Anno accademico 2015/2016 - 1° anno
Docente: Alessio Emanuele Biondo
Crediti: 9
SSD: SECS-P/02 - Politica Economica
Organizzazione didattica: 225 ore d'impegno totale, 165 di studio individuale, 60 di lezione frontale

Prerequisiti richiesti

Mathematics, Microeconomics, Macroeconomics, Economic Policy.

Frequenza lezioni

Mandatory. Students are firmly suggested to attend lectures.

Contenuti del corso

Part I: National Accounts*, The Goods Market*, The Financial Market*, The IS-LM-BP Model and the International Economic Policy*, The Phillips Curve*, The Expectations Theories*, The AD-AS Model, the Equilibrium of the Economy and the Full Employment*, A Keynesian Model for Macroeconomic Equilibrium*, Inflation and Sovereign Debt*, The overshooting of the exchange rate*, Introduction to DSGE Macroeconomic models*, Econometric Policy Evaluation, Optimal Currency Areas*.

Part II: Introduction to Econophysics, The Efficient Market Hypothesis*, Random walk*, Lévy stochastic processes and limit theorems*, Scales in financial data*, Stationarity and time correlation*, Time correlation in financial time series*, Stochastic models of price dynamics*, Scaling and its breakdown*, Arch and Garch processes*, Econophysics Review I: Empirical Facts*.

Part III: Econophysics Review II: Agent-Based Models*, Behavioral Macroeconomics and Macroeconomic Behavior*, Alternative Paradigms for Economic Policy*, Agent-based Macro*, Towards a not too rational macroeconomics*, The representative agent framework: limits and critique*.

A star, *, indicates the topics without which the exam cannot be passed

Testi di riferimento

  1. Part I:
    - Handouts on International Macroeconomic Policy (see below); - Scientific Articles on Macroeconomics, (see below).

  2. Part II:
    - Mantegna R.N. – Stanley H.E., An Introduction to Econophysics. Cambridge University Press, 2000, chapters 1-10.

    - Scientific Articles on statistical properties of Financial Markets, (see below).

  3. Part III:
    - Scientific Articles on Agent-Based Models for Macroeconomic Analysis, (see below).

Programmazione del corso

 *ArgomentiRiferimenti testi
1*Introduction and National AccountingHandouts : n.0-Intro-and-Bibliography and n.1-Introduction-National-Accounting 
2*The Goods MarketHandouts : n.2-The-Goods-Market 
3*The Financial MarketHandouts : n.3-The-Financial-Market 
4*International Economic Policy: IS-LM-BPHandouts : n.4-The-IS-LM-Model 
5*The Phillips CurveHandouts : n.5- Phillips-Curve-and-Expectations 
6*The Expectations TheoriesArticles: see Bibliography (Handout n.0) for details 
7*The Macroeconomic Equilibrium: AD-ASHandouts : n.6-AD-AS 
8*A Keynesian ModelHandouts : n.7-A-Keynesian-Framework 
9*The Macroeconomic Equilibrium: AD-AS-revisedHandouts : n.8-AD-AS-revised 
10*Inflation and Sovereign Debt DynamicsHandouts : n.9- Inflation- n.10-Sovereign-Debt 
11*Introduction to DSGE ModelsArticles: see Bibliography (Handout n.0) for details 
12*Econometric Policy EvaluationArticles: see Bibliography (Handout n.0) for details 
13*Optimal Currency AreasArticles: see Bibliography (Handout n.0) for details 
14*Efficient Market HypothesisMantegna–Stanley, chapter: 1, 2 
15*Statistic distributions for financial marketsMantegna–Stanley, chapter: 3, 4 
16*Statistical properties of financial markets dataMantegna–Stanley, chapter: 5, 6 
17*Time correlation of financial dataMantegna–Stanley, chapter: 7, 8 
18*Scaling and its breakdown; Arch and GarchMantegna–Stanley, chapter: 9, 10 
19 Arch and GarchArticles: see Bibliography (Handout n.0) for details 
20*Empirical Facts of Financial MarketsArticles: see Bibliography (Handout n.0) for details 
21*Agent-based Modeling for MacroeconomicsArticles: see Bibliography (Handout n.0) for details 
22*Behavioral MacroeconomicsArticles: see Bibliography (Handout n.0) for details 
23*Agent-based models of financial marketsArticles: see Bibliography (Handout n.0) for details 
24*Alternative Paradigms of Economic PolicyArticles: see Bibliography (Handout n.0) for details 
25 The Representative Agent: limits and critiqueArticles: see Bibliography (Handout n.0) for details 
* Conoscenze minime irrinunciabili per il superamento dell'esame.

N.B. La conoscenza degli argomenti contrassegnati con l'asterisco è condizione necessaria ma non sufficiente per il superamento dell'esame. Rispondere in maniera sufficiente o anche più che sufficiente alle domande su tali argomenti non assicura, pertanto, il superamento dell'esame.

Verifica dell'apprendimento

Modalità di verifica dell'apprendimento

Regular exam consists of a preliminary written test followed, in case of success, by the oral test.

Esempi di domande e/o esercizi frequenti

1. Describe new policy approaches to dampen financial fluctuations: can you report which advantages they have with respect to mainstream theories?

2. Which role is played by the topology for the spreading of imitation among traders in financial markets? Does it affect the applicability of stabilization policies?

3. Do you think instruments exist in order to anticipate financial crises? Give your detailed opinion about the Basle Regulations for banking activities.

4. Describe the Rational Expectation Model and the Efficient Market Hypothesis and discuss their forecasting capacity for macroeconomic variables. Do you think that predictability exists in macroeconomics?