The sequence in macroeconomics will introduce students to the literature that studies the aggregate evolution of the economy both in the short and long run. A particular emphasis will be given to the role of institutions in explaining economic performance in the long run. The role of monetary policies for the short-run evolution of the economic cycle will be addressed in the last module of the sequence.

Part 1 (D. Ticchi)
-Traditional Keynesian Theories of Fluctuations
-The Lucas Imperfect-Information Model and The Lucas Critique
-The Solow Model

Part 2 (M. Onorato)
-The Neoclassical Growth Model
-Growth with Overlapping Generations. Social Security and Capital Accumulation
-First-Generation Models of Endogenous Growth
-Growth Empirics
-Fundamental Determinants of Differences in Economic Performance

Part 3 (A. Paccagnini)
-The nature and function of money. Classical monetary theory, neutrality and inflation. RBC Model
-Empirical evidence on money. Identification monetary shocks. VAR and SVAR models
-The Basic New Keynesian Model: main ingredients
-Introducing medium-scale DSGE: the Smets-Wouters model
-Financial Frictions in DSGE
-Estimation of DSGE models: some basic concepts
-Unconventional Monetary Policy and Zero Lower Bound: Forward Looking and Quantitative Easing