ECONOMIA E IMPRESAFinanza AziendaleAnno accademico 2023/2024

9797652 - MACROECONOMIC THEORY AND FINANCIAL POLICY

Docente: ALESSIO EMANUELE BIONDO

Risultati di apprendimento attesi

1. Knowledge and understanding:

The course aims to present the most relevant literature of macroeconomic analysis. Theoretical models
and actual policy implementations will be discussed by comparing different approaches from t methodological and the political point of view.

2. Applying knowledge and understanding:

The course aims to develop the ability of students to handle macroeconomic models and assess different policy addresses. This will contribute to develop their consciousness in the field of macroeconomics.

3. Making judgments :

Macroeconomic models and their policy application have profound ideological underpinnings. The course aims to strengthen students’ awareness on most of the epistemological roots of macroeconomic theories, thus enabling them to develop the attitude to identify policy objectives, policy instruments and their applicability range.

4. Communication skills:

The course aims also to provide students with the opportunity to learn specific technical language for macroeconomic analysis.

5. Learning skills:

The course will give the opportunity to understand how to frame and discuss both theoretical and applied macroeconomic topics, thus improving the ability to learn further related concepts.

Modalità di svolgimento dell'insegnamento

Lectures. 

Prerequisiti richiesti

Although a formal pre-requisite is not required, all students are firmly suggested to learn a taught programme in Mathematics for Economics, Microeconomics and Macroeconomics.

Frequenza lezioni

Strongly encouraged.

Contenuti del corso

Understanding modern macroeconomics; Keynes v. the ‘old’ classical model; The orthodox Keynesian school; The orthodox monetarist school; The new classical school; The real business cycle school; The new Keynesian school; The Post Keynesian school; The Austrian school; The Foreign Exchange Market; Exchange-Rate Regimes; Exchange-Rate Determination; International Monetary Integration; The European Monetary Union; Key Events in Postwar International Monetary System; Current Problems.

Testi di riferimento

1. Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, (chs. 1-9).

2. Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008 (ch. 1).

3. Gandolfo G., International Finance and Open-Economy Macroeconomics, Springer, 2016 (chs. 2, 3, 15, 20, 21, 22, 24).

Programmazione del corso

 ArgomentiRiferimenti testi
1Understanding modern macroeconomicsa- Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.1; b- Delli Gatti D., Gaffeo E., Gallegati M., Giulioni G., Palestrini A., Emergent Macroeconomics, Springer, 2008, ch.1
2Keynes v. the 'old' classical modelSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2
3Keynes v. the 'old' classical model (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2
4Keynes v. the 'old' classical model (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.2
5The orthodox Keynesian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3
6The orthodox Keynesian school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3
7The orthodox Keynesian school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.3
8The orthodox monetarist school Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4
9The orthodox monetarist school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4
10The orthodox monetarist school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.4
11The new classical school Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5
12The new classical school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5
13The new classical school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.5
14The real business cycle schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.6
15The real business cycle school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.6
16The new Keynesian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7
17The new Keynesian school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7
18The new Keynesian school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.7
19The Post Keynesian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8
20The Post Keynesian school (2)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8
21The Post Keynesian school (3)Snowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.8
22The Austrian schoolSnowdon B., Vane H.R., Modern Macroeconomics - Its Origin, Development, and Current State, Edward Elgar 2005, ch.9
23The Foreign Exchange MarketGandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.2
24Exchange-Rate RegimesGandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.3
25Exchange-Rate DeterminationGandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.15
26Exchange-Rate Determination (2)Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.15
27International Monetary IntegrationGandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.20
28International Monetary Integration (2)Gandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.20
29The European Monetary UnionGandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.21
30Key Events in Postwar International Monetary SystemGandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.22
31Current ProblemsGandolfo G., International Finance and Oper-Economy Macroeconomics, Springer, 2016, ch.24

Verifica dell'apprendimento

Modalità di verifica dell'apprendimento

Written exam: two questions out of three. The student will be assessed on the basis of the awareness of the contents. In particular, the ability to connect the parts of the syllabus together will be considered important, in order to reveal competence on the different approaches of macroeconomic theory and on the consequent intuitions of financial policy.

Esempi di domande e/o esercizi frequenti

Compare the effects of monetary policy intervention according to models proposed by monetarists and new-Keynesians.

Compare the IS-LM model and the approach contained in the General Theory of J.M. Keynes. Finally, discuss policy implications from both points of view.

Discuss the ability of RBC models to describe the macroeconomy and its dynamics.

Present the most relevant ideas of the orthodox monetarist school.

Present the most relevant ideas of the new Keynesian school.

Present the most relevant ideas of the real business cycle school.


English version