MACROECONOMIA AVANZATA

Syllabus

Aggiornato A.A. 2015-2016

Università di Roma "Tor Vergata"

Facoltà  di Economia

Corso di Laurea Magistrale in Scienze Economiche

Anno Accademico 2015-2016

MACROECONOMIA AVANZATA

Prof. Alessandro Piergallini
E-mail: alessandro.piergallini@uniroma2.it
Ricevimento: su appuntamento

Presentazione del corso

Obiettivo del corso è l'analisi delle principali teorie in cui si articola la scienza macroeconomica. L'esame dei modelli teorici è corredato dalla discussione di dati, regolarità  empiriche, e casi di studio.

Il programma delle lezioni si divide in tre parti.

La prima parte del corso è dedicata all'analisi delle principali determinanti della crescita economica. Vengono esaminati modelli di "crescita esogena" e modelli di "crescita endogena". In tale ambito, le lezioni mirano ad esaminare le potenziali interconnessioni con le politiche fiscali e monetarie.

La seconda parte del corso è dedicata all'analisi delle principali determinanti delle fluttuazioni economiche. In particolare, si affronta il tema dell'efficacia della politica economica nel breve periodo utilizzando il paradigma metodologico sviluppato dai cosiddetti "Dynamic Stochastic General Equilibrium (DSGE) Models". In tale contesto, le lezioni si concentrano sul ruolo delle regole di politica monetaria sia nei modelli DSGE di matrice neoclassica, elaborati nell'ambito della teoria del "Real Business Cycle", sia nei modelli DSGE di matrice keynesiana, elaborati nell'ambito della cosiddetta "New Neoclassical Synthesis".

La terza parte del corso affronta in dettaglio il tema delle politiche economiche ottimali. Particolare enfasi viene assegnata al tema della politica monetaria ottimale in relazione al classico dibattito "regole versus discrezionalità". Il corso si conclude con l'esame delle interazioni tra la politica monetaria e la politica fiscale, specie in riferimento alla problematica della sostenibilità  del debito pubblico.

Programma del corso

Introduzione

  • Fatti stilizzati
  • Macroeconomia di lungo periodo e di breve periodo
  • Il metodo d'analisi
  • Strumenti per l'analisi dinamica

Parte I: la crescita economica

  • Teorie della crescita
  • Il modello di Harrod-Domar
  • Il modello di Kaldor-Pasinetti
  • Il modello di Solow
  • Il modello di Ramsey
  • Teorie di crescita endogena
  • Politiche fiscali e crescita economica
  • Politiche monetarie e crescita economica

Parte II: le fluttuazioni economiche

  • Teorie del ciclo economico
  • Approcci tradizionali
  • Modelli "Old-Keynesian"
  • Il Monetarismo
  • La Nuova Macroeconomia Classica
  • Il "Real Business Cycle"
  • Modelli "New-Keynesian"

Parte III: la politica economica

  • Regole versus discrezionalità
  • Il modello di Barro-Gordon
  • Il modello di Clarida, Galí e Gertler
  • Interazioni tra politiche monetarie e fiscali
  • La sgradevole aritmetica monetarista: il modello di Sargent e Wallace
  • La teoria fiscale dei prezzi: il modello di Leeper

Materiale didattico

  • A. Piergallini e G. Rodano, Argomenti di Macroeconomia Avanzata, dispense.
  • (Non rientrano nel programma d'esame i seguenti paragrafi o parti di paragrafo: Dispensa 2 - paragrafi 4.1 e 5.4; Dispensa 3 - appendice al paragrafo 3.1)

Letture di approfondimento

Introduzione

  • A. Maddison (1995), Monitoring the World Economy 1820-1992, Paris: Organization for Economic Cooperation and Development.
  • S. Basu and A. M. Taylor (1999), Business Cycles in International Historical Perspective, Journal of Economic Perspectives 13, pp. 45-68.
  • C. M. Reinhart and K. S. Rogoff (2008), Is the 2007 US Sub-Prime Financial Crisis So Different? An International Historical Comparison, American Economic Review 98, pp. 339-344.
  • F. S. Mishkin (2011), Over the Cliff: From the Subprime to the Global Financial Crisis, Journal of Economic Perspectives 25, pp. 49-70.

Per approfondimenti circa gli strumenti matematici per l'analisi economica si consulti A.C. Chiang, Fundamental Methods of Mathematical Economics, McGraw-Hill, 2005.

Parte I: la crescita economica

Articoli:

  • R. F. Harrod (1939), An Essay in Dynamic Theory, Economic Journal 49, pp. 14-33.
  • E. D. Domar (1946), Capital Expansion, Rate of Growth, and Employment, Econometrica 14, 137-147.
  • R. M. Solow (1956), A Contribution to the Theory of Economic Growth, Quarterly Journal of Economics 70, pp. 65-94.
  • T. W. Swan (1956), Economic Growth and Capital Accumulation, Economic Record 32, pp. 334-361.
  • D. Cass (1965), Optimum Growth in an Aggregative Model of Capital Accumulation, Review of Economic Studies 32, pp. 233-240.
  • R. E. Lucas (1988), On the Mechanics of Economic Development, Journal of Monetary Economics 22, pp. 3-42.
  • G. D. Mankiw, D. Romer and D. N. Weil (1992), A Contribution to the Theory of Economic Growth, Quarterly Journal of Economics 107, pp. 407-437.
  • P. Romer (1986), Increasing Returns and Long Run Growth, Journal of Political Economy 94, pp. 1002-1037.
  • P. Romer, (1990), Endogenous Technological Change, Journal of Political Economy 98, pp. 71-102.
  • R. J. Barro (1990), Government Spending in a Simple Model of Economic Growth, Journal of Political Economy 98, pp. S103-26.
  • R. E. Lucas (1993), Making a Miracle, Econometrica 61, pp. 251-272.
  • J. Tobin (1965), Money and Economic Growth, Econometrica 34, pp. 671-684.
  • M. Sidrauski (1967a), Rational Choice and Patterns of Growth in a Monetary Economy, American Economic Review Papers and Proceedings, 57, pp. 534-544.
  • M. Sidrauski (1967b), Inflation and Economic Growth, Journal of Political Economy, 75, pp. 796-810.
  • W. A. Brock (1974), Money and Growth: The case of Long-run Perfect Foresight, International Economic Review 15, pp. 750-777.
  • A. Orphanides and R. M. Solow (1990), Money, Inflation and Growth, in B.M. Friedman, F.H. Hahn (eds.), Handbook of Monetary Economics, North-Holland, Amsterdam, Vol. 1, Ch. 6.
  • G. T. McCandless and W. E. Weber (1995), Some Monetary Facts, Federal Reserve Bank of Minneapolis Quarterly Review 19, pp. 2-11.
  • R. J. Barro (1996), Inflation and Growth, Federal Reserve Bank of St. Louis Review, 78, pp. 153-169.

Libri di testo:

  • P. Aghion and P. Howitt (2009), The Economics of Growth, MIT Press.
  • P. Aghion and P. Howitt (1998), Endogenous Growth Theory, MIT Press.
  • F. C. Bagliano e G. Bertola (1999), Metodi Dinamici e Fenomeni Macroeconomici, il Mulino.
  • S. J. Turnovsky S. J. (2000), Methods of Macroeconomics Dynamics, MIT Press.
  • R.J. Barro and X. Sala-i-Martin (2004), Economic Growth, MIT Press.
  • D. Romer (2012), Advanced Macroeconomics, McGraw-Hill.
  • D. Weil (2012), Economic Growth, Addison Wesley.

Parte II: le fluttuazioni economiche

Articoli:

  • R. E. Lucas (1973), Some International Evidence on Output-Inflation Trade-Offs, American Economic Review 63, pp. 326-334.
  • R. E. Lucas (1976), Econometric Policy Evaluation: A Critique, in K. Brunner and A. Meltzer (eds.), The Phillips Curve and the Labor Markets, Vol. 1 of Carnegie-Rochester Conference Series on Public Policy, Amsterdam, North Holland, pp. 19-46.
  • J. F. Muth (1961) Rational Expectations and the Theory of Price Movements, Econometrica 29‚ pp. 315-335.
  • T. J. Sargent and N. Wallace (1976), 'Rational' Expectations, the Optimal Monetary Instrument and the Optimal Money Supply Rule, Journal of Political Economy 83, pp. 241-254.
  • S. Fischer (1977), Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule, Journal of Political Economy 85, pp. 191-205.
  • T. Yun (1996), Nominal Rigidity, Money Supply Endogeneity, and Business Cycles, Journal of Monetary Economics 37, pp. 345-37.
  • M. Goodfriend and R. G. King (1997), The New Classical Synthesis and the Role of Monetary Policy, NBER Macroeconomic Annual 12, pp. 231-83.
  • B. T. McCallum and E. Nelson (1999), An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis, Journal of Money, Credit and Banking 31, pp. 296-316.
  • J. Rotemberg and M. Woodford (1997), An Optimizing-Based Econometric Framework for the Evaluation of Monetary Policy, in: Bernanke, B., Rotemberg J. (Eds.), NBER Macroeconomic Annual. The MIT Press, Cambridge MA, pp. 297-346.
  • J. Galí ­ (2003), New Perspectives on Monetary Policy, Inflation, and the Business Cycle, in Advances in Economic Theory, edited by: M. Dewatripont, L. Hansen, and S. Turnovsky, 3, 151-197, Cambridge University Press.
  • L. J. Christiano, M. Eichenbaum and C. L. Evans (2005), Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, Journal of Political Economy 113, pp. 1-45.
  • J. Galí ­ and M. Gertler (2007), Macroeconomic Modeling for Monetary Policy Evaluation,Journal of Economic Perspectives 21, pp. 25-45.

Libri di testo:

  • O. J. Blanchard and S. Fischer (1989), Lectures on Macroeconomics, MIT Press.
  • B. T. McCallum (1989), Monetary Economics-Theory and Policy, London, Macmillan.
  • P. Minford and D. A. Peel (2002), Advanced Macroeconomics: A Primer, Elgar.
  • B. S. Heijdra and F. van der Ploeg (2002), The Foundations of Modern Macroeconomics, Oxford University Press.
  • C. Walsh (2010), Monetary Theory and Policy, MIT Press.
  • G. McCandless (2008), The ABCs of RBCs: An Introduction to Dynamic Macroeconomic Models, Cambridge, MA: Harvard University Press.
  • J. Galí­ (2008), Monetary Policy, Inflation and the Business Cycle, Princeton: Princeton University Press.
  • M. Woodford (2003), Interest and Prices, Princeton and Oxford: Princeton University Press.
  • D. Romer (2012), Advanced Macroeconomics, McGraw-Hill-Irwin.

Parte III: la politica economica

Articoli:

  • F. E. Kydland, and E. C. Prescott (1977), Rules Rather than Discretion: the Inconsistency of Optimal Plans, Journal of Political Economy 85, pp. 473-492.
  • R. J. Barro and D. B. Gordon (1983a), A Positive Theory of Monetary Policy in a Natural-Rate Model, Journal of Political Economy 91, pp. 589-610.
  • R. J. Barro and D. B. Gordon (1983b), Rules, Discretion, and Reputation in a Model of Monetary Policy, Journal of Monetary Economics 17, pp. 3-20.
  • S. Fisher S. (1990), Rules Versus Discretion in Monetary Policy, in B.M. Friedman, F.H. Hahn (eds.), Handbook of Monetary Economics, North-Holland, Amsterdam, Vol. 1, Cap. 21.
  • J. B. Taylor (1993), Discretion Versus Policy Rules in Practice, Carnegie-Rochester Conference Series on Public Policy 39, 195-214.
  • R. Clarida, J. Galí and M. Gertler (1998), Monetary Policy Rules in Practice: Some International Evidence, European Economic Review 42, pp. 1033-1067.
  • R. Clarida, J. Galí ­ and M. Gertler (1999), The Science of Monetary Policy: A New Keynesian Perspective, Journal of Economic Literature 37, pp. 1661-1707.
  • R. Clarida, J. Galí ­ and M. Gertler (2000), Monetary Rules and Macroeconomic Stability: Evidence and Some Theory, Quarterly Journal of Economics 15, pp. 147-180.
  • T. J. Sargent and N. Wallace (1981), Some Unpleasant Monetarist Arithmetic, Federal Reserve Bank of Minneapolis Quarterly Review 5, 1-17.
  • E. M. Leeper (1991), Equilibria under "Active" and "Passive" Monetary and Fiscal Policies, Journal of Monetary Economics 27, pp. 129-147.
  • C. Sims, C. (1994), A Simple Model for Study of the Determination of the Price Level and the Interactions of Monetary and Fiscal Policy, Economic Theory 4, pp. 381-399.
  • M Woodford (1994), Monetary Policy and Price Level Determinacy in a Cash-in-Advance Economy, Economic Theory 4, pp. 345-380.
  • M. Woodford (1995), Price-Level Determinacy without Control of a Monetary Aggregate, Carnegie-Rochester Conference Series on Public Policy 53, pp. 1-46.
  • L. J. Christiano and T. J. Fitzgerald (2000), Understanding the Fiscal Theory of the Price Level, Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pp. 2-38.
  • J. Benhabib, S. Schmitt-Grohé and M. Uribe (2002), Avoiding Liquidity Traps, Journal of Political Economy 110, pp. 535-563.
  • J. Cochrane (2005), Money as Stock, Journal of Monetary Economics 52, pp. 501-528.
  • J. Cochrane (2011), Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic, European Economic Review 55, pp. 2-30.
  • T. Davig, E. M. Leeper and T. B. Walker (2011), Inflation and the Fiscal Limit, European Economic Review 55, pp. 31-47.
  • M. B. Canzoneri, R. Cumby and B. Diba (2011), The Interaction of Monetary and Fiscal Policy, in B. Friedman. and M Woodford (Eds.), Handbook of Monetary Economics, Amsterdam and Boston: North-Holland/Elsevier, pp. 935-999.

Libri di testo:

  • Taylor J. B. (1999), Monetary Policy Rules, Chicago: The University of Chicago Press.
  • M. Woodford (2003), Interest and Prices, Princeton and Oxford: Princeton University.
  • C. Walsh (2010), Monetary Theory and Policy, MIT Press.Press.
  • J. Galí ­ (2008), Monetary Policy, Inflation and the Business Cycle, Princeton: Princeton University Press.
    D. Romer (2012), Advanced Macroeconomics, McGraw-Hill-Irwin.