Monetary and Credit Economics
A.Y. 2020/2021
Learning objectives
The main objective of the course is to enable the student to understand the role of monetary and credit variables in modern economic systems, both in a domestic and international perspective. The value of the currency, the reasons for its demand, the methods of supply, the behavior of central banks and the effects of monetary policy on financial markets and macroeconomic variables are examined in depth. Furthermore, the banking system and financial intermediaries are analyzed with particular attention to the rules of conduct and controls to which, also given its monetary function, it is subjected.
Expected learning outcomes
- Knowledge and understanding skills: the students will develop knowledge and will have to demonstrate understanding of the mechanisms that underlie the choices of financial operators in the different markets and the monetary rules for the functioning of a national economy;
- Application skills: during the frontal lessons will be offered the possibility to apply knowledge and understanding through the proposal of simple and practical economic problems that will be solved in the classroom with the involvement of the students;
- Autonomy of judgment: the student, through the knowledge and competences acquired, will then be able to analyze, evaluate and comment in a conscious and critical way, with autonomy of judgment, the main banking and monetary facts, as well as news and reports on economics presented by the media;
- Communicative skills: the student will have to develop communication skills by participating with awareness and language properties in the debate proposed in the classroom on economic issues. This ability must, however, emerge during the written evaluation;
- Learning skills: knowledge of the proposed program will enable students to develop their learning capacities in relation to the study both of other economic and legal disciplines
- Application skills: during the frontal lessons will be offered the possibility to apply knowledge and understanding through the proposal of simple and practical economic problems that will be solved in the classroom with the involvement of the students;
- Autonomy of judgment: the student, through the knowledge and competences acquired, will then be able to analyze, evaluate and comment in a conscious and critical way, with autonomy of judgment, the main banking and monetary facts, as well as news and reports on economics presented by the media;
- Communicative skills: the student will have to develop communication skills by participating with awareness and language properties in the debate proposed in the classroom on economic issues. This ability must, however, emerge during the written evaluation;
- Learning skills: knowledge of the proposed program will enable students to develop their learning capacities in relation to the study both of other economic and legal disciplines
Lesson period: First semester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Lesson period
First semester
In case the health emergency would last until the second semester of the academic year 2020-21, lectures will be delivered through the Microsoft Teams platform either in synchronous and asynchronous forms (they will be recorded and uploaded for students' availability).
The syllabus and the teaching materials remain the same.
Exams will be in oral form through Microsoft Teams or, if allowed, in-person and in written form.
The syllabus and the teaching materials remain the same.
Exams will be in oral form through Microsoft Teams or, if allowed, in-person and in written form.
Course syllabus
The course is divided into three parts.
The first part examines mechanisms by which monetary policy influences are transmitted to the real sector of the economy and to the analysis of the role played by financial intermediaries in the transmission process. The second part of the course is dedicated to the European Monetary Union, and therefore to the operational strategy of the European Central Bank and to the economic and political problems that this institution involves. In the third part of the course the attention shifts in detail to the analysis of the ways in which the regulation of the financial system takes place. The specificities of financial intermediation and the operators performing this function justify the existence of a wider system of controls than that which concerns other forms of economic activity. It is therefore possible to analyze the motivations and objectives of the regulation on financial intermediaries by "translating" the general requirements of the state's regulatory intervention in the economy in the fundamental objectives of financial market regulation.
SYLLABUS
I Part: Money Monetary Policy
1. Introduction to national accounts
2. Real and financial markets: IS-LM model
3. Labour market
4. IS-LM-PC model
5. Economic policies
II Part: The European Economic and Monetary Union
6. Introduction to the theory of optimal currency areas
7. Costs and benefits of a single European currency
8. The ECB
9. Monetary policy in the Euro area
III Part: Financial intermediaries and their regulation
10. The role of financial intermediaries
11. The regulation of financial intermediaries
The first part examines mechanisms by which monetary policy influences are transmitted to the real sector of the economy and to the analysis of the role played by financial intermediaries in the transmission process. The second part of the course is dedicated to the European Monetary Union, and therefore to the operational strategy of the European Central Bank and to the economic and political problems that this institution involves. In the third part of the course the attention shifts in detail to the analysis of the ways in which the regulation of the financial system takes place. The specificities of financial intermediation and the operators performing this function justify the existence of a wider system of controls than that which concerns other forms of economic activity. It is therefore possible to analyze the motivations and objectives of the regulation on financial intermediaries by "translating" the general requirements of the state's regulatory intervention in the economy in the fundamental objectives of financial market regulation.
SYLLABUS
I Part: Money Monetary Policy
1. Introduction to national accounts
2. Real and financial markets: IS-LM model
3. Labour market
4. IS-LM-PC model
5. Economic policies
II Part: The European Economic and Monetary Union
6. Introduction to the theory of optimal currency areas
7. Costs and benefits of a single European currency
8. The ECB
9. Monetary policy in the Euro area
III Part: Financial intermediaries and their regulation
10. The role of financial intermediaries
11. The regulation of financial intermediaries
Prerequisites for admission
Examination of Economics
Teaching methods
Teaching is provided by means of frontal lessons designed to present the foundations of monetary and financial theory, including the analysis of practical cases and exercises carried out with the participation of students.
Teaching Resources
For the first part of the course we recommend
Blanchard, Amighini, Giavazzi. Macroeconomia, una prospettiva europea. Il Mulino, 2016
Additional materials will be shown in class and uploaded on ariel
Blanchard, Amighini, Giavazzi. Macroeconomia, una prospettiva europea. Il Mulino, 2016
Additional materials will be shown in class and uploaded on ariel
Assessment methods and Criteria
The exam consists of an oral test; no partial tests are scheduled
SECS-P/01 - ECONOMICS - University credits: 6
Lessons: 42 hours
Professor:
Garbellini Nadia