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. 

Office Hours 
Prof. Francesco Nucci holds office hours:
Wednesdays from 10:00 to 12:00 or by
appointment via email: francesco.nucci@uniroma1.it

Office location: Faculty Building, 5th floor, Room 512 
Students who prefer a remote meeting may request a Google Meet link via email. Students are also welcome to speak with the professor at the end of each lecture.