First cycle
degree courses
Second cycle
degree courses
Single cycle
degree courses
School of Economics and Political Science
Course unit
EPP6077358, A.A. 2019/20

Information concerning the students who enrolled in A.Y. 2019/20

Information on the course unit
Degree course Second cycle degree in
EP2422, Degree course structure A.Y. 2017/18, A.Y. 2019/20
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Degree course track Common track
Number of ECTS credits allocated 10.0
Type of assessment Mark
Course unit English denomination ADVANCED MACROECONOMICS
Department of reference Department of Economics and Management
E-Learning website
Mandatory attendance No
Language of instruction English
Single Course unit The Course unit CANNOT be attended under the option Single Course unit attendance
Optional Course unit The Course unit can be chosen as Optional Course unit

Teacher in charge LORENZO FORNI SECS-P/02

ECTS: details
Type Scientific-Disciplinary Sector Credits allocated
Educational activities in elective or integrative disciplines SECS-P/02 POLITICA ECONOMICA 10.0

Course unit organization
Period Second semester
Year 1st Year
Teaching method frontal

Type of hours Credits Teaching
Hours of
Individual study
Lecture 10.0 70 180.0 No turn

Start of activities 02/03/2020
End of activities 12/06/2020
Show course schedule 2019/20 Reg.2017 course timetable

Examination board
Board From To Members of the board
3 Commissione A.A. 2019/20 01/10/2019 30/11/2020 FORNI LORENZO (Presidente)
NUNZIATA LUCA (Membro Effettivo)
PARIGI BRUNO MARIA (Membro Effettivo)

Prerequisites: Students are required to know the fundamentals of micro and macroeconomics , empirical analysis and econometrics.
Target skills and knowledge: The course intends to transmit the ability to understand contemporaneous international economic phenomena, with a particular focus on the interaction between finance, economic policy and real markets. At the end of the course, students will be able to interpret relevant economic data and to use them in order to analyse and forecast future economic scenarios. In addition, they will be familiar to the most recent economic literature and the anaysis techniques typical of the toolkit of the economists working in research centers, policy centers, international organizations and in markets open to international competition.
Examination methods: The exam is written and lasts between 1 hour and 1 hour and 30 minutes.

Typically, students will be asked to complete two parts:

1. In the first part students will be required to solve one or more exercises based on models presented in class.

2. In the second part students will have to assess a practical application based on a real case study by answering to a few questions.
Assessment criteria: The exam evaluation is based on the knowledge acquired during the course and on the ability to use that knowledge to think in economic terms and to interpret contemporaneous economic scenarios.
Course unit contents: Part I – What is Macroeconomics
I. The science of macroeconomics
II. When Economists go wrong
III. The data of Macroeconomics
IV. The Job Market for Economists

Part II – The closed economy
V. National income: where it comes from and where it goes
VI. The Monetary system: what it is and how it works
VII. Inflation: its causes, effects and social costs
VIII. Inflation: the importance of expectations
IX. Some unpleasant monetary arithmetic
X. CB and Treasury budget consolidation
XI. Optimal inflation tax and financial repression
XII. CB balance sheet
XIII. Inflation: Dynamic inconsistency
XIV. Inflation targeting

Part III – The open Economy
XV. Some more details on budget constraints
XVI. The Mundell-Fleming Model and exchange rate regimes
XVII. Currency and debt crises
XVIII.Delayed stabilizations
XIX. Financial system: opportunities and dangers
XX. Banking Crises
XXI. The debate over capital flows

XXII. Part IV – Applications
XXIII. Currency crisis: Italy (1992), Argentina (2001, 2017), Egypt (2016)
XXIV. Sovereign crisis: Greece (2012)
XXV. Banking crisis: Spain (2010)
XXVI. The European sovereign debt crisis
XXVII. The inflation puzzle and the role of monetary policy
Planned learning activities and teaching methods: The course is based on lectures held by the Professor and readings of documents on the current international economic situation.
Additional notes about suggested reading: Relevant bibliographic references vary every year and will be indicated during the lectures. The lectures’ slides and list of references will be available on the course’s web site.
Textbooks (and optional supplementary readings)

Innovative teaching methods: Teaching and learning strategies
  • Lecturing
  • Problem based learning
  • Case study
  • Interactive lecturing
  • Working in group
  • Questioning
  • Problem solving
  • Peer assessment

Innovative teaching methods: Software or applications used
  • Moodle (files, quizzes, workshops, ...)

Sustainable Development Goals (SDGs)
No Poverty Zero Hunger Decent Work and Economic Growth Reduced Inequalities Responsible Consumption and Production Climate Action