics and their behavior; students should be able to recognize macroeconomic variables, understand the economic policies in place in the country, and formulate informed and knowledgeable criteria on the general performance of the country's economy. For a more complete description of the learning objectives, please refer to the expected learning outcomes.

Admission requirements

Knowledge of the basic mathematical tools for reading graphs and studying linear functions, although not compulsory, is a great help for understanding the course. Interest in economic issues and familiarity with the economic agenda in the national debate are useful in order to contextualize the knowledge of the course within the current economic policy in Italy and Europe.

Course contents

Module 1: PRINCIPLES OF ECONOMICS (1 CFU ¬ 8 hours)
• Basic concepts
• Supply, demand and markets
Module 2: INTRODUCTION TO MACROECONOMICS (0.5 CFU ¬ 4 hours)
• Objectives and tools of macroeconomics
• Measuring economic activity
Module 3: STUDY OF AGGREGATE ACTIVITY (1 CFU ¬ 8 hours)
• Aggregate demand and aggregate supply
• Employment
• Inflation
Module 4: DETERMINATION OF INCOME (2 CFU - 16 hours)
• Consumption and investment
• The multiplier model
• Money and the financial system
• Macroeconomic equilibrium and economic fluctuations
Module 5: OPEN ECONOMY (2 CFU - 16 hours)
• External sector
• Exchange rates
• International trade
• Equilibrium in the open economy
Module 6: ECONOMIC GROWTH AND DEVELOPMENT (1.5 CFU - 12 hours)
• Theories and models of economic growth
• An overview in time and space
• The role of technological innovation
Module 7: GROWTH AND SUSTAINABILITY (1 CFU - 8 hours)
• Principles of ecological economics
• Weak sustainability and hard sustainability
• Alterative visions and policy proposals for the ecological transition
The contents may be modified over time according to the students' interest and progress in the acquisition of skills; they may also be supplemented according to events or news stories of particular relevance or on which the students make an explicit request.

Teaching methods

Lectures take place in presence, in the classrooms of the Department of Communication and Economics; however, they are recorded and students can access the recordings on the repository of the ONELab department. Lectures are face-to-face and combine lectures by the lecturer, in which theoretical elements are introduced, and exercises and group work aimed at facilitating the application of theories and tools to the analysis of case studies. Attendance to the lessons is not compulsory, although it is strongly recommended. The course is delivered in Italian.

Assessment methods

Evaluation will consist of a written examination. The exam will be divided into three parts: i) a part of multiple choice questions; ii) a part of open questions on theory topics; iii) a part of application exercises. The possibility of conducting a partial examination or supplementary activities will be discussed with students at the beginning of the course.

Learning outcomes

Knowledge and understanding:
• To be aware of and able to deal critically with the main concepts related to macroeconomics.
• To know and describe economic policies and their expected effects.
Applying knowledge and understanding:
• Recognize and apply the models related to the different macroeconomic aggregates.
• Recognize and apply the main economic policies and their effects at national and international level.
Making judgments
• Contextualize and understand news reports in news, periodicals and other media regarding the national debate on macroeconomic issues.
• To formulate autonomously assessments on the quality of public economic management;
Communication skills:
• Use acquired language and concepts correctly, competently and effectively;
• Use correctly and appropriately acquired language, concepts and models to discuss effectively the functioning of a modern mixed economy.
Learning skills:
• Independently update knowledge and understanding skills related to the functioning of a modern economy in the light of current developments and changes that will occur in the economic, social and technological spheres.

Readings

• Samuelson, P., Nordhaus, W. & Bollino, C.A. (2019). Economia, McGraw-Hill Education.
• Estratti di altri libri di testo resi disponibili sulla piattaforma moodle del corso.