The main target of the course is to appraise the main macroeconomic mechanisms within an open economy in whose ambit money, far from being a mere ‘veil”, entails precise real effects. In particular, we focus the attention on the dynamics of convergence toward the “interior” (“full employment”) equilibrium and the exterior (“balance sheet”) one. Another goal of the course is to analyze the adjustment public policies implemented in order to attain the aforementioned objectives. Our analysis mainly targets the two benchmark exchange rate regimes: the fixed one and the flexible one. A comparative cost-benefits analysis of the two regimes is provided; such an analysis is extended to those intermediate regimes defined as “hybrid”. Within the theoretical frameworks proposed, we refer to some historical experiences together with an interpretation and an evaluation of them. The evaluation of the student performance within the written exam is based upon the below mentioned requirements. • Knowledge and understanding: set of facts, principles, theories and practices. The student is required to prove his/her capability to connect theories and models presented in the course within an exhaustive vision of open macroeconomics • Applying knowledge and understanding: Actions and proceedings whose mastering is considered as indispensable in order to implement knowledge as a tool to solve precise problems. The student is required to be able to evaluate the impact of precise economic policies on the ground of the theoretical analysis provided along the course • Making judgments; The student should prove to possess the skills of judging a given macroeconomic framework starting not only from the acquired competences but also from his/her scientific preferences • Communication skills; The student should make it clear that he is able to express his own competences as well as his own ideas in a clear, concise and precise way • Learning skills. Along the written exam the student must be able to prove not only a passive mastering of the topics covered during the lessons but also a capability to evaluate and to connect them.

• Knowledge of basic macroeconomics in both closed and open economies. Basic knowledge of the tools of algebra, plane geometry and differential calculus. Hints of mastery of double-entry accounting. Introduction: Macroeconomics and Microeconomics

• Introductive Concepts: Microeconomics, Macroeconomics, Real Models and Monetary Models, Main Macroeconomic Variables and Main Accounting Identities, Definition of Money and its Functions • The Trade Balance • Exchange Rates and Exchange Rate Markets • The Determination of the Exchange Rate • Adjustment Mechanisms of the Trade Balance via Price System under Fix and Flexibles Exchange Rates • Macroeconomics in Open Economy: Adjustment Policies • Prices and Production in Open Economy: Aggregate Demand and Aggregate Supply • Fix and Flexibles Exchange Rates, the European Monetary System and the Coordination of the Macroeconomic Policies • The International Monetary System

• Dominick Salvatore, «Economia monetaria internazionale. Macroeconomia in economie aperte», ETAS, 2008

• Introductive Concepts: Microeconomics, Macroeconomics, Real Models and Monetary Models, Main Macroeconomic Variables and Main Accounting Identities, Definition of Money and its Functions • The Trade Balance • Exchange Rates and Exchange Rate Markets • The Determination of the Exchange Rate • Adjustment Mechanisms of the Trade Balance via Price System under Fix and Flexibles Exchange Rates • Macroeconomics in Open Economy: Adjustment Policies • Prices and Production in Open Economy: Aggregate Demand and Aggregate Supply • Fix and Flexibles Exchange Rates, the European Monetary System and the Coordination of the Macroeconomic Policies • The International Monetary System

Face-to-face lessons with the support of slides. All through the lessons we focus on some concrete example of problems concerned with the arguments covered.

Didactic support composed by a whole set of slides available on Moodle

Written exam lasting 2 hours. Three open questions in whose ambit the student must be able to prove his/her competences not only on the ground of the lessons taught during the sessions but also on the ground of his/her autonomy of judgment. Each open question will be evaluated on the ground of a ladder running from zero to ten. The three open questions are shaped in order to push the student to prove not only his specific scientific competences but also a comprehension of the course in its totality.

Decent work and economic growth Industry, innovation and infrastructure Reducing inequalities Responsible consumption and production Acting for the climate