Economics

The course aims at analyzing the process of economic and political integration of European countries, through a theoretical, policy, and political perspective. European politics occurs in national capitals and in Brussels. Traditionally much of the disciplinary focus has either been on the European Union and integration or the national politics in the Member States. Increasingly, this failure to adequately explore how both levels of government interact reflects neither the state of European politics nor the cutting edge of research. The politics part of this course introduces students to a basic toolkit used by researchers of advanced democracies and international interdependence (including spatial models, veto players, two-level games etc.) to understand both domestic and EU-level politics in Europe in conjunction. The economics part of the course starts with a general overview of EU integration from the 1950s until today. It then moves to discussing the EU budget, with its sources of revenues and areas of expenditure. The main features of the Next Generation EU strategy are also extensively covered. This lays the foundations for studying the main policies currently undertaken by the European Union: competition, agriculture, cohesion, and international trade. The connection between economic and political dynamics is addressed, with specific attention to the link between globalization, Brexit, and the success of nationalist forces in Europe. A substantial part of the course is devoted to the Economic and Monetary Union: origins, architecture, and evolution over the Great Financial Crisis and the Covid-19 pandemic.

Subsequent to Public Economics I, Public Economics II continues to analyze market failure and the function of the government, specifically what the government should do in a market economy. This course covers the basic principle of public economics, especially the role of the government and the rationale for the policy, in a framework of applied microeconomics. The course teaches the standard approach of public economics, which is the foundation of economic analysis in any policy issue. 

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This course introduces the issue of differentiation within the European Union. The first part of the course examines the various forms that differentiation takes within the European Union as well as outside of it. The second part of the course focuses on the Economic and Monetary Union as the most advanced examples of differentiated integration. It considers its various components and includes debates on ongoing reform discussions and open legal debates including the innovative NextGenerationEU program deployed in response to the COVID-19 pandemic.

This course covers economic strategy and management in a business context. It also addresses theory of economics in the perspective of business management.

This course considers the behavior of firms in a market economy. It has two parts. The first part on basic theory considers how firms behave under different market structures. The second part is policy oriented. It applies tools from the basic theory part to everyday problems and scenarios and tries to assess market efficiency and effects of possible intervention by the government or regulatory agencies. The two parts proceed simultaneously. Applying knowledge obtained in the class, students solve optimization problems and critically discuss real-life problems or scenarios.

This course explores the complexities of multinational financial management, ranging from the management of foreign currency exposures (to determine a subsidiary’s capital structure or to value an investment in a risky country) to the managerial and environmental considerations that make multinational financial decision-making so challenging. Financial decision making in the multinational setting requires a sound understanding of: 1) the extension of traditional finance considerations to a more complex global setting (i.e. Exchange Rate Effects, Global CAPM); 2) how institutional constraints can create obstacles and opportunities for multinational firms (i.e. Opportunities created by different markets); 3) the managerial objectives that can often limit the relevance of traditional financial objectives or institutional opportunities. The framework developed in the course suggests how to balance these three relevant factors: complex financial incentives have to be integrated with institutional obstacles and opportunities and aligned with managerial objectives. The goal then offers both a clear framework and a set of operative tools to understand the relationship between multinational firms and international financial markets. The whole structure of the course is applied, involves several real-world cases that are discussed in class, and is oriented to develop capabilities to understand and use international finance methodologies and practices used around the world. The course requires students to have familiarity with basic topics of corporate finance and a basic knowledge of concepts like risk, return, capital structure, and the CAPM as a prerequisite.

This course introduces the field of environmental economics, which is concerned with the impact of the economy on the environment, the significance of the environment to the economy, and the appropriate way of regulating economic activity so that a balance is achieved among environmental, economic, and other social goals. It discusses how economic analysis can guide public policy to efficient utilization of these resources in a world of increasing scarcity and competing demands. The course investigates why unregulated markets cause environmental problems, what the socially optimal degree of environmental protection is and how can it be determined, and how the government can regulate the economy to protect the environment more efficiently. It equips the toolkit of an environmental economist and discusses the major environmental problem of our time: global warming. Moreover, the course discusses other environmental issues such as air pollution and biodiversity loss.

Throughout the 20th century, economics became more mathematical as a discipline and now requires sophisticated mathematical tools and techniques to solve problems arising in economics. The course provides students with some of the necessary mathematical background to study economics more effectively and more rewardingly. 

This course focuses on teaching tools of Data Science and how to apply them within the context of Economics and Social Sciences. Data Science is too large a field to cover all topics in a single semester.  This course focuses on the first steps, particularly, how to program, how to acquire, store, and visualize data. The goal of this course is to provide students with the tools and foundation to gain confidence in solving future problems in data science and economics. 

This course is part of the Laurea Magistrale program. The course is intended for advanced level students only. Enrollment is by permission of the instructor. This course aims to study classic topics in Public Economics and Policy, including taxation, education, and policy instruments but accounting for the shortcomings of the standard neoclassical model and supplementing the neoclassical treatment of these topics with insights from behavioral economics. The course begins each topic of the course with an introduction to the neoclassical treatment of the topic. The course then explores the implications of the neoclassical model and asks what identifies potential limitations of the assumptions of the standard model. The course then identifies a current public policy related to the topic and discusses how to analyze its effectiveness. The course covers both theoretical foundations in behavioral public economics and the design and testing of public policies. The course also highlights the link between theory and practice. The course achieves this with one or two guest lectures from individuals who span this divide between academia and real-world policy design. The course discusses topics include: introduction to behavioral public economics; theory of welfare; theory of policy interventions: taxation and nudges; health issues and policies; environmental issues and policies; savings and retirement; education and labor market (e.g., minimum wage policies, discrimination); and experimental design, RCTs, and policy evaluation. A solid foundation in microeconomics and applied mircoeconometrics is a prerequisite for attending the course.