ADVANCED MACROECONOMICS AND FINANCIAL MARKETS

ADVANCED MACROECONOMICS AND FINANCIAL MARKETS

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iten
Code
41592
ACADEMIC YEAR
2018/2019
CREDITS
9 credits during the 1st year of 8700 Economics and Financial Institutions (LM-56) GENOVA
SCIENTIFIC DISCIPLINARY SECTOR
SECS-P/02
TEACHING LOCATION
GENOVA (Economics and Financial Institutions)
semester
2° Semester
Teaching materials

OVERVIEW

Course description

The crouse analyzed the recents research developments in the field of money and financial markets

AIMS AND CONTENT

LEARNING OUTCOMES

The course aims at providing analytical comprehension of the of the processes taking place in the money and financial markets of the economy, with particular regard to the transmission mechanism of monetary policy, the scientific debate on financial market efficiency, and some recent research fields.

AIMS AND LEARNING OUTCOMES

The main target is providing the students with suitable knowledge of the theoretical models analyzind the link between monetary policy and finacial markets, the theoretical debate on financial marker efficiency and with analytical models studying the financial markets on the basis of the behavioural finance literature.

Ideally the studens shall acquire familiarity with the financial sector literature and with the quantitative analytical tools of this field ed essere in grado di utilizzare attivamente le conoscenze associate alle implicazioni di questi modelli

The course is divided into three parts.

Part I:  Monetary Policy and Financial Markets 

​Part II: Theoretical Debate on Financial Markets Efficinecy 

​Part III: Models of behavioural finance

Teaching methods

Lessons by the teacher. 

SYLLABUS/CONTENT

Part I:  Monetary Policy and Financial Markets 

  1. Central Bank, inside money, outside money and payment systems. 
  2. From the policy interest rate tto the markets interest rates. 
  3. The Transmissiom Mechanism of Monetary Policy: the Money Channel and the Crediit Channel    

 

Part II: Theoretical Debate on Financial Markets Efficinecy 

  1. The conventional approach and its foundations. 
  2. Some alternative approaches and the main objections to the orthodox models. 
  3. Firm's investments and financial markets.

Part III: Analytical tools and models in Behavioural Finance

  1. Anomalies in financial behaviour
  2. Anomalies in the discount factor
  3. Asset pricing under prospect theory
  4. Speculative bubbles
  5. Equity premium puzzle

RECOMMENDED READING/BIBLIOGRAPHY

  • Bagliano,  F-C, Marotta, (2010) G., Economia Monetaria, seconda edizione, Bologna, Il Mulino, 2010, chapters 1 (pp.19.-31), 5 (pp. 165-188 and (198-208) 10 (pp. 309-323).  An alternative textbook in English may be comunicated to English Speaking students upon request at the beginning of the course. .
  • Forbes, W., (2009), “Behavioural Finance”, Chichester, UK, John Wiley & sons, capp. 2,3 (except section 3.2.2 and the appendix) ,5,8 (excepting section 8.3.1),13 (excepting sections 13.1, 13.2, 13.2.1, 13.2.2).
  • Notes edited by the teacher (that will be available AND downloadable from “AulaWeb”): “The debate on market efficiency”.
  • Notes edited by the teacher (that will be available AND downloadable from “AulaWeb”): "Testing exchange rate efficiency”
  • Notes edited by the teacher (that will be available AND downloadable from “AulaWeb”): “The credit channel”.
  • Notes edited by the teacher (that will be available AND downloadable from “AulaWeb”): “Modelling firm’s investment and financial structure in an intertemporal framework”.

TEACHERS AND EXAM BOARD

Ricevimento: By appointment, send an e-mail to guerrazzi@economia.unige.it

Exam Board

MARCO GUERRAZZI (President)

GABRIELE CARDULLO

ANNA BOTTASSO

LUCA BELTRAMETTI

LESSONS

Teaching methods

Lessons by the teacher. 

LESSONS START

Second Semester

 

ORARI

L'orario di tutti gli insegnamenti è consultabile su EasyAcademy.

Vedi anche:

ADVANCED MACROECONOMICS AND FINANCIAL MARKETS

EXAMS

Exam description

Written Exam

Assessment methods

Open questions on the theoretical models analyzed in the course; implications of these models

No restrictions in repeating the exam, in case of failure.

FURTHER INFORMATION

Attendance

Not compulsory