20721 - GLOBAL SCENARIOS - MODULE 2 (MACROECONOMICS)
Course taught in English
Class-group lessons delivered on campus
The balance sheets and overall performance of companies are crucially affected by the functioning of the macro-economy. This makes it necessary for managers to be at least conversant with - if not expert users of - the most common macro data and logical tools of analysis and prediction to better conduct their businesses. Having this in mind, this course aims to enable students to understand the economic environment in which companies operate, thinking in a structured way about the long-run and the short-run features of the macro-economy. In particular, course participants will be challenged to make sense of the implications of the pandemic, of globalization and the ongoing technological revolution on growth, labor markets and inequality. Moreover, zooming on business cycle issues, they will also develop their personal views on how central banks and governments affect the main macro variables, taking into account both economic and political incentives.
This course is divided into two main parts.
PART ONE: The economic environment in the long run:
- Determinants of economic growth
- Demographic change and growth
- Structural reforms and productivity
- New technologies, firms and labor markets
- Firms and the Global Economy
- Green Policies and Firms’ Competitiveness
PART TWO: Medium run: business cycles and economic policies
- Re-building medium run macroeconomics: introduction
- Re-building medium run macroeconomics: aggregate supply, aggregate demand, money, banking and finance
- Business cycles and economic policies: benchmarking and its applications
- What the policymakers did: the Great Crisis
- What the policymakers did: the Great Liquidity Trap and the Great Escape
- What the policymakers did: the Pandemic Recession and beyond
- Recognize the main determinants of long-run growth and the impact of structural factors
- Identify the challenges and the opportunities for firms of demographic change
- Explain the costs and the benefits of globalization and the implications for business
- Identify the trade-offs firms face in managing global operations
- Recognize the impact of technological change on the economy and the consequences for companies
- Understand and master basic and advanced tools of macroeconomics for analyzing media and company news
- Understand the manifestation and the causes of recessions and recoveries in the data
- Understand how Governments and central banks’ policies may accelerate growth, counteract business fluctuations and affect exchange rates
- Analyze media and company news about the economy
- Analyze the most important macroeconomic variables
- Evaluate economic policies and discuss their impact
- Discuss the growth impact of economic policies
- Assess pros and cons of globalization
- Evaluate trade-offs faced by global companies
- Interpret the macro effects of innovation and technology
- Face-to-face lectures
The teaching methods that will be used for this course are included below, as indicated by the course director on the course profile. Please select an increased level of detail to better describe the teaching methods used.
With the purpose of measuring the acquisition of the above-mentioned learning outcomes, students’ assessment is based on written exam.
The exam consists of 4 essay questions.
Essay questions are aimed at verifying the ability of students of applying the tools developed during the course. They may include: short excerpts of articles, charts and tables to verify students’ ability of interpreting and discussing media and company news about the economy, extracting relevant information and applying the most suitable tools and concepts; short questions aimed at verifying students’ capability of discussing the implications of economic policies or shocks; finally, short statements to be discussed to assess students’ ability to articulate economic reasoning.
Students can take a partial written exam and complete the written exam at the end of the course. The two partial exams are equally weighted to calculate the final grade.
Lecture notes and readings will be available in the Blackboard page of the course.