Obiettivi formativi
The course offers an introduction to microeconomics and macroeconomics. By the end of the course students should be able to understand the basic principles, concepts and methodologies of the discipline. The course is designed primarily for students who did not graduate in economics and need an introductory course.
Prerequisiti
In order to pass the exam you need to be able to:
Interpret the equation of a line (i.e. slope and intercept)
Manipulate a line (i.e. change the slope or the intercept)
Compute and interpret a growth rate (i.e. percent change)
Read and manipulate a graph in the Cartesian (x,y) space
solve systems of two equations with two unknowns..
derive first and second order derivatives of basic functions
Contenuti dell'insegnamento
A one semester introduction to the basic principles of both microeconomics and macroeconomics. Students will be introduced to the big questions of Economics and the key ideas that define the economic way of thinking. They will become familiar with the basic analytical tools for data representation and economic analysis. Microeconomics topics will include the basics of supply and demand, the behavior of consumers and businesses, and how markets operate. Macroeconomic topics will include the fundamental components of gross domestic product (GDP), the problems of inflation and unemployment, the impacts of government fiscal and monetary policies, the functioning of an open economy – with a focus on the Euro and the European Institutional framework.
The course's intended audience is students who did not graduate in economics and need an introductory course.
Programma esteso
1. WHAT IS ECONOMICS?
1.1 SOME DEFINITIONS
1.2 MICROECONOMICS AND MACROECONOMICS
1.3 TWO BIG ECONOMIC QUESTIONS
1.4 THE ECONOMIC WAY OF THINKING
1.5 POSITIVE VS NORMATIVE STATEMENTS
1.6 ECONOMIC MODELS: WHY?
2. THE REPRESENTATION OF THE ECONOMY
2.1 THE CIRCULAR FLOW
2.2 ECONOMIC AGENTS
2.3 THE ROLE OF THE STATE
2.4 THE OPEN ECONOMY
2.5 (SIMPLE) MATHEMATICAL TOOLS FOR ECONOMIC ANALYISIS
3. MICROECONOMICS – CONSUMER
3.1 CONSUMER BEHAVIOUR
3.2 DEMAND FOR GOODS
3.3 DEMAND AND SUPPLY: EQUILIBRIUM
3.4 PRICE AND INCOME ELASTICITY
4. MICROECONOMICS – THE FIRM
4.1 INTRODUCING SUPPLY DECISIONS
4.2 COSTS AND SUPPLY
4.3 THE PERFECT COMPETITIVE CASE
4.4 MONOPOLY
4.5 IMPERFECT COMPETITION
4.6 FACTOR DEMAND
5 MACROECONOMICS – GENERAL NOTIONS
5.1 NATIONAL ACCOUNTS
6. MACROECONOMICS - AGGREGATE DEMAND AND EQUILIBRIUM IN A CLOSED ECONOMY
6.1 THE AGGREGATE CONSUMPTION FUNCTION
6.2 THE EQUILIBRIUM IN THE GOODS MARKET
6.3 THE MULTIPLIER
7. MACROECONOMICS - INVESTMENT
7.1 FIRMS’ INVESTMENT DECISION
8. MACROECONOMICS – THE MONEY MARKET
8.1 DEMAND AND SUPPLY FOR MONEY
8.2 MONEY MARKET AND GOODS MARKET
9. MACROECONOMICS - AGGREGATE SUPPLY AND AGGREGATE DEMAND
10. MACROECONOMICS – THE LABOUR MARKET
10.1 THE LABOUR MARKET: LABOUR SUPPLY AND DEMAND
10.2 THE TRADE OFF BETWEEN UNEMPLOYMENT AND INFLATION
10.3 UNEMPLOYMENT AND BUSINESS CYCLE
10.4 UNEMPLOYMENT: SOME USEFUL DEFINITIONS
11. THE OPEN ECONOMY
11.1 NOMINAL AND REAL EXCHANGE RATES
11.2 THE CURRENT ACCOUNT AND THE BALANCE OF PAYMENTS
11.3 EQUILIBRIUM IN THE GOODS MARKET
11.4 EQUILIBRIUM IN THE GOODS AND FINANCIAL MARKETS: FIXED AND FLEXIBLE EXCHANGE RATE
11.5 THE EURO AND THE EUROPEAN INSTITUTIONAL FRAMEWORK
Bibliografia
Suggested text:
Economics, by David Begg, Gianluigi Vernasca, Stanley Fischer and Rudiger Dornbusch. 11e- 2014.
Slides:
will be uploaded on Elly platform.
Other materials (suggested readings and internet resources)
Metodi didattici
Organizations:
12 weeks: 20 September – 6 December (max)
Part I – Microeconomics
Part II – Macroeconomics
Classes will be both theoretical AND applied (exercises and applications to real world problems)
Modalità verifica apprendimento
2 options will be available:
- Option 1: End of semester exam 100% (no intermediate exam)
Option 2: End of semester exam 80% +
course assignment 20%
During the exam it is forbidden to consult notes, slides, books and any electronic devices. Small pocket calculators are allowed
FINAL EXAM:
written.
It lasts two hours and a half
It contains 5 questions (exercises and open/closed questions)
Each question counts for 20% of your final mark
1) COURSE ASSIGNMENT
20% of the final mark
Rating system: 1- Poor; 2 – Fair; 3 – Average; 4 – Good; 5 – Excellent (Pass=Fair)
Posted on my personal web page by 22 November and to be returned before the first session of exam section
2) FINAL EXAM:
written.
It lasts two hours
It contains 4 questions both theoretical and empirical.
Each question counts for 20% of your final mark
Altre informazioni
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