MONETARY ECONOMICS AND CREDIT

Understanding the main relationships between money, credit and the economy. Institutional analysis of central banks and financial regulatory authorities.

Microeconomics and Macroeconomics, Statistics and Mathematics.

Knowledge and understanding skills Students at the end of the Course will have proved their understanding of the main rationales for the existence of the money in economic systems, the criteria that determine the action of central banks, the main topics of the relationship between monetary policy and financial intermediation, the impact of monetary policy on the real economy according to the different transmission channels. The acquired information set is a fundamental support for the understanding and deepening of the studies of all higher-ranking economic and financial subjects. Applying knowledge At the end of the Course, Students will be able to recognise the main interdependencies between economic and monetary variables, both at the microeconomic and banking level, as well as at the macroeconomic level. Ability to draw conclusions Students will be able to identify the most appropriate models, among those presented in the course, to describe even complex monetary phenomena in their relationship with the economy. Students will also be able to interpret the technical literature on the topics addressed in the course. Communication skills Students will be able to describe the economic and financial problems discussed in the course from an analytical point of view, with the opportunity to refer to the scientific literature proposed in the course. Students will also be able to interact in operational contexts related to economic and financial phenomena, being able to develop analyses through the identification of causality links and the most appropriate methodologies to interpret them. Ability to learn At the end of the Course students will be acknowledged of the theoretical and technical references underlying the interactions between the use of money in the economy and monetary policy. This will enable them to tackle studies in the economic and financial sectors at more advanced levels. The Course will provide students with the basis for learning what will be proposed in the courses of master's degree in pure economics, as well as in international finance.

The course investigates the functions of money, demand for and supply of money/credit, the role played by financial intermediaries, and monetary policy management and transmission in modern economies, with emphasis on comparing the FED and the ECB.

Di Giorgio G., Economia e politica monetaria, Wolters Kluwer, Milano, 7th edition. Di Giorgio G., A. Pandimiglio e S. Nisticò, Problemi di Economia e Politica Monetaria, Cedam, Padova. Teacher’s notes. Articles recommended by the teacher.

Lectures, practical classes, discussions, reading materials.

The student's evaluation will be structured as follows: - Intermediate written exam. It is intended to test mainly the knowledge and understanding of the topics concerning the demand for money. The test determines the final grade in proportion to the program covered (about 40%). - Final written test. It is intended to test the knowledge and understanding of the entire program. The written test is composed of about 3 questions (a mix of theoretical open-ended questions and exercises) with which the student must demonstrate knowledge of the theoretical notions of the teaching and know how to apply them in specific cases, demonstrating that he has achieved the study method and learning ability necessary to continue independently to study the subject in depth. Failure to achieve a score of 18/30 will result in failure to pass the exam. Excellent answers to all questions will result in the award of honors.

Interest for the topic and consistent study profile.