Econ. Mon. & Fin.
Corso di Laurea Magistrale in Economia e direzione delle imprese
Specializzazione: Finanza di impresa
Orario delle lezioni:
Martedí 11.30-13.30. Orario effettivo: 11.30-13.00. Aula 203
Giovedí 10.30-13.30. Orario effettivo: 10.30-12.00 12.15-13.00. Aula 401.
Orario di ricevimento:
Giovedi’ 16.00-17.30, Viale Romania 32, Stanza 518.
Collaboratori del corso:
Dott. Guido Traficante, LUISS Guido Carli.
Interventi Esterni:
Dott. Filippo Altissimo, Brevan Howard Asset Management.
Prof. Luigi Spaventa, Professore Emerito Universitá di Roma ”La Sapienza”.
Obiettivo
L’obiettivo del corso e’ quello di analizzare i mercati monetari e finanziari alla luce degli strumenti e obiettivi di politica monetaria. Il corso si propone di comprendere le decisioni di politica monetaria e di analizzarne gli effetti sui mercati monetari e finanziari.
Blog
E’ attivo un Blog per discussioni sul contenuto del corso e sugli aspetti organizzativi.
Libri di testo.
·Hull, John (2006) Opzioni, Futures e Altri Derivati, Pearson Education Italia
Modalita’ d’esame
Prova parziale scritta il (da definirsi).
Prova finale scritta il (da definirsi).
La prova parziale vale il 55% del voto finale. La prova finale vale il restante 45%.
Programma
- La gestione operativa della politica monetaria nel XXI secolo
·Borio, Claudio (1997), “The Implementation of Monetary Policy in Industrial Countries: A Survey,” BIS Economic Papers No. 47.
·Cecchetti, Stephen (2007), “Come Interviene la FED. Domande e Risposte.” www.lavoce.info.
·Escriva, J.L and G.P. Fagan (1996), “Empirical Assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries,” EMI Staff Paper No. 2.
·Woodford, Michael (2001), “Monetary Policy in the Information Economy,” Columbia University.
·Woodford, Michael (2002),“Financial Market Efficiency and the Effectiveness of Monetary Policy,” Columbia University.
- Rischio di Credito e Derivati
Rischio di Credito: Probabilitá di insolvenza e Mitigazioni.
·Hull (2006), ch. 20.
Derivati Creditizi: Credit Default Swaps, CDO, Valutazioni
·Hull (2006), ch. 21.
- Operazioni di Politica Monetaria Straordinarie
· Borio, Claudio e William Nelson (2008), “Monetary Operations and the Financial Turmoil,” BIS Quarterly Review.
·Mishkin, Frederic S. (2008), “The Federal Reserve’s Tools for Responding to Financial Disruptions,” Board of Governors of the Federal Reserve System.
- Crisi dei Mutui, Crisi di Liquiditá e Finanziaria.
· Bernanke, Ben (2007), “Housing, Housing Finance, and Monetary Policy,” Board of Governors of the Federal Reserve System.
· Bernanke, Ben (2008), “Financial Markets, the Economic Outlook, and Monetary Policy,” Board of Governors of the Federal Reserve System.
· Mishkin, Frederic (2008), “Financial Instability and Monetary Policy,” Board of Governors of the Federal Reserve System.
- Il meccanismo di trasmissione della politica monetaria
Evidenza Empirica
·BCE (2002) “Recenti risultati sulla trasmissione della politica monetaria nell’area dell’Euro,” Bollettino mensile, ottobre, p. 43-53 .
·Bernanke B. e Gertler M. (1995) “Inside the black box: the credit channel of monetary policy transmission,” Journal of Economic Perspectives, 9, 4, p. 27-48.
·Taylor J.B. (1995) “The monetary transmission mechanism: an empirical framework,” Journal of Economic Perspectives, 9, 4, p. 11-26.
La struttura a termine dei tassi d’interesse
·Campbell, John (2001), “Some Lessons from the Yield Curve,” Journal of Economic Perspectives, Vol. 9, Number 3, pages 129-152.
·Greenspan, Alan (2005), “Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate” February 16, 2005.
·Bernanke, Ben (2005), “The Global Saving Glut and the U.S. Current Account Deficit,” remarks at the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia.
Effetti di sostituzione intertemporale
·Goodfriend Marvin (2004), “Monetary Policy in the New Neoclassical Synthesis: A Primer,” Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 90 No. 3.
·King, Robert (2000), “The New IS-LM Model: Language, Logic and Limit,” Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 86 No. 3.
Il canale creditizio
·Bernanke B. e Gertler M. (1995) “Inside the black box: the credit channel of monetary policy transmission,” Journal of Economic Perspectives, 9, 4, p. 27-48.
·Mishkin, Frederic (2007), “The Role of House Prices in Formulating Monetary Policy,” remarks at the Forecaster Club of New York.
·Mishkin, Frederic (2008), “Monetary Policy Flexibility, Risk Management and Financial Disruptions,” Federal Reserve Board of Governors.
·Mishkin, Frederic (2008), “Financial Instability and Monetary Policy,” Federal Reserve Board of Governors.
Il tasso di cambio
Il ruolo delle aspettative
·Krugman, Paul (1998), “Japan’s trap” mimeo.
·Woodford, Michael (2001), “Monetary Policy in the Information Economy,” Columbia University.
- Strategie e obiettivi della Banca Centrale
L’obiettivo della stabilita’ dei prezzi
·BCE, (1999), “The Stability-Oriented Monetary Policy Strategy of the Eurosystem,” ECB Monthly Bullettin, January
·Broaddus, Alfred and Marvin Goodfrieng (2004), “Sustaining Price Stability,” Economic Quarterly, Federal Reserve Bank of Richmond, Vol. 90 No. 3.
·King, Mervyn (1999), “Challenges for Monetary Policy: New and Old” Federal Reserve Bank of Kansan City conference proceedings.
·Woodford, Michael (1999), “Commentary: How Should Monetary Policy Be Conducted in an Era of Price Stability?” in: Federal Reserve Bank of Kansas City, New Challenges for Monetary Policy, 1999.
Strategie di politica monetaria: la Fed
·Bernanke, Ben (2004), “The Logic of Monetary Policy,” remarks before the National Economics Club.
·Blinder Alan and Ricardo Reis (2005), “Understanding the Greenspan Standard” in The Greenspan Era: Lessons for the Future, Jackson Hole: Federal Reserve Bank of Kansas City.
·Mankiw, Greg (2005), “A Letter to Ben Bernanke,” mimeo.
·Mishkin, Frederic (2008), “Does Stabilizing Inflation Contribute to Stabilizing Economic Activity,” Federal Reserve Board of Governors.
·Woodford Michael (2005), “Central-Bank Communication and Policy Effectiveness,” in The Greenspan Era: Lessons for the Future, Jackson Hole: Federal Reserve Bank of Kansas City.
Strategie di politica monetaria: la BCE
·BCE, (1999), “The Stability-Oriented Monetary Policy Strategy of the Eurosystem,” ECB Monthly Bullettin, January
·BCE, (2004), “The Monetary Policy of the ECB.”
·BCE, (2000), “The Two-Pillars of the ECB’s Monetary Policy Strategy,” ECB Monthly Bullettin, November.
·Bean Charlie (2003), “Inflation Targeting: the UK experience,” Bank of England Quarterly Bulletin, Winter 2003.
·Fisher, B., Lenza, M., Phil H. and L. Reichlin (2006), “Money and Monetary Policy: The ECB Experience 1999-2006,” mimeo.
·Woodford, Michael (2006), “How Important is Money in the Conduct of Monetary Policy?” mimeo.
Inflation Targeting
·Giavazzi, Francesco and Frederic S. Mishkin (2006), “An Evaluation of Swedish Monetary Policy between 1995 and 2005,” report published by the Riksdag (Swedish parliament) Committee on Finance.
·Svensson Lars (2002), “”An Independent Review of Monetary Policy and Institutions in Norway,” mimeo.
·Svensson, Lars (2006), “Inflation Targeting,” in The New Palgrave Dictionary of Economics, 2nd edition, edited by Larry Blum and Steven Durlauf.
·Woodford, Michael (2003), “Inflation Targeting and Optimal Monetary Policy,” mimeo.
·Woodford, Michael (2006), “Inflation-Forecast Targeting: A Monetary Standard for the Twenty-First Century?”, mimeo.
- Gli effetti della globalizzazione sulla politica monetaria
·Bean, Charlie (2006), “Globalisation and Inflation” Bank of England Quarterly Bulletin, 2006 Q4.
·Bernanke, Ben (2007), “Globalization and Monetary Policy,” remarks at the fourth Economic Summit, SIEPR, Stanford.
·Rogoff, Kenneth (2006), “Impact of Globalization on Monetary Policy,” Federal Reserve Bank of Kansas City conference proceedings.
Updated on June 16th, 2008
