This course is the first module of the "Macroeconomics: integrated course" (12-credit; code SEM0181), and will be followed by the second module ("Dynamic and Numerical Macroeconomics"), taught by Pietro Garibaldi in the second semester.

Main topic. The course deals with some key themes of modern macroeconomics, presenting the evolution of business cycle theory from the "neoclassical synthesis" to more recent new-Keynesian interpretations. Fundamental economic concepts will be illustrated with the aid of formalized models, widely used in various fields of macroeconomics.

Readings. The course is not based on a textbook. For most topics, lecture notes will be circulated; moreover, for each topic, a set of readings, mostly drawn from scientific international journals and containing the original versions of the models discussed in the lectures, are suggested.  Lecture notes are available in the "Teaching Material" section below.

Background. Working knowledge of microeconomics and macroeconomics at the level of three-year undergraduate courses is required. The formalized analysis of macroeconomic models requires familiarity with the mathematical and statistical tools acquired in a three-year undergraduate program in Economics. In particular, extensive use of differential calculus and constrained optimization will be made.