- Scheda dell'insegnamento
- Obiettivi formativi
- Metodi didattici
- Verifica dell'apprendimento
- Altre informazioni
The course aims at providing students with strong knowledge about the way the economic theory treats crucial questions related to financial and real globalisation. The course builds explicitly on the consideration that mainstream economics has failed in explaining the causes and consequence of the financial crisis and the recent great recession. Most of the content, therefore, will be dedicated to explain the point of view of the critical heterodox approaches to macroeconomics mainly inspired by post-keynesian scholars) which are usually neglected in traditional courses.
The course deepens both real and financial aspects of the international economy. Concerning the real aspects, the analysis will focus on foreign direct investment (hosting a seminar by Janina Witkowska, University of Lodz, Polland) and on the relationship between international trade and macroeconomic equilibria. The financial analysis deals with the way financial capital, interest rates, foreign exchange rates and current account are determined and interact to each other and assesses the space for policy action. These theoretical instruments are applied and challenged by focusing on the Eurozone as a recent example of economic dilemma which can be hardly understood in the light of the conventional wisdom. Students attending the course will participate to the last part of the program actively by collecting data in order to produce descriptive empirical analysis and a final report which aims at shedding light on some specific issues.
No formal prerequisites are required. At least some basic knowledge of macroeconomics is strongly suggested.
The program is divided into a common program (parts 1 to 3) and a differentiated program (parts 4 and 5). All students must prepare parts 1 to 3 for the exam. Students not attending the lessons must prepare part 4 and exclude part 5. Attending students exclude part 4 and actively participate to the workshops to learn how to collect and analyse data on macroeconomic variables (part 5). Participants to the workshop will submit a final group work. Some of the issues treated in part 4 of the program will still be presented and discussed during the lessons, even though attending students (provided that they are truly present during the lessons) do not have to prepare them for the final exam.
Most of the course is carried out though traditional frontal teaching and presentations with slides derived from the official references. Some additional, non-compulsory material will be added on the e-learning. Some lessons are scheduled to carry out practical exercises on data downloading, elaboration and interpretation of results.
The exam is exclusively written and lasts two hours. Students should be able to choose four questions out of five and answer. Expected length of each written answer is nearly one page.
Attending students which submit a final report on the workshop (part 5) have to answer to three questions out of four in one hour and a half. The final evaluation is a weighted average of the individual written exam (80%) and the group work (20%).
1. [G] G. Gandolfo, 2001, International Finance and Open-Economy Macroeconomics, Springer, 2001.
2. [L] Lavoie, M. (2014). ‘Open-economy macroeconomics’, chapter 7 in Lavoie, M., Post- Keynesian Economics: New Foundations. Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
3. [MF] Any summary of the Mundell-Fleming model and main results is fine. Suggestion: https://en.wikipedia.org/wiki/Mundell–Fleming_model
4. [EU] Lapavitsas C. et al., 2010, Eurozone crisis: Beggar Thyself and Thy Neighbour, Research on Money and Finance (RMF) occasional report, March.
5. [M] Mitchell W., 2016. Eurozone dystopia: Groupthink and Denial on a Grand Scale, Edwar Elgar, chapters 17-18, pp.287-329.
6. [TCC] Bossone C. and M. Cattaneo, 2016 ‘Helicopter tax credits’ to accelerate economic recovery in Italy (and other Eurozone countries), 4 January http://voxeu.org/article/fiscal-stimulus-helicopter-tax-credits.
7. [BPC] Mitchell W., 2016. “Balance of payments contraints”, http://bilbo.economicoutlook.net/blog/?p=32931
Weakly office time is programmed after the lessons of International Economics.
Outside the course calendar, office time will be reported on line at the personal HHP page.
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