MACROECONOMICS - 2 (ADVANCED)

Docenti

Corsi di laurea e percorsi

Altre parti di questo insegnamento

Programma

Obiettivi Formativi

Il corso doterà gli studenti dei metodi standard di soluzione di
modelli dinamici che descrivono decisioni economiche.
Ampio risalto sarà dato alle applicazioni ed alle implicazioni aggregate del comportamento micro-economico.

Prerequisiti

Aanlisi Matematica, Statiscia Generale ed Inferenza, Econometria, Microeconomia

Contenuti

Parte I (Padula)
1. Il modello di Solow: cenni
2. Il modello di crescita ottimale ed introduzione ai metodi ricursivi
3. Catene di Markov Chains and programmazione stocastica Stochastic Dynamic Programming
4. Introduzione ai metodi numerici
5. Consumo, il modello LC-PIH, il modello di buffer stock, modelli con preferenze non-
standard
6. Consumo e non-separabilità intertemporali
7. Consumo durevole e non-convessità
8. Consumo, modelli AP e modelli CBAP asset pricing
9. Consumo e assicurazione

Parte II (Etro)


1. Introduction to basic dynamic models with perfect competition and flexible prices and the role of monetary and fiscal policy (3 hours)
- Romer, David, 2005, Advanced Macroeconomics, McGraw Hill, Chapters 2 nd 11*
- EMSM, Chapter 1.1-1.2*
- Kydland, Finn and Ed Prescott, 1982, Time to Build and Aggregate Fluctuations, Econometrica, 50, 6, 1345-70
- Friedman, Milton, 1968, The Role of Monetary Policy, The American Economic Review, 58, 1, 1-17
- Barro, Robert, 1974, Are Government Bonds Net Wealth?, Journal of Political Economy, 81, 6, 1095-117

2. Introduction to international macroeconomics in basic dynamic models with perfect competition and flexible prices (3 hours)
- Obstfeld, Maurice and Kenneth Rogoff, 1996, Foundations of International Macroeconomics, MIT Press, Chapters 1-4*
- EMSM, Chapter 1.3*

3. Monopolistic competition between a continuum of firms in dynamic models and the New-Keynesian approach (3 hours)
- Romer, David, 2005, Advanced Macroeconomics, McGraw Hill, Chapter 6*
- EMSM, Chapter 1.4*
- Mankiw, Gregory, 1985, Small Menu Costs and Large Business Cycles: A Macroeconomic Model, Quarterly Journal of Economics, 100, 2, 529-38
- Blanchard, Olivier and Nobuhiro Kiyotaki, 1987, Monopolistic Competition and the Effects of Aggregate Demand, The American Economic Review, 77, 4, 647-66*

4. The New-Keynesian Phillips curve and the role of monetary policy in DSGE models with monopolistic competition and price stickiness (4 hours)
- Woodford, Michael, 2003, Interest and Prices, Princeton University Press, Chapter 4*
- EMSM, Chapter 1.4*
- Christiano, Lawrence, Martin Eichenbaum, and Charles L. Evans, 2005, Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy, Journal of Political Economy, 113, 1, 1-45

5. DSGE models with endogenous entry and oligopolistic competition (5 hours)

Readings:
- EMSM, Chapter 2-4*
- Ghironi, Fabio and Marc Melitz, 2005, International Trade and Macroeconomic Dynamics with Heterogenous Firms, Quarterly Journal of Economics, 120, 865-915
- Etro, Federico and Andrea Colciago, 2010, Endogenous Market Structures and the Business Cycle, The Economic Journal, 120, 549, 1149-1173

6. Introduction to dynamic models of Schumpeterian growth (6 hours)
- EMSM, Chapter 5*
- Barro, Robert and Xavier Sala-i-Martin, 2004, Economic Growth, MIT Press


7. Introduction to optimal fiscal and monetary policy (3 hours)
- Romer, David, 2005, Advanced Macroeconomics, McGraw Hill, Chapters 10-11*
- Barro, Robert, 1979, On the Determination of Public Debt, Journal of Political Economy, 87, 940-71


8. The political economy of fiscal and monetary policy (3 hours)

Readings:
- Romer, David, 2005, Advanced Macroeconomics, McGraw Hill, Chapters 10-11*
Main textbooks (chapters provided in class by the teacher):

Romer, David, 2005, Advanced Macroeconomics, McGraw Hill
EMSM: Etro, Federico, 2009, Endogenous Market Structures and the Macroeconomy, Springer
* Required readings

Testi di riferimento

Lars Ljungqvist and Thomas Sargent, 2004, ``Recursive Macroeconomic Theory,'' 2nd edition, MIT press.
Romer, David, 2005, Advanced Macroeconomics, McGraw Hill
Etro, Federico, 2009, Endogenous Market Structures and the Macroeconomy, Springer

Modalità di verifica dell'apprendimento

Esame scritto

Altre informazioni

English