PhD - macroeconomics


DiSES PhD in Economics
     
  MACROECONOMICS  
  Coordinator: Prof. Massimo TAMBERI  
  eMail: m.tamberi@univpm.it  
  Home page: on DiSES  
This course, “macroeconomics”, covers the economy as a whole, looking at its structure and performance. It will focus on the short-run fluctuations (business cycle), as well on the long-run (economic growth), also stressing decision-making (fiscal and monetary policy). Recent development in several areas are widely covered.
 
 Economic growth theory
Language: English/Italian Frequence: February-March Hours: 15
Professor: Davide Ticchi eMail: d.ticchi@univpm.it Web: on DiSES
Objectives of the Course:
The course will present an introduction to macroeconomic modeling, focusing on the theory of economic growth and some of its applications. Topics:
  • The Solow Growth Model
  • The Neoclassical Growth Model
  • Growth with Overlapping Generations
  • Human Capital and Economic Growth
  • First-Generation Models of Endogenous Growth
  • Endogenous Technological Change
  • The Political Economy of Growth
Reading List:
Acemoglu, Daron (2009) Introduction to Modern Economic Growth, Princeton University Press.
Barro, Robert J. and Sala-i-Martin Xavier (2004), Economic Growth, MIT Press.
Romer, D. (2012), Advanced Macroeconomics, McGraw-Hill, 4nd Edition.
Additional material will be distributed in class.
 
 Real business cycles
Language: English/Italian Frequence: February-March Hours: 12
Professor: Antonio Palestrini eMail: a.palestrini@univpm.it Web: on DiSES
Professor: Marco Gallegati eMail: marco.gallegati@univpm.it Web: on DiSES
Objectives of the Course:
The course, after a brief historical excursus on business cycle theory, aims at providing the Ph.D students with the basic tools needed in order to analyze business cycles from a Real Business Cycles (RBC) perspective. Program
  • Business cycles: definition and measurement
  • Business Cycles from an Historical Perspective
  • Real Business Cycles Models and Solution Methods
  • Analyzing Stylized Facts using RBC Models
Reading List:
King R.G, and Rebelo, S. (1999), Resuscitating Real Business Cycles (Hanbooks in Macro. Vol.14).
Plosser, C.I. (1989), Understanding Real Business Cycles, The Journal of Economic Perspectives, pp. 51-77.
Romer, D., (2011), Advanced Macroeconomics, McGraw Hill, 4th Edition.
 
 The New Keynesian model
Language: English/Italian Frequence: March Hours: 10
Professor: Federico Giri eMail: f.giri@univpm.it Web: on DiSES
Objectives of the Course:
The aim of this course is to provide a short introduction of the standard New Keynesian framework in order to understand the most recent developments in monetary policy theory.
Reading List:
Galì, Jordi (2015): Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Second Edition, Princeton University Press.
Walsh, Carl E. (2010): Monetary Theory and Policy, Third Edition, MIT Press (Cambridge,MA).
 
 The New Keynesian model – Financial Frictions
Language: English/Italian Frequence: March-May Hours: 8
Professor: Domenico Delli Gatti eMail: domenico.delligatti@unicatt.it Web: on DiSES
Objectives of the Course:
This course deals with New Keynesian DSGE models with “financial frictions”. Since this is a short course, it will focus on only three (possibly four) models:
  • How to cast the financial accelerator in a NK-DSGE framework: The benchmark model: Bernanke-Gertler-Gilchrist 1999 (BGG)
  • A NK model with housing and borrowing constraints: Iacoviello 2005
  • Financial Intermediation and unconventional monetary policy in a DSGE framework: Gertler-Kiyotaki 2010 (GK)
Reading List:
Bernanke, Ben, Mark Gertler and Simon Gilchrist. “The Financial Accelerator in a Quantitative Business Cycle Framework”, in Taylor, John and Michael. Woodford, eds., Handbook of Macroeconomics, Elsevier, 1999.
Iacoviello M. House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle, AER 2005
Gertler, Mark and Nobuhiro Kiyotaki (2010): “Financial Intermediation and Credit Policy in Business Cycle Analysis” in Friedman, Benjamin M., and Michael. Woodford, eds., Handbook of Monetary Economics, Elsevier.
 
 Monetary policy
Language: English/Italian Frequence: March-April Hours: 10
Professor: Alessandro Notarpietro eMail: alessandro.notarpietro@bancaditalia.it  
Objectives of the Course:
The aim of this course is to provide an overview of the monetary policy: the new neoclassical synthesis (NNS) and the keynesian approach, the monetary policy in the NNS, zero lower bound and non conventional monetary policy
Reading List:
Galì, J. Monetary Policy, Inflation and the Business Cyle: An Introduction to the New Keynesian Framework, MIT Press, 2008
Walsh, C.E. Monetary Theory and Policy, MIT Press, 2010 (3rd ed.)
Woodford, M. Interest and Prices: Foundations of a Theory of monetary Policy, Princeton University Press, 2003.
 
 Fiscal policy – Part I
Language: English/Italian Frequence: April Hours: 5
Professor: Raffaella Santolini eMail: r.santolini@univpm.it Web: on DiSES
Objectives of the Course:
The course illustrates theories of debt accumulation and career concern in public expenditure decisions.
  • Issues on budget deficits and fiscal policies
  • Ricardian equivalence.
  • Tax smoothing.
  • Theories of the debt accumulation.
  • Career concern model and expenditure policy.
Reading List:
Romer, D. (2006). Advanced Macroeconomics – 3rd Edition, McGraw-Hill.
Persson, T., Tabellini, G. (2000). Political Economics-Explaining economic policies, The MIT Press.
 
 Fiscal policy – Part II
Language: English/Italian Frequence: April Hours: 5
Professor: Agnese Sacchi eMail: a.sacchi@unimercatorum.it Web: on DiSES
Objectives of the Course:
The aim of this course is to provide the basic theory and practice on public spending and its growth within the more general framework of fiscal policy.
  • Public spending growth: some facts and data.
  • The theory on public spending growth.
  • The Wagner Law.
  • The Peacock-Wiseman hypothesis.
  • The demand of public spending.
  • The supply factors of public spending.
Reading List:
Mueller D.C. (2003), Public Choice III, Cap. 21 The size of government, pp. 501-530.
A reading list will be provided during the course.
 
 Consumption and investment
Language: English/Italian Frequence: March-May Hours: 8
Professor: Davide Ticchi eMail: d.ticchi@univpm.it Web: on DiSES
Objectives of the Course:
The course investigates households’ consumption choices and firms’ investment decisions both under certainty and uncertainty. The section on consuption will also include an introduction to portfolio choice.
Reading List:
  • Consumption
    Blanchard, O. and S. Fischer (1989), Lectures in Macroeconomics, The MIT Press, Ch. 6
    Romer, D. (2012), Advanced Macroeconomics, McGraw-Hill, 4nd Edition, Ch. 8
    Merton, Robert C. (1969): “Lifetime Portfolio Selection under Uncertainty: The Continuous Time Case,” Review of Economics and Statistics, 50, 247–257.
    Samuelson, Paul A. (1969): “Lifetime Portfolio Selection by Dynamic Stochastic Programming,” Review of Economics and Statistics, 51, 239–46.
    Weil, P. (1990). “Nonexpected Utility in Macroeconomics.” Quarterly Journal of Economics 105, pp. 29–42.
  • Investment
    Romer, D. (2012), Advanced Macroeconomics, McGraw-Hill, 4nd Edition, Ch. 9
    Blanchard, O. and S. Fischer (1989), Lectures in Macroeconomics, The MIT Press, Ch. 6
 
 Unemployment
Language: English/Italian Frequence: March-May Hours: 10
Professor: Stefano Staffolani eMail: s.staffolani@univpm.it Web: on DiSES
Objectives of the Course:
Theories of unemployment:
  • Efficiency wage
  • Implicit contract, Unions, Insider-outsider
  • Matching
Reading List:
Romer, Advanced Macroeconomics
Cahuc- Zylberberg Labour Economics
Layard, Nichell, Jackman: Unemployment, Macroeconomic Performance and the Labour Market