{"id":810,"date":"2016-02-25T15:27:01","date_gmt":"2016-02-25T14:27:01","guid":{"rendered":"http:\/\/docenti-deps.unisi.it\/albertodalmazzo\/?page_id=810"},"modified":"2018-11-22T14:59:41","modified_gmt":"2018-11-22T13:59:41","slug":"monetary-economics","status":"publish","type":"page","link":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/monetary-economics\/","title":{"rendered":"Monetary Economics"},"content":{"rendered":"
\n

Objectives<\/h3>\n

The course focuses on the working of monetary economies and monetary policies by exploiting recent developments in analytical frameworks, starting from traditional approaches to DSGE, to deal eventually with models relating credit frictions to macroeconomic fluctuations.<\/p>\n<\/div>\n

\n

Contents<\/h3>\n

PART (1): Some Facts and Some Traditional Models.
\n– Basic facts about money, macroeconomic activity and monetary policy: Walsh, Ch 1
\n– Observational Equivalence after Sargent: Walsh, Ch.1
\n– The Lucas\u2019 (New) Classical Model: Romer, Ch 6 (Part A)
\n– Monopolistic Competition, Nominal & Real Rigidities: Blanchard & Fischer, Ch. 8, Sect. 8.1
\n– Identifying the impact of money shocks: some hints on VAR analysis: M. Enders, Sects. 5.5-5.8
\n– Time-Inconsistency as a theory of Inflation: Romer, Ch 10<\/p>\n

PART (2): Microfounded dynamic models: Permanent Income Theory; Dynamic Stochastic General Equilibrium Models
\n– Consumption and Asset Pricing: Romer, Ch 7
\n– Ricardian Equivalence: Romer, Sects. 11.2-11.3
\n– The standard New Keynesian DSGE Model: Walsh, Ch 8
\n– New ways to monetary policy: B. Friedman (2013), NBER wp #18960<\/p>\n

PART (3): Some Good Models for Unhappy Times (the role of credit in macroeconomics)
\n– Problems with borrower-lender relationship. An example: Stiglitz & Weiss\u2019 credit-rationing model: Walsh Ch 10
\n-Bank Runs: Diamond & Dybvig (1983, JPE); baby-version: D. Diamond (2007, Federal Reserve Bank of Richmond Quarterly Review); The Lender of Last Resort: some history: Mishkin & White (2014), NBER wp #20737.
\n– Credit, Money and Aggregate Demand: Bernanke & Blinder (1988, AER)
\n– Credit cycles and aggregate fluctuations: Kiyotaki & Moore (1997, JPE); Some evidence: Gieseke, Longstaff, Schaefer, Strebulev (2014, JFE)
\n– Fisher-Minsky debt-driven slumps: Eggertsson & Krugman (2012, QJE)<\/p>\n<\/div>\n

\n

Teaching Methods<\/h3>\n

Lectures and class exercises<\/p>\n<\/div>\n

\n

Verification of learning<\/h3>\n

Mid-term written test + Final written test<\/p>\n<\/div>\n

\n

Texts<\/h3>\n

(1) C. Walsh (2010), Monetary Theory and Policy (3rd edition), MIT Press
\n(2) D. Romer (2005), Advanced Macroeconomics (3rd edition), McGraw-Hill
\n(3) W. Enders (1995), Applied Econometric Time Series: User’s Guide, Wiley
\n(4) O. Blanchard & S. Fischer (1989), Lectures on Macroeconomics, MIT Press<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Objectives The course focuses on the working of monetary economies and monetary policies by exploiting recent developments in analytical frameworks, starting from traditional approaches to DSGE, to deal eventually with models relating credit frictions to macroeconomic fluctuations. Contents PART (1): Some Facts and Some Traditional Models. – Basic facts about money, macroeconomic activity and monetary … Leggi tutto “Monetary Economics”<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-810","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/pages\/810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/comments?post=810"}],"version-history":[{"count":3,"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/pages\/810\/revisions"}],"predecessor-version":[{"id":901,"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/pages\/810\/revisions\/901"}],"wp:attachment":[{"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/media?parent=810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}