Università degli Studi di Napoli "Parthenope"

Teaching schedule

Academic year: 
2019/2020
Belonging course: 
Course of Master's Degree Programme on QUANTITATIVE METHODS FOR ECONOMIC AND FINANCIAL EVALUATIONS
Disciplinary sector: 
ECONOMIC POLICY (SECS-P/02)
Language: 
Italian
Credits: 
9
Year of study: 
1
Cycle: 
First Semester
Hours of front activity: 
72

Language

Italian

Course description

Within basic theoretical frameworks, the course analyses the role of
money, central banking and the transmission of monetary policy in
developed countries, with special emphasis on the European Union and
the ECB.
Expected learning outcomes
Knowledge and understanding: The student should be able to understand
the role of financial intermediaries and the management and
transmission of monetary policy in modern industrialized economies with
particular attention to the Economic and Monetary Union (EMU). In
addition, he/she should also know the main quantitative models of
international economic policy.
Applying knowledge and understanding: the student should be able to
apply the acquired knowledge to the evolution of modern monetary
systems and monetary policies implemented in the EU and the USA.
Making judgments: the student should be able to use the acquired
knowledge also in an autonomous way, by also applying them to specific
issues and problems, such as to evaluate the goodness of the specific
policies implemented by the major central banks.
Communication: the student should be able to answer in a clear and
thorough way to the questions of the written examination and to those of
the possible oral examination.
Lifelong learning skills: the student should be able to show a good
learning ability, by widening, for example, his/her knowledge with use of
relevant bibliographic references. The student will have the opportunity
to apply the knowledge gained in previous courses integrating them with
the additional professional skills that characterize the course.

Prerequisites

General knowledge and reasoning ability. Some basic knowledge of
macroeconomics, if previously acquired by the student, can facilitate the
learning process; this is basically covered by the first-level courses
offered by the university Parthenope in the economic area. For students
coming from different first-level degree programs, an integration
including a relevant bibliographic references will be provided.

Syllabus

Part I:
Money as means of payment: the Quantity Theory. Money as store of
value: Liquidity Preference Theory. Money demand and monetary policy
in the IS-LM model. Money demand in the theory of portfolio allocation.
Part II:
Final targets of monetary policy. Features and governance of the ECB and
the Federal Reserve. Intermediate targets and the two-pillar strategy.
Operating procedures and monetary policy tools at the ECB and the FED.
Monetary policy making under uncertainty. Monetary policy in the recent
financial crisis and the great recession. The market for monetary base
and money supply. Endogenous money supply in the IS-LM model.
Part III:
The interest-rate channel and the term structure of interest rates. The
exchange-rate channel and monetary policy in an open economy. The
asset-price channel. Information problems and the credit channel.

Part I:
Money as means of payment: the Quantity Theory. Money as store of
value: Liquidity Preference Theory. Money demand and monetary policy
in the IS-LM model. Money demand in the theory of portfolio allocation.
Part II:
Final targets of monetary policy. Features and governance of the ECB and
the Federal Reserve. Intermediate targets and the two-pillar strategy.
Operating procedures and monetary policy tools at the ECB and the FED.
Monetary policy making under uncertainty. Monetary policy in the recent
financial crisis and the great recession. The market for monetary base
and money supply. Endogenous money supply in the IS-LM model.
Part III:
The interest-rate channel and the term structure of interest rates. The
exchange-rate channel and monetary policy in an open economy. The
asset-price channel. Information problems and the credit channel.

Teaching Methods

The course includes frontal lessons during which the themes of the
program are discussed.

Textbooks

G. Di Giorgio. Economia e Politica Monetaria, CEDAM, u.e.
Further references will be provided at the beginning of the course.

Learning assessment

The assessment is based on a written examination composed of thematic
questions aimed at evaluating the actual achievement of the objectives
on part the students. In order to evaluate the depth in understanding
general theoretical knowledge, the class work includes open questions on
the program’s topics. In their answers the students should be able to
show and illustrate the fundamental concepts acquired during their studies. An oral examination can also be held, in case the teacher judges
it useful to better ascertain the student’s knowledge. The vote of the oral
examination is expressed in scale from 0 to 30, and it is averaged with
the vote of written examination (equal weighting) in order to determine
the final vote.

More information