ECONOMIC AND FINANCIAL POLICY
KNOWLEDGE AND UNDERSTANDING: After acquiring the basic concepts related to the behaviour of individual economic operators (consumers and businesses), the student studies the main macroeconomic variables in order to understand their linkages in the various markets, that is in that of factors, goods and services, money and capital. The aim is to understand the mechanisms and objectives driving the public intervention in the economy, with particular attention to monetary and financial contexts.
APPLYING KNOWLEDGE AND UNDERSTANDING: the student must demonstrate that he/she is able to apply the theoretical knowledge acquired to real contexts, in particular to the Italian and the European ones. The main aim of the course is the acquisition of knowledge that allows students to understand the changes in the macroeconomic scenarios in order to identify the strategies to operate in the monetary and financial markets.
MAKING JUDGEMENTS: the student must have developed a critical approach to the subject that allows him/her to deepen even autonomously his own knowledge. To this end, activities such as collection and reading of economic-financial data are provided to enhance the interpretive skills.
COMMUNICATION: The student is required to acquire a technical vocabulary related to the economic-financial issues and the ability to summarize in writing the main concepts of the subject. Language and synthesis skills are therefore required in order to improve their ability to present in public their own analyses and results achieved in the collection and processing of economic and financial data. Demonstration of communication skills, in terms of clarity and exhaustiveness in responses and the appropriate use of analytical tools are also required during the assessment of learning.
LIFELONG LEARNING SKILLS: the student must acquire the basic tools of macroeconomics and economic policy and demonstrate that he has achieved a good level of learning that allows him to apply the acquired knowledge to the analysis of concrete cases, to take exams after the course of study and to undertake profitably successive studies.
The course requires that students have learned the basic contents of Maths.
Introductory concepts: demand, supply and market. Microeconomic theory: decisions of individual economic agents (consumers, companies) and behaviour of individual markets.
1st lectures block (24 hours)
Macroeconomics as a science. Data in macroeconomics. Domestic Product: where it comes from and where it goes. The monetary system: what it is and how it words. Inflation: causes, effects and social costs. Unemployment. Introduction to economic fluctuations. Aggregate Demand I: the IS-LM model. Aggregate Demand II: applying the IS-LM model.
2nd lectures block (24 hours)
Aggregate Supply and the short-run trade-off between inflation and unemployment. The open economy. Stabilisation policies. Public debt. Currency areas and the European economic and monetary union. The financial system: opportunities and risks.
The main topics of the first part of the course (48 hours) are: Aggregate Supply and the short-run trade-off between inflation and unemployment. The open economy. Stabilisation policies. Public debt. Currency areas and the European economic and monetary union. The financial system.
The aim of the second part of the course (24 hours) is to provide the appropriate tools to understand the microeconomic mechanisms of supply and demand.
The course will be organized in lectures.
First part: Economics, Begg D., Fischer S., Vernasca G., Dornbusch R., McGraw-Hill Education, New York (2014). Chapters 1 to 7.
Macroeconomics, N.G. Mankiw, M. P. Taylor, (Ed) Worth Publishers, New York, u. e..
1, 2, 3, 4, 5, 6, 7, 10, 11, 15 20.
The learning out through a written test and an oral interview on the topics of the program (both of Module 1 and 2).
Grading is based on a written test, composed in part by optional open questions on the topics of the course and in part by numerical and operational exercises, covering the themes tackled in the lectures and in the TA classes..
When answering the theoretical questions and the numerical exercises, students will have to prove their ability to outline both the fundamental concepts acquired during the course and the formalized models dealt with in the lectures, in the TA sessions and in the suggested texts.
The duration of the written examination is 1 hour. During the examination, the use of notes, books and informatics devices (smartphone, tablet, pc, ecc.) is not allowed.
The laude can be assigned if the student shows, in his/her answers, a particular ability to deepen the topics mentioned in the examination’s questions..
The grade assigned to the oral interview can improve or worsen the score of the written test by 2 points