MOD. 2 ECONOMIA MONETARIA E CREDITIZIA

Degree course: 
Corso di Second cycle degree in ECONOMICS, FINANCE AND BUSINESS LAW
Academic year when starting the degree: 
2017/2018
Year: 
2
Academic year in which the course will be held: 
2018/2019
Course type: 
Compulsory subjects, characteristic of the class
Main course: 
Language: 
Italian
Credits: 
6
Period: 
Second semester
Standard lectures hours: 
40
Detail of lecture’s hours: 
Lesson (40 hours)
Requirements: 

The students must have passed the examinations of Microeconomics and Macroeconomics.

Final Examination: 
Orale

Written exam with optional oral integration.

Assessment: 
Voto Finale

The course is devoted to the study of the macroeconomic role of money and finance. To address this issue it will be analyzed in great detail the financial crisis erupted in 2007 and the subsequent Great Recession.

1. A schematic description of the contemporaneous crisis (6 hours)
a) The financial crisis: the development and the collapse of the subprime mortgage market
b) From the financial crisis to the Great Recession: the three phases of the crisis

2) The explanations of the origin of the crisis based on the category of error.(15 hours)
a) The subprime crisis and US monetary policy (Taylor)
b) The crisis and the US banking system: finance has created an excessive amount of risk (Rajan)
c) The global savings glut and the crisis (Bernanke)

3. The crisis and the economic theory: the neoclassical theory of finance and the exogenous nature of the crisis (6 hours)
a) The role of finance according to the neoclassical theory
b) the money market and credit market according to neoclassical theory.
c) Financial intermediaries and information asymmetries

4. The crisis and the economic theory: the Keynes-Schumpeter-Minsky's theory of finance and the endogenous nature of the crisis (15 hours)
a) Keynes and Schumpeter’s analysis of banking and credit.
b) Bank money and economic development: Schumpeter’s analysis.
c) Saving decisions, wealth and speculation: Keynes’s analysis.
d) The endogenous nature of the crisis: Keynes-Minsky’s analysis.

-Bertocco Giancarlo, La crisi e le responsabilità degli economisti, Francesco Brioschi Editore, Milano, 2015

-Autori Vari: Letture per il corso di Economia Monetaria e Creditizia 2014-2015, (disponibile presso copisterie e Libreria Universitaria Cortina, Varese). Contiene i seguenti testi:
- Tabellini, G., Idee e regole per il mondo dopo la tempesta, Il Sole 24 Ore, 07-05-2009, p. 1
- Tabellini, G., Il mondo ritorna a correre. L’Italia non si fermi, Il Sole 24 Ore, 24-06-2009, p. 4
- Stiglitz, J., Cari economisti scendete a terra, Il Sole 24 Ore, 21-08-2010, p. 7
- Krugman, P., Gli errori degli economisti, Internazionale, 18- 09- 2009, p. 9
- Bodie, Z, Kane. A, Marcus, A, Investments, 8^ ed., McGraw Hill, p.18
- Friedman, M., Schwartz, A., Monetary trends in the United States and the United Kingdom, 1980, p. 19.
- Rossi, Salvatore, Miseria e nobiltà della finanza, Il Mulino, 6, 2008, p. 26
- McCallum, B., Monetary Economics, Macmillan, 1989, p. 32.
-Keynes, J.M. A monetary theory of production, 1933, p. 37.
- Schumpeter, J., History of economic theory, 1954, p. 39
- Hicks, J. Una teoria della storia economica, 1958, p. 48.
- Keynes, J. M., Teoria generale dell’occupazione, dell’interesse e della moneta, cap. 12, 1936, p. 50.
- Keynes, J. M., La teoria generale dell’occupazione, 1937, p. 61.

The slides of the lessons will be included on the e-learning platform.

Convenzionale

The course includes 40 lectures entirely held by the official teacher. Lectures should not be limited to a dictation exercise but are intended to stimulate students' interest in the topics covered