(9 CFU; Academic Year 2022-2023)

Prof. Francesco Nucci

The lectures of Macroeconomics by Professor Francesco Nucci start on Tuesday the 27th of September 2022. Lectures are in presence. 

The class timetable is the following:

MONDAY, 14 - 16 (Room 8A)

TUESDAY, 12 - 14 (Room 8A)

THURSDAY, 12 - 14 (Room 8A)

The class code for the Classroom platform is the following:


Programme of the course of Macroeconomics

The course introduces to the study of macroeconomics at a more advanced level than in undergraduate courses. 
The syllabus of the course is attached below as a pdf file. 
The perspective taken in the course is both theoretical, with the development of formal models and the discussion of their main predictions, and empirical, with focus on the stylized facts and on what the data say with regard to 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 and to firm’s investment choice. The baseline models that we consider are based on the optimal intertemporal decision on the part of households and firms. In particular, 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 investment, we consider the q theory but also focus on the firm’s ability to have access to external finance in the process of investment decision. 
We also consider the Government budget constraints and the links between consumption decisions and fiscal policy 
A relevant part of the course focuses on short-run economic fluctuations, analyzing what the business cycle’s stylized facts are, with the well known succession of expansions and recessions, and examining the main macroeconomic models of output determination and business cycle. The DSGE models are covered during the course.

Adopted texts

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


A backgroung in macroeconomics and microeconomics at an intermediate level is useful

Office hours

Office hours of prof. Francesco Nucci are on Wednesday from 11 to 13 or by appointment through e-mail. 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 (

To download the syllabus of the course for the academic year 2022-2023, please click below 

Calendar of the exams and their organization: the calendar of the exams throughout the academic years 2022-2021 and 2021-2022 is available on the Infostud system