ECONOMICS
Corso di laurea magistrale
Piano di Studi
Curricula:
GENERAL ECONOMICS (GE)
Primo anno
Advanced Microeconomics (12 cfu)
- The course will provide and explain the tools and concepts to understand and represent individual behaviour both as consumption units, investors and firms, in certain, uncertain and strategic environments. - the tools and concepts to understand and represent the working of single markets, in conditions of perfect and imperfect competition and the basic tools for intervention and regulation. - the tools and concepts to understand and interpret the working of the whole economy, its properties and limitations - ability to solve problems concerning individual and market behaviour. - critical and selective capacity to apply the above tools to analyze, interpret and represent real phenomena from the microeconomic point of view. - ability to autonomously read and understand advanced textbooks and academic articles at the frontier of economic literature in the field of microeconomics.
- The course will provide and explain the tools and concepts to understand and represent individual behaviour both as consumption units, investors and firms, in certain, uncertain and strategic environments. - the tools and concepts to understand and represent the working of single markets, in conditions of perfect and imperfect competition and the basic tools for intervention and regulation. - the tools and concepts to understand and interpret the working of the whole economy, its properties and limitations - ability to solve problems concerning individual and market behaviour. - critical and selective capacity to apply the above tools to analyze, interpret and represent real phenomena from the microeconomic point of view. - ability to autonomously read and understand advanced textbooks and academic articles at the frontier of economic literature in the field of microeconomics.
Advanced Econometrics (9 cfu)
- The objective of the course is to provide students with a thorough coverage of the classical econometric theory and with the computational tools to be used in the empirical analyses. The program varies with the students background, but generally includes the following topics: the classical regression model, relaxing the assumptions of the classical model, time series econometrics and simultaneous equation models.
1. Interpolation with Ordinary Least Squares Method (OLS)
2. Simple and K-variables Linear Regression Model Basic assumptions, OLS estimation. Algebraic Properties of the estimates, Statistical Properties of the estimates, the Gauss-Markov theorem, The Coefficient of determination Unbiased estimation of . The normality assumption, distributions of quadratic forms.. Independence between quadratic forms, independence between a quadratic form and a linear form., test-t, test-F, alternative forms of the test-F, test of hypothesis (linear restrictions). Regression and forecasting.
3. Further results on the regression model: Restricted Least Squares , structural changes, Dichotomous variables (dummy variables ), multicollinearity.
4. Generalized Least Squares (GLS) Non spherical disturbances and OLS estimates , Generalized Least Squares (GLS).. Equivalence between GLS and OLS on transformed variables. Heteroschedasticity. Autocorrelation.
5. Rudiments of asymptotic theory: Convergence in probability and convergence in distribution. OLS estimation of dynamic models: the instrumental variables method (IV). Delta-Method
6. Introduction to linear simultaneous equations models: Structural form and reduced form, simultaneous equations models and inconsistency of OLS estimation. The identification problem. Single equation estimation methods in simultaneous equations models: Indirect Least Squares, Two Stage Least Squares (TSLS), Instrumental Variables.
7. Nonlinear Least Squares, ML estimation in linear and nonlinear models
- The objective of the course is to provide students with a thorough coverage of the classical econometric theory and with the computational tools to be used in the empirical analyses. The program varies with the students background, but generally includes the following topics: the classical regression model, relaxing the assumptions of the classical model, time series econometrics and simultaneous equation models.
Advanced Statistics (9 cfu)
- The course develops the basics of probability distributions theory, their
treatment and use as probability models, and an overview of likelihood based inference.
- The course develops the basics of probability distributions theory, their
Mathematical Methods for Economics (12 cfu)
- The course aims to give a solid background in mathematics for economic studies. Particular attention will be given to economic applications.
Special emphasis will be given to dynamic discrete and coninuous systems with some extensions to the theory of non-linear systems.
- The course aims to give a solid background in mathematics for economic studies. Particular attention will be given to economic applications.
Advanced Macroeconomics (12 cfu)
- This course aims at covering the most important topics in modern macroeconomics. The first half of course presents the theories of consumption, investment and economic growth. The focus will be on the microfoundations of modern research and on the advanced analytical tools needed for carrying out dynamic analysis, both in continuous and discrete time. All theories will be discussed in light of empirical evidence. The second half course is designed to introduce the student to the analysis of economic fluctuations, considering the implications of the different theories on macroeconomic policies. Particular attention is devoted to examine how sluggish adjustment of nominal prices and wages can have real effects in face of anticipated or unanticipated monetary and real changes. The microfoundations of prices and wages nominal rigidity are carefully considered. The macroeconomic role of imperfect competition in determining macroeconomic second best equilibrium is carefully examined.
Course outline: 1. Theories of economic growth 2. Overlapping generation models 3. Models of dynamic consumption and investment 4. Real-business-cycle theory 5. Keynesian theories of fluctuations 6. Labour market models
- This course aims at covering the most important topics in modern macroeconomics. The first half of course presents the theories of consumption, investment and economic growth. The focus will be on the microfoundations of modern research and on the advanced analytical tools needed for carrying out dynamic analysis, both in continuous and discrete time. All theories will be discussed in light of empirical evidence. The second half course is designed to introduce the student to the analysis of economic fluctuations, considering the implications of the different theories on macroeconomic policies. Particular attention is devoted to examine how sluggish adjustment of nominal prices and wages can have real effects in face of anticipated or unanticipated monetary and real changes. The microfoundations of prices and wages nominal rigidity are carefully considered. The macroeconomic role of imperfect competition in determining macroeconomic second best equilibrium is carefully examined.
6 cfu a scelta nel gruppo GR2-IUS
- Attività formative di area giuridica
European Economic law (6 cfu)
- The course provides a discussion of the main topics in European economic law, among which sources of European law, European corporate law, regulation and legislative competition in Europe, European trademark law, and harmonization among European countries’ legislations.
- The course provides a discussion of the main topics in European economic law, among which sources of European law, European corporate law, regulation and legislative competition in Europe, European trademark law, and harmonization among European countries’ legislations.
Law of financial markets and institutions (6 cfu)
- The course will cover the laws governing the financial markets at a national and international level
- The course will cover the laws governing the financial markets at a national and international level
Final dissertation + Further linguistic competences (15 cfu)
- The aim is to investigate in details a topic. This investigation should also serve how to develop a research topic. The dissertation should be written in english so that this allow the students to practice with the language.
- The aim is to investigate in details a topic. This investigation should also serve how to develop a research topic. The dissertation should be written in english so that this allow the students to practice with the language.
Student's choice (9 cfu)
- Students can freely choice the courses as long as they are coherent within the rest of the current study plan
- Students can freely choice the courses as long as they are coherent within the rest of the current study plan
24 cfu a scelta nel gruppo GR3-Electives ECO
- Elective exams
Topics in microeconometrics (6 cfu)
- The course will provide a detailed description of the main estimation methods used to analyse microeconomic economic relationships. Particular emphasis will be given to the program evaluation methods
- The course will provide a detailed description of the main estimation methods used to analyse microeconomic economic relationships. Particular emphasis will be given to the program evaluation methods
Topics in macroeconometrics (6 cfu)
- This course introduces to the methods and practices which are most relevant to the analysis of economic and financial data. We will cover univariate and multivariate models of stationary and non-stationary time series in the time domain. The goals of the course are twofold: first to develop a comprehensive set of tools and techniques for analysing various forms of univariate and multivariate time series, and second to acquire knowledge of recent changes in the methodology of econometric analysis of
time series.
- This course introduces to the methods and practices which are most relevant to the analysis of economic and financial data. We will cover univariate and multivariate models of stationary and non-stationary time series in the time domain. The goals of the course are twofold: first to develop a comprehensive set of tools and techniques for analysing various forms of univariate and multivariate time series, and second to acquire knowledge of recent changes in the methodology of econometric analysis of
time series.
Survey Methods: Traditional and New Techniques in Official Statistics (6 cfu)
- The course is structured into two part. The first part is on traditional data collection methods: 1) Sampling theory: topics include the main sampling designs, as random sampling with clustering and stratification. 2) Estimation: major issues in weighting and use of auxiliary variables in the estimation: ratio and regression estimators) and Survey error profile (coverage, nonresponse and measurement error). The students who successfully complete the first module will be aware of the basic terms and concepts of the field of survey sampling, will be able to estimate target parameters under the basic sampling designs; they will be able to distinguish the sampling and non sampling components of the error profile. The second part aims to provide a general introduction to the usage of administrative data sets and also large datasets as sources of statistical data (Big Data), with a focus on multiframe surveys. It will tackle the most important topics in big data ranging from data collection, analysis and visualization, as well as applications of statistical models to Big data.
- The course is structured into two part. The first part is on traditional data collection methods: 1) Sampling theory: topics include the main sampling designs, as random sampling with clustering and stratification. 2) Estimation: major issues in weighting and use of auxiliary variables in the estimation: ratio and regression estimators) and Survey error profile (coverage, nonresponse and measurement error). The students who successfully complete the first module will be aware of the basic terms and concepts of the field of survey sampling, will be able to estimate target parameters under the basic sampling designs; they will be able to distinguish the sampling and non sampling components of the error profile. The second part aims to provide a general introduction to the usage of administrative data sets and also large datasets as sources of statistical data (Big Data), with a focus on multiframe surveys. It will tackle the most important topics in big data ranging from data collection, analysis and visualization, as well as applications of statistical models to Big data.
History of economic thought (6 cfu)
- The subject of the course is the theoretical evolution of monetary theories during the XX century, starting from Keynes’ contributions, General Theory and his proposals for the reconstruction of international monetary system (bancor) in the Forties. From this premise the monetary upswing led by Milton Friedman will be explained. A special attention will be paid to Minsky’s analysis of financial instability and to Mandelbrot’s criticism of the mainstream financial theory and its postulates.
- The subject of the course is the theoretical evolution of monetary theories during the XX century, starting from Keynes’ contributions, General Theory and his proposals for the reconstruction of international monetary system (bancor) in the Forties. From this premise the monetary upswing led by Milton Friedman will be explained. A special attention will be paid to Minsky’s analysis of financial instability and to Mandelbrot’s criticism of the mainstream financial theory and its postulates.
Public Economics (9 cfu)
- The objective of this course is to cover the fundamental issues and tools of public economics. These subjects will be applied to the contexts of States unions in general and of European Union in particular on the subsequent modules.
The course also provide advanced topics on Public Economics that are mostly concerned with the European Union
Finally, it analyse in details the institution of Social Insurance and Unemployment insurance both at a theoretical level and in a comparative perspective across EU. The issue of employment protection will also be covered.
- The objective of this course is to cover the fundamental issues and tools of public economics. These subjects will be applied to the contexts of States unions in general and of European Union in particular on the subsequent modules.
The course also provide advanced topics on Public Economics that are mostly concerned with the European Union
Finally, it analyse in details the institution of Social Insurance and Unemployment insurance both at a theoretical level and in a comparative perspective across EU. The issue of employment protection will also be covered.
The Economics of the European Union (6 cfu)
- The course will deliver a short history of the process of European integration and some basic elements on the institutions of the European Union. Students will learn the theoretical justifications for free trade in Europe. In particular, they will learn about theories and current issues in Economic and Monetary Union, the European labour market and the European industrial policies.
- The course will deliver a short history of the process of European integration and some basic elements on the institutions of the European Union. Students will learn the theoretical justifications for free trade in Europe. In particular, they will learn about theories and current issues in Economic and Monetary Union, the European labour market and the European industrial policies.
Economic Growth in History (9 cfu)
- This course examines how the world economy got to be where it is today. In particular the course will focus on the divergence between rich and poor countries, provide an assessment of the factors explaining the success of rich countries and the obstacles hindering growth in poor countries. Special attention will be devoted to quantitative assessments of long term trends in living standards and in economic performance.
Course outline
1. Economic growth and living standards in the very long run (10000 BC - 2011 AD)
2. The foundations of European exceptionalism: institutions, trade and geography
3. The great divergence: when and why the West grow rich
4. The industrial revolution and the transition to “modern economic growth"
5. The productivity race: convergence and divergence in the world economy since the
industrial revolution
6 The first and second globalization: trade, migrations, capital flows
7 Did economic policies matter help or harm economic growth'
- This course examines how the world economy got to be where it is today. In particular the course will focus on the divergence between rich and poor countries, provide an assessment of the factors explaining the success of rich countries and the obstacles hindering growth in poor countries. Special attention will be devoted to quantitative assessments of long term trends in living standards and in economic performance.
Course outline
1. Economic growth and living standards in the very long run (10000 BC - 2011 AD)
2. The foundations of European exceptionalism: institutions, trade and geography
3. The great divergence: when and why the West grow rich
4. The industrial revolution and the transition to “modern economic growth"
5. The productivity race: convergence and divergence in the world economy since the
industrial revolution
6 The first and second globalization: trade, migrations, capital flows
7 Did economic policies matter help or harm economic growth'
Financial Economics (9 cfu)
- The aim of the course is to provide an intermediate treatment of the theory of speculative markets. After a review of decision theory under uncertainty, the notion of arbitrage and equilibrium price are introduced and developed for different market set- tings. The problem of portfolio optimization and meanvariance analysis is discussed in a rather general framework. The course concludes with a short introduction to behavioral and evolutionary finance
(depending on the remaining time)..
- The aim of the course is to provide an intermediate treatment of the theory of speculative markets. After a review of decision theory under uncertainty, the notion of arbitrage and equilibrium price are introduced and developed for different market set- tings. The problem of portfolio optimization and meanvariance analysis is discussed in a rather general framework. The course concludes with a short introduction to behavioral and evolutionary finance
(depending on the remaining time)..
Globalization and Economic Development (6 cfu)
- The course aims to enable students to understand and critically analyze the essential aspects of the current phase of globalization both in its real and monetary aspects, that is related to trade and trade policies and to the role of exchange rates and the liberalization of foreign exchange respectively. In this context, the course focuses on the emergence and the role of international institutions in the regulation of economic relationship between countries. The second part of the course analyzes the effects of globalization on economic development, with particular reference to the institutional dynamics and the distributive and environmental conflicts.
- The course aims to enable students to understand and critically analyze the essential aspects of the current phase of globalization both in its real and monetary aspects, that is related to trade and trade policies and to the role of exchange rates and the liberalization of foreign exchange respectively. In this context, the course focuses on the emergence and the role of international institutions in the regulation of economic relationship between countries. The second part of the course analyzes the effects of globalization on economic development, with particular reference to the institutional dynamics and the distributive and environmental conflicts.
Computational Economics (6 cfu)
- The objective of the course is to introduce students to complexity approaches to economics. Indeed, economies can be considered as complex, evolving systems where heterogeneous agents interact at the micro and meso levels leading to the emergence of macroeconomic phenomena. The course provides an overview of agent-based computational economics and a presentation of several applications in the domain of financial markets, economic growth and business cycles
- The objective of the course is to introduce students to complexity approaches to economics. Indeed, economies can be considered as complex, evolving systems where heterogeneous agents interact at the micro and meso levels leading to the emergence of macroeconomic phenomena. The course provides an overview of agent-based computational economics and a presentation of several applications in the domain of financial markets, economic growth and business cycles
Time Series Econometrics (6 cfu)
- This course introduces to the time series methods and practices which are most relevant to the analysis of economic and financial time series. We will cover univariate and multivariate models of stationary and non-stationary time series in the time domain. The goals of the course are twofold: first to develop a comprehensive set of tools and techniques for analysing various forms of univariate and multivariate time series, and second to acquire knowledge of recent changes in the methodology of econometric analysis of
time series.
- This course introduces to the time series methods and practices which are most relevant to the analysis of economic and financial time series. We will cover univariate and multivariate models of stationary and non-stationary time series in the time domain. The goals of the course are twofold: first to develop a comprehensive set of tools and techniques for analysing various forms of univariate and multivariate time series, and second to acquire knowledge of recent changes in the methodology of econometric analysis of
time series.
Development economics (6 cfu)
- At the end of this course, students shall have a proper notion of the key questions asked by scholars interested in poverty today, and (hopefully) they will be able to provide a few answers as well. Both questions and answers are viewed through an economic perspective, but also a few insights from psicology will be discussed. The student who successfully completes the course will be able to evaluate and assess policy interventions aimed at reducing extreme poverty. Moreover, she will understand the difference between correlation and causation and will be able to disentangle descriptive pieces of evidence from causal ones.
- At the end of this course, students shall have a proper notion of the key questions asked by scholars interested in poverty today, and (hopefully) they will be able to provide a few answers as well. Both questions and answers are viewed through an economic perspective, but also a few insights from psicology will be discussed. The student who successfully completes the course will be able to evaluate and assess policy interventions aimed at reducing extreme poverty. Moreover, she will understand the difference between correlation and causation and will be able to disentangle descriptive pieces of evidence from causal ones.
Economic methodology (6 cfu)
Industry and innovation dynamics (6 cfu)
- The course introduces to theory and empirics of firm dynamics and to its interplay with innovation patterns in shaping aggregate outcomes of growth and productivity. The course has a strongly applied focus, providing students with solid knowledge of the empirical evidence concerning key firm-level characteristics (size, growth, productivity and innovation) and industry-level dynamics, with the final aim at developing an informed view about the ability of theories to match with stylised facts.
- The course introduces to theory and empirics of firm dynamics and to its interplay with innovation patterns in shaping aggregate outcomes of growth and productivity. The course has a strongly applied focus, providing students with solid knowledge of the empirical evidence concerning key firm-level characteristics (size, growth, productivity and innovation) and industry-level dynamics, with the final aim at developing an informed view about the ability of theories to match with stylised facts.
Programming for economics and finance (3 cfu)
- The course will provide the knowledge to use programming languages and to use them for the economic and financial analysis
- The course will provide the knowledge to use programming languages and to use them for the economic and financial analysis
Reading group in economics (3 cfu)
- The course will propose to the students the analysis of several journal economic articles that will be discussed during the lectures
- The course will propose to the students the analysis of several journal economic articles that will be discussed during the lectures
Dynamic optimization for economics (3 cfu)
- This course focuses on dynamic optimization methods in continuous time. We approach these problems from a dynamic programming and optimal control perspective. We also study the dynamic systems that come from the solutions to these problems. The course will illustrate how these techniques are useful in various applications, drawing on many economic and financial examples.
- This course focuses on dynamic optimization methods in continuous time. We approach these problems from a dynamic programming and optimal control perspective. We also study the dynamic systems that come from the solutions to these problems. The course will illustrate how these techniques are useful in various applications, drawing on many economic and financial examples.
12 cfu a scelta nel gruppo GR1-MAN
- Attività fomative di area aziendale
Financial risk management (6 cfu)
Business and society (6 cfu)
- The course seeks to expand our horizons in thinking about business and society. Global corporations have all introduced codes-of-conducts and ethical guidelines in their strategies and their CEOs make bold statements about the importance of respecting human rights in business, but at the same time we are overwhelmed with news about corporate human right abuses, unethical behavior and misconduct. This course analyzes both theoretically and empirically the factors driving ethical behavior in the business sector and discusses the normative solutions that have so far been implemented to reduce corporate malfeasance.
The course should provide a fuller understanding of the contribution of business to society and should prepare the future manager and the economic analyst for confronting the truly difficult ethical decisions that arise in deploying economic resources, altering the physical environment, and making decisions that affect the lives of investors, employees, and other stakeholders.
- The course seeks to expand our horizons in thinking about business and society. Global corporations have all introduced codes-of-conducts and ethical guidelines in their strategies and their CEOs make bold statements about the importance of respecting human rights in business, but at the same time we are overwhelmed with news about corporate human right abuses, unethical behavior and misconduct. This course analyzes both theoretically and empirically the factors driving ethical behavior in the business sector and discusses the normative solutions that have so far been implemented to reduce corporate malfeasance.
The course should provide a fuller understanding of the contribution of business to society and should prepare the future manager and the economic analyst for confronting the truly difficult ethical decisions that arise in deploying economic resources, altering the physical environment, and making decisions that affect the lives of investors, employees, and other stakeholders.
Corporate finance (6 cfu)
- The aim of the course is to examine the major decision-making areas of managerial finance and some selected topics in financial theory.
Starting from capital budgeting decisions, the course covers the main company valuation methodologies and examines the effect of corporate decisions on market value through the event study methodology.
The course reviews the theory and empirical evidence related to Mergers & Acquisitions and concludes examining the IPO decision and the effects of corporate governance characteristics of listed companies.
- The aim of the course is to examine the major decision-making areas of managerial finance and some selected topics in financial theory.
Starting from capital budgeting decisions, the course covers the main company valuation methodologies and examines the effect of corporate decisions on market value through the event study methodology.
The course reviews the theory and empirical evidence related to Mergers & Acquisitions and concludes examining the IPO decision and the effects of corporate governance characteristics of listed companies.
Economics and Management of Innovation (6 cfu)
- The course introduces the economics of information and the economics of technological innovators, together with their implications in terms of theory of production, theory of the firm and industrial dynamics.
- The course introduces the economics of information and the economics of technological innovators, together with their implications in terms of theory of production, theory of the firm and industrial dynamics.
Advanced Microeconomics (12 cfu)
- The course will provide and explain the tools and concepts to understand and represent individual behaviour both as consumption units, investors and firms, in certain, uncertain and strategic environments. - the tools and concepts to understand and represent the working of single markets, in conditions of perfect and imperfect competition and the basic tools for intervention and regulation. - the tools and concepts to understand and interpret the working of the whole economy, its properties and limitations - ability to solve problems concerning individual and market behaviour. - critical and selective capacity to apply the above tools to analyze, interpret and represent real phenomena from the microeconomic point of view. - ability to autonomously read and understand advanced textbooks and academic articles at the frontier of economic literature in the field of microeconomics.
- The course will provide and explain the tools and concepts to understand and represent individual behaviour both as consumption units, investors and firms, in certain, uncertain and strategic environments. - the tools and concepts to understand and represent the working of single markets, in conditions of perfect and imperfect competition and the basic tools for intervention and regulation. - the tools and concepts to understand and interpret the working of the whole economy, its properties and limitations - ability to solve problems concerning individual and market behaviour. - critical and selective capacity to apply the above tools to analyze, interpret and represent real phenomena from the microeconomic point of view. - ability to autonomously read and understand advanced textbooks and academic articles at the frontier of economic literature in the field of microeconomics.
Advanced Statistics (9 cfu)
- The course develops the basics of probability distributions theory, their
treatment and use as probability models, and an overview of likelihood based inference.
- The course develops the basics of probability distributions theory, their
Advanced Macroeconomics (12 cfu)
- This course aims at covering the most important topics in modern macroeconomics. The first half of course presents the theories of consumption, investment and economic growth. The focus will be on the microfoundations of modern research and on the advanced analytical tools needed for carrying out dynamic analysis, both in continuous and discrete time. All theories will be discussed in light of empirical evidence. The second half course is designed to introduce the student to the analysis of economic fluctuations, considering the implications of the different theories on macroeconomic policies. Particular attention is devoted to examine how sluggish adjustment of nominal prices and wages can have real effects in face of anticipated or unanticipated monetary and real changes. The microfoundations of prices and wages nominal rigidity are carefully considered. The macroeconomic role of imperfect competition in determining macroeconomic second best equilibrium is carefully examined.
Course outline: 1. Theories of economic growth 2. Overlapping generation models 3. Models of dynamic consumption and investment 4. Real-business-cycle theory 5. Keynesian theories of fluctuations 6. Labour market models
- This course aims at covering the most important topics in modern macroeconomics. The first half of course presents the theories of consumption, investment and economic growth. The focus will be on the microfoundations of modern research and on the advanced analytical tools needed for carrying out dynamic analysis, both in continuous and discrete time. All theories will be discussed in light of empirical evidence. The second half course is designed to introduce the student to the analysis of economic fluctuations, considering the implications of the different theories on macroeconomic policies. Particular attention is devoted to examine how sluggish adjustment of nominal prices and wages can have real effects in face of anticipated or unanticipated monetary and real changes. The microfoundations of prices and wages nominal rigidity are carefully considered. The macroeconomic role of imperfect competition in determining macroeconomic second best equilibrium is carefully examined.
Advanced Econometrics (9 cfu)
- The objective of the course is to provide students with a thorough coverage of the classical econometric theory and with the computational tools to be used in the empirical analyses. The program varies with the students background, but generally includes the following topics: the classical regression model, relaxing the assumptions of the classical model, time series econometrics and simultaneous equation models.
1. Interpolation with Ordinary Least Squares Method (OLS)
2. Simple and K-variables Linear Regression Model Basic assumptions, OLS estimation. Algebraic Properties of the estimates, Statistical Properties of the estimates, the Gauss-Markov theorem, The Coefficient of determination Unbiased estimation of . The normality assumption, distributions of quadratic forms.. Independence between quadratic forms, independence between a quadratic form and a linear form., test-t, test-F, alternative forms of the test-F, test of hypothesis (linear restrictions). Regression and forecasting.
3. Further results on the regression model: Restricted Least Squares , structural changes, Dichotomous variables (dummy variables ), multicollinearity.
4. Generalized Least Squares (GLS) Non spherical disturbances and OLS estimates , Generalized Least Squares (GLS).. Equivalence between GLS and OLS on transformed variables. Heteroschedasticity. Autocorrelation.
5. Rudiments of asymptotic theory: Convergence in probability and convergence in distribution. OLS estimation of dynamic models: the instrumental variables method (IV). Delta-Method
6. Introduction to linear simultaneous equations models: Structural form and reduced form, simultaneous equations models and inconsistency of OLS estimation. The identification problem. Single equation estimation methods in simultaneous equations models: Indirect Least Squares, Two Stage Least Squares (TSLS), Instrumental Variables.
7. Nonlinear Least Squares, ML estimation in linear and nonlinear models
- The objective of the course is to provide students with a thorough coverage of the classical econometric theory and with the computational tools to be used in the empirical analyses. The program varies with the students background, but generally includes the following topics: the classical regression model, relaxing the assumptions of the classical model, time series econometrics and simultaneous equation models.
12 cfu a scelta nel gruppo GR1-MAN
- Attività fomative di area aziendale
Financial risk management (6 cfu)
Business and society (6 cfu)
- The course seeks to expand our horizons in thinking about business and society. Global corporations have all introduced codes-of-conducts and ethical guidelines in their strategies and their CEOs make bold statements about the importance of respecting human rights in business, but at the same time we are overwhelmed with news about corporate human right abuses, unethical behavior and misconduct. This course analyzes both theoretically and empirically the factors driving ethical behavior in the business sector and discusses the normative solutions that have so far been implemented to reduce corporate malfeasance.
The course should provide a fuller understanding of the contribution of business to society and should prepare the future manager and the economic analyst for confronting the truly difficult ethical decisions that arise in deploying economic resources, altering the physical environment, and making decisions that affect the lives of investors, employees, and other stakeholders.
- The course seeks to expand our horizons in thinking about business and society. Global corporations have all introduced codes-of-conducts and ethical guidelines in their strategies and their CEOs make bold statements about the importance of respecting human rights in business, but at the same time we are overwhelmed with news about corporate human right abuses, unethical behavior and misconduct. This course analyzes both theoretically and empirically the factors driving ethical behavior in the business sector and discusses the normative solutions that have so far been implemented to reduce corporate malfeasance.
The course should provide a fuller understanding of the contribution of business to society and should prepare the future manager and the economic analyst for confronting the truly difficult ethical decisions that arise in deploying economic resources, altering the physical environment, and making decisions that affect the lives of investors, employees, and other stakeholders.
Corporate finance (6 cfu)
- The aim of the course is to examine the major decision-making areas of managerial finance and some selected topics in financial theory.
Starting from capital budgeting decisions, the course covers the main company valuation methodologies and examines the effect of corporate decisions on market value through the event study methodology.
The course reviews the theory and empirical evidence related to Mergers & Acquisitions and concludes examining the IPO decision and the effects of corporate governance characteristics of listed companies.
- The aim of the course is to examine the major decision-making areas of managerial finance and some selected topics in financial theory.
Starting from capital budgeting decisions, the course covers the main company valuation methodologies and examines the effect of corporate decisions on market value through the event study methodology.
The course reviews the theory and empirical evidence related to Mergers & Acquisitions and concludes examining the IPO decision and the effects of corporate governance characteristics of listed companies.
Economics and Management of Innovation (6 cfu)
- The course introduces the economics of information and the economics of technological innovators, together with their implications in terms of theory of production, theory of the firm and industrial dynamics.
- The course introduces the economics of information and the economics of technological innovators, together with their implications in terms of theory of production, theory of the firm and industrial dynamics.
6 cfu a scelta nel gruppo GR2-IUS
- Attività formative di area giuridica
European Economic law (6 cfu)
- The course provides a discussion of the main topics in European economic law, among which sources of European law, European corporate law, regulation and legislative competition in Europe, European trademark law, and harmonization among European countries’ legislations.
- The course provides a discussion of the main topics in European economic law, among which sources of European law, European corporate law, regulation and legislative competition in Europe, European trademark law, and harmonization among European countries’ legislations.
Law of financial markets and institutions (6 cfu)
- The course will cover the laws governing the financial markets at a national and international level
- The course will cover the laws governing the financial markets at a national and international level
Official Statistics (12 cfu)
- The aim is to have an experience within a workplace where to train on the use and on the reasearch related to official statistics.
- The aim is to have an experience within a workplace where to train on the use and on the reasearch related to official statistics.
Final dissertation OS (21 cfu)
- The aim is to investigate in details a topic. This investigation should also serve how to develop a research topic. The dissertation should be written in English and connected to the fields of official statistics. If possible, should be related to previous trainship in this field.
- The aim is to investigate in details a topic. This investigation should also serve how to develop a research topic. The dissertation should be written in English and connected to the fields of official statistics. If possible, should be related to previous trainship in this field.
Student's choice (9 cfu)
- Students can freely choice the courses as long as they are coherent within the rest of the current study plan
- Students can freely choice the courses as long as they are coherent within the rest of the current study plan
6 cfu a scelta nel gruppo GR5-EMOS semi-elective
- EMOS semi-elective
Analysis of Survey Data and Small Area Estimation (6 cfu)
- The course will be structured in the following parts 1) Analysis of the collected data for estimation and testing for the phenomenon under study; definition of planned and unplanned domains. 2) Direct and indirect estimates for unplanned domains; R codes for the application of the SAE estimators (EURAREA and SAMPLE project libraries) 3) quality issues in SAE and usage of SAE in European Statistical System. At the end of the course student will be able to deal with small area estimation both at the theoretical and empirical level.
- The course will be structured in the following parts 1) Analysis of the collected data for estimation and testing for the phenomenon under study; definition of planned and unplanned domains. 2) Direct and indirect estimates for unplanned domains; R codes for the application of the SAE estimators (EURAREA and SAMPLE project libraries) 3) quality issues in SAE and usage of SAE in European Statistical System. At the end of the course student will be able to deal with small area estimation both at the theoretical and empirical level.
Time Series Econometrics (6 cfu)
- This course introduces to the time series methods and practices which are most relevant to the analysis of economic and financial time series. We will cover univariate and multivariate models of stationary and non-stationary time series in the time domain. The goals of the course are twofold: first to develop a comprehensive set of tools and techniques for analysing various forms of univariate and multivariate time series, and second to acquire knowledge of recent changes in the methodology of econometric analysis of
time series.
- This course introduces to the time series methods and practices which are most relevant to the analysis of economic and financial time series. We will cover univariate and multivariate models of stationary and non-stationary time series in the time domain. The goals of the course are twofold: first to develop a comprehensive set of tools and techniques for analysing various forms of univariate and multivariate time series, and second to acquire knowledge of recent changes in the methodology of econometric analysis of
time series.
12 cfu a scelta nel gruppo GR4-EMOS module STA
- EMOS module
Survey Methods: Traditional and New Techniques in Official Statistics (6 cfu)
- The course is structured into two part. The first part is on traditional data collection methods: 1) Sampling theory: topics include the main sampling designs, as random sampling with clustering and stratification. 2) Estimation: major issues in weighting and use of auxiliary variables in the estimation: ratio and regression estimators) and Survey error profile (coverage, nonresponse and measurement error). The students who successfully complete the first module will be aware of the basic terms and concepts of the field of survey sampling, will be able to estimate target parameters under the basic sampling designs; they will be able to distinguish the sampling and non sampling components of the error profile. The second part aims to provide a general introduction to the usage of administrative data sets and also large datasets as sources of statistical data (Big Data), with a focus on multiframe surveys. It will tackle the most important topics in big data ranging from data collection, analysis and visualization, as well as applications of statistical models to Big data.
- The course is structured into two part. The first part is on traditional data collection methods: 1) Sampling theory: topics include the main sampling designs, as random sampling with clustering and stratification. 2) Estimation: major issues in weighting and use of auxiliary variables in the estimation: ratio and regression estimators) and Survey error profile (coverage, nonresponse and measurement error). The students who successfully complete the first module will be aware of the basic terms and concepts of the field of survey sampling, will be able to estimate target parameters under the basic sampling designs; they will be able to distinguish the sampling and non sampling components of the error profile. The second part aims to provide a general introduction to the usage of administrative data sets and also large datasets as sources of statistical data (Big Data), with a focus on multiframe surveys. It will tackle the most important topics in big data ranging from data collection, analysis and visualization, as well as applications of statistical models to Big data.
European Statistical System and Data Production Model (6 cfu)
- At the end of the course the student will have knowledge on
1) the European Statistical System (ESS), the Data Production Model (DPM) and the main economic aggregates to study poverty and on the surveys on households (poverty and living conditions; EUSilc survey, Household Budget Survey, Labour Force Survey).
2) the main survey designs and their estimation strategy for planned domains of study (Regions); R codes for the application of the main direct estimators of the indicators (EURAREA and SAMPLE project libraries).
At the end of the course student will be able to deal with the ESS and to criticize the statistical quality of the published indicators of poverty and living conditions (Laeken Indicators).
- At the end of the course the student will have knowledge on
1) the European Statistical System (ESS), the Data Production Model (DPM) and the main economic aggregates to study poverty and on the surveys on households (poverty and living conditions; EUSilc survey, Household Budget Survey, Labour Force Survey).
2) the main survey designs and their estimation strategy for planned domains of study (Regions); R codes for the application of the main direct estimators of the indicators (EURAREA and SAMPLE project libraries).
At the end of the course student will be able to deal with the ESS and to criticize the statistical quality of the published indicators of poverty and living conditions (Laeken Indicators).
Advanced Statistics (9 cfu)
- The course develops the basics of probability distributions theory, their
treatment and use as probability models, and an overview of likelihood based inference.
- The course develops the basics of probability distributions theory, their
Advanced Macroeconomics (12 cfu)
- This course aims at covering the most important topics in modern macroeconomics. The first half of course presents the theories of consumption, investment and economic growth. The focus will be on the microfoundations of modern research and on the advanced analytical tools needed for carrying out dynamic analysis, both in continuous and discrete time. All theories will be discussed in light of empirical evidence. The second half course is designed to introduce the student to the analysis of economic fluctuations, considering the implications of the different theories on macroeconomic policies. Particular attention is devoted to examine how sluggish adjustment of nominal prices and wages can have real effects in face of anticipated or unanticipated monetary and real changes. The microfoundations of prices and wages nominal rigidity are carefully considered. The macroeconomic role of imperfect competition in determining macroeconomic second best equilibrium is carefully examined.
Course outline: 1. Theories of economic growth 2. Overlapping generation models 3. Models of dynamic consumption and investment 4. Real-business-cycle theory 5. Keynesian theories of fluctuations 6. Labour market models
- This course aims at covering the most important topics in modern macroeconomics. The first half of course presents the theories of consumption, investment and economic growth. The focus will be on the microfoundations of modern research and on the advanced analytical tools needed for carrying out dynamic analysis, both in continuous and discrete time. All theories will be discussed in light of empirical evidence. The second half course is designed to introduce the student to the analysis of economic fluctuations, considering the implications of the different theories on macroeconomic policies. Particular attention is devoted to examine how sluggish adjustment of nominal prices and wages can have real effects in face of anticipated or unanticipated monetary and real changes. The microfoundations of prices and wages nominal rigidity are carefully considered. The macroeconomic role of imperfect competition in determining macroeconomic second best equilibrium is carefully examined.
Advanced Microeconomics (12 cfu)
- The course will provide and explain the tools and concepts to understand and represent individual behaviour both as consumption units, investors and firms, in certain, uncertain and strategic environments. - the tools and concepts to understand and represent the working of single markets, in conditions of perfect and imperfect competition and the basic tools for intervention and regulation. - the tools and concepts to understand and interpret the working of the whole economy, its properties and limitations - ability to solve problems concerning individual and market behaviour. - critical and selective capacity to apply the above tools to analyze, interpret and represent real phenomena from the microeconomic point of view. - ability to autonomously read and understand advanced textbooks and academic articles at the frontier of economic literature in the field of microeconomics.
- The course will provide and explain the tools and concepts to understand and represent individual behaviour both as consumption units, investors and firms, in certain, uncertain and strategic environments. - the tools and concepts to understand and represent the working of single markets, in conditions of perfect and imperfect competition and the basic tools for intervention and regulation. - the tools and concepts to understand and interpret the working of the whole economy, its properties and limitations - ability to solve problems concerning individual and market behaviour. - critical and selective capacity to apply the above tools to analyze, interpret and represent real phenomena from the microeconomic point of view. - ability to autonomously read and understand advanced textbooks and academic articles at the frontier of economic literature in the field of microeconomics.
Mathematical Methods for Financial Markets (6 cfu)
- The course has the aim of introducing the students to the basic issues of quantitative finance and methodologies for pricing and hedging derivatives are analyzed in some details, both with theoretical and numerical methods.
- The course has the aim of introducing the students to the basic issues of quantitative finance and methodologies for pricing and hedging derivatives are analyzed in some details, both with theoretical and numerical methods.
Mathematical Methods for Economics (12 cfu)
- The course aims to give a solid background in mathematics for economic studies. Particular attention will be given to economic applications.
Special emphasis will be given to dynamic discrete and coninuous systems with some extensions to the theory of non-linear systems.
- The course aims to give a solid background in mathematics for economic studies. Particular attention will be given to economic applications.
Advanced Econometrics (9 cfu)
- The objective of the course is to provide students with a thorough coverage of the classical econometric theory and with the computational tools to be used in the empirical analyses. The program varies with the students background, but generally includes the following topics: the classical regression model, relaxing the assumptions of the classical model, time series econometrics and simultaneous equation models.
1. Interpolation with Ordinary Least Squares Method (OLS)
2. Simple and K-variables Linear Regression Model Basic assumptions, OLS estimation. Algebraic Properties of the estimates, Statistical Properties of the estimates, the Gauss-Markov theorem, The Coefficient of determination Unbiased estimation of . The normality assumption, distributions of quadratic forms.. Independence between quadratic forms, independence between a quadratic form and a linear form., test-t, test-F, alternative forms of the test-F, test of hypothesis (linear restrictions). Regression and forecasting.
3. Further results on the regression model: Restricted Least Squares , structural changes, Dichotomous variables (dummy variables ), multicollinearity.
4. Generalized Least Squares (GLS) Non spherical disturbances and OLS estimates , Generalized Least Squares (GLS).. Equivalence between GLS and OLS on transformed variables. Heteroschedasticity. Autocorrelation.
5. Rudiments of asymptotic theory: Convergence in probability and convergence in distribution. OLS estimation of dynamic models: the instrumental variables method (IV). Delta-Method
6. Introduction to linear simultaneous equations models: Structural form and reduced form, simultaneous equations models and inconsistency of OLS estimation. The identification problem. Single equation estimation methods in simultaneous equations models: Indirect Least Squares, Two Stage Least Squares (TSLS), Instrumental Variables.
7. Nonlinear Least Squares, ML estimation in linear and nonlinear models
- The objective of the course is to provide students with a thorough coverage of the classical econometric theory and with the computational tools to be used in the empirical analyses. The program varies with the students background, but generally includes the following topics: the classical regression model, relaxing the assumptions of the classical model, time series econometrics and simultaneous equation models.
Corporate finance (6 cfu)
- The aim of the course is to examine the major decision-making areas of managerial finance and some selected topics in financial theory.
Starting from capital budgeting decisions, the course covers the main company valuation methodologies and examines the effect of corporate decisions on market value through the event study methodology.
The course reviews the theory and empirical evidence related to Mergers & Acquisitions and concludes examining the IPO decision and the effects of corporate governance characteristics of listed companies.
- The aim of the course is to examine the major decision-making areas of managerial finance and some selected topics in financial theory.
Student's choice (9 cfu)
- Students can freely choice the courses as long as they are coherent within the rest of the current study plan
- Students can freely choice the courses as long as they are coherent within the rest of the current study plan
Final dissertation QF + Further linguistic competences (18 cfu)
- The aim is to investigate in details a topic. This investigation should also serve how to develop a research topic. The dissertation should be written in english so that this allow the students to practice with the language.
- The aim is to investigate in details a topic. This investigation should also serve how to develop a research topic. The dissertation should be written in english so that this allow the students to practice with the language.
Financial Economics (9 cfu)
- The aim of the course is to provide an intermediate treatment of the theory of speculative markets. After a review of decision theory under uncertainty, the notion of arbitrage and equilibrium price are introduced and developed for different market set- tings. The problem of portfolio optimization and meanvariance analysis is discussed in a rather general framework. The course concludes with a short introduction to behavioral and evolutionary finance
(depending on the remaining time)..
- The aim of the course is to provide an intermediate treatment of the theory of speculative markets. After a review of decision theory under uncertainty, the notion of arbitrage and equilibrium price are introduced and developed for different market set- tings. The problem of portfolio optimization and meanvariance analysis is discussed in a rather general framework. The course concludes with a short introduction to behavioral and evolutionary finance
6 cfu a scelta nel gruppo GR2-IUS
- Attività formative di area giuridica
European Economic law (6 cfu)
- The course provides a discussion of the main topics in European economic law, among which sources of European law, European corporate law, regulation and legislative competition in Europe, European trademark law, and harmonization among European countries’ legislations.
- The course provides a discussion of the main topics in European economic law, among which sources of European law, European corporate law, regulation and legislative competition in Europe, European trademark law, and harmonization among European countries’ legislations.
Law of financial markets and institutions (6 cfu)
- The course will cover the laws governing the financial markets at a national and international level
- The course will cover the laws governing the financial markets at a national and international level
6 cfu a scelta nel gruppo GR6 - MAN FIN
- Insegnamenti di area aziendale caratterizzanti
Financial risk management (6 cfu)
Business and society (6 cfu)
- The course seeks to expand our horizons in thinking about business and society. Global corporations have all introduced codes-of-conducts and ethical guidelines in their strategies and their CEOs make bold statements about the importance of respecting human rights in business, but at the same time we are overwhelmed with news about corporate human right abuses, unethical behavior and misconduct. This course analyzes both theoretically and empirically the factors driving ethical behavior in the business sector and discusses the normative solutions that have so far been implemented to reduce corporate malfeasance.
The course should provide a fuller understanding of the contribution of business to society and should prepare the future manager and the economic analyst for confronting the truly difficult ethical decisions that arise in deploying economic resources, altering the physical environment, and making decisions that affect the lives of investors, employees, and other stakeholders.
- The course seeks to expand our horizons in thinking about business and society. Global corporations have all introduced codes-of-conducts and ethical guidelines in their strategies and their CEOs make bold statements about the importance of respecting human rights in business, but at the same time we are overwhelmed with news about corporate human right abuses, unethical behavior and misconduct. This course analyzes both theoretically and empirically the factors driving ethical behavior in the business sector and discusses the normative solutions that have so far been implemented to reduce corporate malfeasance.
The course should provide a fuller understanding of the contribution of business to society and should prepare the future manager and the economic analyst for confronting the truly difficult ethical decisions that arise in deploying economic resources, altering the physical environment, and making decisions that affect the lives of investors, employees, and other stakeholders.
Economics and Management of Innovation (6 cfu)
- The course introduces the economics of information and the economics of technological innovators, together with their implications in terms of theory of production, theory of the firm and industrial dynamics.
- The course introduces the economics of information and the economics of technological innovators, together with their implications in terms of theory of production, theory of the firm and industrial dynamics.
6 cfu a scelta nel gruppo GR7 - QUAN FIN
- Affini ambiti vari
Financial econometrics (6 cfu)
Mathematical Methods for Insurance (6 cfu)
- Mathematical methods for pricing and reserving in life and non life insurance.
- Mathematical methods for pricing and reserving in life and non life insurance.
