INTERNATIONAL ECONOMIC AND FINANCIAL POLICY
Anno accademico 2015/2016 - 1° annoCrediti: 9
SSD: SECS-P/02 - Politica Economica
Organizzazione didattica: 225 ore d'impegno totale, 165 di studio individuale, 60 di lezione frontale
Semestre: 1°
ENGLISH VERSION
Prerequisiti richiesti
Mathematics, Microeconomics, Macroeconomics, Economic Policy.
Frequenza lezioni
Mandatory. Students are firmly suggested to attend lectures.
Contenuti del corso
Part I: National Accounts*, The Goods Market*, The Financial Market*, The IS-LM-BP Model and the International Economic Policy*, The Phillips Curve*, The Expectations Theories*, The AD-AS Model, the Equilibrium of the Economy and the Full Employment*, A Keynesian Model for Macroeconomic Equilibrium*, Inflation and Sovereign Debt*, The overshooting of the exchange rate*, Introduction to DSGE Macroeconomic models*, Econometric Policy Evaluation, Optimal Currency Areas*.
Part II: Introduction to Econophysics, The Efficient Market Hypothesis*, Random walk*, Lévy stochastic processes and limit theorems*, Scales in financial data*, Stationarity and time correlation*, Time correlation in financial time series*, Stochastic models of price dynamics*, Scaling and its breakdown*, Arch and Garch processes*, Econophysics Review I: Empirical Facts*.
Part III: Econophysics Review II: Agent-Based Models*, Behavioral Macroeconomics and Macroeconomic Behavior*, Alternative Paradigms for Economic Policy*, Agent-based Macro*, Towards a not too rational macroeconomics*, The representative agent framework: limits and critique*.
A star, *, indicates the topics without which the exam cannot be passed
Testi di riferimento
-
Part I:
- Handouts on International Macroeconomic Policy (see below); - Scientific Articles on Macroeconomics, (see below). -
Part II:
- Mantegna R.N. – Stanley H.E., An Introduction to Econophysics. Cambridge University Press, 2000, chapters 1-10.- Scientific Articles on statistical properties of Financial Markets, (see below).
-
Part III:
- Scientific Articles on Agent-Based Models for Macroeconomic Analysis, (see below).
Programmazione del corso
| * | Argomenti | Riferimenti testi | |
|---|---|---|---|
| 1 | * | Introduction and National Accounting | Handouts : n.0-Intro-and-Bibliography and n.1-Introduction-National-Accounting |
| 2 | * | The Goods Market | Handouts : n.2-The-Goods-Market |
| 3 | * | The Financial Market | Handouts : n.3-The-Financial-Market |
| 4 | * | International Economic Policy: IS-LM-BP | Handouts : n.4-The-IS-LM-Model |
| 5 | * | The Phillips Curve | Handouts : n.5- Phillips-Curve-and-Expectations |
| 6 | * | The Expectations Theories | Articles: see Bibliography (Handout n.0) for details |
| 7 | * | The Macroeconomic Equilibrium: AD-AS | Handouts : n.6-AD-AS |
| 8 | * | A Keynesian Model | Handouts : n.7-A-Keynesian-Framework |
| 9 | * | The Macroeconomic Equilibrium: AD-AS-revised | Handouts : n.8-AD-AS-revised |
| 10 | * | Inflation and Sovereign Debt Dynamics | Handouts : n.9- Inflation- n.10-Sovereign-Debt |
| 11 | * | Introduction to DSGE Models | Articles: see Bibliography (Handout n.0) for details |
| 12 | * | Econometric Policy Evaluation | Articles: see Bibliography (Handout n.0) for details |
| 13 | * | Optimal Currency Areas | Articles: see Bibliography (Handout n.0) for details |
| 14 | * | Efficient Market Hypothesis | Mantegna–Stanley, chapter: 1, 2 |
| 15 | * | Statistic distributions for financial markets | Mantegna–Stanley, chapter: 3, 4 |
| 16 | * | Statistical properties of financial markets data | Mantegna–Stanley, chapter: 5, 6 |
| 17 | * | Time correlation of financial data | Mantegna–Stanley, chapter: 7, 8 |
| 18 | * | Scaling and its breakdown; Arch and Garch | Mantegna–Stanley, chapter: 9, 10 |
| 19 | Arch and Garch | Articles: see Bibliography (Handout n.0) for details | |
| 20 | * | Empirical Facts of Financial Markets | Articles: see Bibliography (Handout n.0) for details |
| 21 | * | Agent-based Modeling for Macroeconomics | Articles: see Bibliography (Handout n.0) for details |
| 22 | * | Behavioral Macroeconomics | Articles: see Bibliography (Handout n.0) for details |
| 23 | * | Agent-based models of financial markets | Articles: see Bibliography (Handout n.0) for details |
| 24 | * | Alternative Paradigms of Economic Policy | Articles: see Bibliography (Handout n.0) for details |
| 25 | The Representative Agent: limits and critique | Articles: see Bibliography (Handout n.0) for details |
N.B. La conoscenza degli argomenti contrassegnati con l'asterisco è condizione necessaria ma non sufficiente per il superamento dell'esame. Rispondere in maniera sufficiente o anche più che sufficiente alle domande su tali argomenti non assicura, pertanto, il superamento dell'esame.
Verifica dell'apprendimento
Modalità di verifica dell'apprendimento
Regular exam consists of a preliminary written test followed, in case of success, by the oral test.
Esempi di domande e/o esercizi frequenti
1. Describe new policy approaches to dampen financial fluctuations: can you report which advantages they have with respect to mainstream theories?
2. Which role is played by the topology for the spreading of imitation among traders in financial markets? Does it affect the applicability of stabilization policies?
3. Do you think instruments exist in order to anticipate financial crises? Give your detailed opinion about the Basle Regulations for banking activities.
4. Describe the Rational Expectation Model and the Efficient Market Hypothesis and discuss their forecasting capacity for macroeconomic variables. Do you think that predictability exists in macroeconomics?