Degree Course: Economics Syllabus for A.Y. 2018/2019

Italian version

ANALISI ECONOMICA

FIRST YEAR

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201406 - MATHEMATICS FOR THE ECONOMY - ADVANCED COURSE (objectives)

- MASTROENI LORETTA CLARA LETIZIA (syllabus) (reference books)

SECS-S/06

Core compulsory activities

ITA

Optional group: ANALISI ECONOMICA Orientamento unico 1 ANNO - UN INSEGNAMENTO A SCELTA TRA - (show)

21201440 - PUBLIC ECONOMIC LAW AND ELEMENTS OF PUBLIC BUSINESS ADMINISTRATION (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law.
21201440-2 - DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA 2 (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law. - GRANDIS FABIO GIULIO (syllabus) Module I – Introduction 1. the nature of public sector accounting; 2. public sector accounting; 3. economy, efficiency and effectiveness. Module II – Management accounting 1. planning and control; 2. the role of management accounting; 3. management accounting and planning; 4. management accounting and control; 5. the annual revenue budget; 6. line-item budgeting and programme budgeting; 7. budget preparation. (reference books) R. Jones, N. Pendlebury – Public sector accounting. Pearson Education, 2000. It could be excluded: from pag. 48 to 57; from pag. 69 to 124; from pag. 185 to 207; from pag. 233 to 245.	3	SECS-P/07	20	-	-	-	Core compulsory activities	ITA
21201440-1 - DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA - PIERGIGLI VALERIA (syllabus) The Course is focused on the evolution of the public intervention in the economy as well as on the organizational models in the Italian and comparative law. More specifically, the common thread will be the organizational model of the so-called "Autorità amministrative indipendenti" (rationale of their institution, organization, powers) and, in particular, of the Authority - variously named - responsible for guaranteeing the free market competition in the main contemporary legal systems and within the framework of the European Union. Even in the absence of a unitary model, the comparative study of that topic, facilitated by the so-called economic globalization and technological development, will be able to highlight similar issues in the world experience of the independent agencies. (reference books) For students not attending classes: S. Cassese (a cura di), La nuova Costituzione economica, Laterza, Bari, 2017 (except for Chapters VI e VIII). With the students who regularly attend classes, it will be possible to agree on alternative program.	6	IUS/05	40	-	-	-	Core compulsory activities	ITA
21201745 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level.

Optional group: ANALISI ECONOMICA - 1° anno - due insegnamenti a scelta tra: - (show)

21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - LEVRERO ENRICO SERGIO (syllabus) First Module (30 hours) 1. Money, monetary institutions and the financial markets 2. The demand for money 3. The supply of money and the debate on its endogeneity 4. The equilibrium of the financial sector 5. The structure of the interest rates Second Module (30 hours) 6. Money, prices, and output 7. The transmission channels of the monetary policies 8. The Gibson Paradox 9. Rules and discretion 10. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) J. Tobin, “Liquidity Preference as Behavior Towards Risk”, The Review of Economic Studies 25, 2, 1958, pp. 65-86 (Module 1) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide advanced tools for the analysis of the tax shifting. To this purpose, the main kind of taxes will be investigated in different market structures (perfect competition, monopoly, monopolistic competition, oligopoly). The analysis is developed using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente e dello sviluppo LM-56 LIBERATI PAOLO (syllabus) 1) Tax shifting in perfect competition 2) Tax shifting in monopoly 3) Tax shifting in intermediate regimes 4) Particular cases of tax shifting (reference books) Text on-line, in the section "Materiali del corso"	9	SECS-P/03	60	-	-	-	Core compulsory activities	ITA
21201713 - Foundations of Political Economy (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory). The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis.
21201465 - APPLIED ECONOMICS LABORATORY
21201711 - Employment, income distribution and growth - Derived from 21201711 OCCUPAZIONE, DISTRIBUZIONE E CRESCITA in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 STIRATI ANTONELLA (syllabus) The course will present alternative theories of primary income distribution and employment and draw their implications for - the analysis of growth, - the causes and effects of technical change - the impact of labour market reforms and macroeconomic policies - the interpretation of the changes in income distribution and their impact on employment and growth During the course, data and results of empirical literature will lso be presented. (reference books) Various papers and essays collected around four main subjects areas and available at the library. Upon request English alternatives to the Italian readings can be suggestd to foreign students. Below the detail: INTRODUCTORY: “Teorie del valore e della distribuzione – un confronto tra classici e neoclassici” di Fabio Petri, da pag. 87 a 116; e da pag. 249 a 305 “Appunti sulla teoria della distribuzione e del valore” di Garegnani e Palumbo, parte introduttiva, da pag. 1 a 3 “Unemployment, institutions and the living standard in the classical theory of wages” di Antonella Stirati, da pag. 42 a 66 “Emplyoment theory in the history of economic thought: an overview” di Antonella Stirati PART I PRODUCTIVITY EMPLOYMENT AND GROWTH: “Teorie dello sviluppo economico” di Terenzio Cozzi, da pag. 189 a 249 “Technical change, effective demand and emplyment” di Cesaratto, Serrano e Stirati da pag. 33 a 52 Lezioni sviluppo 2010-11 (fotocopie con tabelle di dati e grafici) “Equilibrio, distribuzione e crescita” di Kaldor, da pag. 219 a 246 “L’industria – rivista di economia politica” da pag. 45 a 53 “Potential GNP: its measurement and significance” di Okun “Puzzles, paradoxes, and regularities: cyclical and structural productivity in the United States (1950-2005)” di Jeon e Vernengo, da pag. 237 a 243 “L’approccio Kaldor-Verdoorn: una verifica empirica per il Centro-Nord e il Mezzogiorno d’Italia (anni 1951-2006)”, di Ferdinando Ofria, da pag. 179 a 203 “intervento alla discussione del seminario ASTRIL del 6/3/13” di Antonella Stirati PART II: INCOME DISTRIBUTION “La riduzione del prodotto che va al lavoro” di Antonella Stirati del 16 Novembre 2010 “Towards a sustainable recovery: the case for wage-led policies”, da pag. 161 a 186 “Wages, employment, distribution and growth” di Levrero e Stirati in Hein, Heise a Truger da pag. 93 a 114 “Il problema salariale in Italia” di Maurizio Zenezini, da pag. 2 a 31 PART III: LABOUR MARKET FLEXIBILITY AND EMPLOYMENT “Manuale di economia del lavoro”, capitolo 9 e 10 da pag. 215 a 249 “Are protective labor market institutions at the root of unemplOyment? A critical review of the evidence” di Howel, Baker, Glyn and Smchitt, da pag. 53 a 71 “Employment growth in Italy in the 1990s: institutional arrangements and market forces” di Brandolini, Casadio, Cipollone, Magnani, Rosolia e Torrini, da pag. 31 a 68 “La flessibilità del mercato del lavoro e il mito del conflitto tra generazioni” di Antonella Stirati, da pag. 181 a 191 “Oltre l’austerità” di Cesaratto e Pivetti, da pag. 133 a 144 (articolo di Antonella Stirati)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201562 - ADVANCED ECONOMIC POLICY (objectives) The overall objective of Politica economica c.a. is to provide an in depth understanding of modern macroeconomic theory with strong emphasis on Business cycle and Stabilization policies. The course focuses mainly on Dynamic General Equilibrium macroeconomic models, starting from real business cycle models into which New Keynesian macroeconomic features are introduced. - Derived from 21201562 POLITICA ECONOMICA - CORSO AVANZATO in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 N0 GIULI FRANCESCO (syllabus) - Stylized Facts of the Business Cycle. Basic concepts and definitions - Business cycle theories from Keynes to Monetarism - Traditional keynesian stabilization policies and rule-based policies - The Lucas' island model and the role of expectations - The Real Business cycle theory and the money neutrality - The New Keynesian approach: the demand side and the monetary policy - Simulation of Dynamic Stochastic General Equilibrium (DSGE) models using Dynare for Matlab (reference books) Enrico Marchetti “Teorie del ciclo economico. Il dibattito moderno su instabilità e equilibrio”, Esculapio, 2009. Additional teaching material will be provided.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21201717 - MONETARY POLICY AND FINANCIAL MARKETS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21201717 POLITICA MONETARIA E MERCATI FINANZIARI in Scienze Economiche LM-56 N0 SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21201274 - HISTORY OF ECONOMIC THEORY (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds.
21201274-2 - STORIA DEL PENSIERO ECONOMICO (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds. - Derived from 21201506-2 STORIA DEL PENSIERO ECONOMICO in Economia L-33 TRABUCCHI PAOLO	5	SECS-P/04	30	-	-	-	Core compulsory activities	ITA
21201274-1 - STORIA DEL PENSIERO ECONOMICO (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds. - Derived from 21201506-1 STORIA DEL PENSIERO ECONOMICO in Economia L-33 CICCONE ROBERTO	4	SECS-P/04	30	-	-	-	Core compulsory activities	ITA
21210010 - TEORIA DEI GIOCHI (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. A special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution quantities, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - TIRELLI MARIO (syllabus) First part - Games of complete information 1. Static games: Normal form games; solution concepts (dominance solvability, Nash equilibria in pure and mixed strategies). Applications. 2. Dynamic games: Extensive form games. Finite games. Solution concepts (Nash equilibria, subgame perfect Nash equilibria). Applications. Infinite repeated games. Applications. Second part - Games of incomplete and imperfect information. 3. Normal form, Bayesian games. Bayesian-Nash equilibrium. Applications. 4. An introduction to dynamic games with inperfect information. (reference books) Martin J. Osborne, An Introduction to Game Theory, 2003 or later editions.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201417 - ADVANCED PUBLIC FINANCE - Derived from 21210108 FINANZA PUBBLICA in Finanza e impresa LM-16 DI MAJO ANTONIO, Cristofaro Antonio	9	SECS-P/03	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201437 - POLITICAL ECONOMY - ADVANCED COURSE (objectives)

21201437-2 - ECONOMIA POLITICA - CORSO AVANZATO 2 (objectives)

- CICCONE ROBERTO (syllabus) (reference books)

SECS-P/01

Core compulsory activities

ITA

21201437-1 - ECONOMIA POLITICA - CORSO AVANZATO (objectives)

- FRATINI SAVERIO MARIA (syllabus) (reference books)

SECS-P/01

Core compulsory activities

ITA

21201438 - MICROECONOMICS - ADVANCED COURSE (objectives)

- BLOISE GAETANO (syllabus) (reference books)

SECS-P/01

Core compulsory activities

ITA

Optional group: ANALISI ECONOMICA Orientamento unico 1 ANNO - UN INSEGNAMENTO A SCELTA TRA - (show)

21201440 - PUBLIC ECONOMIC LAW AND ELEMENTS OF PUBLIC BUSINESS ADMINISTRATION (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law.
21201745 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level.
21201745-1 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level. - Derived from 21201745-1 DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO in Scienze Economiche LM-56 N0 ATRIPALDI MARIANGELA	3	IUS/05	20	-	-	-	Core compulsory activities	ITA
21201745-2 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level. - Derived from 21201745-2 DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO in Scienze Economiche LM-56 N0 ATRIPALDI MARIANGELA	3	IUS/05	20	-	-	-	Core compulsory activities	ITA
21201745-3 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level. - Derived from 21201745-3 DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO in Scienze Economiche LM-56 N0 MORRESI OTTORINO	3	SECS-P/08	20	-	-	-	Core compulsory activities	ITA

Optional group: ANALISI ECONOMICA - 1° anno - due insegnamenti a scelta tra: - (show)

21201503 - INTERNATIONAL ECONOMICS (objectives) The aim of the course is to present the main themes of international monetary macroeconomics. The course starts by laying out the way in which international relations are recorded in national accounts and balance of payments. In this way the course provides a framework for understanding the consequences for a country of running large current account surpluses or deficits. The course then focuses on different theories of the determination of the exchange rates. It also discusses the effects on the real economy and on the price levels of the commercial and financial relations of a country with the rest of the world. The institutional set-up of the euro area will be presented in relation to the theories considered, emphasizing Its peculiarities with respect to the theoretical debates about the alternative between fixed and flexible exchange rates and about the question of the optimal currency areas. All the topics will be analyzed trying to highlight the differences underlying the main theoretical models. The main official documents and economic reports published by national and international institutions on our country's international relations will also be analyzed. The material covered is not mathematically complex, but it is taught in a formal and rigorous manner, which assumes a good familiarity with basic economic concepts. - Derived from 21201503 ECONOMIA INTERNAZIONALE in Economia L-33 TREZZINI ATTILIO (syllabus) Introduction - International economics: the distinction between international trade theory and policy and the international monetary economy. Outline of the course. Recording of economic and financial relations with foreign countries - National accounting in an open economy - Balance of payments Exchange rates and foreign Exchange Markets. A portfolio approach - Exchange rates and international transactions - The foreign exchange market - Demand for foreign currency assets - Equilibrium in the foreign exchange market - Interest rates, expectations and equilibrium Money, interest rates and exchange rates - Demand for Money - Money supply and the determination of domestic rates of interest - exchange rates in the short term - Money, prices and exchange rate in the "long term". - Inflation and exchange rate dynamics - Critical considerations on the interpretation of the terms "short term" and "long term": the theoretical assumptions about the tendency to full employment Long-term price level and exchange rate - The law of one price - Purchasing power parity: presentation and criticism - A long-run exchange rate model based on PPP - Empirical evidence on PPP and the law of one price. - Explaining of the problems related to PPP. - Beyond PPP: a "general" long-term model for exchange rates Output and exchange rate in the short-run - Output market equilibrium in an open economy in the short run (The DD curve) - Asset Market equilibrium in the short run (the AA curve) - Short-run equilibrium in open economy: putting DD and AA together - Temporary changes in monetary and fiscal policies - Permanent shifts in monetary and fiscal policies - Macroeconomic policies and the current account - The J curve and Marshall-Lerner condition - The liquidity trap in the open economy Fixed exchange rates and foreign exchange intervention - Why study fixed exchange rates - Central Bank intervention and the money supply - How the central bank fixes the exchange rate - Balance of payments crises and capital flight - Managed floating and sterilized intervention - Reserve currencies in the international monetary system - The Gold Standard The International Monetary System: a historical overview - Macroeconomic policy goals in an open economy - Classifying monetary systems: the open economy trilemma - International macroeconomic policy under the Gold Standard, 1870-1914 - The years between the two wars (1918-1939) - The Bretton Woods system and the International Monetary Fund - Analyzing economic policy options for reaching internal and external balance - The problem of the external balance of the United States in the Bretton Woods system - the mechanism of imported inflation - The case for floating exchange rates - Macroeconomic interdependence under floating exchange rate regime - What has been learned since 1973? - Are fixed exchange rates even an option for most countries? Optimal currency areas and European experience - The evolution of the single European currency - The euro and the economic policy of the euro zone - The theory of optimum currency areas - The future of EMU - The crises of Balance of payments within the euro area (reference books) P. Krugman, M. Obstfeld, M. Melitz, Economia internazionale 2 - Economia monetaria internazionale, Decima Edizione Pearson, 2015 – (capitoli: 1-8 e capitolo 10).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201457 - INDUSTRIAL ECONOMICS - ADVANCED COURSE (objectives) The aim of the course is twofold. The analytical models of the main problems of industrial economics, with a particular focus on the strategic interaction between firms, are the core of the first module of the course. The second module aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators - Derived from 21210082 ECONOMIA INDUSTRIALE - CORSO AVANZATO in Economia Aziendale LM-77 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201713 - Foundations of Political Economy (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory). The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis.
21201713-2 - FONDAMENTI DI ECONOMIA POLITICA (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory).The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis. - Derived from 21201713-1 FONDAMENTI DI ECONOMIA POLITICA in Economia L-33 PALUMBO ANTONELLA (syllabus) MODULE 2:IV. THE DETERMINATION OF OUTPUT IN THE TWO THEORETICAL APPROACHESV. KEYNES’S GENERAL THEORY.VI. THE NEOCLASSICAL SYNTHESIS AND THE IMPAIRMENT OF THE KEYNESIAN REVOLUTION (reference books) All didactic material will be either given or indicated to students at the beginning of the course. Students may contact the professor at any point of the course	5	SECS-P/01	30	-	-	-	Core compulsory activities	ITA
21201713-1 - FONDAMENTI DI ECONOMIA POLITICA (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory).The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis. - Derived from 21201713-2 FONDAMENTI DI ECONOMIA POLITICA in Economia L-33 TRABUCCHI PAOLO (syllabus) INTRODUCTION1. Theories of value and distribution: the different theoretical approaches. The connections with the theory of production. Outlines of the surplus approachI. THE MARGINALIST THEORY: DETERMINATION OF VALUE IN PURE EXCHANGE EQUILIBRIUM2. Marginal utility. Individual equilibrium.3. Individual supply and demand curves (independent and non-independent goods).4. Collective supply and demand curves. General equilibrium (graphic study): existence; stability; uniqueness/multiplicity.5. Equations of general equilibrium (2 goods, m individuals; specialization and general case). Walras' law.6. Possible 'exceptions': superabundance and free goods (or non-existence of equilibrium?); increasing demand curve and instability.II. THE MARGINALIST THEORY: VALUE AND DISTRIBUTION IN THE CASE OF PRODUCTION WITHOUT CAPITAL7. Marginal utility and supply curves of the factors. Indirect substitutability and factor demand curves.8. Income distribution and price of commodities (supply curves for commodities). Equations of general equilibrium in the case of production with fixed coefficients. Walras' law.9. The problem of the existence of equilibrium under the hypothesis of fixed coefficients. The hypothesis of variable coefficients: marginal productivity.10. The problem of product exhaustion.11. The marginalist theory and the notion of substitutability (plausibility of the notion and its role within the theory). The simultaneous determination of prices and quantities.III. THE MARGINALIST THEORY: VALUE AND DISTRIBUTION IN THE CASE OF PRODUCTION WITH CAPITAL12. Production with capital: the problem of the variability of coefficients; the condition of uniformity of the profit rate.13. The treatment of capital as a complex of quantities and the absence of a uniform profit rate.14. The treatment of capital as a single quantity: capital as a sum of value. Problems on the supply side. Problems on the demand side. (reference books) Lezioni sulla teoria neoclassica (handouts)	4	SECS-P/01	30	-	-	-	Core compulsory activities	ITA
21201465 - APPLIED ECONOMICS LABORATORY
21201465-1 - LABORATORIO DI ECONOMIA APPLICATA - CAUSI MARCO	5	SECS-P/01	30	-	-	-	Core compulsory activities	ITA
21201465-2 - LABORATORIO DI ECONOMIA APPLICATA - PALUMBO ANTONELLA	4	SECS-P/02	30	-	-	-	Core compulsory activities	ITA
21201274 - HISTORY OF ECONOMIC THEORY (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds.

Optional group: Altre Attività Formative - Un'attività a scelta tra: - (show)

21201444 - BUSINESS ENGLISH - Derived from 21201444 BUSINESS ENGLISH in Finanza e impresa LM-16 (docente da definire)	6		60	-	-	-	Other activities	ITA
21210029 - Stage	6		-	-	-	-	Other activities	ITA
21201321 - ENGLISH LANGUAGE	6	L-LIN/12	150	-	-	-	Other activities	ITA
21201511 - I.T.: STATISTICAL ANALYSIS LABORATORY (objectives) The course aims at providing students with basic knowledge of statistical analysis software tools such as Matlab. The final objective of the course is to ensure that students, at the end of the teaching activity, are able to perform some of the main statistical applications and, in the case of applications not developed within the course, to being able to learn independently the knowledge necessary for the development of such applications. - Derived from 21201511 INFORMATICA: LABORATORIO DI ANALISI STATISTICHE in Economia dell'ambiente e dello sviluppo LM-56 BENEDETTO FRANCESCO (syllabus) ntroduction. Elements of Matlab. Arithmetic operators: Logical and relational operators Variables: assignment of variables, local and global variables. Vectors: how to create a vector, row and column vectors, operations with vectors and access to the elements of a vector. Matrices: how to create a matrix, square and rectangular matrices, identity and diagonal matrices, operations with matrices and access to the elements of a matrix. Polynomials and solutions of linear systems. Flow controls and conditional statements: comparison structure if, switch comparison structure. For and while loops. Programming elements: scripts and functions, how to write and execute a function, how to write scripts. Introduction to the use of 1-D charts. Import data from files and file management. Import data from Excel sheets and .csv files Principles of discrete sequence analysis. Sequence operations, convolutions and discrete linear correlations, correlograms. Principles of descriptive statistics: characteristic parameters, parameter estimates, historical series and discrete series, histograms. Statistical applications: time series, averaging, volatility and higher order moments. Graph of historical time series and statistical analysis through moments, histograms and normal fitting. (reference books) - MATLAB® / R Reference, by David Hiebeler (June, 2014). - Econometrics and Economics in Matlab. - "An Introduction to Matlab for Econometrics", by J. C. Frain, TEP Working Paper No. 0110, February 2010.	6	INF/01	40	-	-	-	Other activities	ITA

SECOND YEAR

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201408 - STATISTICAL METHODS FOR ECONOMETRICS (objectives)

- Derived from 21201408 METODI STATISTICI PER L'ECONOMETRIA in Scienze Economiche LM-56 N0 NACCARATO ALESSIA

SECS-S/01

Related or supplementary learning activities

ITA

21201439 - MACROECONOMICS - ADVANCED COURSE (objectives)

- TIRELLI MARIO (syllabus) (reference books)

SECS-P/01

Related or supplementary learning activities

ITA

Optional group: ANALISI ECONOMICA Orientamento unico 2 ANNO - UN INSEGNAMENTO A SCELTA TRA: - (show)

21201442 - BUSINESS II (ECONOMICS AND BUSINESS MANAGEMENT - ADVANCED COURSE) (objectives) The Business II Course (EGI CA) deals with the international business of companies operating in today's globalized contexts. After a brief introduction on macroeconomic dynamics that impact on international markets, the course focuses on the analysis of the companies, especially those of larger size, and their decision to go international in order to maximize their value. Today more than ever, companies are more likely to relocate the value chain activities in different parts of the world, this means a greater ability to seize new opportunities for value creation, but also greater attention to governance and management of intercultural barriers. Therefore, after having explained the reasons behind the internationalization process, the Course aims to: illustrate the issues that arise at the various stages of international development; to identify the key variables that influence it; and to identify the various methods and instruments through which the process of internationalization unfolds. Students at the end of the course will be able to: 1) To know and interpret the logic and actions of the actors involved in the international context; 2) To know and discuss the basic elements concerning the international development process; 3) To know and apply the basic tools for the analysis of the attractiveness of the Country to support managerial decisions; 4) To Analyze the competitive situation of the sector and select solutions for the approach to international markets in terms of strategies, methods and penetration of the target markets. - Derived from 21210118 ECONOMIA E GESTIONE DELLE IMPRESE - CORSO AVANZATO in Economia e Management LM-77 FAGGIONI FRANCESCA, PRINCIPATO LUDOVICA (syllabus) 1. Globalization of the markets and Global value Chains 2. The internationalization of companies: theories 3. Internationalization strategies 4. Start up and development of the internationalization process 5. Analysis of the attractiveness of international markets 6. Internationalization procedure 7. Elements of penetration of international markets through the levers of the Marketing Mix 8. The internationalization of the value chain activities (production, research and development, sales, distribution) 9. The social responsibility of international companies (reference books)  UNCTAD – World Investment Report 2018 (pag. 1-61 e 125-177)  UNCTAD – World Investment Report 2013 (pag. 122-174)  Mihir A. Desai, The Decentering of the Global Firm, World Economy, 32, 2009, pp. 1271-1290  C. DEMATTE', F. PERRETTI, E. MARAFIOTI (a cura di), Strategie di Internazionalizzazione, Milano, EGEA, 2013.  The slides on the website of the course represents an integral part of the program For non-attending students and those who do not develop the PW, in addition to the reference texts, the following documents and articles are required: 1. Hofstede, G. (2011). Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture, 2(1). http://dx.doi.org/10.9707/2307-0919.1014 2. Center For Creative Leadership, (2014), Leader effectiveness and Culture: The Globe Study. https://gdl29.files.wordpress.com/2014/03/globestudy.pdf 3. OECD. (2015). Principles of Corporate Governance https://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf	9	SECS-P/08	60	-	-	-	Core compulsory activities	ITA
21201459 - BUSINESS STRATEGY (objectives) Course will provide participants to 1. Understand the strategic decisions that organizations make and have an ability to engage in strategic planning. 2. Explain the basic concepts, principles and practices associated with strategy formulation and implementation. 3. Integrate and apply knowledge gained in basic courses to the formulation and implementation of strategy. 4. Analyze and evaluate critically real life company situations and develop creative solutions, using a strategic management perspective. 5. Conduct and present a credible business analysis in a team setting. 6. Understand the crucially important role that the finance function plays in the setting and implementation of a strategy.
21201724 - BANK MANAGEMENT (objectives) Course Aims • to introduce basic concepts that relate to the traditional business of banking • to examine the recent trends and developments in domestic and international banking • to provide students with an understanding of banks’ accounts and financial ratios analysis • to examine the most important banking risks and their management • to construct coherent arguments concerning the need for financial regulation • to provide students with an understanding of the importance and role of technology and financial innovation for modern banks - Derived from 21201724 BANK MANAGEMENT in Finanza e impresa LM-16 RADIC NEMANJA (syllabus) Introduction to the module. What is special about banks? What do banks do? Adverse selection and moral hazard in financial markets. Theories of financial intermediation. Universal banking and the bank assurance. Universal banking vs. specialist banking. International banking. Comparative banking systems and issues: EU, US, UK, and Japanese banking system. Banking in emerging economies. Banks’ financial statement and financial ratio analysis. Central banking and bank regulation (1). Theory of central banking. Bank regulation and supervision. Central banking and bank regulation (2): The Basel Accords. Laissez-faire banking and its limitations. Theoretical models of financial intermediation. Consolidation in banking. Competitive issues in banking: market structure and performance SCP paradigm. The bank production process and its productivity and efficiency. International Bank Lending and Country Risk. Workshops on banking data related resources. (reference books) • Casu, B., Girardone, C., Molyneux, P., (2015), Introduction to Banking (2nd Ed.), Pearson • Heffernan, S., (2005), Modern Banking, John Wiley & Sons	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG
21201722 - RISK MANAGEMENT IN BANKING (objectives) The course aims at analysing the problems connected with both the financial and the non-financial management of banks. Namely, this analysis is carried out along the following streams: The role and peculiarities of risk management in financial institutions. The objectives, applications and technical features of risk measurement and management models: interest rate risk, market risk, liquidity risk, credit risk and operational risk. Capital regulation: recent evolution and problems posed by the recent financial crisis. Capital management and the process of value creation in financial institutions. Supervisory policies on financial and insurance institutions, with a focus on internal controls and organizational and capital adequacy. By the end of this course you should be able to: Evaluate the impact of the main strategies on the shareholder value creation of modern global banks Be aware of the main banking risk measurement techniques Critically evaluate the application of the main risk management techniques in banking Understand the main capital allocation methods within modern banks Comprehend why banks need regulation and distinguish between the different types of regulation. - Derived from 21201722 RISK MANAGEMENT IN BANKING in Finanza e impresa LM-16 FIORDELISI FRANCO (syllabus) 1: Introduction. The role and peculiarities of risk management in financial institutions. Risk management failure during the financial crisis. 2: Interest rate risk: the repricing gap model 3: Interest rate risk: the duration gap model and clumping 4: Interest rate risk: internal transfer rates (ITR) 5: Liquidity risk: funding and market risks, short and medium term control models, new liquidity requirements 6: Market risk: Value at Risk models: parametric approach. Estimating volatilities and correlations. 7: Market risk: mapping risk positions in the parametric approaches 8: Market risk: simulation approaches 9: Market risk: backtesting VaR models, VAR Limits and Expected Shortfall 10: Credit risk management. Scoring models for estimating the probability of default 11: Credit risk management. Market-based models for estimating the probability of default 12: Credit risk management. The recovery risk 13. Credit risk management: Portfolio models 14. Credit risk management: Internal rating system management and application (pricing and risk-adjusted performance measures) 15. Operational risk 16. Banking regulation: from Basel I to Basel III 17. Rethinking banking regulation: Basel 4? (reference books) 1. Essential Readings • John H. Hull, Risk Management and Financial Institutions, 4th Edition, John Wiley, 2015 (H) • Philip Jorion, Financial Risk Manager Handbook, 6th Edition, John Wiley, 2011 (J) • Resti A. and A. Sironi, Risk Management and Shareholders' Value in Banking, John Wiley, 2007 (RS). 2. Suggested Readings • The economist, 2008. The confession of a risk manager (EC) • European Parliament, Upgrading the Basel standards: from Basel III to Basel IV? (EP). http://www.europarl.europa.eu/RegData/etudes/BRIE/2016/587361/IPOL_BRI(2016)587361_EN.pdf • Basel Committee, Basel III Monitoring Report, 28 February 2017. (BC) https://www.bis.org/bcbs/publ/d397.pdf • Philipp Härle, Andras Havas, and Hamid Samandari, 2016. The future of bank risk management, McKinsey Quarterly, July .(MK) http://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-bank-risk-management • Ernest Young, Rethinking risk management, (EY) http://www.ey.com/Publication/vwLUAssets/EY-rethinking-risk-management/$FILE/EY-rethinking-risk-management.pdf	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG

Optional group: ANALISI ECONOMICA - 2° anno - un insegnamento a scelta tra: - (show)

21201491 - MONETARY ECONOMICS - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module (30 hours) 1. Money, monetary institutions and the financial markets 2. The demand for money 3. The supply of money and the debate on its endogeneity 4. The equilibrium of the financial sector 5. The structure of the interest rates Second Module (30 hours) 6. Money, prices, and output 7. The transmission channels of the monetary policies 8. The Gibson Paradox 9. Rules and discretion 10. Money and public finance (reference books) M. Arcelli, L’economia monetaria e la politica monetaria dell’Unione Europea, Cedam, 2007 R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide advanced tools for the analysis of the tax shifting. To this purpose, the main kind of taxes will be investigated in different market structures (perfect competition, monopoly, monopolistic competition, oligopoly). The analysis is developed using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente e dello sviluppo LM-56 LIBERATI PAOLO (syllabus) 1) Tax shifting in perfect competition 2) Tax shifting in monopoly 3) Tax shifting in intermediate regimes 4) Particular cases of tax shifting (reference books) Text on-line, in the section "Materiali del corso"	9	SECS-P/03	60	-	-	-	Core compulsory activities	ITA
21201417 - ADVANCED PUBLIC FINANCE
21201417-3 - FINANZA PUBBLICA - Derived from 21210108 FINANZA PUBBLICA in Finanza e impresa LM-16 DI MAJO ANTONIO, Cristofaro Antonio	6	SECS-P/03	40	-	-	-	Core compulsory activities	ITA
21201417-2 - FINANZA PUBBLICA - Derived from 21210108 FINANZA PUBBLICA in Finanza e impresa LM-16 DI MAJO ANTONIO, Cristofaro Antonio	3	SECS-P/03	20	-	-	-	Core compulsory activities	ITA
21201713 - Foundations of Political Economy (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory). The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis.
21201465 - APPLIED ECONOMICS LABORATORY (objectives) Acquisition of methodological and technical knowledge and development of professional skills in applied economics, through an educational program that alternates lectures, practical classes and thematic seminars with external experts; practical classes introduce to the statistical and information sources for applied economic analysis and train for data elaborations and reporting activities; seminars are addressed, year by year, to relevant topics for the Italian economy and allow to get in touch with applied professional economists working in the private sector and in public institutions; at the end of the training process students are required to draft a research report and to discuss it during the final examination.
21201711 - Employment, income distribution and growth (objectives) The course will present different analytical perspectives along with empirical evidence on themes such as the relationship between labour market regulation, income distribution and employment growth, which are very relevant for economic analysis and current debates concerning economic policy. - Derived from 21201711 OCCUPAZIONE, DISTRIBUZIONE E CRESCITA in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 STIRATI ANTONELLA (syllabus) The course will present alternative theories of primary income distribution and employment and draw their implications for - the analysis of growth, - the causes and effects of technical change - the impact of labour market reforms and macroeconomic policies - the interpretation of the changes in income distribution and their impact on employment and growth During the course, data and results of empirical literature will lso be presented. (reference books) Various papers and essays collected around four main subjects areas and available at the library. Upon request English alternatives to the Italian readings can be suggestd to foreign students. Below the detail: INTRODUCTORY: “Teorie del valore e della distribuzione – un confronto tra classici e neoclassici” di Fabio Petri, da pag. 87 a 116; e da pag. 249 a 305 “Appunti sulla teoria della distribuzione e del valore” di Garegnani e Palumbo, parte introduttiva, da pag. 1 a 3 “Unemployment, institutions and the living standard in the classical theory of wages” di Antonella Stirati, da pag. 42 a 66 “Emplyoment theory in the history of economic thought: an overview” di Antonella Stirati PART I PRODUCTIVITY EMPLOYMENT AND GROWTH: “Teorie dello sviluppo economico” di Terenzio Cozzi, da pag. 189 a 249 “Technical change, effective demand and emplyment” di Cesaratto, Serrano e Stirati da pag. 33 a 52 Lezioni sviluppo 2010-11 (fotocopie con tabelle di dati e grafici) “Equilibrio, distribuzione e crescita” di Kaldor, da pag. 219 a 246 “L’industria – rivista di economia politica” da pag. 45 a 53 “Potential GNP: its measurement and significance” di Okun “Puzzles, paradoxes, and regularities: cyclical and structural productivity in the United States (1950-2005)” di Jeon e Vernengo, da pag. 237 a 243 “L’approccio Kaldor-Verdoorn: una verifica empirica per il Centro-Nord e il Mezzogiorno d’Italia (anni 1951-2006)”, di Ferdinando Ofria, da pag. 179 a 203 “intervento alla discussione del seminario ASTRIL del 6/3/13” di Antonella Stirati PART II: INCOME DISTRIBUTION “La riduzione del prodotto che va al lavoro” di Antonella Stirati del 16 Novembre 2010 “Towards a sustainable recovery: the case for wage-led policies”, da pag. 161 a 186 “Wages, employment, distribution and growth” di Levrero e Stirati in Hein, Heise a Truger da pag. 93 a 114 “Il problema salariale in Italia” di Maurizio Zenezini, da pag. 2 a 31 PART III: LABOUR MARKET FLEXIBILITY AND EMPLOYMENT “Manuale di economia del lavoro”, capitolo 9 e 10 da pag. 215 a 249 “Are protective labor market institutions at the root of unemplOyment? A critical review of the evidence” di Howel, Baker, Glyn and Smchitt, da pag. 53 a 71 “Employment growth in Italy in the 1990s: institutional arrangements and market forces” di Brandolini, Casadio, Cipollone, Magnani, Rosolia e Torrini, da pag. 31 a 68 “La flessibilità del mercato del lavoro e il mito del conflitto tra generazioni” di Antonella Stirati, da pag. 181 a 191 “Oltre l’austerità” di Cesaratto e Pivetti, da pag. 133 a 144 (articolo di Antonella Stirati)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201562 - ADVANCED ECONOMIC POLICY (objectives) The overall objective of Politica economica c.a. is to provide an in depth understanding of modern macroeconomic theory with strong emphasis on Business cycle and Stabilization policies. The course focuses mainly on Dynamic General Equilibrium macroeconomic models, starting from real business cycle models into which New Keynesian macroeconomic features are introduced. - Derived from 21201562 POLITICA ECONOMICA - CORSO AVANZATO in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 N0 GIULI FRANCESCO (syllabus) - Stylized Facts of the Business Cycle. Basic concepts and definitions - Business cycle theories from Keynes to Monetarism - Traditional keynesian stabilization policies and rule-based policies - The Lucas' island model and the role of expectations - The Real Business cycle theory and the money neutrality - The New Keynesian approach: the demand side and the monetary policy - Simulation of Dynamic Stochastic General Equilibrium (DSGE) models using Dynare for Matlab (reference books) Enrico Marchetti “Teorie del ciclo economico. Il dibattito moderno su instabilità e equilibrio”, Esculapio, 2009. Additional teaching material will be provided.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21201717 - MONETARY POLICY AND FINANCIAL MARKETS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21201717 POLITICA MONETARIA E MERCATI FINANZIARI in Scienze Economiche LM-56 N0 SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21201274 - HISTORY OF ECONOMIC THEORY (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds.
21201274-1 - STORIA DEL PENSIERO ECONOMICO (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds. - Derived from 21201506-1 STORIA DEL PENSIERO ECONOMICO in Economia L-33 CICCONE ROBERTO	5	SECS-P/04	30	-	-	-	Core compulsory activities	ITA
21201274-2 - STORIA DEL PENSIERO ECONOMICO (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds. - Derived from 21201506-2 STORIA DEL PENSIERO ECONOMICO in Economia L-33 TRABUCCHI PAOLO	4	SECS-P/04	30	-	-	-	Core compulsory activities	ITA
21210002 - ECONOMIC GROWTH AND WELFARE SYSTEMS - Derived from 21210002 ECONOMIC GROWTH AND WELFARE SYSTEMS in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 TRIDICO PASQUALE, ANTENUCCI FABRIZIO	9	SECS-P/02	60	-	-	-	Core compulsory activities	ENG
21210010 - TEORIA DEI GIOCHI (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. A special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution quantities, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210010 TEORIA DEI GIOCHI in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) First part - Games of complete information 1. Static games: Normal form games; solution concepts (dominance solvability, Nash equilibria in pure and mixed strategies). Applications. 2. Dynamic games: Extensive form games. Finite games. Solution concepts (Nash equilibria, subgame perfect Nash equilibria). Applications. Infinite repeated games. Applications. Second part - Games of incomplete and imperfect information. 3. Normal form, Bayesian games. Bayesian-Nash equilibrium. Applications. 4. An introduction to dynamic games with inperfect information. (reference books) Martin J. Osborne, An Introduction to Game Theory, 2003 or later editions.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

Optional group: ANALISI ECONOMICA Orientamento unico 2 ANNO - UN INSEGNAMENTO A SCELTA TRA: - (show)

21201459 - BUSINESS STRATEGY (objectives) Course will provide participants to 1. Understand the strategic decisions that organizations make and have an ability to engage in strategic planning. 2. Explain the basic concepts, principles and practices associated with strategy formulation and implementation. 3. Integrate and apply knowledge gained in basic courses to the formulation and implementation of strategy. 4. Analyze and evaluate critically real life company situations and develop creative solutions, using a strategic management perspective. 5. Conduct and present a credible business analysis in a team setting. 6. Understand the crucially important role that the finance function plays in the setting and implementation of a strategy.
21201459-2 - STRATEGIA D'IMPRESA - Derived from 21201459-2 STRATEGIA D'IMPRESA in Economia e Management LM-77 N0 Magni Domitilla	4,5	SECS-P/08	30	-	-	-	Core compulsory activities	ITA
21201459-1 - STRATEGIA D'IMPRESA - Derived from 21201459-1 STRATEGIA D'IMPRESA in Economia e Management LM-77 N0 PEZZI ALBERTO (syllabus) The course mainly consists in classroom lectures, case discussions, simulations, and practical exercises; in the second part of the course, selected presentations about real-life experiences will be offered by outside speakers. The course aims at providing students with a good understanding of the theory and practice of strategic managing an organization, with particular reference to the concepts, tools and contexts of the managerial processes focused on formulating and implementing a strategy. Both the program and the teaching methods will be based on a problem-solving and real-life approach, with the objective of facilitating the development of diagnostic and critical skills, and the ability to selectively apply theories, methods, and techniques to various industry and company contexts. (reference books) Gandellini G., Pezzi A., Venanzi D. (2012), Strategy for Action I: The Logic and Context of Strategic Management, Springer, Berlin Gandellini G., Pezzi A., Venanzi D. (2012), Strategy for Action II: Strategy Formulation, Development, and Control, Springer, Berlin The documents published on the course web page are also an integral part of the teaching material.	4,5	SECS-P/08	30	-	-	-	Core compulsory activities	ITA

Optional group: ANALISI ECONOMICA - 2° anno - un insegnamento a scelta tra: - (show)

21201503 - INTERNATIONAL ECONOMICS (objectives) The aim of the course is to present the main themes of international monetary macroeconomics. The course starts by laying out the way in which international relations are recorded in national accounts and balance of payments. In this way the course provides a framework for understanding the consequences for a country of running large current account surpluses or deficits. The course then focuses on different theories of the determination of the exchange rates. It also discusses the effects on the real economy and on the price levels of the commercial and financial relations of a country with the rest of the world. The institutional set-up of the euro area will be presented in relation to the theories considered, emphasizing Its peculiarities with respect to the theoretical debates about the alternative between fixed and flexible exchange rates and about the question of the optimal currency areas. All the topics will be analyzed trying to highlight the differences underlying the main theoretical models. The main official documents and economic reports published by national and international institutions on our country's international relations will also be analyzed. The material covered is not mathematically complex, but it is taught in a formal and rigorous manner, which assumes a good familiarity with basic economic concepts. - Derived from 21201503 ECONOMIA INTERNAZIONALE in Economia L-33 TREZZINI ATTILIO (syllabus) Introduction - International economics: the distinction between international trade theory and policy and the international monetary economy. Outline of the course. Recording of economic and financial relations with foreign countries - National accounting in an open economy - Balance of payments Exchange rates and foreign Exchange Markets. A portfolio approach - Exchange rates and international transactions - The foreign exchange market - Demand for foreign currency assets - Equilibrium in the foreign exchange market - Interest rates, expectations and equilibrium Money, interest rates and exchange rates - Demand for Money - Money supply and the determination of domestic rates of interest - exchange rates in the short term - Money, prices and exchange rate in the "long term". - Inflation and exchange rate dynamics - Critical considerations on the interpretation of the terms "short term" and "long term": the theoretical assumptions about the tendency to full employment Long-term price level and exchange rate - The law of one price - Purchasing power parity: presentation and criticism - A long-run exchange rate model based on PPP - Empirical evidence on PPP and the law of one price. - Explaining of the problems related to PPP. - Beyond PPP: a "general" long-term model for exchange rates Output and exchange rate in the short-run - Output market equilibrium in an open economy in the short run (The DD curve) - Asset Market equilibrium in the short run (the AA curve) - Short-run equilibrium in open economy: putting DD and AA together - Temporary changes in monetary and fiscal policies - Permanent shifts in monetary and fiscal policies - Macroeconomic policies and the current account - The J curve and Marshall-Lerner condition - The liquidity trap in the open economy Fixed exchange rates and foreign exchange intervention - Why study fixed exchange rates - Central Bank intervention and the money supply - How the central bank fixes the exchange rate - Balance of payments crises and capital flight - Managed floating and sterilized intervention - Reserve currencies in the international monetary system - The Gold Standard The International Monetary System: a historical overview - Macroeconomic policy goals in an open economy - Classifying monetary systems: the open economy trilemma - International macroeconomic policy under the Gold Standard, 1870-1914 - The years between the two wars (1918-1939) - The Bretton Woods system and the International Monetary Fund - Analyzing economic policy options for reaching internal and external balance - The problem of the external balance of the United States in the Bretton Woods system - the mechanism of imported inflation - The case for floating exchange rates - Macroeconomic interdependence under floating exchange rate regime - What has been learned since 1973? - Are fixed exchange rates even an option for most countries? Optimal currency areas and European experience - The evolution of the single European currency - The euro and the economic policy of the euro zone - The theory of optimum currency areas - The future of EMU - The crises of Balance of payments within the euro area (reference books) P. Krugman, M. Obstfeld, M. Melitz, Economia internazionale 2 - Economia monetaria internazionale, Decima Edizione Pearson, 2015 – (capitoli: 1-8 e capitolo 10).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201457 - INDUSTRIAL ECONOMICS - ADVANCED COURSE (objectives) The aim of the course is twofold. The analytical models of the main problems of industrial economics, with a particular focus on the strategic interaction between firms, are the core of the first module of the course. The second module aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators - Derived from 21210082 ECONOMIA INDUSTRIALE - CORSO AVANZATO in Economia Aziendale LM-77 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201417 - ADVANCED PUBLIC FINANCE
21201713 - Foundations of Political Economy (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory). The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis.
21201713-1 - FONDAMENTI DI ECONOMIA POLITICA (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory).The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis. - Derived from 21201713-1 FONDAMENTI DI ECONOMIA POLITICA in Economia L-33 PALUMBO ANTONELLA (syllabus) MODULE 2: IV. THE DETERMINATION OF OUTPUT IN THE TWO THEORETICAL APPROACHES V. KEYNES’S GENERAL THEORY. VI. THE NEOCLASSICAL SYNTHESIS AND THE IMPAIRMENT OF THE KEYNESIAN REVOLUTION (reference books) All didactic material will be either given or indicated to students at the beginning of the course. Students may contact professors at any point of the course	5	SECS-P/01	30	-	-	-	Core compulsory activities	ITA
21201713-2 - FONDAMENTI DI ECONOMIA POLITICA (objectives) The course aims to go to the foundations of the theories of value and distribution in order to provide students who already have a first knowledge of micro and macroeconomics with the means to orient themselves, on the one hand, in the comparison between the main theories of value and distribution (or 'micro' theory) and, on the other hand, in the understanding of the implications that these theories have with regard to the determination of the general level of production (or 'macro' theory).The course is divided into two parts. The first part is devoted to a comparison between the classical theory and the neoclassical (marginalist) theory of value and distribution. Particular attention is given to the reconstruction of the structure of the latter theory, presented in the general equilibrium version of Wicksell and Walras, and to the difficulties that this theory faces in treating capital as a productive factor. The second part is devoted to the determination of the general level of production in the two theoretical approaches. Particular attention is given to the reconstruction of the Keynesian Revolution, through a direct reading of some parts of Keynes’ General Theory, and the discussion of the elements that have favoured its reabsorption in the Neoclassical Synthesis. - Derived from 21201713-2 FONDAMENTI DI ECONOMIA POLITICA in Economia L-33 TRABUCCHI PAOLO (syllabus) INTRODUCTION 1. Theories of value and distribution: the different theoretical approaches. The connections with the theory of production. Outlines of the surplus approach I. THE MARGINALIST THEORY: DETERMINATION OF VALUE IN PURE EXCHANGE EQUILIBRIUM 2. Marginal utility. Individual equilibrium. 3. Individual supply and demand curves (independent and non-independent goods). 4. Collective supply and demand curves. General equilibrium (graphic study): existence; stability; uniqueness/multiplicity. 5. Equations of general equilibrium (2 goods, m individuals; specialization and general case). Walras' law. 6. Possible 'exceptions': superabundance and free goods (or non-existence of equilibrium?); increasing demand curve and instability. II. THE MARGINALIST THEORY: VALUE AND DISTRIBUTION IN THE CASE OF PRODUCTION WITHOUT CAPITAL 7. Marginal utility and supply curves of the factors. Indirect substitutability and factor demand curves. 8. Income distribution and price of commodities (supply curves for commodities). Equations of general equilibrium in the case of production with fixed coefficients. Walras' law. 9. The problem of the existence of equilibrium under the hypothesis of fixed coefficients. The hypothesis of variable coefficients: marginal productivity. 10. The problem of product exhaustion. 11. The marginalist theory and the notion of substitutability (plausibility of the notion and its role within the theory). The simultaneous determination of prices and quantities. III. THE MARGINALIST THEORY: VALUE AND DISTRIBUTION IN THE CASE OF PRODUCTION WITH CAPITAL 12. Production with capital: the problem of the variability of coefficients; the condition of uniformity of the profit rate. 13. The treatment of capital as a complex of quantities and the absence of a uniform profit rate. 14. The treatment of capital as a single quantity: capital as a sum of value. Problems on the supply side. Problems on the demand side. (reference books) Lezioni sulla teoria neoclassica (handouts)	4	SECS-P/01	30	-	-	-	Core compulsory activities	ITA
21201465 - APPLIED ECONOMICS LABORATORY (objectives) Acquisition of methodological and technical knowledge and development of professional skills in applied economics, through an educational program that alternates lectures, practical classes and thematic seminars with external experts; practical classes introduce to the statistical and information sources for applied economic analysis and train for data elaborations and reporting activities; seminars are addressed, year by year, to relevant topics for the Italian economy and allow to get in touch with applied professional economists working in the private sector and in public institutions; at the end of the training process students are required to draft a research report and to discuss it during the final examination.
21201465-2 - LABORATORIO DI ECONOMIA APPLICATA (objectives) Acquisition of methodological and technical knowledge and development of professional skills in applied economics, through an educational program that alternates lectures, practical classes and thematic seminars with external experts; practical classes introduce to the statistical and information sources for applied economic analysis and train for data elaborations and reporting activities; seminars are addressed, year by year, to relevant topics for the Italian economy and allow to get in touch with applied professional economists working in the private sector and in public institutions; at the end of the training process students are required to draft a research report and to discuss it during the final examination. - Derived from 21201465-2 LABORATORIO DI ECONOMIA APPLICATA in Scienze Economiche LM-56 N0 PALUMBO ANTONELLA (syllabus) This programme regards both didactic modules (30 hours each, for a total of 60 hours) The approach of the Laboratory is applied and inter-disciplinary. The learning objectives are focused on the development of professional capacities in applied economics, with a planning that alternates lectures, practical classes and seminars with external experts. Students will acquire skills in the subsequent fields of applied economics: a) definition and interpretation of the main macroeconomic indicators; analysis of statistical sources and institutional reporting about the Italian and European Union economies; b) territorial and sectoral analysis; c) tools and methods for economic policies and planning, and application to public choices. In each edition there will be a particular monographic in-depth analysis on some of the following topics: the productive structure of the Italian economy and different interpretations of its points of strength and of weakness; European economic governance and national cycle of budget decision; territorial analysis of the Italian economy; services of general economic interest and public utilities: markets and regulation, with specific analysis for public transport, energy production, production and distribution of electric and gas power, water and waste disposal services; tourism and cultural tourism. An integrant part of the course, that constitutes element for final evaluation, is the drafting, by each student, of a research report (a written report or an exercise in applied economics or other types of monograph study chosen with the agreement of professors). The particular structure of the Laboratory requires the compulsory attendance to seminars and practical classes. Attendance to all lectures is highly advised. The programme for students that cannot attend lectures has to be agreed on with the teachers. (reference books) The reference material is constituted mainly by reports and data bases of national and international public and research institutions (Istat, Bank of Italy, European Commission, Eurostat, OECD, IMF, etc.) and by reading lists for the thematic seminars.	5	SECS-P/02	30	-	-	-	Core compulsory activities	ITA
21201465-1 - LABORATORIO DI ECONOMIA APPLICATA (objectives) Acquisition of methodological and technical knowledge and development of professional skills in applied economics, through an educational program that alternates lectures, practical classes and thematic seminars with external experts; practical classes introduce to the statistical and information sources for applied economic analysis and train for data elaborations and reporting activities; seminars are addressed, year by year, to relevant topics for the Italian economy and allow to get in touch with applied professional economists working in the private sector and in public institutions; at the end of the training process students are required to draft a research report and to discuss it during the final examination. - Derived from 21201465-1 LABORATORIO DI ECONOMIA APPLICATA in Scienze Economiche LM-56 N0 CAUSI MARCO (syllabus) This programme regards both didactic modules (30 hours each, for a total of 60 hours) The approach of the Laboratory is applied and inter-disciplinary. The learning objectives are focused on the development of professional capacities in applied economics, with a planning that alternates lectures, practical classes and seminars with external experts. Students will acquire skills in the subsequent fields of applied economics: a) definition and interpretation of the main macroeconomic indicators; analysis of statistical sources and institutional reporting about the Italian and European Union economies; b) territorial and sectoral analysis; c) tools and methods for economic policies and planning, and application to public choices. In each edition there will be a particular monographic in-depth analysis on some of the following topics: the productive structure of the Italian economy and different interpretations of its points of strength and of weakness; European economic governance and national cycle of budget decision; territorial analysis of the Italian economy; services of general economic interest and public utilities: markets and regulation, with specific analysis for public transport, energy production, production and distribution of electric and gas power, water and waste disposal services; tourism and cultural tourism. An integrant part of the course, that constitutes element for final evaluation, is the drafting, by each student, of a research report (a written report or an exercise in applied economics or other types of monograph study chosen with the agreement of professors). The particular structure of the Laboratory requires the compulsory attendance to seminars and practical classes. Attendance to all lectures is highly advised. The programme for students that cannot attend lectures has to be agreed on with the teachers. (reference books) The reference material is constituted mainly by reports and data bases of national and international public and research institutions (Istat, Bank of Italy, European Commission, Eurostat, OECD, IMF, etc.) and by reading lists for the thematic seminars. It will be indicated during the classes and made disposable for students through the website of the course.	4	SECS-P/01	30	-	-	-	Core compulsory activities	ITA
21201274 - HISTORY OF ECONOMIC THEORY (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds.

21210000 - A SCELTA STUDENTE

Elective activities

ITA

21201473 - FINAL EXAM

100

Final examination and foreign language test

ITA

MERCATI, SETTORI E ISTITUZIONI

FIRST YEAR

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201711 - Employment, income distribution and growth

- Derived from 21201711 OCCUPAZIONE, DISTRIBUZIONE E CRESCITA in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 STIRATI ANTONELLA (syllabus) (reference books)

SECS-P/01

Core compulsory activities

ITA

Optional group: MERCATI, SETTORI E ISTITUZIONI 1 ANNO - Un insegnamento a scelta tra: - (show)

21210130 - Monetary theory, institutions and policy (objectives)

- Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) (reference books)

SECS-P/01

Related or supplementary learning activities

ITA

Optional group: Mercati, settori e istituzioni - 1°anno - un insegnamento a scelta tra: - (show)

21201440 - PUBLIC ECONOMIC LAW AND ELEMENTS OF PUBLIC BUSINESS ADMINISTRATION (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law.
21201440-2 - DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA 2 (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law. - Derived from 21201440-2 DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA 2 in Scienze Economiche LM-56 N0 GRANDIS FABIO GIULIO (syllabus) Module I – Introduction 1. the nature of public sector accounting; 2. public sector accounting; 3. economy, efficiency and effectiveness. Module II – Management accounting 1. planning and control; 2. the role of management accounting; 3. management accounting and planning; 4. management accounting and control; 5. the annual revenue budget; 6. line-item budgeting and programme budgeting; 7. budget preparation. (reference books) R. Jones, N. Pendlebury – Public sector accounting. Pearson Education, 2000. It could be excluded: from pag. 48 to 57; from pag. 69 to 124; from pag. 185 to 207; from pag. 233 to 245.	3	SECS-P/07	20	-	-	-	Core compulsory activities	ITA
21201440-1 - DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA - Derived from 21201440 DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA in Scienze Economiche LM-56 (docente da definire)	6	IUS/05	40	-	-	-	Core compulsory activities	ITA
21201745 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level.

Optional group: Mercati, settori e istituzioni - 1° anno - un insegnamento a scelta tra: - (show)

21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module. - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module (30 hours) 1. Money, monetary institutions and the financial markets 2. The demand for money 3. The supply of money and the debate on its endogeneity 4. The equilibrium of the financial sector 5. The structure of the interest rates Second Module (30 hours) 6. Money, prices, and output 7. The transmission channels of the monetary policies 8. The Gibson Paradox 9. Rules and discretion 10. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) J. Tobin, “Liquidity Preference as Behavior Towards Risk”, The Review of Economic Studies 25, 2, 1958, pp. 65-86 (Module 1) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	-	-	-	-	Core compulsory activities	ITA
21201562 - ADVANCED ECONOMIC POLICY (objectives) The overall objective of Politica economica c.a. is to provide an in depth understanding of modern macroeconomic theory with strong emphasis on Business cycle and Stabilization policies. The course focuses mainly on Dynamic General Equilibrium macroeconomic models, starting from real business cycle models into which New Keynesian macroeconomic features are introduced. - Derived from 21201562 POLITICA ECONOMICA - CORSO AVANZATO in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 N0 GIULI FRANCESCO (syllabus) - Stylized Facts of the Business Cycle. Basic concepts and definitions - Business cycle theories from Keynes to Monetarism - Traditional keynesian stabilization policies and rule-based policies - The Lucas' island model and the role of expectations - The Real Business cycle theory and the money neutrality - The New Keynesian approach: the demand side and the monetary policy - Simulation of Dynamic Stochastic General Equilibrium (DSGE) models using Dynare for Matlab (reference books) Enrico Marchetti “Teorie del ciclo economico. Il dibattito moderno su instabilità e equilibrio”, Esculapio, 2009. Additional teaching material will be provided.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201437 - POLITICAL ECONOMY - ADVANCED COURSE (objectives)

21201437-2 - ECONOMIA POLITICA - CORSO AVANZATO 2 (objectives)

- Derived from 21201437-2 ECONOMIA POLITICA - CORSO AVANZATO 2 in Scienze Economiche LM-56 N0 CICCONE ROBERTO

SECS-P/01

Core compulsory activities

ITA

21201437-1 - ECONOMIA POLITICA - CORSO AVANZATO (objectives)

- Derived from 21201437-1 ECONOMIA POLITICA - CORSO AVANZATO in Scienze Economiche LM-56 N0 FRATINI SAVERIO MARIA

SECS-P/01

Core compulsory activities

ITA

21201465 - APPLIED ECONOMICS LABORATORY (objectives)

21201465-2 - LABORATORIO DI ECONOMIA APPLICATA (objectives)

- Derived from 21201465-2 LABORATORIO DI ECONOMIA APPLICATA in Scienze Economiche LM-56 N0 PALUMBO ANTONELLA

SECS-P/02

Core compulsory activities

ITA

21201465-1 - LABORATORIO DI ECONOMIA APPLICATA (objectives)

- Derived from 21201465-1 LABORATORIO DI ECONOMIA APPLICATA in Scienze Economiche LM-56 N0 CAUSI MARCO

SECS-P/01

Core compulsory activities

ITA

Optional group: MERCATI, SETTORI E ISTITUZIONI 1 ANNO - Un insegnamento a scelta tra: - (show)

21201503 - INTERNATIONAL ECONOMICS (objectives)

- Derived from 21201503 ECONOMIA INTERNAZIONALE in Economia L-33 TREZZINI ATTILIO (syllabus) (reference books)

SECS-P/01

Related or supplementary learning activities

ITA

Optional group: Mercati, settori e istituzioni - 1°anno - un insegnamento a scelta tra: - (show)

21201440 - PUBLIC ECONOMIC LAW AND ELEMENTS OF PUBLIC BUSINESS ADMINISTRATION (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law.
21201745 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level.
21201745-1 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level. - Derived from 21201745-1 DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO in Scienze Economiche LM-56 N0 ATRIPALDI MARIANGELA	3	IUS/05	20	-	-	-	Core compulsory activities	ITA
21201745-2 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level. - Derived from 21201745-2 DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO in Scienze Economiche LM-56 N0 ATRIPALDI MARIANGELA	3	IUS/05	20	-	-	-	Core compulsory activities	ITA
21201745-3 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO (objectives) The course aims to provide an analytical and critical framework of the legal and financial profiles of the protection of savings, with reference to the governance of companies and financial markets, in Italy and at European and international level. - Derived from 21201745-3 DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO in Scienze Economiche LM-56 N0 MORRESI OTTORINO	3	SECS-P/08	20	-	-	-	Core compulsory activities	ITA

Optional group: Mercati, settori e istituzioni - 1° anno - un insegnamento a scelta tra: - (show)

21201457 - INDUSTRIAL ECONOMICS - ADVANCED COURSE (objectives) The aim of the course is twofold. The analytical models of the main problems of industrial economics, with a particular focus on the strategic interaction between firms, are the core of the first module of the course. The second module aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators - Derived from 21210082 ECONOMIA INDUSTRIALE - CORSO AVANZATO in Economia Aziendale LM-77 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201503 - INTERNATIONAL ECONOMICS (objectives) The aim of the course is to present the main themes of international monetary macroeconomics. The course starts by laying out the way in which international relations are recorded in national accounts and balance of payments. In this way the course provides a framework for understanding the consequences for a country of running large current account surpluses or deficits. The course then focuses on different theories of the determination of the exchange rates. It also discusses the effects on the real economy and on the price levels of the commercial and financial relations of a country with the rest of the world. The institutional set-up of the euro area will be presented in relation to the theories considered, emphasizing Its peculiarities with respect to the theoretical debates about the alternative between fixed and flexible exchange rates and about the question of the optimal currency areas. All the topics will be analyzed trying to highlight the differences underlying the main theoretical models. The main official documents and economic reports published by national and international institutions on our country's international relations will also be analyzed. The material covered is not mathematically complex, but it is taught in a formal and rigorous manner, which assumes a good familiarity with basic economic concepts. - Derived from 21201503 ECONOMIA INTERNAZIONALE in Economia L-33 TREZZINI ATTILIO (syllabus) Introduction - International economics: the distinction between international trade theory and policy and the international monetary economy. Outline of the course. Recording of economic and financial relations with foreign countries - National accounting in an open economy - Balance of payments Exchange rates and foreign Exchange Markets. A portfolio approach - Exchange rates and international transactions - The foreign exchange market - Demand for foreign currency assets - Equilibrium in the foreign exchange market - Interest rates, expectations and equilibrium Money, interest rates and exchange rates - Demand for Money - Money supply and the determination of domestic rates of interest - exchange rates in the short term - Money, prices and exchange rate in the "long term". - Inflation and exchange rate dynamics - Critical considerations on the interpretation of the terms "short term" and "long term": the theoretical assumptions about the tendency to full employment Long-term price level and exchange rate - The law of one price - Purchasing power parity: presentation and criticism - A long-run exchange rate model based on PPP - Empirical evidence on PPP and the law of one price. - Explaining of the problems related to PPP. - Beyond PPP: a "general" long-term model for exchange rates Output and exchange rate in the short-run - Output market equilibrium in an open economy in the short run (The DD curve) - Asset Market equilibrium in the short run (the AA curve) - Short-run equilibrium in open economy: putting DD and AA together - Temporary changes in monetary and fiscal policies - Permanent shifts in monetary and fiscal policies - Macroeconomic policies and the current account - The J curve and Marshall-Lerner condition - The liquidity trap in the open economy Fixed exchange rates and foreign exchange intervention - Why study fixed exchange rates - Central Bank intervention and the money supply - How the central bank fixes the exchange rate - Balance of payments crises and capital flight - Managed floating and sterilized intervention - Reserve currencies in the international monetary system - The Gold Standard The International Monetary System: a historical overview - Macroeconomic policy goals in an open economy - Classifying monetary systems: the open economy trilemma - International macroeconomic policy under the Gold Standard, 1870-1914 - The years between the two wars (1918-1939) - The Bretton Woods system and the International Monetary Fund - Analyzing economic policy options for reaching internal and external balance - The problem of the external balance of the United States in the Bretton Woods system - the mechanism of imported inflation - The case for floating exchange rates - Macroeconomic interdependence under floating exchange rate regime - What has been learned since 1973? - Are fixed exchange rates even an option for most countries? Optimal currency areas and European experience - The evolution of the single European currency - The euro and the economic policy of the euro zone - The theory of optimum currency areas - The future of EMU - The crises of Balance of payments within the euro area (reference books) P. Krugman, M. Obstfeld, M. Melitz, Economia internazionale 2 - Economia monetaria internazionale, Decima Edizione Pearson, 2015 – (capitoli: 1-8 e capitolo 10).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201439 - MACROECONOMICS - ADVANCED COURSE (objectives) The course offers an introduction to theories, models and methods currently used to analyze macroeconomic dynamics. The main focus is on long-run dynamics and growth, but the course deals also with traditional topics such as consumption, investment, saving, money and credit. Discussion will mostly concern post-II World War theories. Among these, it deals with Solow and Ramsey-Cass-Koopmans exogenous growth theories, as well as the more recent endogenous growth theories. Methodologically, the course makes an intensive used of deterministic, general equilibrium models in discrete time. Topics and methods are considered essential references and tools by most institutions actually involved in macroeconomic analysis (e.g. central banks, institutes analyzing business cycles, supervisory boards and authorities, commercial banks). Further they form an essential prerequisite for more advanced coursed in macroeconomics and economic policy and to pursue graduate studies. - Derived from 21201439 MACROECONOMIA - CORSO AVANZATO in Scienze Economiche LM-56 N0 TIRELLI MARIO (syllabus) An introduction to the study of modern economic growth. Part I, exogenous growth: Definition, measurement, empirical regularities and stiligzed facts. Solow's theory and its empirical predictions. Foundations to the neoclassical growth theory - Ramsey-Cass-Koopmans (RCK) optimal growth model. The centralized economy and Pareto efficiency. Solution existence and stability. Market economy, competitive equilibrium and welfare theorems. Empirical implications. Part II, endogenous growth Endogeous growth and capital accumulation. Physical and "human" capital. Growth, innovation and technological progress. Optimal growth and investment decisions. Economies with overlapping generations of individuals (OLG): Competitive economies and the equilibrium. Welfare theorems and optimal growth. Some benchmark results on fiscal policy and social security. Consumption and saving: Permanent income hypothesis (Friedman). Life-cycle hypothesis (Modigliani). Further issues on individual saving decisions. (reference books) The course material consits of a set of lecture notes that will be distributed on-line, in the course web-page (http://host.uniroma3.it/docenti/tirelli/RM3/RM3mag_Macro_2.htm) during classes. Additional, suggested material and readings are: Daron Acemoglu, "Introduction to Modern Economic Growth", Princeton University Press, 2009 David Romer, "Advanced Macroeconomics", McGraw Hill, edizione III, 2006 (o precedenti). David Weil, "Economic Growth", Routledge, 2005 (or later eds).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201438 - MICROECONOMICS - ADVANCED COURSE (objectives) The objective of this course is to provide a thorough knowledge of the analytical methods and the recent theoretical developments in microeconomics. At the end of this course a student will be able to understand the microeconomic foundations of recent macroeconomic theory; to handle the analytical tools needed for static optimization; to apply theoretical methods in empirical studies; to acquire the analytical tools needed for further studies in more specialized fields of economics. - Derived from 21201438 MICROECONOMIA - CORSO AVANZATO in Scienze Economiche LM-56 N0 BLOISE GAETANO (syllabus) 1. Consumer theory: Preference and choice. Budget constraint and optimal consumption. Demand and comparative statics. The weak axion of revealed preferences. Utility maximization and expenditure minimization. Demand, indirect utility and expenditure. Welfare evaluation of economic changes. 2. Production theory: Production sets. Profit maximization and cost minimization. The geometry of costs. Efficient production. A digression of the linear activity model. 3. Choice under uncertainty: Risk and preferences. Expected utility theorem. Money lotteries and risk aversion. Comparison of payoff distributions in terms of returns and risk. Subjective probabilities. 4. Competitive equilibrium and its basic welfare properties: Markets and prices. Welfare theorems. Pareto optima and social welfare optima. First-order conditions for Pareto optimality. Applications. 5. Competitive equilibrium under uncertainty: Markets for contingent commodities. Arrow-Debreu equilibrium. Sequential trade. Asset markets and the no arbitrage theorem. Sequential trade and incomplete markets. Imperfect information. 6. Basic principles of financial economics: The fundamental theorem of asset pricing. Mean-variance analysis. (reference books) A. Mas-Colell, M.D. Whinston and J.R. Green, Microeconomic Theory, Oxford University Press, 1995 (Chapters 1, 2, 3, 5, 6, 16, 19, Mathematical Appendix). Additional material will be provided during classes.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Optional group: Altre Attività Formative - Un'attività a scelta tra: - (show)

21201444 - BUSINESS ENGLISH - Derived from 21201444 BUSINESS ENGLISH in Finanza e impresa LM-16 (docente da definire)	6		60	-	-	-	Other activities	ITA
21210029 - Stage	6		-	-	-	-	Other activities	ITA
21201321 - ENGLISH LANGUAGE	6	L-LIN/12	150	-	-	-	Other activities	ITA
21201511 - I.T.: STATISTICAL ANALYSIS LABORATORY (objectives) The course aims at providing students with basic knowledge of statistical analysis software tools such as Matlab. The final objective of the course is to ensure that students, at the end of the teaching activity, are able to perform some of the main statistical applications and, in the case of applications not developed within the course, to being able to learn independently the knowledge necessary for the development of such applications. - Derived from 21201511 INFORMATICA: LABORATORIO DI ANALISI STATISTICHE in Economia dell'ambiente e dello sviluppo LM-56 BENEDETTO FRANCESCO (syllabus) ntroduction. Elements of Matlab. Arithmetic operators: Logical and relational operators Variables: assignment of variables, local and global variables. Vectors: how to create a vector, row and column vectors, operations with vectors and access to the elements of a vector. Matrices: how to create a matrix, square and rectangular matrices, identity and diagonal matrices, operations with matrices and access to the elements of a matrix. Polynomials and solutions of linear systems. Flow controls and conditional statements: comparison structure if, switch comparison structure. For and while loops. Programming elements: scripts and functions, how to write and execute a function, how to write scripts. Introduction to the use of 1-D charts. Import data from files and file management. Import data from Excel sheets and .csv files Principles of discrete sequence analysis. Sequence operations, convolutions and discrete linear correlations, correlograms. Principles of descriptive statistics: characteristic parameters, parameter estimates, historical series and discrete series, histograms. Statistical applications: time series, averaging, volatility and higher order moments. Graph of historical time series and statistical analysis through moments, histograms and normal fitting. (reference books) - MATLAB® / R Reference, by David Hiebeler (June, 2014). - Econometrics and Economics in Matlab. - "An Introduction to Matlab for Econometrics", by J. C. Frain, TEP Working Paper No. 0110, February 2010.	6	INF/01	40	-	-	-	Other activities	ITA

SECOND YEAR

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201408 - STATISTICAL METHODS FOR ECONOMETRICS (objectives)

- NACCARATO ALESSIA

SECS-S/01

Core compulsory activities

ITA

Optional group: ANALISI ECONOMICA Orientamento unico 2 ANNO - UN INSEGNAMENTO A SCELTA TRA: - (show)

21201442 - BUSINESS II (ECONOMICS AND BUSINESS MANAGEMENT - ADVANCED COURSE) (objectives) The Business II Course (EGI CA) deals with the international business of companies operating in today's globalized contexts. After a brief introduction on macroeconomic dynamics that impact on international markets, the course focuses on the analysis of the companies, especially those of larger size, and their decision to go international in order to maximize their value. Today more than ever, companies are more likely to relocate the value chain activities in different parts of the world, this means a greater ability to seize new opportunities for value creation, but also greater attention to governance and management of intercultural barriers. Therefore, after having explained the reasons behind the internationalization process, the Course aims to: illustrate the issues that arise at the various stages of international development; to identify the key variables that influence it; and to identify the various methods and instruments through which the process of internationalization unfolds. Students at the end of the course will be able to: 1) To know and interpret the logic and actions of the actors involved in the international context; 2) To know and discuss the basic elements concerning the international development process; 3) To know and apply the basic tools for the analysis of the attractiveness of the Country to support managerial decisions; 4) To Analyze the competitive situation of the sector and select solutions for the approach to international markets in terms of strategies, methods and penetration of the target markets. - Derived from 21210118 ECONOMIA E GESTIONE DELLE IMPRESE - CORSO AVANZATO in Economia e Management LM-77 FAGGIONI FRANCESCA, PRINCIPATO LUDOVICA (syllabus) 1. Globalization of the markets and Global value Chains 2. The internationalization of companies: theories 3. Internationalization strategies 4. Start up and development of the internationalization process 5. Analysis of the attractiveness of international markets 6. Internationalization procedure 7. Elements of penetration of international markets through the levers of the Marketing Mix 8. The internationalization of the value chain activities (production, research and development, sales, distribution) 9. The social responsibility of international companies (reference books)  UNCTAD – World Investment Report 2018 (pag. 1-61 e 125-177)  UNCTAD – World Investment Report 2013 (pag. 122-174)  Mihir A. Desai, The Decentering of the Global Firm, World Economy, 32, 2009, pp. 1271-1290  C. DEMATTE', F. PERRETTI, E. MARAFIOTI (a cura di), Strategie di Internazionalizzazione, Milano, EGEA, 2013.  The slides on the website of the course represents an integral part of the program For non-attending students and those who do not develop the PW, in addition to the reference texts, the following documents and articles are required: 1. Hofstede, G. (2011). Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture, 2(1). http://dx.doi.org/10.9707/2307-0919.1014 2. Center For Creative Leadership, (2014), Leader effectiveness and Culture: The Globe Study. https://gdl29.files.wordpress.com/2014/03/globestudy.pdf 3. OECD. (2015). Principles of Corporate Governance https://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf	9	SECS-P/08	60	-	-	-	Core compulsory activities	ITA
21201459 - BUSINESS STRATEGY (objectives) Course will provide participants to 1. Understand the strategic decisions that organizations make and have an ability to engage in strategic planning. 2. Explain the basic concepts, principles and practices associated with strategy formulation and implementation. 3. Integrate and apply knowledge gained in basic courses to the formulation and implementation of strategy. 4. Analyze and evaluate critically real life company situations and develop creative solutions, using a strategic management perspective. 5. Conduct and present a credible business analysis in a team setting. 6. Understand the crucially important role that the finance function plays in the setting and implementation of a strategy.
21201724 - BANK MANAGEMENT (objectives) Course Aims • to introduce basic concepts that relate to the traditional business of banking • to examine the recent trends and developments in domestic and international banking • to provide students with an understanding of banks’ accounts and financial ratios analysis • to examine the most important banking risks and their management • to construct coherent arguments concerning the need for financial regulation • to provide students with an understanding of the importance and role of technology and financial innovation for modern banks - Derived from 21201724 BANK MANAGEMENT in Finanza e impresa LM-16 RADIC NEMANJA (syllabus) Introduction to the module. What is special about banks? What do banks do? Adverse selection and moral hazard in financial markets. Theories of financial intermediation. Universal banking and the bank assurance. Universal banking vs. specialist banking. International banking. Comparative banking systems and issues: EU, US, UK, and Japanese banking system. Banking in emerging economies. Banks’ financial statement and financial ratio analysis. Central banking and bank regulation (1). Theory of central banking. Bank regulation and supervision. Central banking and bank regulation (2): The Basel Accords. Laissez-faire banking and its limitations. Theoretical models of financial intermediation. Consolidation in banking. Competitive issues in banking: market structure and performance SCP paradigm. The bank production process and its productivity and efficiency. International Bank Lending and Country Risk. Workshops on banking data related resources. (reference books) • Casu, B., Girardone, C., Molyneux, P., (2015), Introduction to Banking (2nd Ed.), Pearson • Heffernan, S., (2005), Modern Banking, John Wiley & Sons	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG
21201722 - RISK MANAGEMENT IN BANKING (objectives) The course aims at analysing the problems connected with both the financial and the non-financial management of banks. Namely, this analysis is carried out along the following streams: The role and peculiarities of risk management in financial institutions. The objectives, applications and technical features of risk measurement and management models: interest rate risk, market risk, liquidity risk, credit risk and operational risk. Capital regulation: recent evolution and problems posed by the recent financial crisis. Capital management and the process of value creation in financial institutions. Supervisory policies on financial and insurance institutions, with a focus on internal controls and organizational and capital adequacy. By the end of this course you should be able to: Evaluate the impact of the main strategies on the shareholder value creation of modern global banks Be aware of the main banking risk measurement techniques Critically evaluate the application of the main risk management techniques in banking Understand the main capital allocation methods within modern banks Comprehend why banks need regulation and distinguish between the different types of regulation. - Derived from 21201722 RISK MANAGEMENT IN BANKING in Finanza e impresa LM-16 FIORDELISI FRANCO (syllabus) 1: Introduction. The role and peculiarities of risk management in financial institutions. Risk management failure during the financial crisis. 2: Interest rate risk: the repricing gap model 3: Interest rate risk: the duration gap model and clumping 4: Interest rate risk: internal transfer rates (ITR) 5: Liquidity risk: funding and market risks, short and medium term control models, new liquidity requirements 6: Market risk: Value at Risk models: parametric approach. Estimating volatilities and correlations. 7: Market risk: mapping risk positions in the parametric approaches 8: Market risk: simulation approaches 9: Market risk: backtesting VaR models, VAR Limits and Expected Shortfall 10: Credit risk management. Scoring models for estimating the probability of default 11: Credit risk management. Market-based models for estimating the probability of default 12: Credit risk management. The recovery risk 13. Credit risk management: Portfolio models 14. Credit risk management: Internal rating system management and application (pricing and risk-adjusted performance measures) 15. Operational risk 16. Banking regulation: from Basel I to Basel III 17. Rethinking banking regulation: Basel 4? (reference books) 1. Essential Readings • John H. Hull, Risk Management and Financial Institutions, 4th Edition, John Wiley, 2015 (H) • Philip Jorion, Financial Risk Manager Handbook, 6th Edition, John Wiley, 2011 (J) • Resti A. and A. Sironi, Risk Management and Shareholders' Value in Banking, John Wiley, 2007 (RS). 2. Suggested Readings • The economist, 2008. The confession of a risk manager (EC) • European Parliament, Upgrading the Basel standards: from Basel III to Basel IV? (EP). http://www.europarl.europa.eu/RegData/etudes/BRIE/2016/587361/IPOL_BRI(2016)587361_EN.pdf • Basel Committee, Basel III Monitoring Report, 28 February 2017. (BC) https://www.bis.org/bcbs/publ/d397.pdf • Philipp Härle, Andras Havas, and Hamid Samandari, 2016. The future of bank risk management, McKinsey Quarterly, July .(MK) http://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-bank-risk-management • Ernest Young, Rethinking risk management, (EY) http://www.ey.com/Publication/vwLUAssets/EY-rethinking-risk-management/$FILE/EY-rethinking-risk-management.pdf	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG

Optional group: MERCATI, SETTORI E ISTITUZIONI 2 ANNO - Un insegnamento a scelta tra: - (show)

21201491 - MONETARY ECONOMICS - Derived from 21210130 Monetary theory, institutions and policy in Scienze Economiche LM-56 LEVRERO ENRICO SERGIO (syllabus) First Module (30 hours) 1. Money, monetary institutions and the financial markets 2. The demand for money 3. The supply of money and the debate on its endogeneity 4. The equilibrium of the financial sector 5. The structure of the interest rates Second Module (30 hours) 6. Money, prices, and output 7. The transmission channels of the monetary policies 8. The Gibson Paradox 9. Rules and discretion 10. Money and public finance (reference books) Bank of England, Quarterly Bulletin, Q1, 54, 1, 2014, pp. 4-28 (Module 1) N.S. Balke and K.M. Emery, “Understanding the price puzzle”, Economic Review— Fourth Quarter 1994, Federal Reserve Bank of Dallas, pp. 15-26 (Module 2) R. Ciccone, “Public Debt and Aggregate Demand: Some Unconventional Analytics”, in E.S. Levrero, A. Palumbo and A. Stirati (eds), Sraffa and the Reconstruction of Economic Theory: volume 2. Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013, pp. 15-28 (Module 2) B. Friedman, “Crowding Out or Crowding In? Economic Consequences of Financing Government Deficits”, Brookings Papers on Economic Activity, 3:1978, pp. 599-603 and 609-620 (Module 2) C.A.E Goodhart, Money, information and uncertainty, Second edition, Macmillan, 1989, pp. 24-50, 51-57, 129-137 (Module 1) A. Lavoie, Post-Keynesian Economics: New Foundations, Edward Elgar, 2014, pp. 186-225 and 245-252 (Module 1) M. Pivetti, “Interest and profits in Smith, Ricardo and Marx”, Political Economy. Studies in the surplus approach, 3, 1, 1987, pp. 63-74 (Module 2) W. Poole, “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model”, The Quarterly Journal of Economics, 84, 2, 1970), pp. 197-203 (Module 2) J. Smithin, The theory of interest rates, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 273-290 (Module 2) J. Tobin, “Liquidity Preference as Behavior Towards Risk”, The Review of Economic Studies 25, 2, 1958, pp. 65-86 (Module 1) M. Vernengo, Money and inflation, in P. Arestis and M. Sawyer, A Handbook of Alternative Monetary Economics, Edward Elgar, 2006, pp. 476-489 (Module 1 and 2) C.E. Walsh, Monetary Theory and Policy, third edition, The Mit Press, 2010, pp. 21-24, 33-71, 134-162, 195-209, 465-475 (Module 1 and 2) C. E. Walsh, “Teaching Inflation Targeting: An Analysis for Intermediate Macro”, Journal of Economic Education, Fall 2002, pp. 333-346 (Module 2).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201562 - ADVANCED ECONOMIC POLICY (objectives) The overall objective of Politica economica c.a. is to provide an in depth understanding of modern macroeconomic theory with strong emphasis on Business cycle and Stabilization policies. The course focuses mainly on Dynamic General Equilibrium macroeconomic models, starting from real business cycle models into which New Keynesian macroeconomic features are introduced. - Derived from 21201562 POLITICA ECONOMICA - CORSO AVANZATO in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 N0 GIULI FRANCESCO (syllabus) - Stylized Facts of the Business Cycle. Basic concepts and definitions - Business cycle theories from Keynes to Monetarism - Traditional keynesian stabilization policies and rule-based policies - The Lucas' island model and the role of expectations - The Real Business cycle theory and the money neutrality - The New Keynesian approach: the demand side and the monetary policy - Simulation of Dynamic Stochastic General Equilibrium (DSGE) models using Dynare for Matlab (reference books) Enrico Marchetti “Teorie del ciclo economico. Il dibattito moderno su instabilità e equilibrio”, Esculapio, 2009. Additional teaching material will be provided.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21201439 - MACROECONOMICS - ADVANCED COURSE (objectives) The course offers an introduction to theories, models and methods currently used to analyze macroeconomic dynamics. The main focus is on long-run dynamics and growth, but the course deals also with traditional topics such as consumption, investment, saving, money and credit. Discussion will mostly concern post-II World War theories. Among these, it deals with Solow and Ramsey-Cass-Koopmans exogenous growth theories, as well as the more recent endogenous growth theories. Methodologically, the course makes an intensive used of deterministic, general equilibrium models in discrete time. Topics and methods are considered essential references and tools by most institutions actually involved in macroeconomic analysis (e.g. central banks, institutes analyzing business cycles, supervisory boards and authorities, commercial banks). Further they form an essential prerequisite for more advanced coursed in macroeconomics and economic policy and to pursue graduate studies. - Derived from 21201439 MACROECONOMIA - CORSO AVANZATO in Scienze Economiche LM-56 (docente da definire) (syllabus) An introduction to the study of modern economic growth. Part I, exogenous growth: Definition, measurement, empirical regularities and stiligzed facts. Solow's theory and its empirical predictions. Foundations to the neoclassical growth theory - Ramsey-Cass-Koopmans (RCK) optimal growth model. The centralized economy and Pareto efficiency. Solution existence and stability. Market economy, competitive equilibrium and welfare theorems. Empirical implications. Part II, endogenous growth Endogeous growth and capital accumulation. Physical and "human" capital. Growth, innovation and technological progress. Optimal growth and investment decisions. Economies with overlapping generations of individuals (OLG): Competitive economies and the equilibrium. Welfare theorems and optimal growth. Some benchmark results on fiscal policy and social security. Consumption and saving: Permanent income hypothesis (Friedman). Life-cycle hypothesis (Modigliani). Further issues on individual saving decisions. (reference books) The course material consits of a set of lecture notes that will be distributed on-line, in the course web-page (http://host.uniroma3.it/docenti/tirelli/RM3/RM3mag_Macro_2.htm) during classes. Additional, suggested material and readings are: Daron Acemoglu, "Introduction to Modern Economic Growth", Princeton University Press, 2009 David Romer, "Advanced Macroeconomics", McGraw Hill, edizione III, 2006 (o precedenti). David Weil, "Economic Growth", Routledge, 2005 (or later eds).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21210010 - TEORIA DEI GIOCHI (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. A special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution quantities, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210010 TEORIA DEI GIOCHI in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) First part - Games of complete information 1. Static games: Normal form games; solution concepts (dominance solvability, Nash equilibria in pure and mixed strategies). Applications. 2. Dynamic games: Extensive form games. Finite games. Solution concepts (Nash equilibria, subgame perfect Nash equilibria). Applications. Infinite repeated games. Applications. Second part - Games of incomplete and imperfect information. 3. Normal form, Bayesian games. Bayesian-Nash equilibrium. Applications. 4. An introduction to dynamic games with inperfect information. (reference books) Martin J. Osborne, An Introduction to Game Theory, 2003 or later editions.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Optional group: Mercati, settori e istituzioni - 2° anno - un insegnamento a scelta tra: - (show)

21210002 - ECONOMIC GROWTH AND WELFARE SYSTEMS - Derived from 21210002 ECONOMIC GROWTH AND WELFARE SYSTEMS in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 TRIDICO PASQUALE, ANTENUCCI FABRIZIO	9	SECS-P/02	60	-	-	-	Related or supplementary learning activities	ITA
21201717 - MONETARY POLICY AND FINANCIAL MARKETS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - Derived from 21201717 POLITICA MONETARIA E MERCATI FINANZIARI in Scienze Economiche LM-56 N0 SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/02	60	-	-	-	Related or supplementary learning activities	ITA
21201492 - PUBLIC ECONOMICS (objectives) The aim of the course is to provide advanced tools for the analysis of the tax shifting. To this purpose, the main kind of taxes will be investigated in different market structures (perfect competition, monopoly, monopolistic competition, oligopoly). The analysis is developed using both graphical and analytical tools. - Derived from 21201492 ECONOMIA PUBBLICA in Economia dell'ambiente e dello sviluppo LM-56 LIBERATI PAOLO (syllabus) 1) Tax shifting in perfect competition 2) Tax shifting in monopoly 3) Tax shifting in intermediate regimes 4) Particular cases of tax shifting (reference books) Text on-line, in the section "Materiali del corso"	9	SECS-P/03	60	-	-	-	Related or supplementary learning activities	ITA
21201417 - ADVANCED PUBLIC FINANCE
21201417-2 - FINANZA PUBBLICA - Derived from 21210108 FINANZA PUBBLICA in Finanza e impresa LM-16 DI MAJO ANTONIO, Cristofaro Antonio	3	SECS-P/03	20	-	-	-	Related or supplementary learning activities	ITA
21201417-3 - FINANZA PUBBLICA - Derived from 21210108 FINANZA PUBBLICA in Finanza e impresa LM-16 DI MAJO ANTONIO, Cristofaro Antonio	6	SECS-P/03	30	-	-	-	Related or supplementary learning activities	ITA
21210005 - ECONOMIA DELLO SVILUPPO - Derived from 21210129 Development economics in Economia dell'ambiente e dello sviluppo LM-56 MONNI SALVATORE, PALLOTTINO MASSIMO (syllabus) The purpose of this course is to provide students with analytical and empirical tools apt to build up an advanced and solid understanding of economic development processes. This objective will be pursued by connecting the theory to public policy issues at global level, international development cooperation and field level issues and key elements. The introduction of different approaches, and their firm connection within an interdisciplinary and critical perspective, is intended to lay the ground for the skills needed to contribute in the area of international development both at desk, field and analysis level. Programma I MODULE - Introducing Economic Development: A Global Perspective - Comparative Economic Development  - Classic Theories of Economic Growth and Development  - Contemporary Models of Development and Underdevelopment - Poverty, Inequality, and Development  - Population Growth and Economic Development: Causes, Consequences, and Controversies - Human Capital: Education and Health in Economic Development  - Agricultural Transformation and Rural Development  - The Environment and Development  - Development Policymaking and the Roles of Market, State, and Civil Society - Foreign Finance, Investment, Aid, and Conflict: Controversies and Opportunities  - Finance and Fiscal Policy for Development II MODULE - Assumptions, Values, Initial definitions, History - Focus: Debt/Structural Adjustment/Poverty Reduction - Policies - State, Market, Civil Society - Agricultural and Rural Development - International Development Cooperation - Agenda 2030, coherence, complexity - Migration and Development - Conflict and Development (reference books) • Michael P. Todaro, Stephen C. Smith, Economic Development. 12th Edition. George Washington University: 2015, Pearson.Chapters 1, 2, 3, 4, 5, 6, 8, 9, 10, 11, 14, 15. • Haslam Paul Alexander, Jessica Schafer and Pierre Beaudet, eds. Introduction to International Development: Approaches, Actors, and Issues. Second edition. Don Mills Ontario: Oxford University Press, 2012. Chapters 1, 3, 7, 9, 12, 14, 18, 22, 23. • Sianes, A. (2017). Shedding Light On Policy Coherence for Development: A Conceptual Framework: Shedding light on Policy Coherence for Development. Journal of International Development, 29(1), 134–146. https://doi.org/10.1002/jid.2977 • Patton Michael Quinn, Developmental evaluation: applying complexity concepts to enhance innovation and use. New York: Guilford Press, 2011. Chapter 4.	9	SECS-P/02	60	-	-	-	Related or supplementary learning activities	ITA
21201550 - ECONOMICS AND FINANCE OF SMALL AND MEDIUM BUSINESS
21201550-1 - ECONOMIA E FINANZA NELLE PMI - Derived from 21201550 ECONOMIA E FINANZA DELLE PMI in Scienze Economiche LM-56 (docente da definire)	5	SECS-P/09	30	-	-	-	Related or supplementary learning activities	ITA
21201550-2 - ECONOMIA E FINANZA NELLE PMI - Derived from 21201550 ECONOMIA E FINANZA DELLE PMI in Scienze Economiche LM-56 (docente da definire)	3	SECS-P/01	20	-	-	-	Related or supplementary learning activities	ITA
21201550-3 - ECONOMIA E FINANZA NELLE PMI - Derived from 21201550 ECONOMIA E FINANZA DELLE PMI in Scienze Economiche LM-56 (docente da definire)	1	SECS-P/01	10	-	-	-	Related or supplementary learning activities	ITA
21201569 - HISTORY OF LABOUR AND INDUSTRIAL RELATIONS (objectives) The aim of this course is to develop a critical interpretation of the transformations, between 19th and 20th century, of the labor organization, social conflicts, industrial relations, social security and welfare policies, with particular reference to the Italian case.
21201463 - HISTORY OF ENTERPRISE (objectives) The aim of this course is to help students acquire concepts and methodologies with which to trace the evolution and progress of the modern company as a paradigm of the development of the various forms of capitalism in existence today. Our analysis of business history will aim to provide the instruments necessary to understand the current phase in Italy’s economic development.
21201274 - HISTORY OF ECONOMIC THEORY (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds.
21201274-2 - STORIA DEL PENSIERO ECONOMICO (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds. - Derived from 21201506-2 STORIA DEL PENSIERO ECONOMICO in Economia L-33 TRABUCCHI PAOLO	4	SECS-P/04	30	-	-	-	Related or supplementary learning activities	ITA
21201274-1 - STORIA DEL PENSIERO ECONOMICO (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds. - Derived from 21201506-1 STORIA DEL PENSIERO ECONOMICO in Economia L-33 CICCONE ROBERTO	5	SECS-P/04	30	-	-	-	Related or supplementary learning activities	ITA

Second semester

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Contact Hours

Exercise Hours

Laboratory Hours

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Optional group: ANALISI ECONOMICA Orientamento unico 2 ANNO - UN INSEGNAMENTO A SCELTA TRA: - (show)

21201459 - BUSINESS STRATEGY (objectives) Course will provide participants to 1. Understand the strategic decisions that organizations make and have an ability to engage in strategic planning. 2. Explain the basic concepts, principles and practices associated with strategy formulation and implementation. 3. Integrate and apply knowledge gained in basic courses to the formulation and implementation of strategy. 4. Analyze and evaluate critically real life company situations and develop creative solutions, using a strategic management perspective. 5. Conduct and present a credible business analysis in a team setting. 6. Understand the crucially important role that the finance function plays in the setting and implementation of a strategy.
21201459-2 - STRATEGIA D'IMPRESA - Derived from 21201459-2 STRATEGIA D'IMPRESA in Economia e Management LM-77 N0 Magni Domitilla	4,5	SECS-P/08	30	-	-	-	Core compulsory activities	ITA
21201459-1 - STRATEGIA D'IMPRESA - Derived from 21201459-1 STRATEGIA D'IMPRESA in Economia e Management LM-77 N0 PEZZI ALBERTO (syllabus) The course mainly consists in classroom lectures, case discussions, simulations, and practical exercises; in the second part of the course, selected presentations about real-life experiences will be offered by outside speakers. The course aims at providing students with a good understanding of the theory and practice of strategic managing an organization, with particular reference to the concepts, tools and contexts of the managerial processes focused on formulating and implementing a strategy. Both the program and the teaching methods will be based on a problem-solving and real-life approach, with the objective of facilitating the development of diagnostic and critical skills, and the ability to selectively apply theories, methods, and techniques to various industry and company contexts. (reference books) Gandellini G., Pezzi A., Venanzi D. (2012), Strategy for Action I: The Logic and Context of Strategic Management, Springer, Berlin Gandellini G., Pezzi A., Venanzi D. (2012), Strategy for Action II: Strategy Formulation, Development, and Control, Springer, Berlin The documents published on the course web page are also an integral part of the teaching material.	4,5	SECS-P/08	30	-	-	-	Core compulsory activities	ITA

Optional group: MERCATI, SETTORI E ISTITUZIONI 2 ANNO - Un insegnamento a scelta tra: - (show)

21201457 - INDUSTRIAL ECONOMICS - ADVANCED COURSE (objectives) The aim of the course is twofold. The analytical models of the main problems of industrial economics, with a particular focus on the strategic interaction between firms, are the core of the first module of the course. The second module aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators - Derived from 21210082 ECONOMIA INDUSTRIALE - CORSO AVANZATO in Economia Aziendale LM-77 (docente da definire)	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21210004 - ECONOMIA DELLE IMPRESE E DEI SETTORI PRODUTTIVI (objectives) The course aims to provide students with the notions for a thorough analysis of the Italian productive system, taking into consideration issues related to firms’ organization and performance together with a close look at the specific industries’ main competitiveness indicators. Particular attention will be devoted to the impact of globalization on firms’ organization and performance. The course will make use of models and applications through a laboratory session. - Derived from 21210004 ECONOMIA DELLE IMPRESE E DEI SETTORI PRODUTTIVI in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 GIUNTA ANNA (syllabus) 1. The Neo-Institutional Theory of the Firm 1.1 Overview of the neoclassical theory of the firm 1.2 Ronal Coase and the transaction cost theory 1.3 The contribution of Oliver Williamson 1.4 Quasi-Rents: Klein, Crawford, Alchian 1.5 Property Rights Theory : Grossman, Hart e Moore 2. The organization of Italian firms 2.1 From large firms and the economic miracle of the 60's to the industrial discticts of the '80s 2.2 Firms and globalization 3. Main issues 3.1 Productivity 3.2 R&D 3.3 ICT 3.4 Internationalization 3.5 Global Value Chains 4. Laboratory session (reference books) Che cosa sa fare l'Italia, di Giunta A., Rossi S. (2017), Roma, Laterza. Chapters 2, 3, 4 Other teaching material is available to students in a shared Dropbox folder on the website of the Scuola di Economia e Studi Aziendali .	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21201503 - INTERNATIONAL ECONOMICS (objectives) The aim of the course is to present the main themes of international monetary macroeconomics. The course starts by laying out the way in which international relations are recorded in national accounts and balance of payments. In this way the course provides a framework for understanding the consequences for a country of running large current account surpluses or deficits. The course then focuses on different theories of the determination of the exchange rates. It also discusses the effects on the real economy and on the price levels of the commercial and financial relations of a country with the rest of the world. The institutional set-up of the euro area will be presented in relation to the theories considered, emphasizing Its peculiarities with respect to the theoretical debates about the alternative between fixed and flexible exchange rates and about the question of the optimal currency areas. All the topics will be analyzed trying to highlight the differences underlying the main theoretical models. The main official documents and economic reports published by national and international institutions on our country's international relations will also be analyzed. The material covered is not mathematically complex, but it is taught in a formal and rigorous manner, which assumes a good familiarity with basic economic concepts. - Derived from 21201503 ECONOMIA INTERNAZIONALE in Economia L-33 TREZZINI ATTILIO (syllabus) Introduction - International economics: the distinction between international trade theory and policy and the international monetary economy. Outline of the course. Recording of economic and financial relations with foreign countries - National accounting in an open economy - Balance of payments Exchange rates and foreign Exchange Markets. A portfolio approach - Exchange rates and international transactions - The foreign exchange market - Demand for foreign currency assets - Equilibrium in the foreign exchange market - Interest rates, expectations and equilibrium Money, interest rates and exchange rates - Demand for Money - Money supply and the determination of domestic rates of interest - exchange rates in the short term - Money, prices and exchange rate in the "long term". - Inflation and exchange rate dynamics - Critical considerations on the interpretation of the terms "short term" and "long term": the theoretical assumptions about the tendency to full employment Long-term price level and exchange rate - The law of one price - Purchasing power parity: presentation and criticism - A long-run exchange rate model based on PPP - Empirical evidence on PPP and the law of one price. - Explaining of the problems related to PPP. - Beyond PPP: a "general" long-term model for exchange rates Output and exchange rate in the short-run - Output market equilibrium in an open economy in the short run (The DD curve) - Asset Market equilibrium in the short run (the AA curve) - Short-run equilibrium in open economy: putting DD and AA together - Temporary changes in monetary and fiscal policies - Permanent shifts in monetary and fiscal policies - Macroeconomic policies and the current account - The J curve and Marshall-Lerner condition - The liquidity trap in the open economy Fixed exchange rates and foreign exchange intervention - Why study fixed exchange rates - Central Bank intervention and the money supply - How the central bank fixes the exchange rate - Balance of payments crises and capital flight - Managed floating and sterilized intervention - Reserve currencies in the international monetary system - The Gold Standard The International Monetary System: a historical overview - Macroeconomic policy goals in an open economy - Classifying monetary systems: the open economy trilemma - International macroeconomic policy under the Gold Standard, 1870-1914 - The years between the two wars (1918-1939) - The Bretton Woods system and the International Monetary Fund - Analyzing economic policy options for reaching internal and external balance - The problem of the external balance of the United States in the Bretton Woods system - the mechanism of imported inflation - The case for floating exchange rates - Macroeconomic interdependence under floating exchange rate regime - What has been learned since 1973? - Are fixed exchange rates even an option for most countries? Optimal currency areas and European experience - The evolution of the single European currency - The euro and the economic policy of the euro zone - The theory of optimum currency areas - The future of EMU - The crises of Balance of payments within the euro area (reference books) P. Krugman, M. Obstfeld, M. Melitz, Economia internazionale 2 - Economia monetaria internazionale, Decima Edizione Pearson, 2015 – (capitoli: 1-8 e capitolo 10).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201438 - MICROECONOMICS - ADVANCED COURSE (objectives) The objective of this course is to provide a thorough knowledge of the analytical methods and the recent theoretical developments in microeconomics. At the end of this course a student will be able to understand the microeconomic foundations of recent macroeconomic theory; to handle the analytical tools needed for static optimization; to apply theoretical methods in empirical studies; to acquire the analytical tools needed for further studies in more specialized fields of economics. - Derived from 21201438 MICROECONOMIA - CORSO AVANZATO in Scienze Economiche LM-56 N0 BLOISE GAETANO (syllabus) 1. Consumer theory: Preference and choice. Budget constraint and optimal consumption. Demand and comparative statics. The weak axion of revealed preferences. Utility maximization and expenditure minimization. Demand, indirect utility and expenditure. Welfare evaluation of economic changes. 2. Production theory: Production sets. Profit maximization and cost minimization. The geometry of costs. Efficient production. A digression of the linear activity model. 3. Choice under uncertainty: Risk and preferences. Expected utility theorem. Money lotteries and risk aversion. Comparison of payoff distributions in terms of returns and risk. Subjective probabilities. 4. Competitive equilibrium and its basic welfare properties: Markets and prices. Welfare theorems. Pareto optima and social welfare optima. First-order conditions for Pareto optimality. Applications. 5. Competitive equilibrium under uncertainty: Markets for contingent commodities. Arrow-Debreu equilibrium. Sequential trade. Asset markets and the no arbitrage theorem. Sequential trade and incomplete markets. Imperfect information. 6. Basic principles of financial economics: The fundamental theorem of asset pricing. Mean-variance analysis. (reference books) A. Mas-Colell, M.D. Whinston and J.R. Green, Microeconomic Theory, Oxford University Press, 1995 (Chapters 1, 2, 3, 5, 6, 16, 19, Mathematical Appendix). Additional material will be provided during classes.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA

Optional group: Mercati, settori e istituzioni - 2° anno - un insegnamento a scelta tra: - (show)

21210003 - POLITICHE MACROECONOMICHE PER LO SVILUPPO (objectives) The course addresses a number of macroeconomic issues with a focus on development and growth, income distribution, institutions, and the growth-inequality-poverty nexus. The module will typically cover the following topics: Principal macroeconomic issues of uneven development; Growth models as tools for analyzing the macroeconomics of development; Macroeconomic stability; Geography, Culture and Institutions; Income distribution and Macroeconomics; Inequality, growth and welfare policy. - Derived from 21210003 POLITICHE MACROECONOMICHE PER LO SVILUPPO in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 SCARLATO MARGHERITA, D'AGOSTINO GIORGIO (syllabus) Macroeconomics and development The course addresses a number of macroeconomic issues with a focus on development and growth, income distribution, institutions, and the growth-inequality-poverty nexus. The module will typically cover the following topics: • Introduction: principal macroeconomic issues of development • Economic growth: Growth models as tools for analyzing the macroeconomics of development • Stages of Growth • Macroeconomic stability and growth in developing countries • Geography, Culture and Institutions • Income distribution and Macroeconomics • Inequality, growth and welfare policy (reference books) Syllabus provided at the beginning of the course	9	SECS-P/02	60	-	-	-	Related or supplementary learning activities	ITA
21201417 - ADVANCED PUBLIC FINANCE
21201550 - ECONOMICS AND FINANCE OF SMALL AND MEDIUM BUSINESS
21201569 - HISTORY OF LABOUR AND INDUSTRIAL RELATIONS (objectives) The aim of this course is to develop a critical interpretation of the transformations, between 19th and 20th century, of the labor organization, social conflicts, industrial relations, social security and welfare policies, with particular reference to the Italian case.
21201569-2 - STORIA DEL LAVORO E DELLE RELAZIONI INDUSTRIALI 2 (objectives) The aim of this course is to develop a critical interpretation of the transformations, between 19th and 20th century, of the labor organization, social conflicts, industrial relations, social security and welfare policies, with particular reference to the Italian case. - Derived from 21201569-2 STORIA DEL LAVORO E DELLE RELAZIONI INDUSTRIALI in Economia e Management LM-77 Bianchi Giampiero	4	SECS-P/12	30	-	-	-	Related or supplementary learning activities	ITA
21201569-1 - STORIA DEL LAVORO E DELLE RELAZIONI INDUSTRIALI 1 (objectives) The aim of this course is to develop a critical interpretation of the transformations, between 19th and 20th century, of the labor organization, social conflicts, industrial relations, social security and welfare policies, with particular reference to the Italian case. - Derived from 21201569-1 STORIA DEL LAVORO E DELLE RELAZIONI INDUSTRIALI in Economia e Management LM-77 TRAVAGLINI CARLO MARIA, STEMPERINI GIUSEPPE (syllabus) The course will cover the historical evolution of labor and industrial relations, seen through the study of collective bargaining, both in terms of overall structure and of specification in the main economic sectors. It will be added to an analysis of company bargaining examined in its fundamental characteristics. (reference books) A. Eckert, Global histories of work, Berlin-Boston, De Gruyter Oldenbourg, 2016.	5	SECS-P/12	30	-	-	-	Related or supplementary learning activities	ITA
21201463 - HISTORY OF ENTERPRISE (objectives) The aim of this course is to help students acquire concepts and methodologies with which to trace the evolution and progress of the modern company as a paradigm of the development of the various forms of capitalism in existence today. Our analysis of business history will aim to provide the instruments necessary to understand the current phase in Italy’s economic development.
21201463-1 - STORIA D'IMPRESA - Derived from 21201463-1 STORIA D'IMPRESA in Economia e gestione aziendale L-18 N0 STEMPERINI GIUSEPPE (syllabus) Large, highly integrated companies are generally seen as the economic institutions that best represent the capitalist system: for this reason the main focus of the course will be to analyse the structure of these companies in different time periods. It is, nonetheless, worth remembering that the numerous economic structures and competitive conditions that have arisen over time in the West have led to the appearance of a variety of different types of enterprises. With this in mind, the first part of the course will look at various general themes within economic history, from the first industrial revolution to the end of the last century, in order to provide a general frame of reference within which to place the evolutionary process of modern industrial companies. Later, we will analyse the Italian case, a country that has been seen as representing the different ways of understanding and doing business within the context of economic development in the 20th century. This will allow us to reflect upon the current theories regarding Italy’s ‘decline’, and upon the country’s future prospects. The second part of the course will include a detailed investigation of 20th century companies, with the aim of tracing a comparative profile of the forms of economic development that characterised Western capitalism in different time periods. An in-depth analysis will be dedicated to the origins and the evolution of the “fourth capitalism”. The course, divided into two modules, covers the following topics: First module: - Modern economic development and the paradigm of the ‘industrial revolutions’; - Business structures; - Industrial concentration and corporate groups in 20th century Italy; - The role of big business and small and medium enterprises in the Italian economy; - Corporate finance; - Industrial policy. Second module: - Business and the evolution of the socio-cultural environment: contexts and institutions; - The evolution in scale and structure of businesses: family companies, managerial companies and company groups; - Business management and governance: organisation, work and advances in techniques; - Rise and fall of state-owned enterprise; - The fourth capitalism: scale and distribution, physiognomy, internationalisation, organisational structures. (reference books) A.D. Chandler Jr., F. Amatori, T. Hikino (editors), Big Business and the Wealth of Nations, Cambridge U.P., Cambridge, Massachussets, 1997; G. Jones, J. Zeitlin (editors), The Oxford Handbook of Business History, New York, Oxford U.P., 2008.	3	SECS-P/12	10	-	-	-	Related or supplementary learning activities	ITA
21201463-2 - STORIA D'IMPRESA - Derived from 21201463-2 STORIA D'IMPRESA in Economia e gestione aziendale L-18 N0 STEMPERINI GIUSEPPE (syllabus) Large, highly integrated companies are generally seen as the economic institutions that best represent the capitalist system: for this reason the main focus of the course will be to analyse the structure of these companies in different time periods. It is, nonetheless, worth remembering that the numerous economic structures and competitive conditions that have arisen over time in the West have led to the appearance of a variety of different types of enterprises. With this in mind, the first part of the course will look at various general themes within economic history, from the first industrial revolution to the end of the last century, in order to provide a general frame of reference within which to place the evolutionary process of modern industrial companies. Later, we will analyse the Italian case, a country that has been seen as representing the different ways of understanding and doing business within the context of economic development in the 20th century. This will allow us to reflect upon the current theories regarding Italy’s ‘decline’, and upon the country’s future prospects. The second part of the course will include a detailed investigation of 20th century companies, with the aim of tracing a comparative profile of the forms of economic development that characterised Western capitalism in different time periods. An in-depth analysis will be dedicated to the origins and the evolution of the “fourth capitalism”. The course, divided into two modules, covers the following topics: First module: - Modern economic development and the paradigm of the ‘industrial revolutions’; - Business structures; - Industrial concentration and corporate groups in 20th century Italy; - The role of big business and small and medium enterprises in the Italian economy; - Corporate finance; - Industrial policy. Second module: - Business and the evolution of the socio-cultural environment: contexts and institutions; - The evolution in scale and structure of businesses: family companies, managerial companies and company groups; - Business management and governance: organisation, work and advances in techniques; - Rise and fall of state-owned enterprise; - The fourth capitalism: scale and distribution, physiognomy, internationalisation, organisational structures. (reference books) A.D. Chandler Jr., F. Amatori, T. Hikino (editors), Big Business and the Wealth of Nations, Cambridge U.P., Cambridge, Massachussets, 1997; G. Jones, J. Zeitlin (editors), The Oxford Handbook of Business History, New York, Oxford U.P., 2008.	6	SECS-P/12	20	-	-	-	Related or supplementary learning activities	ITA
21201274 - HISTORY OF ECONOMIC THEORY (objectives) The course aims to present the main theories of value and distribution in their historical development. This should be understood in two senses. On the one hand, the course focuses on the reconstruction of the strictly analytical problems that have gradually arisen within the Classical and the Neoclassical (marginalist) theories of value and distribution in their traditional formulations. In this way students are offered the tools to look with greater awareness at the form in which those approaches present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical context, with a view to highlighting the nature of social science proper to political economy. In this regard, particular attention will be given to the drastic change of approach that took place in economic theory in the period immediately following Ricardo, and for which it seems difficult to find an explanation on exclusively analytical grounds.

21210000 - A SCELTA STUDENTE

Elective activities

ITA

21201473 - FINAL EXAM

100

Final examination and foreign language test

ITA

FINANZA E PROCESSI ECONOMICI

SECOND YEAR

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201550 - ECONOMICS AND FINANCE OF SMALL AND MEDIUM BUSINESS

21201550-1 - ECONOMIA E FINANZA NELLE PMI

- MORRESI OTTORINO (syllabus) (reference books)

SECS-P/01

Related or supplementary learning activities

ITA

21201550-2 - ECONOMIA E FINANZA NELLE PMI

- MORRESI OTTORINO (syllabus) (reference books)

SECS-P/09

Related or supplementary learning activities

ITA

Optional group: FINANZA E PROCESSI ECONOMICI 2 ANNO - Un insegnamento a scelta tra: - (show)

21201542 - CORPORATE AND INVESTMENT BANKING (objectives) The Course is focused on the investment banking business as a group of services offered to corporate and institutional clients. The Course objective is the analysis of the main business areas under different points of view: deal structuring, processes followed during the transactions and roles played by the intermediary, the impact on the performance of the bank. - Derived from 21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO (syllabus) The Course aims to provide an overview of the role and the main activities carried out by the banks in the investment banking business; the influence of the regulation; the organizational and management aspects; the technical characteristics and economic profiles of the corporate finance transactions; the definition, measurement and management of the typical risks. (reference books) Forestieri G. (2018), Corporate and Investment Banking, fourth edition, Egea, Milan.	9	SECS-P/11	60	-	-	-	Core compulsory activities	ITA
21201724 - BANK MANAGEMENT (objectives) Course Aims • to introduce basic concepts that relate to the traditional business of banking • to examine the recent trends and developments in domestic and international banking • to provide students with an understanding of banks’ accounts and financial ratios analysis • to examine the most important banking risks and their management • to construct coherent arguments concerning the need for financial regulation • to provide students with an understanding of the importance and role of technology and financial innovation for modern banks - Derived from 21201724 BANK MANAGEMENT in Finanza e impresa LM-16 RADIC NEMANJA (syllabus) Introduction to the module. What is special about banks? What do banks do? Adverse selection and moral hazard in financial markets. Theories of financial intermediation. Universal banking and the bank assurance. Universal banking vs. specialist banking. International banking. Comparative banking systems and issues: EU, US, UK, and Japanese banking system. Banking in emerging economies. Banks’ financial statement and financial ratio analysis. Central banking and bank regulation (1). Theory of central banking. Bank regulation and supervision. Central banking and bank regulation (2): The Basel Accords. Laissez-faire banking and its limitations. Theoretical models of financial intermediation. Consolidation in banking. Competitive issues in banking: market structure and performance SCP paradigm. The bank production process and its productivity and efficiency. International Bank Lending and Country Risk. Workshops on banking data related resources. (reference books) • Casu, B., Girardone, C., Molyneux, P., (2015), Introduction to Banking (2nd Ed.), Pearson • Heffernan, S., (2005), Modern Banking, John Wiley & Sons	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG
21201722 - RISK MANAGEMENT IN BANKING (objectives) The course aims at analysing the problems connected with both the financial and the non-financial management of banks. Namely, this analysis is carried out along the following streams: The role and peculiarities of risk management in financial institutions. The objectives, applications and technical features of risk measurement and management models: interest rate risk, market risk, liquidity risk, credit risk and operational risk. Capital regulation: recent evolution and problems posed by the recent financial crisis. Capital management and the process of value creation in financial institutions. Supervisory policies on financial and insurance institutions, with a focus on internal controls and organizational and capital adequacy. By the end of this course you should be able to: Evaluate the impact of the main strategies on the shareholder value creation of modern global banks Be aware of the main banking risk measurement techniques Critically evaluate the application of the main risk management techniques in banking Understand the main capital allocation methods within modern banks Comprehend why banks need regulation and distinguish between the different types of regulation. - Derived from 21201722 RISK MANAGEMENT IN BANKING in Finanza e impresa LM-16 FIORDELISI FRANCO (syllabus) 1: Introduction. The role and peculiarities of risk management in financial institutions. Risk management failure during the financial crisis. 2: Interest rate risk: the repricing gap model 3: Interest rate risk: the duration gap model and clumping 4: Interest rate risk: internal transfer rates (ITR) 5: Liquidity risk: funding and market risks, short and medium term control models, new liquidity requirements 6: Market risk: Value at Risk models: parametric approach. Estimating volatilities and correlations. 7: Market risk: mapping risk positions in the parametric approaches 8: Market risk: simulation approaches 9: Market risk: backtesting VaR models, VAR Limits and Expected Shortfall 10: Credit risk management. Scoring models for estimating the probability of default 11: Credit risk management. Market-based models for estimating the probability of default 12: Credit risk management. The recovery risk 13. Credit risk management: Portfolio models 14. Credit risk management: Internal rating system management and application (pricing and risk-adjusted performance measures) 15. Operational risk 16. Banking regulation: from Basel I to Basel III 17. Rethinking banking regulation: Basel 4? (reference books) 1. Essential Readings • John H. Hull, Risk Management and Financial Institutions, 4th Edition, John Wiley, 2015 (H) • Philip Jorion, Financial Risk Manager Handbook, 6th Edition, John Wiley, 2011 (J) • Resti A. and A. Sironi, Risk Management and Shareholders' Value in Banking, John Wiley, 2007 (RS). 2. Suggested Readings • The economist, 2008. The confession of a risk manager (EC) • European Parliament, Upgrading the Basel standards: from Basel III to Basel IV? (EP). http://www.europarl.europa.eu/RegData/etudes/BRIE/2016/587361/IPOL_BRI(2016)587361_EN.pdf • Basel Committee, Basel III Monitoring Report, 28 February 2017. (BC) https://www.bis.org/bcbs/publ/d397.pdf • Philipp Härle, Andras Havas, and Hamid Samandari, 2016. The future of bank risk management, McKinsey Quarterly, July .(MK) http://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-bank-risk-management • Ernest Young, Rethinking risk management, (EY) http://www.ey.com/Publication/vwLUAssets/EY-rethinking-risk-management/$FILE/EY-rethinking-risk-management.pdf	9	SECS-P/11	60	-	-	-	Core compulsory activities	ENG

Optional group: FINANZA E PROCESSI ECONOMICI Orientamento unico 2 ANNO - UN INSEGNAMENTO A SCELTA TRA: - (show)

21201440 - PUBLIC ECONOMIC LAW AND ELEMENTS OF PUBLIC BUSINESS ADMINISTRATION (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law.
21201440-1 - DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA - Derived from 21201440-1 DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA in Scienze Economiche LM-56 N0 PIERGIGLI VALERIA (syllabus) The Course is focused on the evolution of the public intervention in the economy as well as on the organizational models in the Italian and comparative law. More specifically, the common thread will be the organizational model of the so-called "Autorità amministrative indipendenti" (rationale of their institution, organization, powers) and, in particular, of the Authority - variously named - responsible for guaranteeing the free market competition in the main contemporary legal systems and within the framework of the European Union. Even in the absence of a unitary model, the comparative study of that topic, facilitated by the so-called economic globalization and technological development, will be able to highlight similar issues in the world experience of the independent agencies. (reference books) For students not attending classes: S. Cassese (a cura di), La nuova Costituzione economica, Laterza, Bari, 2017 (except for Chapters VI e VIII). With the students who regularly attend classes, it will be possible to agree on alternative program.	6	IUS/05	40	-	-	-	Core compulsory activities	ITA
21201440-2 - DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA 2 (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law. - Derived from 21201440-2 DIRITTO PUBBLICO DELL'ECONOMIA ED ELEMENTI DI AMMINISTRAZIONE AZIENDALE PUBBLICA 2 in Scienze Economiche LM-56 N0 GRANDIS FABIO GIULIO (syllabus) Module I – Introduction 1. the nature of public sector accounting; 2. public sector accounting; 3. economy, efficiency and effectiveness. Module II – Management accounting 1. planning and control; 2. the role of management accounting; 3. management accounting and planning; 4. management accounting and control; 5. the annual revenue budget; 6. line-item budgeting and programme budgeting; 7. budget preparation. (reference books) R. Jones, N. Pendlebury – Public sector accounting. Pearson Education, 2000. It could be excluded: from pag. 48 to 57; from pag. 69 to 124; from pag. 185 to 207; from pag. 233 to 245.	3	SECS-P/07	20	-	-	-	Core compulsory activities	ITA
21201745 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

Optional group: Finanza e processi economici - 2° anno - Un insegnamento a scelta tra: - (show)

21201729 - MATHEMATICAL FINANCE (objectives) The course is aimed at students who want to deepen their knowledge and acquire tools in the field of risk analysis and management in the financial markets (including the government bond market), as well as in the energy and insurance markets, also in light of the last financial crises. - Derived from 21201729 FINANZA MATEMATICA in Finanza e impresa LM-16 N0 MASTROENI LORETTA CLARA LETIZIA (syllabus) -The completeness and incompleteness of the markets -The assumptions underlying the Black-Scholes-Merton model and the alternative valuation models -Arbitrage and hedging techniques -The Greeks -Value at Risk and its generalizations -Volatility smiles -Insurance derivatives -Risk management in energy markets -Atmospheric derivatives -Swaps -Interest rate derivatives (standard models, short-term rate models, advanced models) -Real Options -Exotic Options -Credit derivatives (reference books) HULL Opzioni , Futures e altri derivati. Ediz. Mylab. 2018	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA
21201730 - Computational Finance (objectives) The course objective is to educate students about the MATLAB language and development environment, for programming, numerical calculation and visualization applied to financial problems. The rule of Computational Finance is becoming increasingly important in the financial industry, both for the modeling and analysis phase, as well as for the decision-making phase. Many models used in practice are formulated via complex mathematical problems, for which an exact or a closed-form solution could not be obtained. Consequently, computational techniques and specific numerical algorithms are required to solve such cases. Over the duration of the Course, we attempt to integrate the understanding of theoretical with their practical use. The application of quantitative financial models will be used to simplify the comprehension of some mathematical and statistical concepts and to learn the main computational techniques, which are useful to deal with a wide range of financial problems, such as portfolio optimization, risk management and derivatives pricing. Therefore, this course is not only suitable for university students, but also for professionals who want to deepen their knowledge and understanding of the quantitative financial models explored in this course.	9	SECS-S/06	60	-	-	-	Core compulsory activities	ITA

Optional group: FINANZA E PROCESSI ECONOMICI Orientamento unico 2 ANNO - UN INSEGNAMENTO A SCELTA TRA: - (show)

21201440 - PUBLIC ECONOMIC LAW AND ELEMENTS OF PUBLIC BUSINESS ADMINISTRATION (objectives) The purposes of this Course are mainly two. Firstly, the Course aims to illustrate the “business dimension” of public administrations, respecting the interdisciplinary connections, so as to introduce the learner to the Economy of companies and public administrations, understood as autonomous and organic discipline of the business economy. Secondly, the Course aims to offer the students the knowledge of the forms of public intervention in the economy in their historical development and according to a legal approach, with particular attention to the role of the so-called Administrative Independent Agencies in Italian and comparative law.
21201745 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO
21201745-3 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO - MORRESI OTTORINO	3	SECS-P/08	20	-	-	-	Core compulsory activities	ITA
21201745-2 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO - ATRIPALDI MARIANGELA	3	IUS/05	20	-	-	-	Core compulsory activities	ITA
21201745-1 - DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO - ATRIPALDI MARIANGELA	3	IUS/05	20	-	-	-	Core compulsory activities	ITA

21210000 - A SCELTA STUDENTE

Elective activities

ITA

21201473 - FINAL EXAM

100

Final examination and foreign language test

ITA

FINANZA E PROCESSI ECONOMICI

FIRST YEAR

First semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201408 - STATISTICAL METHODS FOR ECONOMETRICS (objectives)

SECS-S/01

Core compulsory activities

ITA

Optional group: FINANZA E PROCESSI ECONOMICI - 1° anno - un insegnamento a scelta tra: - (show)

21201717 - MONETARY POLICY AND FINANCIAL MARKETS (objectives) 1. To analyse the major differences in financial systems over the world. 2. To understand the globalisation and convergence processes in financial systems. 3. To analyse some structural features and functions of fund channelling. The course is divided into three parts. In the first one the main models of monetary theory are examined, aiming at investigating the role and functioning of the demand and supply of money. The second part analyzes the objectives, instruments and transmission mechanisms of monetary policy, in the light of the main economic theories. The third part analyzes the interactions between the functioning of financial markets and the transmission mechanisms of monetary policy, focusing on the empirical cases of the financial crisis of 2007-2008 and its economic and monetary impact, the euro crisis in 2011 and the current volatility of the financial markets. - SCARANO GIOVANNI (syllabus) Monetary theory Functions and forms of money. Value of money, monetary stability and inflation. Money and credit. Interest rate and rate of return on assets. The structure of interest rates. Interest rates, asset pricing and financial markets. Interest rates, exchange rates and movements of capital. Banks and money supply. Money demand and quantitative theory of money. Theories of endogenous money. Monetary policy and transmission mechanisms Effectiveness of monetary policy. Neutrality of money and dichotomy in the classical model. Monetary economy. Keynesian models. Monetarist models. The New Consensus in Macroeconomics and the IS-PC-MR model. The objectives of monetary policy. The instruments of monetary policy: mandatory reserves, interest rates, money supply and capital requirements of banks. The mechanisms and channels of transmission of monetary policy. European monetary policy The Maastricht Treaty. Independence and governance of the ECB. The ECB's strategy. The intervention instruments of the ECB. Credit risk regulation: from the Basel agreements to the European banking union. Regulation of financial markets and financial crises Stability and volatility of the financial markets. Currency crisis and financial crisis. Money and effective demand. Credit cycle and financial crises. The financial crisis of 2007 - 2009. Bank rescue and sovereign debt crisis. Risks of national default and euro crisis. Secular Stagnation and sterilization of monetary policies. Corporate Saving Glut. The excesses of liquidity and the instability of the financial markets. (reference books) Bain K., Howells P., Monetary Economics. Policy and its Theoretical Basis, Palgrave Macmillan, 2009. Bain K., Howells P., The Economics of Money, Banking and Finance. A European Text, Pearson Education, 2008. Mishkin F.S., The Economics of Money, Banking and Financial Markets, Pearson- Addison Wesley, 2004.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21201468 - HISTORY OF FINANCE

Optional group: Finanza e processi economici - 1° anno - un insegnamento a scelta tra: - (show)

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21201437 - POLITICAL ECONOMY - ADVANCED COURSE (objectives)

21201437-2 - ECONOMIA POLITICA - CORSO AVANZATO 2 (objectives)

SECS-P/01

Core compulsory activities

ITA

21201437-1 - ECONOMIA POLITICA - CORSO AVANZATO (objectives)

SECS-P/01

Core compulsory activities

ITA

21201718 - ADVANCED CORPORATE FINANCE (objectives)

21201718-2 - ADVANCED CORPORATE FINANCE (objectives)

- VENANZI DANIELA (syllabus) (reference books)

SECS-P/09

Related or supplementary learning activities

ITA

21201718-1 - ADVANCED CORPORATE FINANCE (objectives)

- VENANZI DANIELA (syllabus) (reference books)

SECS-P/09

Related or supplementary learning activities

ITA

21210130 - Monetary theory, institutions and policy (objectives)

SECS-P/01

Core compulsory activities

ITA

Optional group: FINANZA E PROCESSI ECONOMICI - 1° anno - un insegnamento a scelta tra: - (show)

21201503 - INTERNATIONAL ECONOMICS (objectives) The aim of the course is to present the main themes of international monetary macroeconomics. The course starts by laying out the way in which international relations are recorded in national accounts and balance of payments. In this way the course provides a framework for understanding the consequences for a country of running large current account surpluses or deficits. The course then focuses on different theories of the determination of the exchange rates. It also discusses the effects on the real economy and on the price levels of the commercial and financial relations of a country with the rest of the world. The institutional set-up of the euro area will be presented in relation to the theories considered, emphasizing Its peculiarities with respect to the theoretical debates about the alternative between fixed and flexible exchange rates and about the question of the optimal currency areas. All the topics will be analyzed trying to highlight the differences underlying the main theoretical models. The main official documents and economic reports published by national and international institutions on our country's international relations will also be analyzed. The material covered is not mathematically complex, but it is taught in a formal and rigorous manner, which assumes a good familiarity with basic economic concepts. - Derived from 21201503 ECONOMIA INTERNAZIONALE in Economia L-33 TREZZINI ATTILIO (syllabus) Introduction - International economics: the distinction between international trade theory and policy and the international monetary economy. Outline of the course. Recording of economic and financial relations with foreign countries - National accounting in an open economy - Balance of payments Exchange rates and foreign Exchange Markets. A portfolio approach - Exchange rates and international transactions - The foreign exchange market - Demand for foreign currency assets - Equilibrium in the foreign exchange market - Interest rates, expectations and equilibrium Money, interest rates and exchange rates - Demand for Money - Money supply and the determination of domestic rates of interest - exchange rates in the short term - Money, prices and exchange rate in the "long term". - Inflation and exchange rate dynamics - Critical considerations on the interpretation of the terms "short term" and "long term": the theoretical assumptions about the tendency to full employment Long-term price level and exchange rate - The law of one price - Purchasing power parity: presentation and criticism - A long-run exchange rate model based on PPP - Empirical evidence on PPP and the law of one price. - Explaining of the problems related to PPP. - Beyond PPP: a "general" long-term model for exchange rates Output and exchange rate in the short-run - Output market equilibrium in an open economy in the short run (The DD curve) - Asset Market equilibrium in the short run (the AA curve) - Short-run equilibrium in open economy: putting DD and AA together - Temporary changes in monetary and fiscal policies - Permanent shifts in monetary and fiscal policies - Macroeconomic policies and the current account - The J curve and Marshall-Lerner condition - The liquidity trap in the open economy Fixed exchange rates and foreign exchange intervention - Why study fixed exchange rates - Central Bank intervention and the money supply - How the central bank fixes the exchange rate - Balance of payments crises and capital flight - Managed floating and sterilized intervention - Reserve currencies in the international monetary system - The Gold Standard The International Monetary System: a historical overview - Macroeconomic policy goals in an open economy - Classifying monetary systems: the open economy trilemma - International macroeconomic policy under the Gold Standard, 1870-1914 - The years between the two wars (1918-1939) - The Bretton Woods system and the International Monetary Fund - Analyzing economic policy options for reaching internal and external balance - The problem of the external balance of the United States in the Bretton Woods system - the mechanism of imported inflation - The case for floating exchange rates - Macroeconomic interdependence under floating exchange rate regime - What has been learned since 1973? - Are fixed exchange rates even an option for most countries? Optimal currency areas and European experience - The evolution of the single European currency - The euro and the economic policy of the euro zone - The theory of optimum currency areas - The future of EMU - The crises of Balance of payments within the euro area (reference books) P. Krugman, M. Obstfeld, M. Melitz, Economia internazionale 2 - Economia monetaria internazionale, Decima Edizione Pearson, 2015 – (capitoli: 1-8 e capitolo 10).	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201438 - MICROECONOMICS - ADVANCED COURSE (objectives) The objective of this course is to provide a thorough knowledge of the analytical methods and the recent theoretical developments in microeconomics. At the end of this course a student will be able to understand the microeconomic foundations of recent macroeconomic theory; to handle the analytical tools needed for static optimization; to apply theoretical methods in empirical studies; to acquire the analytical tools needed for further studies in more specialized fields of economics. - Derived from 21201438 MICROECONOMIA - CORSO AVANZATO in Scienze Economiche LM-56 N0 BLOISE GAETANO (syllabus) 1. Consumer theory: Preference and choice. Budget constraint and optimal consumption. Demand and comparative statics. The weak axion of revealed preferences. Utility maximization and expenditure minimization. Demand, indirect utility and expenditure. Welfare evaluation of economic changes. 2. Production theory: Production sets. Profit maximization and cost minimization. The geometry of costs. Efficient production. A digression of the linear activity model. 3. Choice under uncertainty: Risk and preferences. Expected utility theorem. Money lotteries and risk aversion. Comparison of payoff distributions in terms of returns and risk. Subjective probabilities. 4. Competitive equilibrium and its basic welfare properties: Markets and prices. Welfare theorems. Pareto optima and social welfare optima. First-order conditions for Pareto optimality. Applications. 5. Competitive equilibrium under uncertainty: Markets for contingent commodities. Arrow-Debreu equilibrium. Sequential trade. Asset markets and the no arbitrage theorem. Sequential trade and incomplete markets. Imperfect information. 6. Basic principles of financial economics: The fundamental theorem of asset pricing. Mean-variance analysis. (reference books) A. Mas-Colell, M.D. Whinston and J.R. Green, Microeconomic Theory, Oxford University Press, 1995 (Chapters 1, 2, 3, 5, 6, 16, 19, Mathematical Appendix). Additional material will be provided during classes.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201562 - ADVANCED ECONOMIC POLICY (objectives) The overall objective of Politica economica c.a. is to provide an in depth understanding of modern macroeconomic theory with strong emphasis on Business cycle and Stabilization policies. The course focuses mainly on Dynamic General Equilibrium macroeconomic models, starting from real business cycle models into which New Keynesian macroeconomic features are introduced. - Derived from 21201562 POLITICA ECONOMICA - CORSO AVANZATO in Mercato del lavoro, relazioni industriali e sistemi di welfare LM-56 N0 GIULI FRANCESCO (syllabus) - Stylized Facts of the Business Cycle. Basic concepts and definitions - Business cycle theories from Keynes to Monetarism - Traditional keynesian stabilization policies and rule-based policies - The Lucas' island model and the role of expectations - The Real Business cycle theory and the money neutrality - The New Keynesian approach: the demand side and the monetary policy - Simulation of Dynamic Stochastic General Equilibrium (DSGE) models using Dynare for Matlab (reference books) Enrico Marchetti “Teorie del ciclo economico. Il dibattito moderno su instabilità e equilibrio”, Esculapio, 2009. Additional teaching material will be provided.	9	SECS-P/02	60	-	-	-	Core compulsory activities	ITA
21210010 - TEORIA DEI GIOCHI (objectives) The course is a primer in game theory that aims to introduce students to the language and methods used to analyze static and dynamic games of complete and incomplete information. A special emphasis is posed on economic applications. Among the others, the course deals with problems concerning business strategies such as those related to the determination of sale prices and production/distribution quantities, strategies related to firm entry/exit and market positioning, bargaining, auction strategies and mechanisms, optimal policy, issues related to agents’ credibility and to the time-consistence/sustainability of their decisions. - Derived from 21210010 TEORIA DEI GIOCHI in Scienze Economiche LM-56 TIRELLI MARIO (syllabus) First part - Games of complete information 1. Static games: Normal form games; solution concepts (dominance solvability, Nash equilibria in pure and mixed strategies). Applications. 2. Dynamic games: Extensive form games. Finite games. Solution concepts (Nash equilibria, subgame perfect Nash equilibria). Applications. Infinite repeated games. Applications. Second part - Games of incomplete and imperfect information. 3. Normal form, Bayesian games. Bayesian-Nash equilibrium. Applications. 4. An introduction to dynamic games with inperfect information. (reference books) Martin J. Osborne, An Introduction to Game Theory, 2003 or later editions.	9	SECS-P/01	60	-	-	-	Core compulsory activities	ITA
21201468 - HISTORY OF FINANCE
21201468-1 - STORIA DELLA FINANZA - Derived from 21201468-1 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015, V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014 F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011	8	SECS-P/12	50	-	-	-	Core compulsory activities	ITA
21201468-2 - STORIA DELLA FINANZA - Derived from 21201468-2 STORIA DELLA FINANZA in Finanza e impresa LM-16 D'ERRICO RITA MARIA MICHELA (syllabus) The themes that will be studied during the course will be based around the following thematic nuclei: the establishment and the development of central banks; the development of public finance and the rise of the stock exchange markets; the role of the banks in the process of industrialisation. In this context, the cases of England, Germany, France, United Staes, Italy will be examined in a comparative approach. A special focus will be on the understanding of the Italian case study and to the evolution of the relationship between banks and industry from the period of Italian Unification. In this context, particular attention is devoted to the events leading to the emergence of the Bank of Italy as a unique central bank institution. Another central theme is the advent and the transformation of the role of the universal banks from the end of the nineteenth century until the birth of the “entrepreneurial State”, as a result of the foundation of the Istituto per la Ricostruzione Industriale (IRI); the emergence of public companies and the more recent series of privatisations in 1990s. Another central topic of the course is the evolution of the international monetary system between the 19th and 20th centuries. The issues dealt within this context are: the gold standard (1870 – 1914) the gold excgange standard and the decentralization and financial instability in the interwars years; the Crisis of the ‘29 and the Great depression of the 1930’s; the Bretton Woods system (1944-1971); the period of floating exchange rates, following the end of the Bretton Woods system; the growth of theinflation and the growth in public spending; the birth of the European Monetary System, and the origin of the Economic and Monetary Union. (reference books) L. Neal, A Concise History of International Finance. From Babylon to Bernanke, CUP, 2015, V. Tanzi, Government versus Markets. The Changing Economic Role of the State, CUP, 2014 F. Amatori, R. Millward, P.A. Toninelli (eds.), Reappraising State-Owned Enterprise, Routledge, 2011	1	SECS-P/12	10	-	-	-	Core compulsory activities	ITA

Optional group: Finanza e processi economici - 1° anno - un insegnamento a scelta tra: - (show)

21201513 - FINANCIAL ANALYSIS (objectives) To provide theoretical concepts and practical tools for the analysis and evaluation of financial performance and risk of non-financial companies, industries and portfolios. In details, the course aims at developing competences and skills in critical analysis, interpretation and valuation-judgement in the following fields: a) economic and financial performance of firms/industries in manufacturing and tertiary sector b) financial dynamics and financial needs of non-financial firms c) financial solvency, credit risk and cost of debt d) risk and return of equity portfolios and mutual funds. The course contents are applicable in two main areas: 1. decision making for resources allocation by managers, public decision-makers and financial analysts 2. fundamental analysis of shares/portfolios for asset management/financial investments. - Derived from 21201513 ANALISI FINANZIARIA in Economia L-33 VENANZI DANIELA (syllabus) Main topics: 1. Objectives, contents, uses and users of financial analysis 2. Main data-bases in economic and financial area (both national and international): objectives, scope, information structure (i.e. datasets Mediobanca-R&S and BACH-ESD) 3. Performance and risk of non financial companies: a) financial ratios: definition and classification, economic meaning and diagnostic power, breakdown criteria and mutual relationships, benchmark for cross-sectional analysis, application problems. b) comparison among firms and industries on available datasets. 4. Financial needs and their determinants. Financial dynamics and cash-flows statements 5. Financial viability, credit risk and cost of debt a) definitions and measures of financial solvency b) bonds: fundamentals, pricing, duration and CDS c) corporate bonds, credit spread and probability of default d) credit risk and scoring models e) ratings. 6. Risk and return of equity portfolios and mutual funds a) performance metrics (TWR vs MWR) and risk measures b) risk adjusted measures of performance c) performance attribution d) the Italian mutual funds industry: trends, features, appropriate metrics. (reference books) BOOKS 1. Berk J. – De Marzo P., Finanza aziendale 1 - Fondamenti, IV Edition, Pearson, 2018, ch. 6 2. Berk J. – De Marzo P. – Morresi O., Venanzi D., Finanza aziendale 2 – Teoria e pratica della finanza moderna, IV Edition, Pearson, 2018, §§ 5.4, 12.5, 12.6, 12.7 3. Brunetti G., Coda V., Favotto F., Analisi, previsioni, simulazioni economico-finanziarie d’impresa, Etas Libri 1990, chs. 4-6-7-8 4. Coda V., Brunetti G., Barbato Bergamin M., Indici di bilancio e flussi finanziari, Etas Libri 1974, cap. 3 (download from the course website) 5. Feibel B. J., Investment performance measurement, Frank J. Fabozzi Series, Wiley 2003, chs. 3-4-5-7-9-10-11-12-13-14 6. Pavarani E., L’equilibrio finanziario, McGraw-Hill 2006, chs. 3 e 5 (Appendix included) 7. Resti A. – Sironi A., Rischio e valore nelle banche, Egea 2008, ch.14 ARTICLES 8. Treynor J.L., Mazuy K.K., 1966, “Can mutual funds outgess the Market?”, Harvard Business Review, 44 (4), pp. 131-136 (download from digital Roma Tre Library) 9. Venanzi D., 2016, “The performance of the Italian mutual funds: Does the metric matter?”, Research in International Business and Finance, 37, pp. 406-421 (download from the digital Roma Tre Library) Other reference materials Data, cases, slides, seminar materials, notes, etc., down-loadable from the course website (requested passwords are provided by the teacher). All materials are available on Roma Tre University SBA.	9	SECS-P/09	60	-	-	-	Related or supplementary learning activities	ITA
21201417 - ADVANCED PUBLIC FINANCE
21201730 - Computational Finance - Derived from 21201730 FINANZA COMPUTAZIONALE in Finanza e impresa LM-16 CESARONE FRANCESCO (syllabus) MODULE 1 1 A rapid introduction to MATLAB 1.1 MATLAB basics: Preliminary elements; Variable assignment; Workspace; Arithmetic operations; Vectors and matrices; Standard operations of linear algebra; Element-by-element multiplication and division; Colon (:) operator; Predefined function; inline Function; Anonymous Function. 1.2 M-file: Script and Function 1.3 Programming fundamentals: if, else, and elseif scheme; for loops; while loops 1.4 Matlab graphics 1.5 Preliminary exercises on programming 1.6 Exercises on the financial evaluation basics MODULE 2 2 Preliminary elements on Probability Theory and Statistics 2.1 Random variables 2.2 Probability distributions 2.3 Continuous random variable 2.4 Higher-order moments and synthetic indices of a distribution 2.5 Some probability distributions: Uniform, Normal, Log-normal, Chi-square, Student-t 3 Linear and Non-linear Programming 3.1 Some Matlab built-in functions for optimization problems 3.2 Multi-objective optimization: Determining the efficient frontier 4 Portfolio Optimization 4.1 Portfolio of equities: Prices and returns 4.2 Risk-return analysis: Mean-Variance; Effects of the diversification in an Equally Weighted portfolio; Mean-MAD; Mean-MinMax; VaR; Mean-CVaR; Mean-Gini portfolios 4.3 Bond portfolio immunization MODULE 3 5 Further elements on Probability Theory and Statistics 5.1 Introduction to the Monte Carlo simulation 5.2 Stochastic processes: Brownian motion; Ito’s Lemma; Geometrical Brownian motion 6 Pricing of derivatives with an underlying security 6.1 Binomial model (CRR): A replicating portfolio of stocks and bonds; Calibration of the model; Multi-period case 6.2 Black-Scholes model: Assumptions of the model; Pricing of a European call; Pricing equation for a call; Implied Volatility 6.3 Option Pricing with Monte Carlo Method: Solution in integral form; Path Dependent Derivatives (reference books) F. Cesarone, Computational Finance: a MATLAB oriented modeling, draft Castellani, G. De Felice, M. Moriconi, F., Tassi d’interesse. Mutui e obbligazioni, Il Mulino, Bologna, 2005 Castellani, G. De Felice, M. Moriconi, F., Manuale di finanza II. Teoria del portafoglio e del mercato azionario, Il Mulino, Bologna, 2005 Castellani, G. De Felice, M. Moriconi, F., Manuale di finanza III. Modelli stocastici e contratti derivati, Il Mulino, Bologna, 2006	9	SECS-S/06	60	-	-	-	Related or supplementary learning activities	ITA

Optional group: Altre Attività Formative - Un'attività a scelta tra: - (show)

21201444 - BUSINESS ENGLISH - Derived from 21201444 BUSINESS ENGLISH in Finanza e impresa LM-16 (docente da definire)	6		60	-	-	-	Other activities	ITA
21210029 - Stage	6		-	-	-	-	Other activities	ITA
21201321 - ENGLISH LANGUAGE	6	L-LIN/12	150	-	-	-	Other activities	ITA
21201511 - I.T.: STATISTICAL ANALYSIS LABORATORY (objectives) The course aims at providing students with basic knowledge of statistical analysis software tools such as Matlab. The final objective of the course is to ensure that students, at the end of the teaching activity, are able to perform some of the main statistical applications and, in the case of applications not developed within the course, to being able to learn independently the knowledge necessary for the development of such applications. - Derived from 21201511 INFORMATICA: LABORATORIO DI ANALISI STATISTICHE in Economia dell'ambiente e dello sviluppo LM-56 BENEDETTO FRANCESCO (syllabus) ntroduction. Elements of Matlab. Arithmetic operators: Logical and relational operators Variables: assignment of variables, local and global variables. Vectors: how to create a vector, row and column vectors, operations with vectors and access to the elements of a vector. Matrices: how to create a matrix, square and rectangular matrices, identity and diagonal matrices, operations with matrices and access to the elements of a matrix. Polynomials and solutions of linear systems. Flow controls and conditional statements: comparison structure if, switch comparison structure. For and while loops. Programming elements: scripts and functions, how to write and execute a function, how to write scripts. Introduction to the use of 1-D charts. Import data from files and file management. Import data from Excel sheets and .csv files Principles of discrete sequence analysis. Sequence operations, convolutions and discrete linear correlations, correlograms. Principles of descriptive statistics: characteristic parameters, parameter estimates, historical series and discrete series, histograms. Statistical applications: time series, averaging, volatility and higher order moments. Graph of historical time series and statistical analysis through moments, histograms and normal fitting. (reference books) - MATLAB® / R Reference, by David Hiebeler (June, 2014). - Econometrics and Economics in Matlab. - "An Introduction to Matlab for Econometrics", by J. C. Frain, TEP Working Paper No. 0110, February 2010.	6	INF/01	40	-	-	-	Other activities	ITA

STRUCTURAL CHANGE, INEQUALITY AND EMPLOYMENT

FIRST YEAR

First semester

Course	Credits	Scientific Disciplinary Sector Code	Contact Hours	Exercise Hours	Laboratory Hours	Personal Study Hours	Type of Activity	Language
21210132 - Alternative Theories of distribution employment and growth (objectives) The course will present different analytical perspectives along with empirical evidence on the determinants and mutual influences of output and employment growth, productivity and income distribution, in order to provide awareness of existing alternative theories and thus stimulate a critical approach to the subject.	5	SECS-P/01	30	-	-	-	Core compulsory activities	ENG
21210133 - Varieties of capitalism and welfare systems	5	SECS-P/02	30	-	-	-	Core compulsory activities	ENG
21210130 - Monetary theory, institutions and policy (objectives) The first module (30 hours) of the course aims to provide students with the tools needed to understand the functioning of monetary economy and the operative aspects of Central Bank monetary policies. It explains what money is, the debate on its origins, the different approaches to the determinants of the demand for money and its supply, monetary policy instruments and equilibrium in the assets markets. The lectures of this first module will be held in Italian. The second module (30 hours) concentrates on the relations between money, prices and outputs in the long and short run. It also analyses the debate on rules and discretion in monetary policies, the Taylor rule and the sustainability of public debt. These themes are developed according to both a traditional and heterodox approach. A knowledge of basic microeconomic and macroeconomic notions is a prerequisite for this second module.	5	SECS-P/01	30	-	-	-	Related or supplementary learning activities	ITA
21210147 - Law of savings protection - Derived from 21201745-1 DIRITTO E FINANZA DELLA TUTELA DEL RISPARMIO in Scienze Economiche LM-56 N0 ATRIPALDI MARIANGELA (syllabus) Program 1. The protection of savings and the economic constitution 2. Savings, credit and banking system 3. Protection of savings in EU 4. Protection of saving and financial market regulation 5. Role and functions of Supervisory authorities (reference books) Reading and References Italian Banking and Financial Law: Supervisory Authorities and Supervision, Editors: Siclari, D. (Ed.), Palgrave Macmillan, 2015 In particular: Chapter 2 (Context, Specific Features and Potential Evolution of the Italian Banking and Financial Law); Chapter 3 (Supervision Purposes in Banking, Finance and Insurance Regulation); Chapter 4 (Supervision Forms: Obligation to Provide Information, Powers of Investigation and Intervention, Regulatory Powers); Chapter 6 (The Interministerial Committee for Credit and Savings (ICCS) and the Ministry for the Economy and Finance [20 Years after the Consolidated Law on Banking]); Chapter 7 (The Bank of Italy); Chapter 8 (Commissione Nazionale per le Società e la Borsa [Consob]). Other sources include reports issued by European Central Bank and European Commision: European central bank, SSM Supervisory Manual, 2018 European Commision, The European system of financial supervision, 2018	6	IUS/05	40	-	-	-	Core compulsory activities	ENG

Second semester

Course

Credits

Scientific Disciplinary Sector Code

Contact Hours

Exercise Hours

Laboratory Hours

Personal Study Hours

Type of Activity

Language

21210131 - Alternative theories of output and aggregate demand (objectives)

- Derived from 21201437-2 ECONOMIA POLITICA - CORSO AVANZATO 2 in Scienze Economiche LM-56 N0 CICCONE ROBERTO

SECS-P/01

Core compulsory activities

ENG

21210134 - Microeconomic foundations of classical and neoclassical value theories (objectives)

- Derived from 21201437-1 ECONOMIA POLITICA - CORSO AVANZATO in Scienze Economiche LM-56 N0 FRATINI SAVERIO MARIA

SECS-P/01

Related or supplementary learning activities

ENG

21210138 - Industry, innovation and environment policy in developing countries (objectives)

SECS-P/01

Core compulsory activities

ENG

Optional group: Altre Attività Formative - Un'attività a scelta tra: - (show)

21201444 - BUSINESS ENGLISH - Derived from 21201444 BUSINESS ENGLISH in Finanza e impresa LM-16 (docente da definire)	6		60	-	-	-	Other activities	ITA
21210029 - Stage	6		-	-	-	-	Other activities	ITA
21201321 - ENGLISH LANGUAGE	6	L-LIN/12	150	-	-	-	Other activities	ITA
21201511 - I.T.: STATISTICAL ANALYSIS LABORATORY (objectives) The course aims at providing students with basic knowledge of statistical analysis software tools such as Matlab. The final objective of the course is to ensure that students, at the end of the teaching activity, are able to perform some of the main statistical applications and, in the case of applications not developed within the course, to being able to learn independently the knowledge necessary for the development of such applications. - Derived from 21201511 INFORMATICA: LABORATORIO DI ANALISI STATISTICHE in Economia dell'ambiente e dello sviluppo LM-56 BENEDETTO FRANCESCO (syllabus) ntroduction. Elements of Matlab. Arithmetic operators: Logical and relational operators Variables: assignment of variables, local and global variables. Vectors: how to create a vector, row and column vectors, operations with vectors and access to the elements of a vector. Matrices: how to create a matrix, square and rectangular matrices, identity and diagonal matrices, operations with matrices and access to the elements of a matrix. Polynomials and solutions of linear systems. Flow controls and conditional statements: comparison structure if, switch comparison structure. For and while loops. Programming elements: scripts and functions, how to write and execute a function, how to write scripts. Introduction to the use of 1-D charts. Import data from files and file management. Import data from Excel sheets and .csv files Principles of discrete sequence analysis. Sequence operations, convolutions and discrete linear correlations, correlograms. Principles of descriptive statistics: characteristic parameters, parameter estimates, historical series and discrete series, histograms. Statistical applications: time series, averaging, volatility and higher order moments. Graph of historical time series and statistical analysis through moments, histograms and normal fitting. (reference books) - MATLAB® / R Reference, by David Hiebeler (June, 2014). - Econometrics and Economics in Matlab. - "An Introduction to Matlab for Econometrics", by J. C. Frain, TEP Working Paper No. 0110, February 2010.	6	INF/01	40	-	-	-	Other activities	ITA