Economia politica - Economics

VALERIA PATELLA

Gestione degli approcci di modellazione macroeconomica e delle tecniche computazionali in
macroeconomia e finanza. Il corso MACROFIN è pensato per gli studenti magistrali, fungendo da
ponte tra la macroeconomia di livello intermedio e quella di livello PhD. Questo corso introduce gli
studenti all'analisi dei modelli di ciclo economico reale nei mercati completi e incompleti, con agenti
eterogenei e frizioni finanziarie. Una prima parte del corso si concentra su: costruire modelli di ciclo
economico di riferimento, derivare equilibri competitivi vs equilibri centralizzati, definire modelli in
forma ricorsiva (equazione di Bellman), risolverli e simularli con metodi locali e globali. Una
seconda parte del corso avanza verso modelli di equilibrio generale con mercati incompleti, agenti
eterogenei e frizioni finanziarie.

Mastering state–of–the art modelling approaches and research methodology in macroeconomics and finance. MACROFIN is intended for first-year master students, serving as a bridge between intermediate-level macroeconomics and PhD-level macroeconomics.

No prerequisites

The primary objective of the course is to provide methodological tools for advanced research in macroeconomics. A first part of the course introduces students to the rigorous solution methods for business cycle models. A second part of the course advances in the building of stochastic general equilibrium models with incomplete markets, financial frictions, and heterogeneous agents.

Recursive Macroeconomic Theory, MIT Press, by T. Sargent and L. Ljungqvist
Judd, K. L. (1998), Numerical Methods in Economics, MIT Press
Huggett(1993). The risk-free rate in heterogeneous-agent incomplete-insurance economies. Journal of Economic Dynamics and Control, 17, pp.953-969
Krussel and Smith (1998). Income and Wealth Heterogeneity in the Macroeconomy. Journal of Political Economy, Vol. 106, No. 5, pp. 867-896
Kiyotaki and Moore (1997). Credit Cycles. Journal of Political Economy, Vol. 105, No. 2, pp. 211-248
Bernanke and Gertler (1989). Agency Costs, Net Worth, and Business Fluctuations. American Economic Review , Mar., 1989, Vol. 79, No. 1 (Mar., 1989), pp. 14- 31
Lecture slides

Si prevede didattica frontale.

In presence

The course evaluation is based on:
- reading group activities
- written exam

Note that the reading group activities will be valid for the summer exam session only.

A mock exam will be provided during classes