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Chi volesse vedere i testi d'esame corretti  puo'  trovarsi in piazza strambi in facolta' domani alle 10.30. Chiedere dell'aula al portiere.

I will be in Piazza Strambi today at 12.00 to give the results of the exam and answer questions. Ask the porter for the room please.

I add the text of one past exam to give an idea of how the exam questions will be. The program of this year is slightly different but the exam format will be the same.

Financial crisis May 2015

1

The taxonomy of money market rates is (in decreasing  order)

a)Libor, federal funds, repo  X

b) federal funds, repo, libor

c) repo libor federal funds

d) federal funds libor repo

2 The rate on federal funds in the period between end 2007 and September 2008

a)      Was falling from 6% to 3%.

b)      Was rising from  2% to 3%.

c)       Was falling from 5% to 2%. X

d)      Was rising from  2% to 4%.

3 In the second period of the intervention by the Fed

a)      Wealth holders were holding more MBS and less treasuries as assets.

b)      Primary dealers were holding more Term auction facilities (TAF) and primary dealers credit facility (PDCF) as assets.

c)       Primary dealers were holding more Term auction facilities (TAF) and primary dealers credit facility (PDCF) as liabilities. X

d)      Banks were holding more MBS as assets.

4 In the third period of the intervention by the Fed

a)      The Fed was holding more Mbs as assets. X

b)      The Fed was holding more MBS as liabilities.

c)       The banks were holding more ABS as assets.

d)      The banks  were holding  less reserves.

5  In the 1920s according to Minsky it was possible and desirable to fight the crisis  to implement the following combination of policies:

a)      Expansionary fiscal and monetary policies

b)      No fiscal policy, but expansionary monetary policy.

c)       Contractionary fiscal and monetary policy.

d)      Expansionary fiscal policy and contractionary monetary policy.

6 According to the money view of the lender of last resort function by the central bank the central bank

a)      Must intervene as lender of last resort to banks in order to avoid that they cut credit

b)      Must intervene as llr to banks in order to avoid that money supply falls.

c)       Must intervene as llr to banks in order to avoid that  money demand increases.

d)      Must intervene as llr  to private individuals  in order to avoid that the crisis spreads to the rest of the economy.

7 One of the departures of the Fed strategy in the crisis with respect to the classical Bagehot rules was:

a) charging too high rates.

b) asking  less collateral than would have been required.

c) asking collateral of  higher quality than it would have been required.

d) charging too low rates for too long times.

8

According to De Grauwe  the cause of the debt problems in the Eurozone is to be found

a)in the excessive public debts.

b) in the divergence between rates of saving within the states.

c)in the high level of both private and public debts.

d) in the excessive private debts.

9 According to Mehrling

Shadow bank is

a)simply a financial institution that has no charter (is not registered as a bank).

b) an institution that insures against the failure of  counterparties in financial transactions.

c) an institution that  provides services different from those offered by banks.

d) is a collateral based intermediary that transforms long term illiquid assets into short term and liquid ones.

10

A Shadow bank according to Mehrling has on the liabilities side of its balance sheets

a)      Customers deposits

b)      Long term bonds

c)       Short term bonds and repo

d)      Other assets.

Analisi macroeconomica avanzata 2016-17

Michael McLeay, Amar Radia and Ryland Thomas 2014 Money creation in the modern economy, Bank of England Quarterly Bulletin disponibile sul sito  http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf .

Bce (2013),I saldi target e le operazioni di politica monetaria Bollettino mensile Bce Maggio 2013, pp. 107-119 disponibile a

https://www.bancaditalia.it/pubblicazioni/bollettino-bce/bol-bce-2013/boll_bce_05_13.pdf .  consigliato

Tamborini Roberto, Economia e Finanza, Cedam,Seconda Edizione 2011.
Cap 1 consigliato
Appendice cap1 pp.46-54.
Cap 2
Cap.4
Cap.5 paragrafi 1,2,3.
Capitolo 10 paragrafo 1fino a p.388.
Capitolo 11 paragrafo 2.
Capitolo 12 per intero
Godley e Izurieta,L’economia statunitense : debolezze nella forte ripresa Moneta e Credito volume 62,2009,nn 245-248, pp.91-100. L’articolo si scarica gratuitamente dal sito della rivista.
http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9538/9433 .
Keynes, Le aspettative di breve e lungo periodo
In Visco I. curatore, Le aspettative nella teoria economica. 1985 Il Mulino p.69-85. Disponibile in copisteria via Crescimbeni.
Davidson P. ,” Aspettative razionali: un fondamento erroneo per l’analisi dei processi decisionali di importanza cruciale”in Visco, 1985 p.315-332.disponibile in copisteria via Crescimbeni.
Il libro di Visco e’ disponibile nella biblioteca del dipartimento.
Minsky H.,Puo’ succedere ancora? Il Mulino
Capitoli :6, 7,8, Disponibile nella biblioteca del Dipartimento in via Crescimbeni.

Programma Economia e politica Monetaria 2016-17

1) Arcelli M Economia e Politica Monetaria  ed 2007  cap. 1-10.

2)Bce, IL RUOLO DEL BILANCIO DELLA BANCA CENTRALE NELLA POLITICA MONETARIA.

Bollettino Economico Bce n.4,  2015  pp. 69-88.

3)Bce, 2012, Rapporto annuale bce 2012 , riquadro 2: L’impatto delle misure non convenzionali decise l’8 dicembre 2011.

p.35-40.

4)Bce (2013),I saldi target e le operazioni di politica monetaria Bollettino mensile Bce Maggio 2013, pp. 107-119 disponibile a

https://www.bancaditalia.it/pubblicazioni/bollettino-bce/bol-bce-2013/boll_bce_05_13.pdf .

Financial crisis 2016-17

1)   R.Dodd, 2007, Subprime:Tentacles of a crisis, Finance & Development December vol.44 pp.15-19. Available at http://www.imf.org/external/pubs/ft/fandd/2007/12/pdf/dodd.pdf .

2)  Mehrling, Perry and Pozsar, Zoltan and Sweeney, James and Neilson, Daniel H., Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance (November 5, 2013). Available at http://dx.doi.org/10.2139/ssrn.2232016

3) Grad, David and Mehrling, Perry and Neilson, Daniel H., The Evolution of Last-Resort Operations in the Global Credit Crisis (March 18, 2011). Available at SSRN: https://ssrn.com/abstract=2232348 or http://dx.doi.org/10.2139/ssrn.2232348 .

4) Borio, C. (2014)The international monetary and financial system: its Achilles heel and what to do about it bank for international Settlements Working Paper n.456 available at www.bis.org .

5)  Esteban Pérez Caldentey,  2017, Quantitative Easing, Changes in Global Liquidity and Financial Instability  Post Keynesian Economics Study Group Working Paper 1701 available at    www.postkeynesian.net .