{"id":875,"date":"2018-09-12T11:00:50","date_gmt":"2018-09-12T09:00:50","guid":{"rendered":"http:\/\/docenti-deps.unisi.it\/albertodalmazzo\/?page_id=875"},"modified":"2018-11-22T14:57:16","modified_gmt":"2018-11-22T13:57:16","slug":"monetary-economics-3","status":"publish","type":"page","link":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/monetary-economics-3\/","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 analytical developments, such as the DSGE model, to deal eventually with frameworks relating credit frictions to macroeconomic fluctuations<\/p>\n<\/div>\n

\n

Contents<\/h3>\n

PART (1):\u00a0 Some Facts and the DSGE Model.<\/u> <\/strong><\/p>\n

– Basic facts about money, macroeconomic activity and monetary policy: Walsh, Ch 1
\n– Identifying the impact of money shocks: some hints on VAR analysis:\u00a0 M. Enders, Sects. 5.5-5.8
\n– The standard New Keynesian DSGE Model:\u00a0 Walsh, Ch 8<\/p>\n

PART (2):\u00a0 Inflation, Interest Rates, Exchange Rates and Asset Pricing<\/u> <\/strong><\/p>\n

– Time-Inconsistency as a theory of Inflation:\u00a0 Romer, Sect. 11.7
\n– The Term Structure of Interest Rates: \u00a0Walsh, Ch 10.3
\n– Exchange Rates: the Dornbusch model: Blanchard & Fischer, Ch. 10, Sect. 10.4
\n– Consumption and Asset Pricing: \u00a0Romer, Sect.8.5<\/p>\n

PART (3):\u00a0 The Role of Credit in Macroeconomics<\/u> <\/strong><\/p>\n

– Credit Rationing: \u00a0the Stiglitz & Weiss\u2019 model: Walsh Ch 10.6
\n– Bank Runs: Diamond & Dybvig (1983, JPE<\/em>); baby-version: D. Diamond (2007, Federal Reserve Bank of Richmond Quarterly Review<\/em>); The Lender of Last Resort: some history:\u00a0 Mishkin & White (2014), NBER wp #20737.
\n– Credit, Money and Aggregate Demand: \u00a0Bernanke & Blinder (1988, AER<\/em>)
\n– Credit cycles and aggregate fluctuations: \u00a0Kiyotaki & Moore (1997, JPE<\/em>); Some evidence: \u00a0Gieseke, Longstaff, Schaefer, Strebulev (2014, JFE<\/em>)
\n– Fisher-Minsky debt-driven slumps: \u00a0Eggertsson & Krugman (2012, QJE<\/em>)
\n– New ways to monetary policy: \u00a0B. Friedman (2013), NBER wp #18960.<\/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 (2017), Monetary Theory and Policy (4th<\/sup> edition)<\/em>, MIT Press
\n(2) D. Romer (2012), Advanced Macroeconomics (4th<\/sup> edition)<\/em>, McGraw-Hill
\n(3) W. Enders (1995), Applied Econometric Time Series: User’s Guide<\/a> <\/em>, Wiley
\n(4) O. Blanchard & S. Fischer (1989), Lectures on Macroeconomics<\/em>, 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 analytical developments, such as the DSGE model, to deal eventually with frameworks relating credit frictions to macroeconomic fluctuations Contents PART (1):\u00a0 Some Facts and the DSGE Model. – Basic facts about money, macroeconomic activity and monetary policy: Walsh, Ch … Leggi tutto “Monetary Economics”<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-875","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/pages\/875","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=875"}],"version-history":[{"count":6,"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/pages\/875\/revisions"}],"predecessor-version":[{"id":898,"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/pages\/875\/revisions\/898"}],"wp:attachment":[{"href":"https:\/\/docenti-deps.unisi.it\/albertodalmazzo\/wp-json\/wp\/v2\/media?parent=875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}