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Program Overview

The program in question is "ECONOMIA DEI MERCATI FINANZIARI - MOD. 2," which translates to "Financial Markets Economics - Module 2." This program is part of the academic offerings at the University of Genoa (UniGe).

Program Details

• Code: 84088
• Academic Year: 2025/2026
• Credits (CFU): 6, specifically for the 2nd year of the Administration, Finance, and Control program (LM-77) in Genoa.
• Scientific Disciplinary Sector: SECS-P/02
• Language: Italian
• Location: Genoa
• Period: 2nd Semester

Presentation

The aim of the course is to provide students with a solid understanding of the main theories and interpretive models of financial markets, with particular attention to the comparison with data. Attendance, although not mandatory, is strongly recommended.

Objectives and Contents

Educational Objectives

The course aims to provide students with theoretical and technical knowledge about the functioning of financial markets, focusing on recent theories and the debate among different schools of thought. Special attention is given to the impact of monetary policies on financial markets, the formation of expectations, and their propagation and impact on financial activities and their temporal structure.

Detailed Educational Objectives and Learning Outcomes

The main objectives include:

• Understanding the functioning of financial markets
• Understanding the effects of monetary policy on financial markets
• Ability to communicate effectively in written and oral form, adapting communication to the context, using various sources and tools, critical thinking, ability to use, process, and evaluate information, argumentative skills

Prerequisites

Students should have followed a microeconomics course in a first-level three-year degree (at least 9 CFU) and a macroeconomics course in a first-level three-year degree (at least 9 CFU). Alternatively, an Economics course in a first-level three-year degree of at least 9 CFU.

Teaching Methods

The course consists of frontal lessons by the teacher, with in-depth analysis of specific topics during the lessons.

Program/Content

The program is divided into two parts:

1. The functioning of financial markets and the debate on the efficiency of financial markets:
   • Introduction to the economic analysis of markets and financial instruments.
   • Formalizing the behavior of financial operators: the orthodox approach and its basic hypotheses.
   • Formalizing the behavior of financial operators: some alternative approaches and criticisms of orthodox models.
   • The CAPM and the APT.
2. Impact of monetary policy on financial markets:
   • Fiat money, central bank, and payment systems.
   • From interest rates to market rates.
   • The monetary policy transmission mechanism: the monetary channel and the credit channel.

Texts/Bibliography

Specific indications on the bibliography will be provided by the teacher at the beginning of the lessons.

Teachers and Commissions

• Teacher: Marco Mazzoli
• Exam Commission:
  • Susan Marie Campbell (President)
  • Marco Mazzoli (President)
  • Luca Beltramenti
  • Anna Bottasso
  • Gabriele Cardullo
  • Simone Lombardini
  • Elena Seghezza

Lessons

• Start of Lessons: 2nd Semester
• Lesson Schedule: Will be communicated on the AulaWeb forum of the course as soon as the administrative offices have communicated the lesson schedule.

Exams

• Exam Method: Written exam
• Assessment Method: Open theoretical questions
• Exam Repetition: Allowed freely at every appeal

Calendar of Appeals

Other Information

The contents of the module require basic knowledge corresponding to the programs of Microeconomics and Macroeconomics courses of a first-level degree.

Agenda 2030

The program aligns with several goals of the Agenda 2030, including:

• Sconfiggere la povertŕ (Eradicating Poverty)
• Sconfiggere la fame (Eradicating Hunger)
• Salute e benessere (Health and Well-being)
• Istruzione di qualitŕ (Quality Education)
• Paritŕ di genere (Gender Equality)
• Lavoro dignitoso e crescita economica (Decent Work and Economic Growth)
• Imprese, innovazione e infrastrutture (Industry, Innovation, and Infrastructure)
• Ridurre le disuguaglianze (Reducing Inequalities)