Economics

Educational objectives

The course teaches state-of-the art techniques to analyse macroeconomic policies through the lens of advanced macroeconomic models. It covers models with incomplete markets, financial and informational frictions, and heterogeneous agents. The key building blocks of numerical techniques are used to solve nonlinear dynamic stochastic models, such as perturbation, parameterized expectations and projection methods. Relevant theoretical aspects, such as the possibility of sunspots solutions, non-coordination in policies, optimal policies, and the role uncertainty plays in economic decision making, are also discussed. The course also teaches the tools to estimate such models (Kalman filter, Bayesian estimation, MCMC). Students are taught how to use Dynare, a software to solve, simulate and estimate macroeconomic models, but also how to write Matlab programs to solve a variety of models.

Educational objectives

The course seeks to introduce students to the study of macroeconomics at an advanced level. The study of a variety of formal models to present and analyze the theories should lead students to better understand how the modern economies work. Since each different model focuses on specific features in isolation this will allow students to appraise how the different elements of the economy interact.
We will use analytical tools and great emphasis will be placed on empirical evidence obtained though economic data. This will allow students to combine a deep knowledge of both the economic theories and the economic patterns observed in real world.

Skills acquired

After passing the exam, students will be able to understand the outcome of modern research in macroeconomics. In particular, they will be able to understand theoretical and empirical macroeconomic models and use them for analyzing the economic patterns at an advanced level, interpreting what happens in real economic world, and actively participating to the economic policy debate.

Knowledge achieved

Thanks to the course attendance, after passing the exam the student acquires an advanced knowledge on many issues and on a variety of tools which can be fruitfully applied in a large number of professional contexts in the economic and financial sector. Moreover, the knowledge acquired will allow them to draft economic reports in policy institutions or in the private sector. The understanding of most scientific papers in macroeconomics, both theoretical and empirical, will allow students to also draft serious pieces of research on macroeconomic issues.

Educational objectives

Knowledge and understanding: students will be able to understand the different estimation problems one comes across, getting able to identify in what context each method can be applied and how to use the results to inform the main stakeholder including policy makers.
Applying knowledge and understanding: students will be able to apply the econometric methods studied on modern econometric software.
Making judgement: students will be able to critically evaluate strengths and weaknesses of empirical analysis as a research and policy tool.
Communication skills: students will be able to effectively communicate the results of their own analysis in simple and effective ways.
Learning skills: students will develop the necessary skills and abilities to independently identify and formulate empirical research questions.

Educational objectives

The aim is to offer some interpretative models of the overall business conduct and management of the firm-environment relationship, outlining the most important approaches and provide a logical framework of the strategies used by the corporate system to achieve and maintain a competitive advantage in the long run compared to its competitors.

Knowledge and interpretation of the various forms that have been taken by businesses to achieve competitive advantage in the markets and the ability to understand the logics of the implementation of the government strategy to internal corporate structure

Educational objectives

The course is divided into a module that includes lectures and activities of working groups consisting in the preparation of presentation, analysis and discussion of articles, essays and books and processing of data sets and the use of historical series that contribute to forming the skills of the student. The latter will be able to apply the acquired knowledge in a concrete way, so as to favor independent judgment and refine problem solving skills.
Specifically, the student will know:
 Understand theories of change and the transformation of an economic system in the long term;
 Apply the knowledge acquired on the economic system in reference to the different national and international models;
 Communicate and implement the skills acquired in the concrete analysis of case studies;
 To pursue and develop, in an autonomous manner, the tools of analysis and comparison in the course of one's professional life in order to have a critical attitude towards the variety and dynamics of the development models.
 The role and the socio-economic impact of the institutions

These objectives are achieved starting from a clear definition of the economic system that represents the system of customs, rules and rules. During the course, study cases related to particular regional areas will be analyzed: Europe (Italy, Germany, England, France, Spain) United States, China, Japan, India, Russia and Asia.
During the course the aspects related to the relationship between the regional context and the global one will be explored; in this perspective the differences between the Civil Law, the Common Law and, above all, the mechanisms of the Path Dependance will be explored. The course will then focus on some topics: international migration; economic crises; inequalities in the long run.

In order to develop critical and judgmental skills and consequently make students able to master economic development models, the course will refer to techniques and tools able to promote learning and knowledge; in this direction during the course some activities will take place, such as:
 Exercises of a theoretical and practical nature on the issues dealt with during the course;
 Presentation of cases studies and related written reports, also with the support of external testimonials;
 Testimonies of eminent scholars in the socio-economic field;
 Group work consisting of project work presentations and discussion of papers

At the end of the course the student will have a good knowledge of the global socio-economic context and its implications in the various historical periods. The student will be able to know and interpret critically the different models of development. Therefore, the student will be able to contribute critically and with his own operational capacity to economic analysis

Educational objectives

The course aims to provide students with the managerial tools needed to construct, analysis and evaluation of the Business Plan. Therefore, will be investigated the main problems of business management, both qualitatively and quantitatively.

Educational objectives

The Advanced Course in Monetary Economics and Policy aims at introducing students to the recent debate on the theory of monetary policy. To this end, students learn the concepts, methodologies and analytical tools which are necessary to understand the advanced theoretical models on the subject matter. Special attention is devoted to the analysis of dynamical system, to the methods of expectation formation and to the foundations of game theory. Based on these conceptual and analytical elements, the course pursues the general objective of deepening the main theoretical issues which contributed to design the monetary policy regimes actually realised in the last decades. In this way, the course allows students to understand the current debate on the accomplished realizations and on the limits encountered by the central banks of the main industrialized countries. This requires to devote a specific part of the course to the theoretical models recently employed to identify the optimal behaviour of central banks. In this way, the course offers students the possibility to learn both advanced theoretical notions, which are useful to understand the real economic world and which are necessary for those who wish to continue the study of economics, and the actual behaviour of monetary authorities, of particular relevance for those who are interested in monetary and financial issues and wish to enter the labour market after the Laurea. The acquisition of all the tools that are necessary to achieve the teaching targets is guaranteed by specific sections of the program.

Acquired knowledge
Students passing the exam know at an upper intermediate level the most recent theory of monetary policy and they understand the most recent theoretical models underlying the behaviour of the central banks of the main industrialized countries. They possess the advanced mathematical and economic tools required by this task and have a particularly good knowledge of game theory and economic dynamics. They understand the problems introduced into monetary economic modelling by the presence of multiplicative uncertainty. Specific knowledge refers to both New Classical and New Keynesian theorising in monetary policy, to the design of constraints on central banking and to the problem of transparency in monetary policy. The simulation of dynamical economic systems is known at an introductory level.

Acquired skills
Students passing the exam are able to understand the current debate on the theory of monetary policy and to read without any problem National and International reports on central banking by private and public institutions (starting from the monthly bulletins and the annual reports by central banks, the Bank for International Settlements, the International Monetary Fund and the other main international institutions). They read without difficulties scientific papers on the studied topics at an upper intermediate level. They are also able to construct upper intermediate models employing game theory and dynamic optimisation methods. They can simulate the response of economic variable to shocks in basic dynamic stochastic general equilibrium models by use of the Dynare freeware software. Finally, they can understand the motivations underlying the actual choices of central banks and to derive their effects on the (current and expected) main economic variables.

Educational objectives

OBJECTIVES
Students that will successfully pass the “Banking and financial markets law” exam will be able to understand the issues relating to the regulation of banking and financial activities, through the study of regulatory sources at both European and national levels. In particular, students will be able to understand the issues relating to the exercise of banking supervision, the rules concerning the governance of the banking and financial company, banking and financial contracts, the discipline of customer relations. Such knowledge is extremely useful both for students who intend to continue their research activity within the academia, and for students who want to enter the job market, at the supervisory authorities or at banking and financial intermediaries, as well as for the exercise of private practice.

SKILLS ACHIEVED
Students that will successfully pass the “Banking and financial markets law” exam will be able to apply the concepts relating to the purposes, characteristics, contents and exercise of supervision of banks and financial intermediaries according to the Consolidated Banking Act and the Consolidated Law on financial intermediation. They will also be able to apply the concepts relating to banking and financial

contracts and the rules to protect customers in contractual relationships with banks and financial intermediaries.

Educational objectives

The course aims to provide students with knowledge of the theory of decision making by single economic agents, typically private (consumers, producers) and eventually public (the government), the interactions between these choices, and the interactions between the decision of the individual agents versus the aggregate of the agents on the opposite side of the market.

SKILLS ACHIEVED:

The course aims to teach students to:
(i) determine the context / market in which the decision has to be made, learning which assumptions to impose in each setting;
(ii) model agent preferences, according to the assumptions;
(iii) compute agent reaction functions to other choices and parameters.
(iv) compute the “equilibrium” or justify the most plausible solutions.

Educational objectives

Il corso si propone di introdurre gli studenti allo studio della macroeconomia a un livello avanzato.
Lo studio di una molteplicità di modelli formali per analizzare le diverse teorie dovrebbe rendere in grado gli studenti di capire più in profondità come funzionano i moderni sistemi economici. Poiché ogni diverso modello circoscrive in genere l’attenzione su un aspetto in particolare, ciò consentirà agli studenti di comprendere meglio le interazioni esistenti tra i diversi aspetti del sistema economico.
Si farà ampio uso di strumenti analitici e si porrà enfasi sull’evidenza empirica ricavata con i dati economici. Questo consentirà agli studenti di combinare una conoscenza approfondita sia dell’analisi economica sia dei diversi fenomeni osservati nei sistemi economici attraverso i dati

Competenze acquisite

Una volta superato l’esame, gli studenti saranno in grado di comprendere la produzione della ricerca moderna in macroeconomia. In particolare, saranno in grado di comprendere i principali modelli macroeconomici teorici ed empirici e utilizzare questi per analizzare e interpretare ad un livello avanzato le dinamiche osservate nella realtà economica, potendo anche partecipare attivamente al dibattito di politica economica.

Conoscenze acquisite

A seguito della frequenza delle lezioni del corso e al superamento del relativo esame, le conoscenze di livello avanzato acquisite dallo studente su numerose tematiche e su numerosi strumenti di analisi potranno essere utilmente applicate in numerosi ambiti professionali nel settore economico e finanziario. In particolare, gli studenti saranno in grado di preparare documenti di analisi economica presso le istituzioni di policy o nel settore privato. La conoscenza o almeno la possibilità di comprendere i lavori prodotti in campo macroeconomico di livello avanzato, sia teorici sia empirici, consentirà agli studenti di elaborare loro stessi ricerche e analisi di buon livello su tematiche macroeconomiche.

Educational objectives

Students that will successfully pass the “Banking and Financial Regulation” exam will be able tounderstand the issues relating to the regulation of banking and financial activities, through the study ofregulatory sources at both European and national levels. In particular, students will be able to understandthe issues relating to the exercise of banking supervision, the rules concerning the governance of thebanking and financial company, the discipline of customer relations. Such knowledge is extremely usefulboth for students who intend to continue their research activity within the academia, and for students whowant to enter the job market, at the supervisory authorities or at banking and financial intermediaries.

Students that will successfully pass the “Banking and Financial Regulation” exam will be able to applythe concepts relating to the purposes, characteristics, contents and exercise of supervision of banks andfinancial intermediaries and the rules to protect customers in contractual relationships with banks andfinancial intermediaries.

Educational objectives

At the end of the course the student will student will have knowledge and understanding of:

a. Role of banks and markets in developed economies
b. Bank financial statements
c. The determinants of net interest income and fee-based income
d. Basel 3
e. Regulatory constraints and supervision
f. Bank corporate governance

The student will be able to analyse a global systemically important bank and collect documentation from publicly available sources (company websites, supervisory authority website, stock market website, specialized companies sites etc.).

The student will be able to apply the concepts learned to evaluate a global systemically important bank, its possible growth path, the ideal combination of funding sources and identify possible deviations from best practice and possible areas of risk.

The student will learn the basic mechanisms at the heart of the functioning of the financial and banking system, banking risks and risk-based banking regulation.

The student will acquire the ability to make a public presentation of a work on the positioning of a global systemically important bank

Educational objectives

CONTENT
The Artificial Intelligence in Banking and Finance course lays the foundation for the development of new
financial business models and trading strategies with artificial intelligence techniques. It is meant for
students interested in artificial intelligence applications in banking finance.
This course has a dual purpose: to give a theoretical foundation for fundamental procedures as well as
empirical examples using cutting-edge frameworks.
This course will examine the significant effects that the adoption of new technologies could have on
conventional business operations. The course provides students with the knowledge necessary to analyse
and assess the adoption of Artificial Intelligence and Machine Learning technologies in the banking and
financial sectors.
SKILLS ACHIEVED
At the end of the course on Artificial Intelligence in Banking and Finance, students will have a thorough
understanding of the origins of Artificial Intelligence, with a focus on the most implemented Machine
Learning technologies, as well as the technological factors that support the business and their various
practical applications in banking and finance.
The course aims to train students with the skills appropriate to solve practical problems they may
encounter in the real world, such as: understanding where the problems lay on a general landscape of
available Artificial Intelligence methods; understanding which Artificial Intelligence approach(es) would
be most suitable for resolving the problem; and being able to successfully implement a solution and
evaluate its performance.

Educational objectives

The course aims to provide students with knowledge of the theory of decision making by single economic agents, typically private (consumers, producers) and eventually public (the government), the interactions between these choices, and the interactions between the decision of the individual agents versus the aggregate of the agents on the opposite side of the market.

SKILLS ACHIEVED:

The course aims to teach students to:
(i) determine the context / market in which the decision has to be made, learning which assumptions to impose in each setting;
(ii) model agent preferences, according to the assumptions;
(iii) compute agent reaction functions to other choices and parameters.
(iv) compute the “equilibrium” or justify the most plausible solutions.

Educational objectives

Il corso si propone di introdurre gli studenti allo studio della macroeconomia a un livello avanzato.
Lo studio di una molteplicità di modelli formali per analizzare le diverse teorie dovrebbe rendere in grado gli studenti di capire più in profondità come funzionano i moderni sistemi economici. Poiché ogni diverso modello circoscrive in genere l’attenzione su un aspetto in particolare, ciò consentirà agli studenti di comprendere meglio le interazioni esistenti tra i diversi aspetti del sistema economico.
Si farà ampio uso di strumenti analitici e si porrà enfasi sull’evidenza empirica ricavata con i dati economici. Questo consentirà agli studenti di combinare una conoscenza approfondita sia dell’analisi economica sia dei diversi fenomeni osservati nei sistemi economici attraverso i dati

Competenze acquisite

Una volta superato l’esame, gli studenti saranno in grado di comprendere la produzione della ricerca moderna in macroeconomia. In particolare, saranno in grado di comprendere i principali modelli macroeconomici teorici ed empirici e utilizzare questi per analizzare e interpretare ad un livello avanzato le dinamiche osservate nella realtà economica, potendo anche partecipare attivamente al dibattito di politica economica.

Conoscenze acquisite

A seguito della frequenza delle lezioni del corso e al superamento del relativo esame, le conoscenze di livello avanzato acquisite dallo studente su numerose tematiche e su numerosi strumenti di analisi potranno essere utilmente applicate in numerosi ambiti professionali nel settore economico e finanziario. In particolare, gli studenti saranno in grado di preparare documenti di analisi economica presso le istituzioni di policy o nel settore privato. La conoscenza o almeno la possibilità di comprendere i lavori prodotti in campo macroeconomico di livello avanzato, sia teorici sia empirici, consentirà agli studenti di elaborare loro stessi ricerche e analisi di buon livello su tematiche macroeconomiche.

Educational objectives

The course aims to analyse the main topics of Labour Economics, at an intermediate/advanced
level, while also developing the public policy implications. Students who have passed the
examination will be able to discuss and understand some of the main employment and labour
market issues, discuss and compare different institutions and policy options and the consequences
of the main economic policy measures in the labour field. They will also be able to read and
understand scientific articles on education and labour. The course also aims to provide students with
intermediate/advanced elements about the main theoretical and empirical elements concerning the
study of the relationship between technology and labour. This part of the course involves both the
illustration of theoretical scientific articles and the empirical application of models through the use
of statistical software.

Educational objectives

The course seeks to introduce students to the study of policy evaluation at an advanced level. The main objective is to provide students with the skills and competencies for professionally dealing with impact evaluation of economic policies and programs. This objective will be pursued through a careful coverage of the state-of-the-art analytical techniques for economic policy evaluation as well as through an empirical and “hands-on” approach to the analysis of specific policies and programs, which have been implemented in real world.

Achieved knowledge

We therefore focus on methodological tools but great emphasis will be placed on empirical evidence obtained though economic data. This will allow students to combine a deep knowledge of both the methods of economic policy evaluation and the way to actually apply those methods to a real policy intervention.

Acquired Skills

In general, students will acquire knowledge and skills pertaining to the following aspects: a) characterization of the policy framework, that is policy maker’s objectives and program beneficiaries; b) selection of the most proper approach for assessing the economic impact of a specific policy/program; c) the application of such tool to the issue at hand.

After passing the exam, students will become familiar with the theory and practice of evaluating the impact of a public policy. In particular, they will be able to know how to design and conduct a policy evaluation analysis. This will allow them to actively participate to policy assessment analyses