MACROECONOMICS AND FINANCIAL MARKETS
The course aims to enrich students' knowledge of macroeconomics, in a dynamic context and with particular reference to the interaction between real macroeconomic variables and financial markets. The purpose is to interpret the macroeconomic dynamics that characterize contemporary markets, the trends of the main real aggregates (GDP, Consumption, Investments) and financial ones (Loans, stock prices, interest rates), emphasizing the importance that imperfections in financial markets can have for macroeconomic equilibrium.
A good grasp of the basic tools of economic analysis, micro and macro, is necessary, as well as a good understanding of the mathematical concepts underlying the processes of optimization.
The first part of the program focuses on consumer choices and investment decisions in a dynamic context, pointing out that uncertainty and the absence of complete markets affect the aggregate equilibrium.
The second part of the program will examine the link between financial markets and the real economy empirically, using basic statistical tools of time series analysis. Major macroeconomic aggregates (Pil, aggregate demand components, financial variables) will be studied using specific sw (Gretl and JMulti) that allow the analysis of the economic and financial cycles, both with the classic approach and with the approach of the growth cycle.
Lectures, classroom discussions of official documents by economic and financial institutions, on policy decisions related to the themes of study, laboratory in time series analysis with appropaite econometric sw.
D Romer, Advanced economics, Mc Graw Hill , fourth edition (selected chapters).
E. Marzano, Fluttuazioni cicliche e crisi finanziarie. Aspetti metodologici ed evidenze empiriche. Giappichelli.
Slides with additional material are available on e-learning portal
Additional reading will be provided during the course.
The assessment during the course, will be based on the moments of collective discussion and the request to draft short papers or critical notes to deepen the topics covered during classes. At the end of the course there will be a final test with questions and exercises.