Monetary economics (2015/2016)

Course code
Name of lecturer
Alessia Campolmi
Alessia Campolmi
Number of ECTS credits allocated
Academic sector
Language of instruction
primo semestre dal Sep 28, 2015 al Jan 8, 2016.

Lesson timetable

Learning outcomes

The aim of the course is to provide students with an in-depth analysis of some variables that are crucial in the analysis of monetary policy in an open economy context. The teaching style of the course facilitates the interface between the results of theoretical and empirical research, and the problems of current monetary policy. What learned during the course will be used to provide a critical analysis of the European Monetary Union and of the Global Financial Crisis. To this end, we will introduce a set of concepts typical of an open economy context (nominal and real exchange rate, purchasing power parity, uncovered interest rate parity, fixed versus flexible exchange rates,...). At the same time there will be, during classes, references and examples to other countries such as the U.S., Japan, the UK, the BRIC and developing countries.


Introduction to open macroeconomics
The exchange rate and the price level
The exchange rate and interest rates
Monetary policy in an open economy
European Monetary Union
Global Financial Crisis
The foreign exchange market

Teaching material
Compulsory reading: Lecture slides available on e-learning.

Further reading:
Colombo, Emilio; Lossani, Marco. Economia monetaria internazionale. Carocci Editore.
Copeland, Laurence. Exchange Rates and International Finance. Financial Times/ Prentice Hall
MacDonald, Ronald. Economics of Exchange Rates: Theories and Evidence. Routledge.
Pilbeam, Keith. International Finance. Palgrave Macmillan.

Assessment methods and criteria

The exam of Monetary Economics will be a written one. It will consists of a few questions.
The total time available to answer will be 2 hours.