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Risorse bibliografiche
Risorsa bibliografica obbligatoria
Risorsa bibliografica facoltativa
Scheda Riassuntiva
Anno Accademico 2019/2020
Scuola Scuola di Ingegneria Industriale e dell'Informazione
Insegnamento 098472 - FINANCIAL MARKETS AND INSTITUTIONS + MACROECONOMICS OF FINANCE
  • 098471 - MACROECONOMICS OF FINANCE
Docente Florio Anna Paola
Cfu 5.00 Tipo insegnamento Modulo Di Corso Strutturato

Corso di Studi Codice Piano di Studio preventivamente approvato Da (compreso) A (escluso) Insegnamento
Ing Ind - Inf (Mag.)(ord. 270) - BV (479) MANAGEMENT ENGINEERING - INGEGNERIA GESTIONALE*AZZZZ098472 - FINANCIAL MARKETS AND INSTITUTIONS + MACROECONOMICS OF FINANCE

Obiettivi dell'insegnamento

The course will provide students with models to understand how (and why) money and financial variables matter from a macroeconomic perspective. The importance of credit and financial market imperfections for the conduct of monetary policy and for real economic activity will be stressed. At the end of the course the student should be able to understand macroeconomic stabilization policies, the main monetary policy operating procedures, the role of financial intermediation and the effects of financial fragility on the economic system.   

SELECT UP TO MAXIMUM 3 GOALS AMONG THE FOLLOWING 5, DELETING THOSE NOT PRIOR FOR THIS SPECIFIC COURSE

The course fits into the overall program curriculum pursuing some of the defined general learning goals. In particular, the course contributes to the development of the following capabilities:

  • Understand context, functions, processes in a business and industrial environment and the impact of those factors on business performance

  • Identify trends, technologies and key methodologies in a specific domain (specialization streams)

  • Design solutions applying a scientific and engineering approach (Analysis, Learning, Reasoning, and Modeling capability deriving from a solid and rigorous multidisciplinary background) to face problems and opportunities in a business and industrial environment


Risultati di apprendimento attesi

The student:

- understands the financial/monetary context and knows how the different transmission mechanisms of financail/monetary shocks to the real economy operate;

- knows which are the implications and the possible evolving trends of imperfections in credit markets on firms' borrowing possibilities and, in general, on the macroeconomic outcomes;

- knows how to design new economic scenarios and/or the effects of monetary policies on economic agents' behavior by simplyfing and proper modeling the economic context;

- can identify the effetcs of financial fragility on the economic system.

 


Argomenti trattati

Overview

The aim of the course is to stress the importance and the effects of financial choices and of monetary policy decisions on real economic activity. After introducing some basics macroeconomic concepts, useful to understand the real effects of economic policies and the functioning of monetary policy, we study credit market imperfections and how they can cause financial fragility phenomena that can lead to financial and real crises.

 

Main topics

Block 1. Basic macroeconomic concepts (neo-classical model, IS-LM model, the liquidity trap, the AD-AS model, the Phillips curve, the yield curve);

Block 2. Monetary policy operating procedures (the money multiplier, the central bank balance sheet, the ECB's monetary policy corridor, the Taylor rule, inflation targeting, post-crisis non conventional policies);

Block 3. Asymmetric information and financial intermediation; credit market imperfections and their effects on economic activity (from Modigliani-Miller to the financial hierarchy; credit rationing: Stiglitz e Weiss (1981), bank runs and financial panics: Diamond e Dybvig (1984));

Block 4. Financial fragility and monetary policy transmission mechanisms to real activity (the traditional interest rate channel (money view), asymmetric information effects and the credit channel (credit view): lending view (Bernanke and Blinder (1988)) and the financial accelerator).

 

 

     

 

 


Prerequisiti

Students should know funamentals of microeconomics and macroeconomics theory. Whenever those were not acquired previously, the MOOC "Economics" should be followed and succesfully completed. 


Modalità di valutazione

The course will include traditional lectures and practice session. The final evaluation will be based on a final written test that includes one or two questions on the first part (Blocks 1 and 2) and two questions on the second part (Blocks 3 and 4). In order to pass the exam the student must obtain a sufficient mark both in the first and in the second part.

The final test will be based both on numerical and qualitative questions in order to assess if the student:

- knows how to solve an economic problem and how to measure the effects of monetary and fiscal shocks on the economic equilibrium;

- is able to identify different trends in the main economic variables as agents' expectations change;

- knows how the central bank takes and implements monetary policy decisions both in standard and non-standard times;

-  can discuss critically a newspaper article on the topics covered in the course adapting the adequate theoetical model to the practical problem at hand.

 

 


Bibliografia
Risorsa bibliografica obbligatoriaBlanchard, Amighini, Giavazzi, Macroeconomics-A European Perspective, Editore: Pearson
Risorsa bibliografica obbligatoriaXavier Freixas, Jean-Charles Rochet, Microeconomics of Banking

Forme didattiche
Tipo Forma Didattica Ore di attività svolte in aula
(hh:mm)
Ore di studio autonome
(hh:mm)
Lezione
35:00
52:30
Esercitazione
15:00
22:30
Laboratorio Informatico
0:00
0:00
Laboratorio Sperimentale
0:00
0:00
Laboratorio Di Progetto
0:00
0:00
Totale 50:00 75:00

Informazioni in lingua inglese a supporto dell'internazionalizzazione
Insegnamento erogato in lingua Inglese
Disponibilità di materiale didattico/slides in lingua inglese
Disponibilità di libri di testo/bibliografia in lingua inglese
Possibilità di sostenere l'esame in lingua inglese
Disponibilità di supporto didattico in lingua inglese
schedaincarico v. 1.6.5 / 1.6.5
Area Servizi ICT
11/08/2020