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Course
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Credits
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Scientific Disciplinary Sector Code
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Contact Hours
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Exercise Hours
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Laboratory Hours
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Personal Study Hours
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Type of Activity
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Language
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21210234 -
Advanced Macroeconomics
(objectives)
Modern macroeconomics conceived the economy as a general equilibrium system that reflects decisions made by rational agents on a set of variables that connect the present with the future. We will see how contemporary macroeconomics seeks to provide an integrated and coherent explanation of economic systems' long-term and short-term quantitative development. We will work with models in conjunction with data, discussing how to solve, calibrate, simulate and evaluate Dynamic Stochastic General Equilibrium (DSGE) models.
-
GIULI FRANCESCO
( syllabus)
Part I: The first part of the course deal with the basic concepts needed to define and measure
economic growth and the business cycle. To derive a set of short and long-term stylised facts,
we will review essential notions about the trend-cycle decomposition of historical series, the
filtering procedures and the theory of stochastic processes.
Then, we will derive the neoclassical growth model (Solow model) and its micro-founded
version with complete and perfectly competitive markets and perfect information (RamseyCass Koopmans).
We will see that, in the long run, the trend component of the technological progress causes
the growth of the real variables, whereas, in the short run, random components in the
technological progress will trigger the cycle.
Part II: This second part of the course will focus on several extensions of the canonical RBC
model. We will keep adding more and more elements to the model to bring the results of
simulations closer to empirical evidence. The main extensions that we will see are the
indivisible labour model, habit in consumption, variable capital utilization, capital and
investment adjustment cost and preference shocks.
Part III: The third part of the course will focus on fiscal policy in the RBC models. In particular,
on the effects of increases in public spending financed by either lump-sum or distortionary
taxation and debt accumulation, emphasizing the theoretical foundations and the match with
the empirical evidence.
Part IV: The last part will focus on monetary policy issues. We will see that the introduction
of money in a Walrasian model implies results that are at odds with the empirical evidence.
Then we will focus on the New-Keynesian approach, which shares the same methodological
approach as the RBC theory. Still, the micro-foundation is based on monopolistic competitive
markets and sticky prices. These two hypotheses make money non-neutral and give the
monetary policy an active role. Furthermore, price stickiness also affects the responses to
real shocks that differ, to some extent, from those obtained in the RBC model. In this way, we
will see how it is possible to reproduce both the unconditional and the conditional evidence
to the realization of both real and nominal shocks.
( reference books)
Teaching material:
There is no single assigned textbook for the course. Instead, class lectures and handouts, drawn on my typed notes, will be available online.
The teaching material is based on the following textbooks and scientific papers:
Textbooks
Gali, Jordi. Monetary Policy, Inflation, and the Business Cycle.
Romer, David. Advanced Macroeconomics
Walsh, Carl. Monetary Theory and Policy.
Marchetti, Enrico. Teorie del Ciclo Economico
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9
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SECS-P/01
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60
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-
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-
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-
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Related or supplementary learning activities
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ENG |
Optional group:
One course to be chosen among: (Un insegnamento a scelta tra:) - (show)
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9
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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
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Derived from
21201724 BANK MANAGEMENT in Finanza e impresa LM-16 CARBONI MARIKA, CALICE GIOVANNI
( syllabus)
The main contents of the course are:
Financial intermediation
Banking risks
Bank assets
The funding of the bank
Financial crises
Bank regulation
Financial innovation
Climate change and changing world
Building a sustainable financial system: global responses
Green and sustainable finance: monitoring, measuring and reporting
Climate, enviromental and sustainability risks
The role of banking
Green and sustainable bonds
Central and development banks
Responsible and sustainable investment
Studies on sustainable banking
The role of insurance
Green and sustainable FinTech
( reference books)
Greenbaum, S.I., Thakor, A.V. and Boot, A.W.A., 2019, Contemporary financial intermediation, fourth edition (chapters 1-4, 7, 12, 14-17)
Thompson, S., 2023, Green and Sustainable Finance. Principles and Practice in Banking, Investment and Insurance, second edition
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9
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SECS-P/11
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60
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-
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-
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-
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Core compulsory activities
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ENG |
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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.
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Derived from
21201542 CORPORATE & INVESTMENT BANKING in Finanza e impresa LM-16 N0 CARATELLI MASSIMO
( syllabus)
This course aims, first of all, to provide an overview of the role and the main activities carried out by the banks in the investment banking business. The central part of the course is dedicated to an analysis of the technical characteristics and of the economic and management profiles of the corporate finance transactions. Finally, the course presents the objectives as well as the organization and the behavioral models of bank intermediaries active in the market, also considering the role of regulation and supervision.
1. The segmentation of the banking market
2. The business of corporate & investment banking
3. The structured finance operations: the project finance
4. The leveraged buy-out
5. The securitization
6. The equity capital market services
7. The venture capital activity
8. The listing of companies and the role of financial intermediaries
9. The credit operations: from traditional formulas to complex structures
10. The bank-firm relationship
( reference books)
Fleuriet M. (2018), Investment banking explained: An insider’s guide to the industry, second edition, McGraw-Hill Education.
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9
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SECS-P/11
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60
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-
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-
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-
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Core compulsory activities
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ITA |
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21210169 -
INTERNATIONAL BUSINESS MANAGEMENT
(objectives)
The 'Management of international companies' course explores the logic and criticisms related to the International Business of companies operating in today's globalized contexts. After a brief introduction on the macroeconomic dynamics that impact international markets, the course focuses on the analysis of the progressive loss by companies, especially the larger ones, of their national identity and the search for continuous maximization of the opportunities created by the market global.
Companies, today more than ever, have greater ease of relocating the activities of the value chain in different parts of the world; this entails a greater aptitude for seizing new opportunities for value creation, but also greater attention to issues of governance and management of intercultural barriers. Therefore, after having explained the reasons that drive the internationalization process, the course sets itself the objective of: illustrating the problems that arise at the various stages of international development; identifies the key variables that condition it and, last but not least, identifies the various methods and tools through which the internationalization process unfolds. At the end of the course students will be able to:
1) Knowing and interpreting the logic and actions of the actors in the international context;
2) Know and discuss the basic elements inherent in the international development process;
3) Know and apply the basic tools for analyzing the country's attractiveness to support managerial decisions;
4) Analyze the competitiveness of the sector and select solutions for the approach to international markets in terms of strategies, methods and penetration of the markets themselves.
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9
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SECS-P/08
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60
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-
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-
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-
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Core compulsory activities
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ITA |
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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.
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9
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SECS-P/11
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60
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-
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-
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-
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Core compulsory activities
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ENG |
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Optional group:
Two courses to be chosen among: (Due insegnamenti a scelta tra:) - (show)
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18
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21210236 -
Game Theory
(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. 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, 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.
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9
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SECS-P/01
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60
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-
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-
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-
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Core compulsory activities
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ENG |
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21210247 -
COMPARING FINANCIAL SYSTEMS
(objectives)
This 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 given to 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. The ultimate learning objective of the course is to provide students with those skills that are necessary to: I) understand the strategic setting (the game) they are in; II) learn how to formulate a strategy; III) learn how to change the game in his/her advantage.
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Derived from
21210247 COMPARING FINANCIAL SYSTEMS in Finanza e impresa LM-16 SCARANO GIOVANNI
( syllabus)
1. Introduction (2 hours)
1.1 Premises for a comparative study
1.2 Forms of fund channelling
1.3 Classification of financial systems
2. The Historical Development of Financial Systems (2 hours)
2.1 The first stages of financial systems
2.2 Credit vs mutual aid
2.3 Early Financial Systems
2.4 The birth of modern financial systems
3. Today’s financial institutions and financial markets (4 hours)
3.1 Money capital and interest bearing capital
3.2Kinds of financial institutions
3.3 Banks and creation of liquidity
3.4 Banking and maturity transformation
3.5 Shadow banking
3.6 Mutual and pension funds
3.7 Major changes in today’s financial systems
4. Interest bearing capital and the conflict between industrial profit and financial rents (2 hours)
5. Central banks, money markets and monetary policies (2 hours)
5.1 The evolution of central banks
5.2 Different kinds of financial regulation
5.3 Money markets and monetary policy
6. Intertemporal choices and The ADM model (2 hours)
7. The Limitations of Markets (2 hours)
8. The role of Corporate Governance (4 hours)
9. Self-financing (2 hours)
10. Corporate saving (2 hours)
11. Financialisation of NFCs (4 hours)
12. Liquidity holding and financial crises (2 hours)
13. Bubbles, crises and other financial troubles (6 hours)
14. Market-oriented systems (8 hours)
14.1 The UK financial system
14.2 The US financial system
15. Bank-oriented Systems (8 hours)
15.1 The German financial system
15.2 The French financial system
15.3 The Eurozone and the Banking Union
15.4 The Japanese financial system
16. Financial systems in emerging countries (8 hours)
( reference books)
Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023.
Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.
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9
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SECS-P/01
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60
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-
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-
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-
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Core compulsory activities
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ENG |
21210459 -
Applied Economic Policy Laboratory
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CAUSI MARCO
( syllabus)
This program 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 and economic policy, 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; banking and insurance industries; industrial policies; etc.
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 program 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 available for students through the Moodle page of the course.
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9
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SECS-P/02
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60
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-
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-
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-
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Core compulsory activities
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ITA |
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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.
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9
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SECS-P/01
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60
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-
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-
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-
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Core compulsory activities
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ENG |
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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
21210458 Theories of distribution, employment and growth in Scienze Economiche 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 in hand-outs available at the library. Below the detail:
INTRODUCTORY - FOUNDATIONS:
hand-outs with copy of:
Fabio Petri, "What capital theory can teach us"
Pierangelo Garegnani "Two routes to effective demand"
Antonella Stirati “Unemployment, institutions and the living standard in the classical theory of wages”
Antonella Stirati “Employment theories from Adam Smith to the present: an overview”
PART II PRODUCTIVITY EMPLOYMENT AND GROWTH:
R. Harrod, "An essay on dynamic theory
R. Solow, "A contribution to the theory of Economic growth
Cesaratto, Serrano e Stirati “Technical change, effective demand and employment”
N. Kaldor, On the causes of slow growth in UK
A. Okun “Potential GNP: its measurement and significance”
“Puzzles, paradoxes, and regularities: cyclical and structural productivity in the United States (1950-2005)” di Jeon e Vernengo, da pag. 237 a 243
PART III - READINGS ON: FLEXIBILITY and EMPLOYMENT; CAUSES OF THE CHANGES IN INCOME DISTRIBUTION; CONFLICT OVER INCOME DISTRIBUTION AND ECONOMIC POLICY
The professor will propose readings that will be presented by the students. Intersted students will be given the opportunity to read papers on these themes relating to the Italian Economy.
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9
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SECS-P/01
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60
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-
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-
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-
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Core compulsory activities
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ITA |
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21210248 -
Politica monetaria e mercati finanziari
(objectives)
The course is divided into three parts.
The first examines the main models of monetary theory, aimed at investigating the role and functioning of the demand and supply of money.
The second section analyzes the objectives, tools and transmission mechanisms of monetary policy, in the light of the main economic theories.
The third analyzes the interactions between the functioning of the 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 currency repercussions, the euro crisis of 2011 and the current financial market volatility.
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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.
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9
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SECS-P/01
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60
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-
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-
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-
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Core compulsory activities
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ITA |
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21201506 -
HISTORY OF ECONOMIC THEORY
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21201506-1 -
STORIA DEL PENSIERO ECONOMICO
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5
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SECS-P/04
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30
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-
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-
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-
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Core compulsory activities
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ITA |
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21201506-2 -
STORIA DEL PENSIERO ECONOMICO
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4
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SECS-P/04
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30
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-
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-
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-
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Core compulsory activities
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ITA |
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21210108 -
ADVANCED PUBLIC FINANCE
(objectives)
The aim of the course is, in general, to provide students with the analytical tools to understand the fundamental characteristics of public policies and modern tax systems, with particular regard to the process of evaluating public choices and the link between market integration and national tax policy choices. Particular importance will be devoted to the effects of international tax competition in terms of the applicability of traditional tax principles and criteria. Since ample space will also be given to the discussion of the fundamental issues of public finance also in the supranational sphere, the student will have to demonstrate the ability to critically evaluate the choices and effects of national tax policies in increasingly interconnected markets.
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DE SIMONE ELINA
( syllabus)
The teaching program concerns the main aspects (from the economic and institutional point of view) of modern tax systems with reference to the characteristics and evaluation of public spending, budget balance and fundamental principles of international taxation and fiscal competition.
The course content can be broken down into several lesson blocks, the duration of which depends on the level of preparation of the students and their familiarity with the basic economics concepts
1st block
Public budgeting and fiscal governance
2nd block
Public debt
3rd block
Public Spending
4th block
The evaluation of public expenditure programs
5th block
Cost benefit analysis
6th block
International capital taxation, international taxation of goods, digital transaction tax. Fundamental characteristics of tax competition and policy problems. The role of supranational organizations: OECD and EU.
( reference books)
Main references
John G. Cullis, Philip Jones, (2009) Public Finance and Public Choice: Analytical Perspectives, Oxford University Press, Chapters 6, 10, 13.
Genschel, P. and Schwarz, P. (2011), "Tax competition: a literature review", Socio- Economic Review, 9, 339-370.
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9
|
SECS-P/03
|
60
|
-
|
-
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-
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Core compulsory activities
|
ITA |
|
21210082 -
INDUSTRIAL ECONOMICS - ADVANCED COURSE
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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.
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21210413 -
History of economic ideas and facts
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Optional group:
Free Choice (Un insegnamento a scelta libera): - (show)
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9
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21210176 -
L’Agenda 2030 delle Nazioni Unite per lo sviluppo sostenibile e gli studi economici e sociali
(objectives)
• Introduction to the United Nations Sustainable Development Agenda 2030 as a whole and in its general structure
• Analysis of the 17 SDGs (Sustainable Development Goals)
• Critical discussion on the organization of the Agenda and the links between its various objectives, both in terms of synergies and of conflicts
• Insights on some of the Agenda objectives, especially concerning the specific interests and/or study plans of the students
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21210148 -
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.
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21210191 -
Diritto pubblico delle nuove tecnologie
(objectives)
The course wants to provide students with an overview of the main issues of public relevance in particularly advanced technological fields, often not yet specifically regulated.
The aim is, therefore, to deepen the publicity aspects related to the dissemination of new technologies, with particular reference to the legal consequences of the development of Artificial Intelligence, Big Data, as well as virtual coins and Blockchain.
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21210191-1 -
mod. giuridico
(objectives)
The course wants to provide students with an overview of the main issues of public relevance in particularly advanced technological fields, often not yet specifically regulated.
The aim is, therefore, to deepen the publicity aspects related to the dissemination of new technologies, with particular reference to the legal consequences of the development of Artificial Intelligence, Big Data, as well as virtual coins and Blockchain.
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6
|
IUS/05
|
40
|
-
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-
|
-
|
Elective activities
|
ITA |
|
21210191-2 -
mod. aziendale
(objectives)
The course wants to provide students with an overview of the main issues of public relevance in particularly advanced technological fields, often not yet specifically regulated.
The aim is, therefore, to deepen the publicity aspects related to the dissemination of new technologies, with particular reference to the legal consequences of the development of Artificial Intelligence, Big Data, as well as virtual coins and Blockchain.
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3
|
SECS-P/08
|
20
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21210065 -
Statistical methods in economics
(objectives)
The main objective of the course is to provide the fundamental tools for the application of statistical methods to the analysis of economic data. The theoretical part will be supported by an applied part devoted to the analysis of real data sets by means of the software R. One lecture per week will be held in the computer lab. A student that has completed the course should be practiced in the application of advanced statistical methods, should be able to interpret the results of a statistical analysis, and should be aware of limitations and possible sources of errors in the analysis.
-
Derived from
21210065 Statistical methods in economics in Economia dell'ambiente, lavoro e sviluppo sostenibile LM-56 CONIGLIANI CATERINA
( syllabus)
Part I: Introduction to data analysis and exploratory tecniques
- Cluster analysis
- Principal component analysis
Part 2: Normal linear regression and its generalizations
- Polynomial regression
- Multiple regression
- Logistic regression
- Beta regression
- Poisson and negative binomial regression for count data
- Spatial regression models
Part 3: Panel data analysis
- Fixed effects and random effects models for dicotomous, categorical and continuous variables
- Spatial regression models for panel data.
( reference books)
Chatterjee,S. and Hadi, A.S. (2012), Regression Analysis by Example, 5th Edition, Wiley. Chapters: 1, 2, 3 (excluding 3.9), 4 (excluding 4.3, 4.9.2, 4.9.3, 4.10, 4.12, 4.13, 4.14), 5 (excluding 5.6 and 5.7), 6 (excluding 6.6 and 6.7), 9, 11, 12 (excluding 12.8.3 and 12.8.4), 13 (excluding 13.5, 13.6, 13.7).
Fox,J. and Weisberg, S. (2010), An R companion to applied regression, 2nd Edition, SAGE publications Inc.
Andreb, H-J, Golsch, K., Schmidt, A.W. (2013), Applied panel data analysis for economic and social
surveys, Springer. Chapters: 1, 2, 3, 4
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9
|
SECS-S/01
|
60
|
-
|
-
|
-
|
Elective activities
|
ITA |
|
21201408 -
STATISTICAL METHODS FOR ECONOMETRICS
(objectives)
THE COURSE AIMS TO INTRODUCE THE MAIN TECHNIQUES OF ECONOMETRICS, THE USE OF WHICH HAS BECOME COMMON PRACTICE IN EMPIRICAL WORK IN MANY AREAS OF ECONOMIC, FINANCIAL AND BUSINESS ANALYSIS. THE FOCUS IS ON THE INTUITION BEHIND THE DIFFERENT APPROACHES AND THEIR PRACTICAL RELEVANCE. THE COURSE INTRODUCES AND DISCUSSES EMPIRICAL EXAMPLES AND APPLICATIONS FROM AREAS OF ANALYSIS SUCH AS LABOUR ECONOMICS, FINANCE, INTERNATIONAL ECONOMICS, ENVIRONMENTAL ECONOMICS, MACROECONOMICS AND MANAGEMENT. THE USE OF THE DIFFERENT PROCEDURES IS ILLUSTRATED BY PRACTICAL EXAMPLES BASED ON THE USE OF DATA TAKEN FROM REAL CASES, WITH THE USE OF A SUITABLE SOFTWARE (E-VIEWS, R).
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Derived from
21210457 Metodi statistici per l'econometria e la finanza in Scienze Economiche LM-56 NACCARATO ALESSIA
( syllabus)
Basic knowledge of inference and linear algebra. Classical linear regression model: basic model assumptions, least squares estimation, maximum likelihood estimation, testing of model parameters, linearity, heteroschedasticity, autocorrelation, multicollinearity, endogenous regressors and estimators to instrumental variables, linear prediction, misspecification, stability of regression function.
Fixed-effects and random-effects panel data models. Time series analysis: descriptive aspects, AR, MA, ARMA models, distributed lag models.
( reference books)
Introduzione all’econometria
James H. Stock - Mark W. Watson
Ed. Pearson
Econometria
Marno Verbeek
Ed. Zanichelli
Lecturer's Notes
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6
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SECS-S/01
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60
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-
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Elective activities
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ITA |
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21210236 -
Game Theory
(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. 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, 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.
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9
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SECS-P/01
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60
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-
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Elective activities
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ENG |
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21210247 -
COMPARING FINANCIAL SYSTEMS
(objectives)
This 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 given to 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. The ultimate learning objective of the course is to provide students with those skills that are necessary to: I) understand the strategic setting (the game) they are in; II) learn how to formulate a strategy; III) learn how to change the game in his/her advantage.
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Derived from
21210247 COMPARING FINANCIAL SYSTEMS in Finanza e impresa LM-16 SCARANO GIOVANNI
( syllabus)
1. Introduction (2 hours)
1.1 Premises for a comparative study
1.2 Forms of fund channelling
1.3 Classification of financial systems
2. The Historical Development of Financial Systems (2 hours)
2.1 The first stages of financial systems
2.2 Credit vs mutual aid
2.3 Early Financial Systems
2.4 The birth of modern financial systems
3. Today’s financial institutions and financial markets (4 hours)
3.1 Money capital and interest bearing capital
3.2Kinds of financial institutions
3.3 Banks and creation of liquidity
3.4 Banking and maturity transformation
3.5 Shadow banking
3.6 Mutual and pension funds
3.7 Major changes in today’s financial systems
4. Interest bearing capital and the conflict between industrial profit and financial rents (2 hours)
5. Central banks, money markets and monetary policies (2 hours)
5.1 The evolution of central banks
5.2 Different kinds of financial regulation
5.3 Money markets and monetary policy
6. Intertemporal choices and The ADM model (2 hours)
7. The Limitations of Markets (2 hours)
8. The role of Corporate Governance (4 hours)
9. Self-financing (2 hours)
10. Corporate saving (2 hours)
11. Financialisation of NFCs (4 hours)
12. Liquidity holding and financial crises (2 hours)
13. Bubbles, crises and other financial troubles (6 hours)
14. Market-oriented systems (8 hours)
14.1 The UK financial system
14.2 The US financial system
15. Bank-oriented Systems (8 hours)
15.1 The German financial system
15.2 The French financial system
15.3 The Eurozone and the Banking Union
15.4 The Japanese financial system
16. Financial systems in emerging countries (8 hours)
( reference books)
Scarano G., Financialisation and Macroeconomics. The impact on Social welfare in Advanced Economies, Routledge, 2023.
Allen F., Gale D, Comparing Financial Systems, MIT Press, 2000.
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9
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SECS-P/01
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60
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-
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Elective activities
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ENG |
21210459 -
Applied Economic Policy Laboratory
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Derived from
21210459 Laboratorio di politica economica applicata in Scienze Economiche LM-56 CAUSI MARCO, PALUMBO ANTONELLA
( syllabus)
This program 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 and economic policy, 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; banking and insurance industries; industrial policies; etc.
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 program 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 available for students through the Moodle page of the course.
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9
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SECS-P/02
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60
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-
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-
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-
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Elective activities
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ITA |
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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.
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9
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SECS-P/01
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60
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-
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Elective activities
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ITA |
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21210108 -
ADVANCED PUBLIC FINANCE
(objectives)
The aim of the course is, in general, to provide students with the analytical tools to understand the fundamental characteristics of public policies and modern tax systems, with particular regard to the process of evaluating public choices and the link between market integration and national tax policy choices. Particular importance will be devoted to the effects of international tax competition in terms of the applicability of traditional tax principles and criteria. Since ample space will also be given to the discussion of the fundamental issues of public finance also in the supranational sphere, the student will have to demonstrate the ability to critically evaluate the choices and effects of national tax policies in increasingly interconnected markets.
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Derived from
21210108 FINANZA PUBBLICA in Scienze Economiche LM-56 DE SIMONE ELINA
( syllabus)
The teaching program concerns the main aspects (from the economic and institutional point of view) of modern tax systems with reference to the characteristics and evaluation of public spending, budget balance and fundamental principles of international taxation and fiscal competition.
The course content can be broken down into several lesson blocks, the duration of which depends on the level of preparation of the students and their familiarity with the basic economics concepts
1st block
Public budgeting and fiscal governance
2nd block
Public debt
3rd block
Public Spending
4th block
The evaluation of public expenditure programs
5th block
Cost benefit analysis
6th block
International capital taxation, international taxation of goods, digital transaction tax. Fundamental characteristics of tax competition and policy problems. The role of supranational organizations: OECD and EU.
( reference books)
Main references
John G. Cullis, Philip Jones, (2009) Public Finance and Public Choice: Analytical Perspectives, Oxford University Press, Chapters 6, 10, 13.
Genschel, P. and Schwarz, P. (2011), "Tax competition: a literature review", Socio- Economic Review, 9, 339-370.
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9
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SECS-P/03
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60
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-
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Elective activities
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ITA |
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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.
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Derived from
21210458 Theories of distribution, employment and growth in Scienze Economiche 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 in hand-outs available at the library. Below the detail:
INTRODUCTORY - FOUNDATIONS:
hand-outs with copy of:
Fabio Petri, "What capital theory can teach us"
Pierangelo Garegnani "Two routes to effective demand"
Antonella Stirati “Unemployment, institutions and the living standard in the classical theory of wages”
Antonella Stirati “Employment theories from Adam Smith to the present: an overview”
PART II PRODUCTIVITY EMPLOYMENT AND GROWTH:
R. Harrod, "An essay on dynamic theory
R. Solow, "A contribution to the theory of Economic growth
Cesaratto, Serrano e Stirati “Technical change, effective demand and employment”
N. Kaldor, On the causes of slow growth in UK
A. Okun “Potential GNP: its measurement and significance”
“Puzzles, paradoxes, and regularities: cyclical and structural productivity in the United States (1950-2005)” di Jeon e Vernengo, da pag. 237 a 243
PART III - READINGS ON: FLEXIBILITY and EMPLOYMENT; CAUSES OF THE CHANGES IN INCOME DISTRIBUTION; CONFLICT OVER INCOME DISTRIBUTION AND ECONOMIC POLICY
The professor will propose readings that will be presented by the students. Intersted students will be given the opportunity to read papers on these themes relating to the Italian Economy.
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9
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SECS-P/01
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60
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-
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-
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-
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Elective activities
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ITA |
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21210248 -
Politica monetaria e mercati finanziari
(objectives)
The course is divided into three parts.
The first examines the main models of monetary theory, aimed at investigating the role and functioning of the demand and supply of money.
The second section analyzes the objectives, tools and transmission mechanisms of monetary policy, in the light of the main economic theories.
The third analyzes the interactions between the functioning of the 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 currency repercussions, the euro crisis of 2011 and the current financial market volatility.
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9
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SECS-P/01
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60
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-
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-
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-
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Elective activities
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ITA |
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21201506 -
HISTORY OF ECONOMIC THEORY
(objectives)
The course intends to present the main theories of value and distribution in their historical development. This must be understood in a twofold sense. On the one hand, the course is dedicated to the reconstruction of the strictly analytical problems that have gradually arisen within the classical theory and the neoclassical (marginalist) theory of value and distribution in their traditional formulations. In this way we intend to provide students with the tools to look with greater awareness at the form in which these two theories present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical moment, with the aim of highlighting the social science character of political economy. In this regard, particular attention will be given to the drastic change of approach that began in economic theory in the period immediately following Ricardo, and for which it seems difficult to find a justification on exclusively analytical grounds.
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21201506-1 -
STORIA DEL PENSIERO ECONOMICO
(objectives)
The course intends to present the main theories of value and distribution in their historical development. This must be understood in a twofold sense. On the one hand, the course is dedicated to the reconstruction of the strictly analytical problems that have gradually arisen within the classical theory and the neoclassical (marginalist) theory of value and distribution in their traditional formulations. In this way we intend to provide students with the tools to look with greater awareness at the form in which these two theories present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical moment, with the aim of highlighting the social science character of political economy. In this regard, particular attention will be given to the drastic change of approach that began in economic theory in the period immediately following Ricardo, and for which it seems difficult to find a justification on exclusively analytical grounds.
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4,5
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SECS-P/04
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30
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-
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Elective activities
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ITA |
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21201506-2 -
STORIA DEL PENSIERO ECONOMICO
(objectives)
The course intends to present the main theories of value and distribution in their historical development. This must be understood in a twofold sense. On the one hand, the course is dedicated to the reconstruction of the strictly analytical problems that have gradually arisen within the classical theory and the neoclassical (marginalist) theory of value and distribution in their traditional formulations. In this way we intend to provide students with the tools to look with greater awareness at the form in which these two theories present themselves today. On the other hand, the authors who will be considered in the course will be placed in their respective historical moment, with the aim of highlighting the social science character of political economy. In this regard, particular attention will be given to the drastic change of approach that began in economic theory in the period immediately following Ricardo, and for which it seems difficult to find a justification on exclusively analytical grounds.
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4,5
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SECS-P/04
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30
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-
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-
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-
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Elective activities
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ITA |
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21210082 -
INDUSTRIAL ECONOMICS - ADVANCED COURSE
(objectives)
Knowledge and understanding
The objective of this course is to provide students from an economic perspective with an in-depth knowledge of the functioning and regulation of markets in order to stimulate a critical understanding and analysis of both the policy implications for public authorities and the strategic behaviors implemented from businesses.
Ability to apply knowledge and understanding
The course will allow students to acquire knowledge and skills to analyze the functioning of markets in the economic context.
Judgment autonomy
The understanding of the functioning of markets that are not perfectly competitive and of the decision-making processes of the various economic actors will allow students to critically analyze the economic reality, the intervention of policy makers from both a regulatory and antitrust point of view, the strategic behavior of companies and their interaction.
Communication skills
The structure of the course and the assessment methods are aimed at allowing students to acquire and apply the different languages of the discipline (descriptive, graphic and analytical), necessary to appropriately address the microeconomic issues involved in a comparison both with experts in the field and with non-specialist subjects.
Learning ability
Students will grapple with the relevant issues through a study of both theory and practical cases in order to acquire the appropriate analysis methodologies to allow an autonomous analysis.
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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.
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Università Roma Tre