Corso di studio in Economia

Understanding the current and future debate on monetary and prudential policy.

Based on a sound conceptual framework.

 

 

 

Command some key concepts and tools underlying monetary and prudential policy.  

For instance, you will be able to discern (1) which digital assets are money; (2) why central bank independence may help achieve better economic performance; (3) some causes of   financial crises (4) how prudential policy tries to prevent and mitigate them; (5) why and how monetary policy strategy by the ECB has recently changed.  

I decided to return to the traditional mode, because peer learning did not seem to work with students in previous years. 

However, I encourage the formation of discussion groups. This helps enlarge your network and enhance your ability to work in team, critically examine topics, argue in public.

Written exam, 1 hour.

27/30 Questions that require short, precise answers and possibly the solution of a problem.

3/30   Participation to discussion

This course explores the interaction between money, financial intermediaries, the real economy and central banks.  See Moodle for the updated syllabus.

1. Money: 3 functions and more, ch. 2
2. The International Role of the Euro, ECB, 2021, Report Slides & 90'Presentation 

 00:02:00 - Hans-Joachim Klöckers, DG European Relations, 2021 ECB Report on the International Role of the Euro - Overview 00:15:51 - Arnaud Mehl, Adviser, DG International and European Relations, ECB: Special features: 00:17:05 - EU and ECB policy responses to the pandemic and the euro´s global role 00:23:47 - Central bank digital currencies and global currencies 00:28:07 - The euro as an invoicing currency for global trade [00:35:00 - Klaus Wiedner, Director, FISMA B, EC: EU strategy to foster openness POLITICO] 00:50:50 - Harold James, Princeton Un.: Historical perspective on what drives global currencies, and implications for the global role of the euro 01:04:01 – [Robert Neil McCauley, Senior Fellow, Global Development Policy Center, Boston University: Challenging the $-€opoly: how’s the renminbi doing? ]  01:18:24 - Mutual comments

3. Central Banks today, Ch. 15
4. Structure of Fed and ECB, Ch.16
5. The Money Supply Process - Ch.  17
6. Monetary Policy: stabilizing the economy Ch. 18
7. 12’ President Lagarde presents the latest monetary policy decisions – 10/3/2022 

8. Money Growth, Money Demand and current Monetary Policy Ch.19-20
9. Output, Inflation and Monetary Policy, Ch. 21-22
10. Recent Challenges: Ch. 23

Repullo, Latvia Olympics 2021, ECB Monetary Policy

https://www.youtube.com/watch?v=w_BRMGClQNI&t=165s&ab_channel=InternationalEconomicsOlympiad

Repullo on ECB New Strategy Report: Comment on Monetary Policy Tools  

https://voxeu.org/content/cepr-report-ecb-strategy-comment-tools-monetary-policy

11. ECB Monetary Policy Strategy Review, 2021, P. Lane (ECB), 1.16hours

https://www.youtube.com/watch?v=QcVoAhRnUMo&t=423s&ab_channel=IMFSFrankfurt

Taking stock of Fed & ECB New Policies 11/2021, 1.5 hours

Clarida (Fed); Philip Lane (ECB); and Ben Bernanke (former Fed)

https://www.youtube.com/watch?v=BpxsPF8jFsc&ab_channel=BrookingsInstitution

12. Financial Intermediation, Ch. 11
13. Banks and bank management,  Ch. 12
14. Regulating the Financial System, Ch.14
15. Side Effects of Bank Regulation   
    1. Technology and Shadow Banks, Amit Seru, 30’ https://www.bis.org/fsi/events/fsi_20th_anniv_conf_190312.htm
    2. Arbitraging the Basel Securitization Framework, Paper and presentation, start at 15.08, duration 15’ https://www.youtube.com/watch?v=V41-fSj5SRw

16. Fintech and Bigtech, Leonardo Gambacorta (BIS), duration: 1.20 minutes

https://www.youtube.com/watch?v=UaBi92HNE0A&ab_channel=AlexanderBechtel

17. Central Baking in a Centrifugal World, Mark Carney, Duration:1,5-2h

https://www.youtube.com/watch?v=XAC_Ll9QyGU&ab_channel=BankforInternationalSettlements

 

Guest Lectures

The ECB and Monetary Policy 20 years after, Massimo Rostagno (ECB), April 27^th, 4.30-6.30 pm

CryptoCurrency, Stable Moneys and Central Bank Digital Currencies, Andrea Filtri (Mediobanca), March 16th 11.15

 

 

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The following material is not required. However, if curious, you may listen to

1. A brief history about the economic and monetary union and the adoption of the single currency– the euro.

https://www.youtube.com/watch?v=Aijn_4TFF_8&ab_channel=EuropeanCentralBank

2. IMF Spring Meeting 2022: April 18-24
3. The Asset Purchase Program explained by the ECB in 2015

https://www.youtube.com/watch?v=xZkwu9NRfzs&ab_channel=EuropeanCentralBank

3. From Basel I to Basel III, 2020, duration 75’ An account by policy-makers

https://www.youtube.com/watch?v=_783Md-NNFE&ab_channel=BankforInternationalSettlements

 

 

The full reading list will be available on Moodle.

I will use this textbook

Kermit L. Schoenholtz, Stephen G. Cecchetti, Money Banking and Financial Markets, McGraw Hill Education, 6 edizione, 2020, ISBN-13: 9781260571363

as well as web-based material.

If at least 30 students coordinate to purchase this textbook, McGraw will create for them an e-book containing just the chapters that are required for this course.