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ECONOMICS OF FINANCIAL MARKETS

CODE 84088
ACADEMIC YEAR 2021/2022
CREDITS
  • 9 cfu during the 2nd year of 8706 AMMINISTRAZIONE, FINANZA E CONTROLLO (LM-77) - GENOVA
  • SCIENTIFIC DISCIPLINARY SECTOR SECS-P/02
    TEACHING LOCATION
  • GENOVA
  • SEMESTER 2° Semester
    TEACHING MATERIALS AULAWEB

    OVERVIEW

    Course description

    The aim of the course is providing a suitable knowledge on the financial sector of the economy, with particular focus on the debate on markets effiiciency, on the transmission mechanism of monetary policy.

    Attendance, although not mandatory, is strongly advised.

    AIMS AND CONTENT

    LEARNING OUTCOMES

    The course of Economics of Financial Markets has the specific aim of providing both theoretical and technical knowledge on the working of financial markets, with specific focus on the most recent theories and the debate among the different streams of thought. Specific attention will be dedicated to the impact of monetary policies on financial markets, to the creation and propagation of expectations and to the impact that they have on the yields of financial assets and their time structure

    AIMS AND LEARNING OUTCOMES

    The main targets of the course are the following:

    • Understanding the working of financial markets
    • Understanding the effects of monetary policy on the financial markets

    PREREQUISITES

    Undergraduate introductory courses of Macroeconomics and Microeconomics.

    TEACHING METHODS

    Lessons by the teacher. Seminars on a few specific topics.

    Teaching methods might be subject to changes due to the epidemiological conditions and public health conditions. Please refer to Aulaweb for any updating, both for what concerns the teaching methods and the exam methods.

    SYLLABUS/CONTENT

    Part I: The Debate on Financial Markets Efficinecy

    1. The conventional approach and its foundations.
    2. Some alternative approaches and the main objections to the orthodox models.
    3. Firm's investments and financial markets.

    Part II:  Monetary Policy and Financial Markets

    1. Central Bank, inside money, outside money and payment systems.
    2. From the policy interest rate tto the markets interest rates.
    3. The Transmissiom Mechanism of Monetary Policy: the Money Channel and the Crediit Channel

    RECOMMENDED READING/BIBLIOGRAPHY

    • Bagliano,  F-C, Marotta, (2010) G., Economia Monetaria, seconda edizione, Bologna, Il Mulino, 2010, chapters 1 (pp.19.-31), 5 (pp. 165-188 and (198-208) 10 (pp. 309-323).  An alternative textbook in English may be comunicated to English Speaking students upon request at the beginning of the course. .
    • Notes edited by the teacher (that will be available AND downloadable from “AulaWeb”): “The debate on market efficiency”.
    • Notes edited by the teacher (that will be available AND downloadable from “AulaWeb”: "Mercati e strumenti finanziari: un’introduzione"
    • Notes edited by the teacher (that will be available AND downloadable from “AulaWeb”: "CAPM and APT"
    • Bernanke, B. Blinder, A. (1988), "Credit, Money and Aggregate Demand", American Economic Review, vol. 78, no. 2, Papers and Proceedings of the One-Hundredth Annual Meeting of the American Economic Association (May 1988), pp. 435-439. The students may obtain the pdf file of this paper by downloading from the terminals of the Library of the Department terminals. The students may also download from the AulaWeb site of the course, for this specific point, the lecture notes “Il canale creditizio”

    TEACHERS AND EXAM BOARD

    Exam Board

    MARCO MAZZOLI (President)

    LUCA BELTRAMETTI

    MAURIZIO CONTI

    SIMONE LOMBARDINI

    LESSONS

    LESSONS START

    II Semester

    EXAMS

    EXAM DESCRIPTION

    Written Exam. Teaching methods amd exam methods might be subject to changes due to the epidemiological conditions and public health conditions. Please refer to Aulaweb for any updating, both for what concerns the teaching methods and the exam methods.

    ASSESSMENT METHODS

    The final exam consosts of a written exam with open questions on the topics of the course. Teaching methods amd exam methods might be subject to changes due to the epidemiological conditions and public health conditions. Please refer to Aulaweb for any updating, both for what concerns the teaching methods and the exam methods.

    Exam schedule

    Date Time Location Type Notes
    13/12/2021 10:30 GENOVA Scritto
    12/01/2022 10:30 GENOVA Scritto
    26/01/2022 10:30 GENOVA Scritto
    12/05/2022 14:00 GENOVA Scritto appello straordinario riservato esclusivamente ai laureandi a.a. 2020/21
    31/05/2022 10:30 GENOVA Scritto
    14/06/2022 10:30 GENOVA Scritto
    20/07/2022 10:30 GENOVA Scritto
    08/09/2022 10:30 GENOVA Scritto

    FURTHER INFORMATION