Università Roma Tre

The International Macroeconomics course addresses some of the most relevant issues of modern macroeconomic theory: the phenomenon of long-term growth, the effects of the interaction of an economy with the rest of the world, the process of economic and monetary integration in Europe, public debt, the labour market and the general equilibrium model AS-AD.

The Programme (8 CFU) for the academic year 2016/2017, consists of the following four parts (which can be easily traced back to the textbook. Note that the appendices are not planned, unless otherwise communicated):

1) Fundamentals: the short term. This part will focus on the following issues: The commodity market; the financial markets; the IS-TML model; the IS-TML model in an open economy. In particular, chapters 2, 5 (with references to chapter 3 and 4 when necessary), 6. There is also a part on the slides, entitled 'A different IS-TML model and the effects of a financial crisis'.
2) Fundamentals: the medium term. This part will focus on the following issues The labour market; The AS-AD model; The natural unemployment rate and the Phillips curve; Inflation and production. In particular, chapters 7, 8, 9 (up to and including section 3.3).
3) Fundamentals: the long term. This part will focus on the following themes: Growth: the main facts; Saving, capital accumulation and production; Technological progress and growth. In particular, chapters 12, 13, 14.
4) Part 4: Insights. This part will focus on the following issues Expectations; Expectations, consumption, investments; Expectations, production and economic policy; Economic policy in open economy; Public debt. In particular chapters 17, 18, 19, 21 (excluding the fourth section).
The course also includes three in-depth studies on specific topics, which constitute examination material. The first section, 'Technological change and the labour market', is an essay by Valerio Intraligi and Paolo Naticchioni. The second is the introduction of Thomas Piketty's best seller "The Capital in the 21st Century". The third, an Istat press release on the labour force. The PDF documents of the two in-depth studies are available on the teacher's website.

The reference text is the following: O. Blanchard, A. Amighini and F. Giavazzi, Macroeconomics: a European perspective, Il Mulino, 2014 (note that in October 2016 an updated version of the text was published, which given the timing of the release will not be considered in this academic year. The teacher will examine only a small part of the new edition, and in this case the material will be included in the slides).