EN
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Obiettivi Formativi
***Conoscenza e capacità di comprensione: Gli studenti acquisiranno conoscenza e capacità di comprensione degli strumenti matematici necessari alla determinazione di un ottimo dinamico e, in particolare, della programmazione dinamica. Questi strumenti saranno applicati allo studio dei meccamismi della crescita economica, del risparmio e dell’investimento in attività produttive. Gli stessi strumenti serviranno alla comprensionde del ciclo economico in Macroeconomics II.
***Capacità di applicare conoscenza e comprensione: Attraverso lo svolgimento di esercizi, gli studenti saranno indotti a verificare la loro comprensione delle teorie illustrate a lezione e ad applicarle a diversi scenari economici (ad esempio, valutando gli effetti del calo demografico sulla crescita economica).
***Autonomia di giudizio: Gli studenti saranno messi in condizione di valutare autonomamente le implicazioni di variazioni delle condizioni esogene o di interventi di politica economica sulla crescita e sull’investimento in attività produttive.
***Abilità comunicative: Gli studenti apprenderanno significato e uso dei termini relativi alla crescita economica usati da istituzioni, governi e studiosi dell’economia.
***Capacità di apprendere: Lo svolgimento di esercizi stimolerà la capacità di apprendere.
Conoscenza e Comprensione
Il corso fornisce un'introduzione alla moderna modellazione macroeconomica. Gli studenti acquisiranno la conoscenza dei modelli del ciclo economico reale e delle economie monetarie. Impareranno tecniche di soluzione numerica essenziali e acquisiranno una solida conoscenza delle politiche delle banche centrali.
Applicare conoscenza e comprensione
Alla fine del corso, gli studenti saranno in grado di costruire moderni modelli macroeconomici, risolverli numericamente e valutarli empiricamente.
Formulare giudizi
Gli studenti avranno le conoscenze e gli strumenti per analizzare e valutare le politiche delle banche centrali utilizzando modelli e dati macroeconomici.
Abilità comunicative
Gli studenti acquisiranno esperienza nella comunicazione dei risultati della loro analisi preparando e presentando una presentazione che riassuma la loro metodologia e i risultati.
Capacità di apprendimento
Gli studenti non solo saranno esposti ai materiali preparati dal docente, ma saranno anche esposti alla moderna letteratura accademica, oltre a conoscere la politica economica dai siti web delle banche centrali. Interagiranno in gruppo, lavorando su problemi in team e imparando gli uni dagli altri.
Learning Objectives
Part 1:
***Knowledge and understanding: Students will master the mathematical tools of dynamic optimization, including dynamic programming. These technical skills will be applied to economics for an understanding of the mechanisms driving economic growth, saving and investment in productive asset. These skills will be also used for the study of the business cycle in Macroeconomics II.
***Applying knowledge and understanding: By means of exercises, students will verify their understanding of the theories presented during classes and will apply them to a variety of economic scenarios (for instance, evalutating the effects of a demographic decline on economic growth).
***Making judgements: Students will be able to assess autonomously the implications of changes in exogenous conditions or of policy interventions on economic growth and on the investment in productive assets.
***Communication skills: Students will learn the meaning and use of terms related to economic growth commonly used by institutions, government and specialized scholars.
***Learning skills: Exercises will stimulate students’ learning ability.
Part 2:
Knowledge and Understanding
The course provides an introduction to modern macroeconomic modeling. Students will acquire knowledge of real business cycle models and monetary economies. They will learn essential numerical solution techniques and gain a solid understanding of central bank policies.
Applying knowledge and understanding
By the end of the course, students will be able to build modern macroeconomic models, solve these models numerically and assess them empirically.
Making judgements
Students will have the knowledge and tools to analyze and evaluate central bank policies using macroeconomic models and data.
Communication skills
Students will gain experience in communicating the results of their analysis by preparing and giving a presentation summarizing methodology and findings.
Learning skills
Students will not only be exposed to materials prepared by the lecturer, but will also be exposed to modern academic literature, as well as will learn about economic policy from the websites of central banks on their own. They will interact in groups, working on problems in teams and learning from each other.
Prerequisites
Basic knowledge of macroeconomics, linear algebra, constrained optimization, Matlab.
Programma
1. Modello RBC standard. Risolvere il modello: condizioni di equilibrio, linearizzazione, aspettative razionali lineari. Numerico: introduzione a Dynare, soluzione modello, simulazione, risposte all'impulso. Empirico: ottenimento di dati macro, estrazione di componenti cicliche e di trend.
2. Modello Money-in-utility, modello cash-in-anticipo, denaro in OLG. Rigidità nominali: Nuovo modello keynesiano, costo del benessere dell'inflazione, tasso di inflazione ottimale, politica di stabilizzazione monetaria ottimale, coincidenza divina. Conduzione della politica monetaria da parte delle banche centrali, ZLB, politica monetaria non convenzionale.
Program
1. Standard RBC model. Solving the model: equilibrium conditions, linearization, linear rational expectations. Numerical: introduction to Dynare, model solution, simulation, impulse responses. Empirical: obtaining macro data, extracting cyclical and trend components.
2. Money-in-utility model, cash-in-advance model, money in OLG. Nominal rigidities: New Keynesian model, welfare cost of inflation, optimal rate of inflation, optimal monetary stabilization policy, divine coincidence. Conduct of monetary policy by central banks, ZLB, unconventional monetary policy.
Testi Adottati
Romer, D. (2012). Advanced macroeconomics, New York: McGraw-Hill/Irwin.
Wickens, M. (2012). Macroeconomic Theory: A Dynamic General Equilibrium Approach, Princeton University Press.
Gali, J. (2008). Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press.
Books
Lecture notes will be provided on the course webpage.
Recommended textbooks:
Romer, D. (2012). Advanced macroeconomics, New York: McGraw-Hill/Irwin.
Wickens, M. (2012). Macroeconomic Theory: A Dynamic General Equilibrium Approach, Princeton University Press.
Gali, J. (2008). Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press.
Bibliografia
Calvo, Guillermo A. (1983). “Staggered prices in a utility-maximizing framework”. In: Journal of Monetary Economics 12.3, pp. 383 –398.
Bernanke, B., Gertler, M., Gilchrist, S. (1999). The Financial accelerator in a quantitative business cycle framework. Handbook of macroeconomics.
Kiyotaki, N., Moore, J., (1997). Credit cycles. Journal of Political Economy 105, 211–248.
Gertler M. and P. Karadi (2011). A model of unconventional monetary policy, Journal of Monetary Economics, 58, 17-34.
Ball, Laurence M. (2013). “The Case for Four Percent Inflation”. In: Central Bank Review 13.2, pp. 17–31.
Diercks, Anthony M. (2017). The Reader’s Guide to Optimal Monetary Policy. Available at SSRN: 2989237.
Blanchard, O. and K. C. Kahn (1980), "The Solution of Linear Difference Models under Rational Expectations", Econometrica, 48(5), 1305-11.
Jordà, Òscar. 2005. "Estimation and Inference of Impulse Responses by Local Projections." American Economic Review, 95 (1): 161-182.
Bibliography
Calvo, Guillermo A. (1983). “Staggered prices in a utility-maximizing framework”. In: Journal of Monetary Economics 12.3, pp. 383 –398.
Bernanke, B., Gertler, M., Gilchrist, S. (1999). The Financial accelerator in a quantitative business cycle framework. Handbook of macroeconomics.
Kiyotaki, N., Moore, J., (1997). Credit cycles. Journal of Political Economy 105, 211–248.
Gertler M. and P. Karadi (2011). A model of unconventional monetary policy, Journal of Monetary Economics, 58, 17-34.
Ball, Laurence M. (2013). “The Case for Four Percent Inflation”. In: Central Bank Review 13.2, pp. 17–31.
Diercks, Anthony M. (2017). The Reader’s Guide to Optimal Monetary Policy. Available at SSRN: 2989237.
Blanchard, O. and K. C. Kahn (1980), "The Solution of Linear Difference Models under Rational Expectations", Econometrica, 48(5), 1305-11.
Jordà, Òscar. 2005. "Estimation and Inference of Impulse Responses by Local Projections." American Economic Review, 95 (1): 161-182.
Modalità di svolgimento
Lezioni frontali, sessioni applicate, sessioni di programmazione, seminari.
Lavorare su compiti a casa individuali e di gruppo.
Presentazione di risultati e risultati.
Studiare libri di testo, articoli e politiche delle banche centrali.
Teaching methods
Lectures, applied sessions, programming sessions, seminars.
Working on individual and group home assignments.
Presenting results and findings.
Studying textbooks, articles and central banks' policies.
Regolamento Esame
Discussioni e partecipazione attiva in classe.
Compiti a domicilio individuali e di gruppo (40%), esame finale scritto (60%).
Exam Rules
Individual and group home assignments will account for 40% of the grade, the remaining 60% will be allocated to the written final exam.
Home assignments will test the ability of students to replicate, modify and work with the models presented in the lectures. They will consist of: (i) analytical tasks, such as deriving the model solution, characterizing the equilibrium, comparative statics exercises; (ii) numerical tasks, such as solving and simulating models on a computer; (iii) empirical tasks, such as collecting and analyzing data; (iv) communicating tasks, such as preparing a presentation summarizing the results and findings of an analysis.
The written exam will test students' overall understanding and knowledge of the course material. The exam questions may ask students to solve and analyze simple models analytically and make judgements on economic policy based on models covered in class.
The students who withdraw or fail an exam may take the exam again in the same exam session.
Prof.ssa Lucia Leonelli
