Lorenzo Burlon

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Macroeconomics 1 - Ljubljana Summer School 2012

Student evaluations' analysis.


Text of the exam (answers to Part 1).

This is an introductory course to modern Macroeconomics. It provides students with the standard toolbox for macroeconomic analysis, spanning from basic national accounting to the most recent policy debates. It devotes special attention to the analysis of case studies and practical examples through a light and yet rigorous approach to macroeconomic modelling.

The lectures will follow quite closely a textbook, Macroeconomics (7th edition) by N. Gregory Mankiw.

On this webpage of the course students can find

  • 1) a set of slides for each chapter of the book (ungated slides from Worth Publishers' website),
  • 2) the chapters covered in each lecture,
  • 3) a list of exercises for each week of lectures.

Important: the slides should serve simply as a guideline for students to have a preliminary look at the subject of each class, they will not be used in class.



  • Class 1 (July 10): What macroeconomics is about: GDP, inflation, and unemployment. ---> Chapters 1 and 2.
  • Class 2 (July 11): The closed economy in the long run: The classical model. ---> Chapters 2 and 3.
  • Class 3 (July 12): The closed economy in the long run: Money, inflation, and the basic AD-LRAS model. ---> Chapters 4 and 9.
  • Class 4 (July 16): The closed economy in the short run: The IS-LM model. ---> Chapter 10.
  • Class 5 (July 17): The closed economy in the short run: The applications of the IS-LM model and the AD-SRAS model. ---> Chapter 11.
  • Class 6 (July 18): The closed economy in the short and long run: Explaining Great Depression and Great Recession ---> Chapter 11.
  • Class 7 (July 19): The open economy in the long run: Trade balance, capital flows, and exchange rates. ---> Chapter 5.
  • Class 8 (July 23): The open economy in the short run: The Mundell-Fleming model. ---> Chapter 12.
  • Class 9 (July 24): Review: Macroeconomic analysis in the short and long run, and for closed and open economies.
  • Class 10 (July 25): Unemployment and the Phillips curve: A model of the aggregate supply. ---> Chapter 13.
  • EXAM (July 27). ---> Chapters 1-5 and 9-12.


These exercises are meant to provide material for a better understanding of the lectures and to practise at home for the final exam. Do not hesitate to contact me in case you have any doubt in solving any exercise on the lists.

The IS-LM Model