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SYLLABUS 2019/2020

30066 ECONOMICS - MODULE 2 (MACROECONOMICS) Classe impartita in lingua inglese Programs: BIEF (8 crediti - II sem. - OBBC | 8 cfu - SECS-P/01) Class: 21 (II sem.) Department: Economics Course director: GIUSEPPE FERRAGUTO Classe 21 MARCO MANTOVANI Department of Economics Università Bocconi, Milan, Italy [email protected] JOSEF SIGURDSSON Department of Economics Università Bocconi, Milan, Italy [email protected] JAIME SIMOES DUARTE MARQUES PEREIRA Department of Economics Università Bocconi, Milan, Italy [email protected]

Attenzione! Il programma di seguito riportato è da considerarsi valido SOLO per l'anno accademico 2019/2020.

SUGGESTED BACKGROUND KNOWLEDGE A basic familiarity with the concepts usually discussed in an introductory course on Microeconomics is strongly recommended.

MISSION The course provides students with the knowledge needed to understand the functioning of the economy as a whole, and investigates the determination of important macroeconomic aggregate variables - such as the gross domestic product of a country, the general price level, the unemployment rate, the rate of interest and the exchange rate - that play a major role in shaping the external environment in which firms and other economic organizations operate.

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COURSE CONTENT DETAILED - SCHEDULE - BIEF cl. 21 OB = O. BLANCHARD, A. AMIGHINI, F. GIAVAZZI, Macroeconomics - A European Perspective, Pearson Education Limited, 2017, Third Edition, ISBN 9781292085678 (the required edition is the one without MyEconLab access) GF = G. FERRAGUTO, Macroeconomics - Problems and Questions, Egea, January 2020, 6th edition

TOPICS 1. The Variables of Macroeconomics

SESSIONS 1-2

READINGS National Income Accounting (OB, Ch. 2, §1, 2, 3 and 5 [skip §4 and the Appendix]) The Goods Market (OB, Ch. 3)

2. The Short Run

3-10 Financial Markets (OB, Ch. 4; GF, Ch. 1, Questions 12 and 13)

The IS-LM Model (OB, Ch. 5 and Ch.6, §1-2-4; GF, Ch. 2, Questions 1 and 2)

The Labor Market (OB, Ch. 7)

3. The Medium Run

11-21

The Phillips Curve (OB, Ch. 8)

The IS-LM-PC Model (OB, Ch.

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9 [skip Focus on pp. 176-177]; GF, Ch. 3, Questions 7, 8 and 17)

Financial Markets and Expectation (OB, Ch. 14, §2-3-4 – skip Appendix) 4. Expectations

22-28 Expectations, Consumption, and Investment (GF, Ch. 4, Question 7; OB, Ch. 15, p. 315-16, and §2, pp. 316-19 – skip Appendix)

Expectations, Output, and Policy (OB, Ch.16, §1-2; GF, Ch. 4, Question 11.a)

Openness in Goods and Financial Markets (OB, Ch.17) 5. The Open Economy

29-33 Goods Markets, Financial Markets and Economic Policies in Open Economies (OB, Ch. 18 [skip Appendix], Ch.19 [Appendix included]

6. Government Debt

34-35

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Government Debt and Fiscal Policy (OB, Ch. 22, pp 455 and 457 [skip p. 456]; pp 460-464; pp 469-473 [skip from “Money Finance” onwards]); GF, Ch. 6, Question 1

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TEACHING METHODS Selection: Face-to-face lectures face-to-face lectures Exercises (exercises, database, software etc.) in-class exercises Case studies /Incidents (traditional, online) traditional case studies online case studies

The topics and readings for non-attending students are identical to those for attending ones Students of previous academic years who have not yet passed the exam can only register to the general examination. They are referred to the page on the Blackboard platform containing all the relevant information on the topics that they are supposed to be familiar with, the required readings and the examination.

ASSESSMENT METHODS Selected methods:

Continuous assessment

Partial exams

General exam

x

x

x

x

x

x

Written individual exam (traditional/online) Open-answer questions exam Closed answers questions exam (e.g.: single input, multiple choice, select etc.)

In addition to the cancellation of the March partial examinations decided by the University and the elimination - notified to you last April, 8 - of some topics from the teaching syllabus (the detailed syllabus above, published on the same date, already takes into account these changes), the emergency situation we are experiencing also imposes changes to the assessment methods communicated at the beginning of the semester.

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In particular:

for the sessions of May and June 2020, the examination for the course on Macroeconomics will be held only in general mode on all the topics included in the revised syllabus, via the Blackboard platform with Respondus; the exam will consist of the equivalent of three questions having a format similar to those in the workbook (GF). In order to make it easier to view them on screen, each of the questions – that, as you know, usually include two separate points - will be divided into two short questions, each corresponding to half of the typical “paper exam” one, for a total of 6 short questions; students will not be requested to write equations or draw graphs (although equations and graphs may be present in the text of the questions), but only to provide a verbal answer to the proposed questions. If they wish, and to save time, students may of course decide to use symbols or letters to indicate variables or parameters (for example, and as usual, Y for GDP, I for investment, NX for net exports, etc.); The exam will last 60 minutes; five of the short questions will be eligible to receive up to 5/30, and one 6/30, for a total of 31/30. The laude will be awarded to students who will get 31/30. However, that additional, 31st point is not only reserved for those who have already answered the rest of the exam correctly, but will be accessible to any student, regardless of their performance in the other questions.

A Mock exam will be made available by May 9 on this page, menu on the left - assuming that for that date the University will have provided all the indications needed to draw it in a format identical to the one that students will face in the sessions of May and June; failing that, the mock will be published as soon as these indications have been forwarded to the various courses.

As implied in the above, this year the quizzes will not be offered (due to the malfunction of the platform, the results of the April one are unreliable and often uninterpretable; for this reason, even those will not be taken into account). The short duration of the exams and several technical considerations advise, also in the interests of the students, to keep the structure of the test as simple as possible. The Macro Faculty is, however, convinced that the availability of the optional readings, and the references made by the instructors during the lectures, have made what has been discussed in the classroom or video more interesting and relevant, possibly helping you to interpret with new tools the world in which we live. We hope you share our view.

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TEACHING MATERIALS - BIEF cl. 21 Required Readings: O. BLANCHARD, A. AMIGHINI, F. GIAVAZZI, Macroeconomics - A European Perspective, Pearson Education Limited, 2017, Third Edition, ISBN 9781292085678 (the required edition is the one without MyEconLab access) (OB) G. FERRAGUTO, Macroeconomics - Problems and Questions, Egea, January 2020, 6th edition (GF) [additional questions with solution available at http://mybook.egeaonline.it – access with code provided in the book]

Optional Readings: Further readings on the topics covered by the course and on current macroeconomic events will be made available during the semester in the Blackboard platform, page 2019/20 - 30066 ECONOMICS - MODULE 2 (MACROECONOMICS)

HONOR CODE Bocconi University conceives of education as an ongoing process that stretches across a person’s entire professional life. The University hopes that the entire Bocconi community will respect the values of fairness and correctness associated with it, values which inspire and guide the conduct of all community members as they pursue common objectives and a shared mission. The Bocconi University Honor Code is published at http://www.unibocconi.eu/honorcode. We encourage all students to read it.

COURSE ETIQUETTE

Self-evaluation tests (not-for-credit)

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During the semester, by accessing the Blackboard platform, page 2019/20 - 30066 ECONOMICS - MODULE 2 (MACROECONOMICS), folder Self-Evaluation Tests, students wishing to do so will be able to answer multiple choice questions on individual chapters, or group of chapters, of the textbook.

Each test will consist of 10 questions, randomly selected from a pool of 20 or more per chapter, on the topics included in the syllabus. Students may choose to launch more tests on the same chapter or group of chapters. To allow students to monitor their progress throughout the semester, the scores obtained at each attempt, and their chronology, will be stored in the 'Gradebook' section of the BB platform

The questions of which the self-evaluation tests consist aim at allowing students to verify their undestanding of, and familiarity with, the most basic definitions and concepts discussed in class. While those understanding and familiarity are a pre-condition for answering the questions included in the typical partial or general examination, they in no way guarantee a good performance in those exams. This explains why the points earned in the various self-evaluation tests you may decide to launch will NOT be taken into account in your final evaluation. To familiarize yourself with the format of the exam and the kind of reasoning required to answer correctly the questions it will include, you are referred to the second of the required readings detailed above (G. FERRAGUTO, Macroeconomics - Problems and Questions, Egea, January 2020, 6th

Further information

Several past exam questions, included in the exercises and solutions manual (whose accompanying website, accessible with the code provided on its cover, contains about 50 additional questions with answer), will be discussed during the 8 tutorials that will be offered during the semester. The many exam questions answered during lectures and tutorials are taken from exam papers for recent academic years, and therefore reflect the current contents of the course. They are meant to make sure that students get a solid understanding of the concepts of Macroeconomics, and also to familiarize them with the format of the exam.

Past exams: for what just said in the previous point, all past exam questions (and many more) are included in G. FERRAGUTO, Macroeconomics - Problems and Questions, Egea, January 2020, 6th edition. To come up with a mock first partial examination, randomly select one question from each of the first three chapters of that book; for a mock second partial, do the same with questions (needless to say, only those on topics

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part of syllabus) included in chapters 4, 5, and 6; finally, for a mock general exam, pick one question from each chapter.

Additional materials and further information on the course will be made available in the Blackboard platform (https://blackboard.unibocconi.it), that students can access using their personal user-id and password.

Aggiornato al 29/01/2020 15:01

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