30026 - MONETARY ECONOMICS
Course taught in English
Synchronous Blended: Lessons in synchronous mode in the classroom (for a maximum of one hour per credit in remote mode)
Le conoscenze proprie di un corso di macroeconomia e microeconomia triennale sono indispensabili ed obbligatorie, preferibilmente O.Blanchard, A. Amighini, F. Giavazzi: Macroeconomics - A European perspective ( o la traduzione italiana pubblicata dal Il Mulino, settembre 2020) (BAG in questo syllabus)
The depth and breadth of the Great Crisis motivate an overall reconsideration of the relationships between monetary policy on the one hand and other economic policies. on the other, with specific attention to Europe and US. The monetary policy design will be discussed in a business cycle perspective, as well as in a long time horizon.
First part: Monetary and Financial Policies: Monetary and Financial Policies (Donato Masciandaro)
· Money, Finance, Politics and the Business Cycle: a Basic Model
· Monetary Policy in Normal Times
· The Great Crisis
· The Great Liquidity Trap
· The Great Pandemic
Readings: Lecture Notes
Second part: Monetary Policy and Growth (Elisa Borghi and Maria Teresa Trentinaglia)
- Beyond the Business Cycle: The Drivers of Long-Term Growth
- Growth, Human Capital, Technology
- Institutions and Economic Policies: Does Monetary Policy Matter?
- Climate Change and Monetary Policy
Readings: Lecture Notes
- Interpret the evolution of the economic situation on the basis of a plurality of macroeconomic frames, in order to use the knowledge acquired relating to the design of monetary and financial policies to maximize the usefulness of the information available, minimizing time and optimizing the use of one's energies .
- Better use two indispensable professional resources: logic and precision.
- Evaluate alternative macroeconomic scenarios, functional to better contextualize one's professional activity.
- Apply logic and rigor effectively and efficiently.
- Face-to-face lectures
- Exercises (exercises, database, software etc.)
- Case studies /Incidents (traditional, online)
Exercises and case studies are used to interpret concrete cases of design and implementation of monetary and fiscal policies, with particular attention to the European Union and the United States.
With the aim of evaluating the learning of the knowledge offered, and the skills of precision and rigor, the assessment is based on a written exam, which corresponds to 100% of the final grade.
The written exam consists of exercises and / or open questions, with the aim of assessing the student's abilities
Apply the analytical tools, including principles and definitions, discussed during the course
Solve macroeconomic models, explaining their logic and implications of economic policy
Identify causes and effects of monetary, financial and fiscal policy
Describe the interactions in an open economy and in the presence of uncertainty between the real and financial sector in an advanced economy
Specifically with regard to open questions, they aim to assess the student's ability to:
Defining concepts and definitions precisely and rigorously
Articulate the logic of economic analysis
Apply the knowledge acquired during the course
The student can choose to take the exam using two partial tests; in this case each test is worth 50% of the final grade. Alternatively, the student can take the exam using a general test; in this second case the test is worth 100% of the final grade.
NON ATTENDING STUDENTS
The assessment is based on a written exam with the same procedures valid for all students, described above.
Lecture Notes (Part I) Slides (Part I and II) and readings (Part II) represent the teaching material. The Lecture notes will be posted at the beginning of the course. Slides and readings will be posted week by week in the course website (Bboard). Office hours rules - as well as any other information - will be communicated on the Bboard.