International opportunities for students
Course: Macroeconomics and Monetary Policy


Instructor: Stefano Zambelli, stefano.zambelli [at]
Credits: 8

Course objectives

Knowledge of major macroeconomic themes and economic policy.


Participants are expected to have a basic level of acquaintance with the subject matter of microeconomics, macroeconomics and basic accounting principles (i.e. the notion of double entry book keeping).


The main purpose of this series of lectures is to further the knowledge regarding macroeconomic models. 
We will read original literature as well as chapters from text-books. 
The starting point will be a thorough understanding of National Accounting. 
During the course there will be references to some standard mainstream neoclassical model based on the notion of the neoclassical representative agent and on the assumption of permanent walrasian general equilibrium. 
During the course the limits of these models will be emphasized. 
An alternative following the tradition of disaggregated and out-of-equilibrium approach will be presented based on modern interpretations of the works of Keynes and Sraffa. 
During the course the interested students will be taught some rudiments of numerical simulations of the models studied.

Teaching methods

Lectures and assignments.

Evaluation of learning

Written exam and Assignments.


The literature will be chapters from books and original literature. 
- Gandolfo, G. (1995). Economic Dynamics. Berlin: Springer.
- Kalecki, M. (1933). Outline of a theory of the business cycle - [1933]. In Essays in the Theory of Economic Fluctuations (1933-1939)}. Basil Blackwell.
- Kalecki, M. (1936). Comments on the macrodynamic theory of business cycles. Econometrica, 356--60.
- Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money. London: Macmillan.
- Lequiller, F. and D.Blasdes (2006). Understanding National Accounts. Paris: OECD Publishing.
- MATLAB (2014). MANUAL.
- McCandless, G. (2008). The ABCs of RBCs: An Introduction to Dynamic Macroeconomic Models. Harvard University Press, Cambridge, Massachusetts.
- Metzler, L. (1941). The nature and stability of inventory cycles. Review of Economics and Statistics, 113--129.
- Romer, D. (2011). Advanced Macroeconomics (4 ed.). New York: McGraw-Hill Irwin.
- Samuelson, P. A. (1939). Interactions between the multiplier analysis and the principle of acceleration.
Review of Economics and Statistics, 75--78.
- Solow, R.M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 65--94.
- Sraffa, P. (1960). Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press.
- Taylor, L. (2004). Reconstructing Macroeconomics.
Cambridge, Massachusetts: Harvard University Press.
- Zambelli, S. (2004). The 40\% neoclassical aggregate theory of production. Cambridge Journal of Economics, 99--120.
- Zambelli, S. (2007). A rocking horse that never rocked: Frisch's propagation problems and impulse problems. History of Political Economy, 99--120.
- Zambelli, S. (2014a). Aggregate production functions and neoclassical properties. An empirical investigation. ASSRU Discussion Paper, No. 5-2014, Algorithmic Social Sciences Research Unit, University of Trento.
- Zambelli, S. (2014b). Lecture notes and slides for the course macroeconomics. Prepared for the Course "Macroeconomics and Monetary Policy", Master in Economics, University of Trento.