Course 2020-2021 a.y.

• Central Banking and Business Cycles: Economics, Political Economy  and History:
• Classic View
• Traditional View
• Modern View
• Post Modern View

• Explain  the evolution of both monetary and financial policies,  mixing traditional economics, new political economy and history.

• Choose and apply the appropriate framework to assess time to time and country by country the effect of various  forms of  monetary and financial policies.
• Interpret the empirical evidence on the effects of changes in the design and implementation of different economic policy strategies.
• Interact in a constructive way and think critically, using logic and rigor as essential professional skills.

• Face-to-face lectures

Just face to face lectures.

Attending students:

• With the purpose of measuring the acquisition of the above-mentioned learning outcomes, the students’ assessment is based on a written exam (100% of the final grade).
• Exams are in written form. The questions of the exam are four and compulsory (time= 60 minutes). The grade of each question is 7.5/30; to pass the exam the overall grade has to be at least 18/30. Mock exam questions are discussed during the course.
• Students cannot ask proctors any question on the exam contents, and, however, any proctor answer on the exam questions is irrelevant. You must always motivate your answers. Answers without explanation are not evaluated. Any kind of mistake and/or omission and/or ambiguity is an error, that is worth at least 1 point. You must fill in the box on the top left corner with your personal details and you must sign for acceptance the Rules of the Honor Code. Exams without personal details and signature are not graded.
• In order to withdraw from the exam, students must sign in the box on the top right corner. Students who do not sign in the appropriate space have their grade registered. Students can decide to withdraw by 15 minutes before the end of the exam. Only students who intend to hand in the exam or withdraw may leave the room, but no student is allowed to leave in the last 15 minutes before the end of the exam. To answer, you must use only the sheets enclosed with the exam, by writing in the proper spaces with a blue or black ink pen (not red) and your handwriting must be readable. In the last sheet, you find a space useful to complete your answers. As rough copy – and not for answering – you can use the back front of the sheets.
• The solutions are posted in the Course Bboard. The paper show rules – including the date - is communicated with the grades; students cannot call for postponing/anticipating the paper show and cannot delegate it; no exceptions to the rules.

Non attending students:

• Students’ assessment is based on the written exam (see the above mentioned rules that are applied to attending students).

Compulsory references: slides and readings represent the teaching material. The class slides are posted week by week on the website of the course. The readings  are the following:

• Masciandaro D. (2021), Central Banking and Business Cycles: Economics, Political Economy and History, (downloadable free on ssrn.com)

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  OTHER (NON COMPULSORY) REFERENCES  

   

• Masciandaro D. (2020), Independence, Conservatism and Beyond: Central Bank Design and Central Banker Preferences in  Monetary Policy Economics (1981-2019),  Bocconi University, Baffi Carefin Working Paper Series, n.136.

• ·       Masciandaro D. and Quintyn M. (2015). The Governance of Financial Supervision: Recent Developments,  Journal of Economic Surveys, Vol.29 , 1-25.

  ·       Masciandaro  D. and Romelli D. (2015). Ups and Downs. Central Bank Independence from the Great Inflation to the Great Recession, Financial History Review, December, 1-31.

   

  Textbooks:

• Cao J. and Illing G. (2019), Money: Theory and Practice, Springer.
• Ugolini S. (2017), The Evolution of Central Banking: Theory and History, Palgrave.
• Woodford M. (2003), Interest and Prices, Princeton University Press.

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