FRANCESCO NUCCI

MACROECONOMICS
(9 CFU; Academic Year 2025–2026– Second Semester)
(Code: 10606497 – Bachelors in Economics and Finance and Business Management
Prof. Francesco Nucci

Classes start on Monday the 23rd of February 2026, with the following schedule:

Monday, 10-12 (room 10)
Tuesday, 10-12 (room 10)
Wednesday, 12-14 (room 10) 

Adopted text:
Macroeconomics, (2025), Olivier Blanchard, Alessia Amighini and Francesco Giavazzi, Pearson Education Ltd, 9th Edition.
The ebook edition can be purchased with a discount following the instructions available at the following link: 
https://drive.google.com/file/d/1P5SUkG9Os3B0sEaPAyoQrG055vsqbblV/view 

The printed copy is available for purchase through several channels, including bookstores near the faculty building on Viale Ippocrate.

Syllabus:
The syllabus of the course for the academic year 2025-2026 is available at the following link: https://drive.google.com/file/d/1GXaqdezGYXBXzeCDsA9p8CCYzggp6thc/view
It is the following:

1) What is macroeconomics? The data of macroeconomics (chapter 2 with Appendix)
Introduction to macroeconomics
Aggregate output: Gross Domestic Product (GDP)
GDP production and income
Nominal and real GDP; level vs. growth rate of GDP
The unemployment rate
The inflation rate 
The consumption price index
The GDP (or consumption) deflator
The short run, the medium run and the long run 

2) The economy in the short run: the goods market (chapter 3 and section 5.1)
The composition of GDP
The demand for goods and services
The determination of equilibrium output
The goods market and the IS relation

3) The economy in the short run: the financial markets (chapter 4; sections 5.2 and 6.1 – 6.3)
Financial markets: the demand for money
Determining the interest rate
Financial markets and the LM relation
Nominal versus real interest rates
Risk and risk premiums
The role of financial intermediaries

4) The economy in the short run: goods and financial markets (sections 5.3 – 5.5; 6.4)
Equilibrium in the IS-LM model
The effects of fiscal and monetary policy
Extending the IS-LM model

5) The economy in the medium run (chapters 7, 8 and 9; Appendix to chap. 8))
The labor market
Movements in unemployment
Wage determination
Price determination
Inflation, expected inflation and unemployment: the Phillips curve
The Phillips curve and the natural rate of unemployment
The IS-LM-PC (aggregate demand and supply) model and the effects of policy

 6) The economy in the long run: economic growth (chapters 10 – 11)
Measuring the standard of living of a country
The facts of economic growth
Saving, capital accumulation and output: a model of economic growth
The model of economic growth with technological progress 

7) Technological progress and the challenges to growth (chapter 12 and sections 13.1-13.3)
The determinants of technological progress
Institutions, technological progress and growth
How to measure technological progress
Growth and inequality

8) The open economy: international trade (section 17.1)
Export and Imports
The exchange rate; nominal and real exchange rates

Office hours
Office hours of prof. Francesco Nucci are held on Wednesday from 10 to 12 or by appointment via email (francesco.nucci@uniroma1.it). Office hours are held at his office in the faculty building (5th floor, office 512) 
Students who prefer to meet the professor in remote mode have the opportunity to do so using the Meet platform. In that case, for having the Meet link, the student should contact the instructor by email
 
Calendar of the exams 
The calendar of the exams throughout the academic year 2025-2026 is already available on the Infostud system

ADVANCED MACROECONOMICS 
(9 CFU; Academic Year 2025–2026 – First Semester)
Course Code: 1032644 - Master in Economics
Instructor: Prof. Francesco Nucci 

OnlineClassroom 
The Google Classroom code is: tbzxqkzw 

Course Description 
The course provides an introduction to the study of macroeconomics at a more advanced level than in undergraduate courses. The syllabus of the course is available at https://drive.google.com/file/d/10j9o2Di8E2nyOLdASz5__NNmSzcdweNX/view.
The perspective taken in the course is both theoretical, with the development of formal economic models and the discussion of their main predictions, and empirical, with a focus on the stylized facts and on what the economic data say regarding each model’s findings. A significant portion of the course deals with economic growth and long-run dynamics in the economy. A relevant part of the course is devoted to consumption and saving decisions as well as firm’s investment choice. The models that we consider are based on the optimal intertemporal decision on the part of households and firms. As far as consumption and saving are concerned, we focus on the permanent-income hypothesis and on the subsequent evolution of that theory with the introduction of financial constraints and the consideration of precautionary saving. As for firms’ investment, we consider the q theory. We also consider the Government budget constraints and the links between consumption decisions and fiscal policy.
In the latter part of the course, we turn to short-run economic fluctuations, starting with a review of the stylized facts of the business cycle—including expansions and recessions—and then examining key macroeconomic models of output determination and business cycle dynamics.

Textbook
Advanced Macroeconomics,
David Romer (2019), 5th Edition, McGraw-Hill. 

Prerequisites
Students should have a background in intermediate-level macroeconomics and microeconomics. 

Current Position:
Professor of Economics at Sapienza University - Department of Economics and Law. Deputy Department Head and Director of the Master Program in Economics

Education:
– Ph.D. in Economics, Columbia University (New York, NY), Department of Economics, (1998). Thesis Advisor: Prof. Richard H. Clarida
Fields: Econometrics, International Economics and Macroeconomics
– Master of Philosophy (M.Phil.) in Economics, Columbia University (New York, NY), Department of Economics, (1994)
– Master of Arts (M.A.) in Economics, Columbia University (New York, NY), Department of Economics, (1992)
– Laurea summa cum laude in Economics and Business, University of Rome La Sapienza, (1990)

Previous academic appointments:
2005 – 2012 Professor of Economic Statistics, University La Sapienza
2000 – 2004 Associate Professor of Economic Statistics, University La Sapienza
1996 – 2000 Assistant Professor of Economic Statistics, University La Sapienza

Previous non-academic experience:
1995 – 1996 Bank of Italy, Research Department: Economist in the Business Cycle Analysis Unit

Scholarship and other research positions:
2015 Visiting Professor, China Academy of Social Sciences (CASS; Beijing China)
2014 – 2015 Visiting Professor, School of Economics and Management, Beijing Normal University (BNU; Beijing, China)
2009 – 2016 Visiting Professor, Asia-Europe Institute, University of Malaya (Kuala Lumpur, Malaysia)
2002 – 2008 Research Fellow, Ente Luigi Einaudi, Rome
1999 N.A.T.O. – C.N.R., Senior Fellowships Programme; Visiting Scholar at Columbia University (New York, NY)
1994 Columbia University, Graduate School of Arts and Sciences, President’s Fellowship
1991 – 1993 Cassa di Risparmio di Roma, “Giambattista Marchesini” Graduate scholarship.

Teaching:
- At Sapienza University he currently teaches (in English) the following courses: “Macroeconomics” (Master level), “Macroeconomics” (undergraduate) and “Macroeconomics” (Ph.D level).
Previously, at Sapienza University, he has taught the following courses: “Economics of Money and Financial Markets”, “Economics and Statistics for Financial Markets”, “Economic Statistics”, “Financial Econometrics”.
- At the China Academy of Social Sciences (CASS; Beijing, China):
Visiting Professor, title of the course: “DSGE Models of Economic Fluctuations” (2015)
- At the Beijing Normal University (Beijing, China):
Visiting Professor, title of the course: “Contemporary Issues in Macroeconomics” (2014)
At the Asia-Europe Institute (AEI), University of Malaya (Kuala Lumpur, Malaysia):
- Visiting Professor, title of the course: “Asia-Europe: Trade and Financial Issues” (2009 - 2016)

Professional service:
2001 – Member of the board of Associate Editors for the journals Applied Economics and Applied Economics Letters
2017 – Member of of the Scientific Board for Economia Italiana (he is currently one of the Editors)
2013 – 2018 Member of the Board of Associate Directors for Economic Notes
2006 – 2018 Member of the Scientific Board for Rivista di Politica economica
2007 – Member of the Editorial Board for the Working Paper Series and the Economic Focus Series, Italian Ministry of the Economy and Finance, Department of Treasury

Referee for American Economic Review, American Economic Journal: Macroeconomics, Journal of International Economics, Journal of the European Economic Association, Journal of Money, Credit and Banking, Economic Journal, Journal of Banking and Finance, Journal of International Money and Finance, Journal of Economic Dynamics and Control, Journal of Financial Stability, Macroeconomic Dynamics, Journal of Macroeconomics, Economic Modelling, Empirical Economics, Journal of Regional Science, Journal of Population Economics, International Review of Economics and Finance, Applied Economics, Journal of Asian Economics, Applied Financial Economics, The World Economy, Review of International Economics, Economic Inquiry, International Journal of Finance and Economics, Southern Economic Journal, Journal of the Italian Statistical Society, Metroeconomica, Moneta e credito, Rivista di Politica Economica, BNL Quarterly Review, Rivista Italiana degli Economisti, Rivista bancaria, Review of International Economics.

Non-Academic Activities:
– Advisor for the development and use of the econometric models (ITEM and ITFIN) and other quantitative tools for economic analysis of the Department of Treasury at the Italian Ministry of the Economy and Finance. For these activities, he is currently member of the Council of Experts of the Italian Treasury Department (2024-2025; 2015 - 2022) and, beforehand, he has been consultant of the Department of Treasury (1997–2008), Consip spa (2009–2013), Sogei spa (2013–2014) and the Osservatorio Riccardo Faini of Tor Vergata Foundations (2023)
– Advisor for the development of statistical forecasting models of the State General Accounting Department at the Italian Ministry of the Economy and Finance. The models pertain to financial flows between Italy and EU institutions. For these activities he is consultant of Eutalia spa-Studiare Sviluppo (since 2016) and beforehand of Consip spa (2004–2013) and Sogei spa (2013)
– Has served as economic counsellor at the Presidency of the Italian Council of the Ministers (2006 – 2008)
– Has worked at the World Bank (Washington D.C., USA) within the Summer Employment Program (1993).

Seminar and Conference Presentations (Selection):
– Paper presentations have taken place in Seminars at the following institutions:
Columbia University, Humboldt University (Berlin), Beijing Normal University, Beijing Institute of Technology, Queen Mary University of London, University of Surrey, Banca d’Italia, Università Bocconi, Luiss, Università La Sapienza, Ente Einaudi, EIEF, Università di Siena, Università di Roma Tor Vergata, Università di Padova, Università di Trento, Università di Catania
– Paper presentations have taken place at the following Conferences:
Annual Conference of the Global Forum on Productivity (OECD) joint with Italian presidency of G20 (2021; Venice); International Economics Seminar/2nd China-Japan Youth Conference on Trade, Exchange Rate and Labor, Kyoto University (Kyoto, 2019); ECB conference on “Challenges for macroeconomic policy in a low inflation environment” (Frankfurt, 2015); ETSG 17th Annual Conference (Université Paris 1 Panthéon-Sorbonne, 2015); CEPR–Universitat Pompeu Fabra “Changes in Labor Market Dynamics” (Barcelona, 2010); CEPR - Bank of Finland Conference “Productivity and the Business Cycle” (Helsinki, 2005); NBER Summer Institute 2004 Macroeconomics and Productivity Workshop (Cambridge, MA); CEPR, ECB, Banco de Espana Conference “Prices, Productivity and Growth” (Madrid, 2003); International Economic Association Conference (Lisbon, 2002, Marrakech, 2005, Istambul, 2008, Pechino, 2011); European Economic Association Conference (Berlino, 1998, Losanna, 2001, Vienna, 2006); Society for Economic Dynamics Annual Meeting (Alghero, 1999, San Josè, 2000); Royal Economic Society Annual Conference (Cambridge, 2012, Nottingham, 1999); Società Italiana degli economisti, Scientific Annual Meeting (University of Bologna 2013, Rome III 2011, Luiss 2009); Conference on Money banking and Finance, Tor Vergata Rome (2010 and 2010)

– Has acted as discussant in Conferences, among which:
Bank of Italy, Presentation of the Report “Regional Economies: the Economy of Lazio” (in Italian) (2020); Bank of Italy: "Secular Stagnation and Financial Cycles" (2017); Bank of Italy: "The Italian financial sector in numbers: New time series for recurring questions" (2017); Bank of Italy: “Low inflation and its implications for monetary policy” (2015); Bank of Italy: “L’eredità della crisi per l’economia italiana” (2014); “The Sovereign Debt Crisis and the Euro Area” (2013); “Developments in macroeconomic modeling and econometric assessment of structural policies” (2012); “Le tendenze del mercato immobiliare: l'Italia e il confronto internazionale” (2012); ECB-Bank of Italy: “Financial Determinants of Exchange Rates” (2011 and 2013); University of Milan: “International Trade, Finance and Migration” (2011); Bocconi University (2010) “Globalization and International Competitiveness”; Ente Einaudi: “Nuovi temi per la politica economica” (2005); Bank of Italy: “Conti finanziari” (2005); Bank of Italy: “Ricerche Quantitative per la Politica Economica” (1997).

Publications:

Articles in refereed journals:

"Digital technologies and productivity: A firm-level investigation", (2023), Economic Modelling, 128, pp. 1-16 (con Chiara Puccioni e Ottavio Ricchi)

"Intermediated trade and credit constraints: The case of firm’s imports", (2023), International Economics, 175: pp. 201-220 (con Filomena Pietrovito e Alberto Franco Pozzolo)

"ITFIN: A stock-flow consistent model for the Italian economy", (2023), Economic Modelling, 119 (con Riccardo Barbieri Hermitte, Alberto Cagnazzo, Carlo Favero, Francesco Felici, Valeria Macauda e Cristian Tegami)

“Access to Finance and the Exchange Rate Elasticity of Exports”, (2021), Journal of International Money and Finance, 115, p. 1-23 (con Mi Dai Alberto Pozzolo e Jianwei Xu)

“Imports and Credit Rationing: A Firm-Level Investigation”, (2021), The World Economy, 44, p. 3141-3167 (con Filomena Pietrovito e Alberto Pozzolo)

“Imports and Credit Rationing: A Firm-Level Investigation”, (2020), The World Economy, in press (with Filomena Pietrovito and Alberto Pozzolo).

“Labor Force Participation, Wage Rigidities, and Inflation”, (2018), Journal of Macroeconomics, 55, 274–292 (with Marianna Riggi)

“Più Stato o più Mercato? Un'Analisi Empirica della Struttura Finanziaria delle Operazioni di Project Financing”, (2017), L’Industria, XXXVIII, n. 4, 459-493 (with Francesco Baldi and Giorgio Di Giorgio)

“Exchange Rate, External Orientation of Firms and Wage Adjustment”, (2014), The World Economy, 37, Issue 11, 1589–1611, (with Alberto Pozzolo).

“Assessing Policy Reforms for Italy Using ITEM and QUEST III”, (2014), Rivista di Politica Economica, volume 7-9, 211-243 (with Barbara Annicchiarico, Fabio Di Dio and Francesco Felici).

“Performance Pay and Changes in U.S. Labor Market Dynamics”, (2013), Journal of Economic Dynamics and Control, 37, 2796-2813 (with Marianna Riggi).

“Exchange rate, Employment and Hours: what Firm-level Data Say”, (2010), Journal of International Economics, 82, 112–123 (with Alberto F. Pozzolo).

“The Italian Treasury Econometric Model (ITEM)”, (2010), Economic Modelling, Vol. 27, 1, pp. 125-133 (with Claudio Cicinelli, Andrea Cossio, Ottavio Ricchi and Cristian Tegami).

“Italy’s Decline: Getting the Facts Right: Comment”, (2008), Giornale degli Economisti e Annali di Economia, (67)1, pp. 103-115.

“Pricing Behaviour and the Response of Hours to Productivity Shocks”, (2007), Journal of Money, Credit and Banking, vol. 39, pp.1587-1612 (with Domenico. J. Marchetti).

“Price Stickiness and the Contractionary Effect of Technology Shocks”, (2005), European Economic Review, 49, pp. 1137-1163 (with D.J. Marchetti).

“Is Firm’s Productivity Related to its Financial Structure? Evidence from microeconomic data”, (2005), Rivista di Politica Economica, no. I-II, pp. 177-198. Reprinted in Malgarini, M. and Piga, G. (eds.), “Capital Accumulation, Productivity and Growth”, Palgrave Macmillan (with A.F. Pozzolo and Fabiano Schivardi).

“Productivity and Structural Reforms: Evidence on the Italian Economy”, (2005), RISEC- International Review of Economics and Business, 52, n. 3 pp. 367-393 (with Lidia Bagnoli, Marzio Galeotti and O. Ricchi).

"Cross-Currency, Cross-Maturity Forward Exchange Premia as Predictors of Spot Rate Changes: Theory and Evidence", (2003), Journal of Banking and Finance, 27, pp. 183-200.

“Investment and the Exchange Rate: an Analysis with Firm-Level Panel Data”, (2001), European Economic Review, (45)2, pp. 259-283 (with A.F. Pozzolo).

“Geographic Labour Mobility and the Cost of Housing: Evidence from Italy”, (2000), Applied Economics, 32, pp. 1899-1906 (with Luigi Cannari and Paolo Sestito).

“Domanda di Lavoro e Capitale Umano: Alcune Evidenze dall’Indagine Excelsior”, (2000), Economia & Lavoro, n. 1, pp. 37-54 (with Claudio Gagliardi and Roberto Zelli).

“Firms’ Performance by Type of Ownership: a Statistical Analysis”, (1999), RISEC- International Review of Economics and Business, Vol. XLVI, n. 1, pp. 101-124.

“La Previsione degli Investimenti Mediante Indicatori: Aspetti Metodologici e Principali Evidenze”, (1997), Rivista di Politica Economica, Serie III, pp.29-59.

“Mobilità del Lavoro e Mercato Immobiliare: un’Analisi Empirica per l’Italia” (1997), Rivista Italiana degli Economisti, n. 2, pp. 223-249 (with L. Cannari and P. Sestito).

Chapters in Books and Proceedings

“The Integration of the Financial System in Macroeconometric Models for Policy Simulation”, (2024), in Guglielmo Maria Caporale (editor), “Handbook of Financial Integration”, Edward Elgar Publishing, (with Riccardo Barbieri Hermitte, Carlo A. Favero, Valeria Macauda, Mara Meacci e Cristian Tegami)

“Ristrutturazione produttiva, investimenti e crescita: le sfide per l’economia italiana”, (2024), Economia Italiana, 2, 5-24 (with Beniamino Quintieri and Ottavio Ricchi)

“L’Italia dopo il Covid: le sfide da vincere”, (2021), Economia Italiana, n. 1 (with Riccardo Barbieri Hermitte)

“Does Access to Finance Improve Productivity? The Case of Italian Manufacturing”, (2018), in Paganetto, L. (ed.) “Getting Globalization Right”, Springer Switzerland AG, pages 197-208 (with Adele Galasso, Francesco Gerotto, Giancarlo Infantino and Ottavio Ricchi)

“Fiscal Multipliers and the Risk of Self-Defeating Fiscal Consolidation: Evidence for the Italian Economy” (2017), in Paganetto, L. (ed.) “Sustainable Growth in the EU - Challenges and Solutions”, Springer International Publishing AG., pages 193-204 (with Francesco Felici, Ottavio Ricchi and Cristian Tegami)

“The post-2007 Developments in the Italian Economy: a Counterfactual Analysis with the ITEM Model”, (2017), in Paganetto, L. (ed.) “Sustainable Growth in the EU - Challenges and Solutions”, Springer International Publishing AG., pages 121-132 (with Francesco Felici, Ottavio Ricchi and Cristian Tegami)

“Effort and Hours over the Business Cycle”, (2014), in Paganetto, L. (ed.), “Wealth, Income Inequalities, and Demography”, Springer International Publishing, pages 229-249 (with D.J. Marchetti).

Comments to: Notarpietro, A. and S. Siviero, (2013), “Optimal monetary policy rules and house prices: the role of financial frictions”, in Banca d’Italia, (AA.VV) “Le tendenze del mercato immobiliare: l'Italia e il confronto internazionale”, pp. 427-430.

Discussion of: Bonci, R. e Columba, F., (2006), “Effetti della politica monetaria sui flussi finanziari: il caso italiano”, in Banca d’Italia, (AA.VV.) “I conti finanziari: la storia, i metodi, l’Italia, i confronti internazionali”, pp. 527-536.

“Safety Margins in EU Budgetary Surveillance: an Assessment”, (2008), in Banca d’Italia (AA.VV.) “Fiscal Policy: Current Issues and Challenges”, Proceedings of the 9th Workshop at S.A.DI.BA, pp. 89-113 (with Lorenzo Codogno).

“Le Prospettive Finanziarie dell’Unione europea e la politica economica”, (2006), in Mosca, A., (a cura di), “Europa senza prospettive? Come superare la crisi con il bilancio UE 2007-2013”, Il Mulino, Bologna - Arel.

“Disaggregated Import Demand Functions for the Italian Economy“, (1999), in P. Kriesler e C. Sardoni (eds.), “Keynes, Post Keynesianism and Political Economy. Essays in Honour of Geoff Harcourt”, Vol. III, Routledge, London, pp. 510-526 (with Gianluca Cubadda and Stefano Fachin