MONETARY ECONOMICS

Degree course: 
Academic year when starting the degree: 
2015/2016
Year: 
2
Academic year in which the course will be held: 
2016/2017
Course type: 
Compulsory subjects, characteristic of the class
Credits: 
6
Period: 
Second semester
Standard lectures hours: 
40
Detail of lecture’s hours: 
Lesson (40 hours)
Requirements: 

MOD I. Economia della Tassazione
The students must have a good knowledge of Public Finance at undergraduate level.

MOD II. Economia monetaria e creditizia
The students must have passed the examinations of Microeconomics and Macroeconomics.

Assessment: 
Voto Finale

The course Economia delle Istituzioni (6 CFU) consists of two modules
MOD I. Economia della Tassazione (3 CFU – Prof. Francesco Figari, I term)
MOD II. Economia monetaria e creditizia (3 CFU – Prof. Giancarlo Bertocco, II term)

MOD I. Economia della Tassazione
The objective is to provide the students with the knowledge necessary to understand the economic effects of taxation, with a specific focus on the Italian institutional context.

MOD II. Economia monetaria e creditizia
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.

Programma del Corso

MOD I. Economia della Tassazione

1)The tax system
a.Distribution of income and classification of taxes
b.Recommendations for a good tax-benefit system
2)Economic analysis of taxes
a.Incidence and translation
b.Distorsive taxes: the market of products. The value added tax. The taxation of international trade and the EU-countries VAT
c.Distorsive taxes: the labour market. The personal income tax: progressivity and taxable income. The taxation of comprehensive income: problems and alternative approaches
d.Corrective taxes
e.The corporate taxation
f.Distorsive taxes: the market of capital income

MOD II. Economia monetaria e creditizia
1. A schematic description of the contemporaneous crisis
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.
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
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
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.

Final assessment.
MOD I. Economia della Tassazione
Written exam (15 closed questions (true/false) and 3 open questions) with facoltative oral integration (if written part is at least 18/30).

MOD II. Economia monetaria e creditizia
Written exam (open questions) with facultative oral integration ( if the written part is sufficient)

MOD I. Economia della Tassazione
Longobardi, E. (2009), “Economia tributaria”, McGraw-Hill, Milano, seconda edizione
Letture caricate sulla piattaforma e-learning durante il corso.

MOD II. Economia monetaria e creditizia
-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.