Università degli Studi di Roma "Tor Vergata"

Corso di laurea: Economics - Economia A.A. 2014/2015

Informazioni generali del corso

Primo anno

Primo semestre

Insegnamento	CFU	SSD	Ore Lezione	Ore Eserc.	Ore Lab	Ore Studio	Attività	Lingua
8011190 - MATHEMATICS (obiettivi) The course has four parts: Calculus, Linear Algebra, Optimization and Probability. The main goals of the course are the study of: - integration in several variables (Fubini, change of variable formula, polar coordinates, …); - linear transformations, eigenvalues, eigenvectors, projections and the spectral theorem; - unconstrained and constrained optimization (Taylor formula in several variables, Kuhn-Tucker); - limit theorems in probability and conditional expectation (weak law of large numbers, central limit theorem, multivariate gaussian). The detailed program is available in the website of the course. 5. Learning outcomes Upon completion of the course the student will have the mathematic background to understand the notions required in Statistics, Econometrics and in the other parts of Economics and Finance where a quantitative approach is needed.
M-2338 - LINEAR ALGEBRA AND PROBABILITY (obiettivi) Linear Algebra. Groups, fields, vector spaces. Linear independence and basis. Dimension of vector spaces. Linear transformations. Kernels. Scalar products. Cauchy-Schwartz inequality. Eigenvalues, eigenvectors and the characteristic polynomial of a square matrix. Basic properties of eigenspaces. Symmetric, skew-symmetric and orthogonal matrices. Positive definite matrices. Diagonalization Probability. Elements of a probability space. Algebras of events and information about random experiments. Introduction to combinatorial calculus. Finite probability spaces, probability measures, introduction to Kolmogorov theory. Conditional probability, total probability formula, Bayes formula. Independent events. Random variables and their properties. Probability distribution, distribution function and densities function of a random variable. Expectation and variance of a random variable and their properties. Expectation and variance for the main kinds of random variables. Covariance and scale-invariance of the correlation coefficient. Random vectors and their properties. Probability distribution, distribution functions and densities functions of a random vector. Independent random variables, covariance and correlation. Conditional expectation of a random variable and its properties. Conditional expectation as best estimator. Geometric approach to the conditional expectation. Sequences of random variables. Convergence in probability and in law. The (weak) law of large numbers. The characteristic function. Central limit theorem. Multivariate Gaussian distribution.	6	MAT/06	36	-	-	-	Attività formative caratterizzanti	ENG
M-2337 - CALCULUS AND OPTIMIZATION (obiettivi) Calculus. Series. Power series. The complex numbers. Complex power series and complex exponential. The Euler formula. Differentiability for functions of several variables: examples and counterexamples. The gradient. The Jacobian matrix. The chain rule for differentials. Mixed partial derivative. The Schwartz (Young) theorem. Integration in n-dimension. The Fubini theorem. The change of variable formula. Integration using polar coordinates. Differentiation under the integral sign. Introduction to differential equations. The Cauchy problem. Metric spaces. Normed spaces. Inner product spaces. The Sup norm on continuous functions. Pointwise convergence versus uniform convergence. The L^2 scalar product on R^2, on C[0,1] and for random variables. Density of polynomials in the space of continuous functions: the Bernstein proof of Weierstrass theorem by means of the weak law of large numbers. Optimization. Taylor polynomial in n-dimensions. The Hessian matrix. Unconstrained optimization: necessary and sufficient conditions for maxima and minima. Constrained optimization. Lagrangian function and Lagrange multiplier. Introduction to Kuhn-Tucker	6	SECS-S/06	36	-	-	-	Attività formative caratterizzanti	ENG
8010848 - STATISTICS (obiettivi) The course is an introduction to the fundamental principles and tools of statistical inference, i.e. how to draw conclusions from data subject to random variation. Topics include: random sampling; principles of data reduction; point and interval estimation (likelihood theory); hypothesis testing; condense intervals and nonparametric inference.	6	SECS-S/01	36	-	-	-	Attività formative affini ed integrative	ENG
8011585 - MICROECONOMICS 1 (obiettivi) Growth Theory Solow Model Review. The Ramsey Cass Koopmans Model I and II. The Diamond Model. The Romer 86 model. The Romer 90 model I and II. Human Capital and Growth. Business Cycle Choice under uncertainty. Game theory (introduction). Adverse selection, screening, signalling. Insurance. Moral hazard, principal agent.	6	SECS-P/01	36	-	-	-	Attività formative caratterizzanti	ENG
8011571 - ECONOMETRICS (obiettivi) The first part of the course will familiarize students with the workhorses of empirical work in economics, namely the linear regression model and the ordinary least squares (OLS) estimator, and with the problems that arise when the model assumptions are violated, in particular when the regressors cannot be regarded as exogenous, that is, uncorrelated with the regression errors. The second part of the course will pay special attention to the method of instrumental variables as a way of solving the endogeneity problem and the specific issues that arise with the use of this method. Programme i) Static Regression. Introduction and review. The classical linear model and the OLS estimator. Sampling properties of OLS. GLS and feasible GLS. Diagnostic procedures. Hypothesis testing and model selection. ii) Instrumental Variables. The instrumental variables (IV) method. Estimation of causal effects. Properties of conventional IV estimators under weak instruments. Robust inference under weak instruments. The generalized method of moments (GMM). Weak identification and robust inference in GMM.	6	SECS-P/05	36	-	-	-	Attività formative caratterizzanti	ENG
8011323 - STATISTICAL COMPUTING (obiettivi) MatLab environment. Variables and operators. Matrices and matrix operations. Graphical functions. File management, input and output commands. Programming elements: algorithms, loops and conditional statements (if, else, switch, for, while), preallocation and vectorization. Scripts and functions, MatLab build-in functions. Elements of numerical calculus and simulation.
M-3768 - MATLAB	Erogato in altro semestre o anno
M-3767 - STATA (obiettivi) Part 2) Introduction to Stata Instructor: Stefano Gagliarducci Course content: dataset management, descriptive statistics, graphics, loops, linear regression Required reading (textbook): none Prerequisites: Statistics Part 3) Applied Economics with Stata Instructor: Stefano Gagliarducci Course content: instrumental variable models (IV), panel data models, difference-in-difference models (DiD), dynamic panel models, models for discrete and limited dependent variables, regression discontinuity design (RDD)	3	SECS-S/03	-	-	24	-	Ulteriori attività formative (art.10, comma 5, lettera d)	ENG

Secondo semestre

Insegnamento	CFU	SSD	Ore Lezione	Ore Eserc.	Ore Lab	Ore Studio	Attività	Lingua
8011586 - MICROECONOMICS 2 (obiettivi) Growth Theory Solow Model Review. The Ramsey Cass Koopmans Model I and II. The Diamond Model. The Romer 86 model. The Romer 90 model I and II. Human Capital and Growth. Business Cycle Choice under uncertainty. Game theory (introduction). Adverse selection, screening, signalling. Insurance. Moral hazard, principal agent.	6	SECS-P/01	36	-	-	-	Attività formative affini ed integrative	ENG
8011587 - MACROECONOMICS 1 (obiettivi) Introduction to Dynamic Macroeconomics The dynamics of aggregate supply and demand. Rational expectations and the Lucas Critique. Solving rational expectations models. The central bank and monetary policy rules. Microfoundations of incomplete nominal adjustment. Consumption and Investment Stochastic implications of the Permanent Income Hypothesis. The overlapping generations model with money. Fixed Capital Investment. Inventory investment. Credit Rationing.	6	SECS-P/01	36	-	-	-	Attività formative caratterizzanti	ENG
8011588 - MACROECONOMICS 2 (obiettivi) Growth Theory Solow Model Review. The Ramsey Cass Koopmans Model I and II. The Diamond Model. The Romer 86 model. The Romer 90 model I and II. Human Capital and Growth. Business Cycle Introduction to dynamic programming. Business Cycle facts. Real Business Cycles theory. Money and business cycles. New Keynesian modules. Business cycles and the labor market.	6	SECS-P/01	36	-	-	-	Attività formative caratterizzanti	ENG
8011570 - TIME SERIES (obiettivi) Univariate Time Series Univariate time series analysis: Basic concepts. Stationarity, autocorrelation, Linear indeterministic processes. Nonstationary time series analysis: ARIMA models. Seasonal models. Unit root tests. The Beveridge-Nelson decomposition. Forecasting and the evaluation of forecasts. Univariate analysis of financial time series: Volatility and conditional heteroscedasticity. GARCH and IGARCH models. Multivariate Time Series Stationary and Ergodic Multivariate Time Series. Multivariate Wold Representation. Vector Autoregression (VAR) Models. Identification and Estimation of VAR models. Forecasting. Structural VAR Models. Impulse Response Functions. Forecast Error Variance Decompositions. Shocks Identification Using the Choleski Factorization. The Cointegrated VAR. Maximum Likelihood Inference on the Cointegrated VAR. The Common Trends Representation	6	SECS-S/03	36	-	-	-	Attività formative caratterizzanti	ENG
8011323 - STATISTICAL COMPUTING (obiettivi) MatLab environment. Variables and operators. Matrices and matrix operations. Graphical functions. File management, input and output commands. Programming elements: algorithms, loops and conditional statements (if, else, switch, for, while), preallocation and vectorization. Scripts and functions, MatLab build-in functions. Elements of numerical calculus and simulation.
M-3768 - MATLAB (obiettivi) Part 1) Introduction to Matlab Instructor: Marianna Brunetti Course content : Introduction to Matlab. Matrices and operations with matrices. Relations and Booleans. Scripts and Functions. Controlling the flow: cycles and conditions. Generation of random numbers. Working with real data: exporting (save) and importing (load) external data. Graphics. LS estimation of univariate and multivariate linear models. Applications and examples: generation of random numbers, European options implied volatility, portfolio allocations, correlation analysis, OLS estimation. Required reading (textbook): Handouts will be provided during the class Additional reading include: - Brian R. Hunt, Ronald L. Lipsman, Ronald J. Lipsman, Jonathan Rosenberg, Kevin R Coombes (2006), A guide to MATLAB: for beginners and experienced users, Cambridge University Press - Brandimarte Paolo (2006), Numerical Methods in Finance and Economics: A MATLAB-Based Introduction	3	SECS-S/03	-	-	24	-	Ulteriori attività formative (art.10, comma 5, lettera d)	ENG
M-3767 - STATA	Erogato in altro semestre o anno
- - OPTIONAL COURSES	6		36	-	-	-	Attività formative a scelta dello studente (art.10, comma 5, lettera a)	ENG

Secondo anno

Primo semestre

Insegnamento	CFU	SSD	Ore Lezione	Ore Eserc.	Ore Lab	Ore Studio	Attività	Lingua
8011564 - LEGAL THEORY AND ETHICS OF BUSINESS (obiettivi) The course Legal Theory and Ethics in Business holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put them in direct ethical tension with commitments enshrined in law or driven by benefits. In response to financial crisis, this course is to prepare students for the legal and ethical questions they may be forced to answer in the decades to come. It is not only to make law a priority but a matter of giving voice to ethical values. The course is intended to provide with an understanding of legal context in which all firms must operate, contract principle, liability as well as the ethical issues. Instruction will also focus on how to identify important legal and ethical issues and the handling of such issues within a business organization. Classes will typically consist of lectures, supplemented by case studies. A Guest speaker will join to critique presentations of ethical cases in which he/she is involved in banking and finance. Specific areas of instruction will include: • Sources of norms in Common Law and Civil Law • The legislative, judicial and regulatory system • Principle of contract formation • Contract parties, contract form and purposes • Effects of illegality performance and breach • Intentional torts and principle of liability, • Legal compliance and anti-corruption • Ethics of social responsibility • Ethics of sustainable development • Anti-discrimination Grade Assessment • Class Participation/ Readings (30%) • Oral Exam (70%)	6	IUS/05	36	-	-	-	Attività formative caratterizzanti	ENG
8011566 - PUBLIC SECTOR ECONOMICS AND MANAGEMENT (obiettivi) Detailed understanding of the principles of public spending and taxation, and the implications, in terms of efficiency and equity, of the policies implemented by governments in these areas, with particular reference to the principles that should inform the public provision of private goods such as health, education, old age pensions and subsidies for the poor (welfare). It is expected that the students will learn an analytical and approach to the economic issues. This will help strengthen and extend the knowledge gained during the first cycle of courses and make students able to develop and/or implement original ideas, potentially with original research in mind.	6	SECS-P/07	36	-	-	-	Attività formative caratterizzanti	ENG
- - OPTIONAL COURSES	6		36	-	-	-	Attività formative a scelta dello studente (art.10, comma 5, lettera a)	ENG

Secondo semestre

Insegnamento	CFU	SSD	Ore Lezione	Ore Eserc.	Ore Lab	Ore Studio	Attività	Lingua
8011565 - LABOUR AND PERSONNEL ECONOMICS (obiettivi) Labor supply (retirement, family), labor demand, labor market equilibrium (minimum wages, payroll taxes, immigration, wage distribution), education (human capital, signaling), discrimination (race, gender), pay based on performance (piece-rate, team), compensating wage differentials, inequality, macroeconomic aspects of the labor market.	6	SECS-P/07	36	-	-	-	Attività formative caratterizzanti	ENG
- - OPTIONAL COURSES	6		36	-	-	-	Attività formative a scelta dello studente (art.10, comma 5, lettera a)	ENG
8011304 - FINAL EXAM (obiettivi) In order to be admitted to the graduation session, students must earn 96 credit points -at least- provided for the exams listed in the program structure and must not have any pending financial obligations to the University of Rome "Tor Vergata". The dissertation is evaluated on contents, presentation and discussion. The evaluation is expressed out of 110. The minimum grade to obtain the final degree is 66/110. The Board can unanimously award honours ("cum laude") as a special distinction. In order to reduce plagiarism we will check each dissertation with the Turitin software that reports an originality index. Students will have the opportunity to run the check informally, as in a draft form, before officially presenting the Turnitin results to their supervisor. Students are in charge of presenting directly their supervisor the results.	24		-	-	-	-	Per la prova finale e la lingua straniera (art.10, comma 5, lettera c)	ENG

TOTALE

120

Insegnamenti extracurriculari: (nascondi)

Info

8011170 - EUROPEAN PUBLIC CHOICE	Erogato in altro semestre o anno
8010827 - INTERNATIONAL ECONOMICS (obiettivi) International Economics Instructor: Prof. Luisa Corrado 30 hours The course offers a compendium between case-studies and the theory of international trade and international finance. Special attention will be devoted to issues that have attracted increasing attention in international economics. The course provides the theoretical background to understand and address the main issues in the international economic debate. The course objectives are complementary with potential students’ placement in international institutions (IMF, World Bank), Central Banks, Research Divisions etc. Topics in International Finance: Exchange Rate Regimes. Currency Crises. Financial Crises. Sovereign and Public Debt Crises. The Subprime Crisis. Liquidity, Banks Leverage and the Macroeconomics. Topics in International Trade: Comparative Advantages and the New Economic Geography. International Convergence and Growth. Topics in European Economics: European Income Inequality. Regional Convergence Clubs. The EU Growth Dilemma, Fiscal Compact and the Stability and Growth Pact. The EU Monetary and Fiscal Policy. Prerequisites: Foundations in International Trade, International Monetary Economics and International Finance.	6	SECS-P/01	36	-	-	-		ENG
8011212 - MONETARY ECONOMICS	Erogato in altro semestre o anno
8011194 - MACROECONOMETRICS (obiettivi) Dynamic regression models Programme Interdependence Weak Exogeneity Granger Causality Strong Exogeneity Autoregressive Distributed Lag model Error (Equilibrium) Correction Model Common Factors Structural Breaks Spurious Regression Elements of Inference for I(1) Processes Cointegration (bivariate case) Inference on Cointegration: Single Equation Methods.	6	SECS-S/03	36	-	-	-		ENG
8011215 - THEORY OF BANKING (obiettivi) General description of the course The course will discuss some fundamental issues related to financial intermediation in contemporary economic systems. Why do financial intermediaries exist? What is the role they play and what are the consequences of their activities? Preliminaries: What is a bank and what are her functions: a close look at the balance sheet of bank. Part I Introduction to time, uncertainty and liquidity. Asymmetric information problems: adverse selection and moral hazard Microeconomic foundations for financial intermediation. Why do banks exist. Banks in Arrow-Debreu economies. Banks as pool of funds: Diamond-Dybvig (1983). Banks as delegated monitors: Diamond (1984). Bank runs as outcomes of a self-fullfilling prophecy. Remedies to economic instability due to bank runs. The economic cycle and its effect on bank runs. The effects of banks on financial markets: equilibria with credit rationing. Stiglitz-Weiss (1981). The role of collateral as an incentive device. Part II Banks can fail: history and institutions. A discussion on the emergence of a financial crisis: the causes, the consequences and policy issues related to a crisis. The trasmission mechanisms from the financial to the real sector: money view and credit view. The main features of the 2007-2009 financial crisis in comparison with past crises’ episodes: the causes, the transmission mechanisms, the consequences. Financial market regulation before and after the crisis of 2007-2009.	6	SECS-P/01	36	-	-	-		ENG
8011429 - INDUSTRIAL ORGANIZATION	Erogato in altro semestre o anno
8011313 - CREDIT RISK MODELS (obiettivi) Course content: The course provides an overview of quantitative methods for pricing and hedging credit risk. The course is divided into two parts. The first part is meant to provide the students with the mathematical tools needed for quantitative models of credit risk. The second part applies the tools to mainstream models, in particular on the two main typology: structural models and reduced form models. Part one (mathematical tools): The Wiener process. Martingales. Geometric Brownian Motion. The Black-Scholes formula. The Bernoulli and binomial distribution. The exponential distribution. The Poisson process. Compound Poisson process. Doubly stochastic Poisson processes. Jump-diffusion models. Part two (applications to credit risk): Structural models: Merton approach. Modigliani-Miller economy (review). Pricing of defaultable bonds in structural models. The relation between options and corporate liabilities. Reduced form models: intensity of default. Pricing defaultable ZCB's. The case with no recovery. The FRMV assumption. The general case. Intensity of default and risk-neutrality. The BTP-Bund spread. CDS pricing. Required reading (textbook): Lecture notes. Prerequisites: Some knowledge of calculus (derivatives, integration), probability (expected values, mean and variance, Normal distribution) and mathematical finance (bonds and interest rates) Notes-Suggestions (optional): none.	6	SECS-S/06	36	-	-	-		ENG
8011465 - ENVIRONMENTAL ECONOMICS (obiettivi) Aim of the course: This course is aimed at providing students with the analytical tools and methodological skills that are necessary to understand the origins of contemporary environmental problems, and to identify the appropriate policies to solve them. During the course, the most recent developments and debates in environmental and natural resource economics are addressed to students. Environmental economics studies the complex interrelations between economics and the environment. The starting point of the analysis is the recognition that in several cases markets do not provide the right amount of environmental protection, and that some government intervention is frequently needed to balance different social needs. In a world where human pressure and economic activities stress the environment by exploiting fisheries, forests, minerals, energy sources, and other environmental resources, it is increasingly important to study how economic tools can be used to develop sustainable environmental approaches and policies. During the course, a selection of specific topics of environmental economics will be treated at an intermediate-advanced level: 1. The sources of environmental problems: property rights and externalities This part of the course introduces the general conceptual framework used to approach environmental problems. After an examination of the relationship between human actions, as manifested through the economic system, and the environmental system (intended both as a source of resources and a sink), some of the most commonly used criteria for judging the desirability of the outcomes of this relationship are discussed. The manner in which producers and consumers use environmental resources depends on the property rights governing those resources. It will be shown that it is from violations of the characteristics which define an efficient property rights structure that environmental problems can arise. 2. Dynamic efficiency and sustainable development The discussion of the main criteria that are relevant to identify environmental problems is the focus of this part of the course. Besides the two concepts of efficiency (static and dynamic efficiency), other equity arguments are analyzed, with particular reference to the allocation of a depletable resource over time. 3. The efficient allocation of renewable resources This topic is developed by providing several examples, including for instance storable resources and common pool resources (fisheries). 4. The problem of pollution: efficient targets and policy responses The problem of pollution is a major concern of environmental economics. On the basis of the mechanisms through which pollution damage the environment, different targets and policies can be identified. Methods of attaining pollution targets are considered also in contexts characterized by limited information, uncertainty, non-perfectly competitive markets, irreversibilities. Since many environmental problems spill over national boundaries, particular attention is devoted also to international cooperation and agreements. SUGGESTED READINGS: Perman, R. et al. (2003), “Natural resource and environmental economics”, Pearson; Xepapadeas A. (1997), “Advanced principles in environmental policy”, Edward Elgar Pub. Further readings (especially journal articles) will be provided during the course.	6	SECS-P/01	36	-	-	-		ENG
8011203 - ASSET PRICING	Erogato in altro semestre o anno
8011181 - DERIVATIVES	Erogato in altro semestre o anno
8010850 - THEORY OF FINANCE (obiettivi) This is a MSc course in Applied finance for financial markets. The course will cover the following main areas: 1) Expected Utility Theory and Economic Theory of Choice; 2) Financial Markets and Financial Securities; 3) Efficient Portfolios and Efficient Frontier; 4) Correlation Structure of Securities and CAPM; 5) Efficient Markets and Event Study Approach. All areas above focus on the impact of market's returns on firm's value as represented by its stock price. The course will give a full overview on the applied financial econometrics to analyze the effect of changing in the information set can impact the daily (cumulative) abnormal return. The course’s objectives are the following: - Teach the student the tools used in financial markets to evaluate the stock return and firm financial performance; - Develop the analytical skills and mindset necessary to make decisions about how market react to an expected/unexpected new information; - Instruct how to value firms’ assets; - Develop concise writing and oral presentation skills relative to cases and term projects; - Have a working knowledge of MatLab/STATA to apply empirically the concepts of financial markets.	6	SECS-P/01	36	-	-	-		ENG
8011428 - CORPORATE FINANCE (obiettivi) Course content: The course considers the basic concepts of corporate finance and applies them to fundamental corporate and investment banking activities. Based on relevant cases study the course focuses on the main topics in corporate finance from the financial intermediaries’ perspective. The course is divided into 5 different sections: • Section I: Corporate financial strategy and value creation • Section II: Debt and equity capital market • Section III: Merchant banking • Section IV: Merger and acquisition • Section V: Structured finance At the end of the course, the students will be able to understand how corporate and investment banking products and services can support firms’ financial needs. Required reading (textbook): Ruth Bender and Keith Ward, Corporate Financial Strategy (3rd edition), Elsevier Butterworth-Heinemann.	6	SECS-P/11	36	-	-	-		ENG
8011197 - MICROECONOMETRICS	Erogato in altro semestre o anno
8011653 - TOPICS IN POVERTY AND INEQUALITY (obiettivi) Present-day Italy is characterized by a substantial amount of regional disparities in many socio-economic dimensions (including GDP, unemployment rates, and education). Within regions differences are also extremely pronounced. The course introduces students to the main quantitative literature on the historical roots of the Italian regional divide. Recent contributions at the regional (NUTS 2 level) are first illustrated and discussed. Empirical contributions based on data the provincial level (NUTS 3 units) are then presented in the second part of the course.	6	SECS-P/06	36	-	-	-		ENG
8011690 - DEVELOPMENT ECONOMICS	Erogato in altro semestre o anno
8011689 - HEALTH ECONOMICS	Erogato in altro semestre o anno

Insegnamenti extracurriculari: (nascondi)

Info

8011170 - EUROPEAN PUBLIC CHOICE	Erogato in altro semestre o anno
8010827 - INTERNATIONAL ECONOMICS	Erogato in altro semestre o anno
8011212 - MONETARY ECONOMICS (obiettivi) Course content: Theory of Money as a store of value and medium of exchange Required reading (textbook): Champ and Freeman, Modelling Monetary Economies, Cambridge University Press Prerequisites: Calculus, Intermediate Macro	6	SECS-P/01	36	-	-	-		ENG
8011194 - MACROECONOMETRICS	Erogato in altro semestre o anno
8011215 - THEORY OF BANKING	Erogato in altro semestre o anno
8011429 - INDUSTRIAL ORGANIZATION (obiettivi) 1. Introduction: (a) Measures of Concentration. 2. Monopoly: (a) Review of Monopoly Market, (b) Price Discrimination: i. Ticket Pricing, ii. Supermarket Sales. 3. Oligopoly: (a) Review of Oligopoly Markets, (b) Entry Deterrence. Abuse of Dominant Position. (c) Collusion. Competition policy. 4. Marketing Strategies and Competition Policy: (a) Capacity Utilization and Regulation (Lecture Note on Overbooking), (b) Competition Policy in Airline Industry: i. Review of Product Differentiation, ii. Competition with Price Discrimination.	6	SECS-P/01	36	-	-	-		ENG
8011313 - CREDIT RISK MODELS	Erogato in altro semestre o anno
8011465 - ENVIRONMENTAL ECONOMICS	Erogato in altro semestre o anno
8011203 - ASSET PRICING (obiettivi) The course provides a basic knowledge of the theory of asset pricing, with an emphasis on the evaluation by arbitrage in discrete and continuous time models. The course will also give the students the technical skills necessary to implement the main results by using Matlab.	9	SECS-S/06	54	-	-	-		ENG
8011181 - DERIVATIVES (obiettivi) The aim of the course is to provide knowledge of all the main contract types of derivatives (forward, future, options, etc.) and skills on pricing, contract evaluation and application. Within the application of derivatives a special concern will be attributed to the hedging strategies, rather than trading and arbitrage. Different hypothesis about the underlying asset will be done, including interest rates, currencies, stock prices and commodities. The structure and the functioning of derivative markets is part of the program too. In the last part of the course an analysis of the Exotic options and the structured products will be done.	6	SECS-P/11	36	-	-	-		ENG
8010850 - THEORY OF FINANCE	Erogato in altro semestre o anno
8011428 - CORPORATE FINANCE	Erogato in altro semestre o anno
8011197 - MICROECONOMETRICS	Erogato in altro semestre o anno
8011653 - TOPICS IN POVERTY AND INEQUALITY	Erogato in altro semestre o anno
8011690 - DEVELOPMENT ECONOMICS (obiettivi) To understand why countries, regions and individuals lags behind others in terms of material well-being and to design effective policies to close such gaps, is the objective of development economics. Development economics is a very broad subject, ranging to design incentive compatible emergency interventions to save lives in flood affected areas, to changing the structure of agricultural production, to reform education systems, to design effective trade policies. Practically every area in economics has a counterpart in development economics. A 6 credit course cannot cover all the areas, and the course therefore will focus on the microeconomics aspect of the discipline: studying the factors and constraints influencing individual-level, household-level, or farm-level decision-making in developing countries . In particular the course will focus on human capital accumulation, labor market and migration, and physical capital accumulation. The area of focus will reflect, as far as possible, the actual research interest of the lecturer of DEF, so to promote participation in research projects and field activities. The course will also provide the basics of Impact Evaluation techniques, if not previously covered. This course is designed for students with graduate level training in microeconomics and econometrics and an interest in international development. Objectives This course on Development Economics has the following objectives: -To provide an in depth survey of the research frontiers in various areas of microeconomics of development. Students from other fields are welcome and prior background will be taken into consideration in evaluating students’ course papers. -To acquaintance students with the relevant parts of the literature, to explain the mechanics of key theories and methods, to encourage students to think critically about what the existing literature tells us about microeconomic behavior in developing countries or of vulnerable groups in high income countries, and to help train them on how to undertake original research as well as to offer constructive criticism of others’ research.	6	SECS-P/01	36	-	-	-		ENG
8011689 - HEALTH ECONOMICS (obiettivi) This course is an introduction to the field of health economics. Health economics is an active field of microeconomics with a large and growing literature. In the past three decades, this subject has represented a rich field of investigation for economist involving applied, theoretical and policy issues. This class will provide an introduction to the health care systems in Italy and around the world. The emphasis will be on the key economic concepts that health economists use to analyze health care markets. Finally, we will apply these concepts to selected current issues in health policy.	6	SECS-P/03	36	-	-	-		ENG

Insegnamenti extracurriculari: (nascondi)

Info

8011170 - EUROPEAN PUBLIC CHOICE (obiettivi) This course examines public policy formation, political processes and political institutions from a rational choice perspective. A one term course cannot offer a comprehensive treatment of the complex working of political systems. The emphasis is on introducing some key formal models to simplify and analyze broad classes of situations. At the same time, rigorous empirical testing of formal models will be a central component. We will focus on the literature on voting, elections, partisan politics and political agency, with some applications to the European Union.	6	SECS-P/01	36	-	-	-		ENG
8010827 - INTERNATIONAL ECONOMICS (obiettivi) International Economics Instructor: Prof. Luisa Corrado 30 hours The course offers a compendium between case-studies and the theory of international trade and international finance. Special attention will be devoted to issues that have attracted increasing attention in international economics. The course provides the theoretical background to understand and address the main issues in the international economic debate. The course objectives are complementary with potential students’ placement in international institutions (IMF, World Bank), Central Banks, Research Divisions etc. Topics in International Finance: Exchange Rate Regimes. Currency Crises. Financial Crises. Sovereign and Public Debt Crises. The Subprime Crisis. Liquidity, Banks Leverage and the Macroeconomics. Topics in International Trade: Comparative Advantages and the New Economic Geography. International Convergence and Growth. Topics in European Economics: European Income Inequality. Regional Convergence Clubs. The EU Growth Dilemma, Fiscal Compact and the Stability and Growth Pact. The EU Monetary and Fiscal Policy. Prerequisites: Foundations in International Trade, International Monetary Economics and International Finance.	6	SECS-P/01	36	-	-	-		ENG
8011212 - MONETARY ECONOMICS	Erogato in altro semestre o anno
8011194 - MACROECONOMETRICS (obiettivi) Dynamic regression models Programme Interdependence Weak Exogeneity Granger Causality Strong Exogeneity Autoregressive Distributed Lag model Error (Equilibrium) Correction Model Common Factors Structural Breaks Spurious Regression Elements of Inference for I(1) Processes Cointegration (bivariate case) Inference on Cointegration: Single Equation Methods.	6	SECS-S/03	36	-	-	-		ENG
8011215 - THEORY OF BANKING (obiettivi) General description of the course The course will discuss some fundamental issues related to financial intermediation in contemporary economic systems. Why do financial intermediaries exist? What is the role they play and what are the consequences of their activities? Preliminaries: What is a bank and what are her functions: a close look at the balance sheet of bank. Part I Introduction to time, uncertainty and liquidity. Asymmetric information problems: adverse selection and moral hazard Microeconomic foundations for financial intermediation. Why do banks exist. Banks in Arrow-Debreu economies. Banks as pool of funds: Diamond-Dybvig (1983). Banks as delegated monitors: Diamond (1984). Bank runs as outcomes of a self-fullfilling prophecy. Remedies to economic instability due to bank runs. The economic cycle and its effect on bank runs. The effects of banks on financial markets: equilibria with credit rationing. Stiglitz-Weiss (1981). The role of collateral as an incentive device. Part II Banks can fail: history and institutions. A discussion on the emergence of a financial crisis: the causes, the consequences and policy issues related to a crisis. The trasmission mechanisms from the financial to the real sector: money view and credit view. The main features of the 2007-2009 financial crisis in comparison with past crises’ episodes: the causes, the transmission mechanisms, the consequences. Financial market regulation before and after the crisis of 2007-2009.	6	SECS-P/01	36	-	-	-		ENG
8011429 - INDUSTRIAL ORGANIZATION	Erogato in altro semestre o anno
8011313 - CREDIT RISK MODELS (obiettivi) Course content: The course provides an overview of quantitative methods for pricing and hedging credit risk. The course is divided into two parts. The first part is meant to provide the students with the mathematical tools needed for quantitative models of credit risk. The second part applies the tools to mainstream models, in particular on the two main typology: structural models and reduced form models. Part one (mathematical tools): The Wiener process. Martingales. Geometric Brownian Motion. The Black-Scholes formula. The Bernoulli and binomial distribution. The exponential distribution. The Poisson process. Compound Poisson process. Doubly stochastic Poisson processes. Jump-diffusion models. Part two (applications to credit risk): Structural models: Merton approach. Modigliani-Miller economy (review). Pricing of defaultable bonds in structural models. The relation between options and corporate liabilities. Reduced form models: intensity of default. Pricing defaultable ZCB's. The case with no recovery. The FRMV assumption. The general case. Intensity of default and risk-neutrality. The BTP-Bund spread. CDS pricing. Required reading (textbook): Lecture notes. Prerequisites: Some knowledge of calculus (derivatives, integration), probability (expected values, mean and variance, Normal distribution) and mathematical finance (bonds and interest rates) Notes-Suggestions (optional): none.	6	SECS-S/06	36	-	-	-		ENG
8011465 - ENVIRONMENTAL ECONOMICS (obiettivi) Aim of the course: This course is aimed at providing students with the analytical tools and methodological skills that are necessary to understand the origins of contemporary environmental problems, and to identify the appropriate policies to solve them. During the course, the most recent developments and debates in environmental and natural resource economics are addressed to students. Environmental economics studies the complex interrelations between economics and the environment. The starting point of the analysis is the recognition that in several cases markets do not provide the right amount of environmental protection, and that some government intervention is frequently needed to balance different social needs. In a world where human pressure and economic activities stress the environment by exploiting fisheries, forests, minerals, energy sources, and other environmental resources, it is increasingly important to study how economic tools can be used to develop sustainable environmental approaches and policies. During the course, a selection of specific topics of environmental economics will be treated at an intermediate-advanced level: 1. The sources of environmental problems: property rights and externalities This part of the course introduces the general conceptual framework used to approach environmental problems. After an examination of the relationship between human actions, as manifested through the economic system, and the environmental system (intended both as a source of resources and a sink), some of the most commonly used criteria for judging the desirability of the outcomes of this relationship are discussed. The manner in which producers and consumers use environmental resources depends on the property rights governing those resources. It will be shown that it is from violations of the characteristics which define an efficient property rights structure that environmental problems can arise. 2. Dynamic efficiency and sustainable development The discussion of the main criteria that are relevant to identify environmental problems is the focus of this part of the course. Besides the two concepts of efficiency (static and dynamic efficiency), other equity arguments are analyzed, with particular reference to the allocation of a depletable resource over time. 3. The efficient allocation of renewable resources This topic is developed by providing several examples, including for instance storable resources and common pool resources (fisheries). 4. The problem of pollution: efficient targets and policy responses The problem of pollution is a major concern of environmental economics. On the basis of the mechanisms through which pollution damage the environment, different targets and policies can be identified. Methods of attaining pollution targets are considered also in contexts characterized by limited information, uncertainty, non-perfectly competitive markets, irreversibilities. Since many environmental problems spill over national boundaries, particular attention is devoted also to international cooperation and agreements. SUGGESTED READINGS: Perman, R. et al. (2003), “Natural resource and environmental economics”, Pearson; Xepapadeas A. (1997), “Advanced principles in environmental policy”, Edward Elgar Pub. Further readings (especially journal articles) will be provided during the course.	6	SECS-P/01	36	-	-	-		ENG
8011203 - ASSET PRICING	Erogato in altro semestre o anno
8011181 - DERIVATIVES	Erogato in altro semestre o anno
8010850 - THEORY OF FINANCE	Erogato in altro semestre o anno
8011428 - CORPORATE FINANCE (obiettivi) Course content: The course considers the basic concepts of corporate finance and applies them to fundamental corporate and investment banking activities. Based on relevant cases study the course focuses on the main topics in corporate finance from the financial intermediaries’ perspective. The course is divided into 5 different sections: • Section I: Corporate financial strategy and value creation • Section II: Debt and equity capital market • Section III: Merchant banking • Section IV: Merger and acquisition • Section V: Structured finance At the end of the course, the students will be able to understand how corporate and investment banking products and services can support firms’ financial needs. Required reading (textbook): Ruth Bender and Keith Ward, Corporate Financial Strategy (3rd edition), Elsevier Butterworth-Heinemann.	6	SECS-P/11	36	-	-	-		ENG
8011197 - MICROECONOMETRICS	Erogato in altro semestre o anno
8011653 - TOPICS IN POVERTY AND INEQUALITY	Erogato in altro semestre o anno
8011690 - DEVELOPMENT ECONOMICS	Erogato in altro semestre o anno
8011689 - HEALTH ECONOMICS	Erogato in altro semestre o anno