Advanced macroeconomics

A.A. 2023/2024
6
Crediti massimi
40
Ore totali
SSD
SECS-P/01
Lingua
Inglese
Obiettivi formativi
The aim of this course is to provide students with an introductory survey of some selected major aspects of modern macroeconomic theory. The course will enable students to better their knowledge and understanding of macroeconomics and of macroeconomic policy.
Risultati apprendimento attesi
By the end of the course, students will be equipped with analytical tools for improving their knowledge and understanding of some major real-world macroeconomic issues (for example: why delegating monetary policy to an independent central bank? Should government fiscal policy be constrained by rules? Which factors can trigger bank runs or sovereign debt crises? how can government policy help to avoid them? What are the macroeconomic and welfare effects of different social security systems? Can government use fiscal policies to affect economic growth?) Students should know as well how to use economic analysis to make informed judgements about macroeconomic issues. Seminar presentations (on a voluntary basis) will enable students both to test their understanding and ability to communicate knowledge of the relevant topics and to discuss real-world macroeconomic issues with their pairs.
Corso singolo

Questo insegnamento può essere seguito come corso singolo.

Programma e organizzazione didattica

Edizione unica

Responsabile
Periodo
Terzo trimestre

Programma
The first part of the course offers an introduction to monetary economics within a general-equilibrium framework with particular emphasis on the design and implications of monetary policy. Then, the second part examines fiscal policy focusing on the risks of sovereign debt accumulation. The last part of the course is devoted to international financial integration and financial crises.
Among the topics presented are: i) monetary policy implementation and transmission; ii) the credibility of monetary and fiscal policy; iii) targeting regimes and policy rules; iv) the information content of interest rates; v) debt sustainability; vi) debt crises and debt restructuring; vii) international financial flows; viii) current account imbalances; ix) sudden stops and financial crises.
Prerequisiti
Optimization course (static optimization). Students should be familiar with an undergraduate macroeconomics course, taught on textbooks such as Mishkin, Frederic S., Macroeconomics: Policy and Practice, 2nd Edition, Pearson 2015 or Blanchard, O. Macroeconomics, Global Edition, Pearson Education 2020 (or previous editions). Students should also know the material presented in the Crash Macroeconomics course of September 2023.
Metodi didattici
20 two-hour lectures and 7 two-hour review sessions.
Lectures present the main topics and discuss policy issues. Review sessions provide the instruments to solve exercises on the topics addressed in the lectures.
Materiale di riferimento
Lectures slides will be uploaded on the course website as the course proceeds.
There is no single textbook for this course; Lectures will refer to textbooks such as:
Walsh, Carl E., Monetary Theory and Policy, 3rd edition, MIT press 2010. Chapters: 1, 6, 8, 10, 11. First Chapter downloadable at https://mitpress.mit.edu/books/monetary-theory-and-policy
Schmitt-Grohé, Stephanie, Uribe Martin, and Michael Woodford, International Macroeconomics: A Modern Approach, Columbia University, 2022, 2021 version downloadable at: http://www.columbia.edu/~mu2166/UIM/suw.pdf
Modalità di verifica dell’apprendimento e criteri di valutazione
There is a final one-hour-and-half written Exam. The exam covers all the topics presented during lectures and review sessions and it consists of exercises as well as theoretical questions which may include explanation and/or technical analysis.
SECS-P/01 - ECONOMIA POLITICA - CFU: 6
Lezioni: 40 ore
Docente/i
Ricevimento:
Mercoledì, 10:30-13:00
DEMM, via Conservatorio 7, stanza 5 secondo piano