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| Semester | spring semester 2023 |
| Course frequency | Every spring sem. |
| Lecturers | Gabriele Camera (gabriele.camera@unibas.ch, Assessor) |
| Content | Content: This course is intended for graduate students interested in macroeconomics, monetary economics and, more generally, models of decentralized strategic interaction. The lectures are divided into two segments: Theory and Experiments. The theory part will develop a theoretical platform for monetary models and decentralized trading models. This part will focus on models of strategic interaction and Nash equilibrium; these models have been adopted to study a variety of topics including labor, IO, money and finance. This overlap opens the door to exploring related applications, such as cooperation, collusion, trust, equilibrium selection, coordination. The experimental part will focus on discussing laboratory explorations of these class of models. Technically, we will apply dynamic programming techniques and techniques from the theory of repeated games to study equilibrium outcomes in environments characterized by informational asymmetries, lack of commitment and/or formal enforcement institutions. The center of attention will be a class of models known as matching models. The course will provide the students with the necessary tools, technical and conceptual, to understand this area of research. We will especially consider the following issues: 1. Supporting intertemporal trade when enforcement and punishment institutions are lacking 2. Endogenous emergence of monetary systems. 3. The design of experimental monetary economies. |
| Learning objectives | The main goals are: (1) To review basic techniques used in theoretical modeling of money and decentralized trading models; (2) To study how those models have been brought to the lab, (3) To understand the insights emerging from recent experimental applications. At the end of the course students will possess an expanded set of tools, which will be helpful to read critically the literature and to engage independent research. The student will be able to critically assess (i) how the main theoretical insights in macro/money can be tested in the laboratory and (ii) how new behavioral insights can be gathered from laboratory data. |
| Bibliography | tba |
| Comments | All students who enrolled on time will receive an email with more information (course material, link for the online meeting etc.) Lecture: Lectures will cover both theory as well as experiments Individual work: You will submit an individual paper that proposes an extension or an application of the paper surveyed in your presentation Presentations: will take place "online", at the end of the coursework |
| Weblink | Weblink to ADAM |
| Course application | To register for the course, including the exam, please fill out the registration form, which you can find under the following link: https://adam.unibas.ch/goto.php?target=crs_1089747_rcodeX6MzRe3pjZ&client_id=adam. Registration is possible from January 1 to February 11, 2023, 8 p.m. at the latest. Please note that you are re-registered for spring semester 2023 and that the tuition fees are paid at the time of registration. A deregistration is possible until February 13, 2023 8pm. Your enrollment in the Online Services will then be automatically registered after the official enrollment deadline, i.e. after March 20, 2023. |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| unregelmässig | See individual dates | ||
| Date | Time | Room |
|---|---|---|
| Monday 13.02.2023 | 14.15-17.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Tuesday 14.02.2023 | 14.15-17.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Wednesday 15.02.2023 | 14.15-17.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Thursday 16.02.2023 | 14.15-17.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Friday 17.02.2023 | 14.15-17.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32 |
| Monday 13.03.2023 | 16.15-20.00 | - Online Präsenz -, Online per Zoom |
| Modules |
Core Module: Core Areas in Monetary Economics (Master's Studies: International and Monetary Economics) Module: Field Electives in Finance and Money (Master's Studies: Finance and Money) Module: Finance Field: Monetary Economics and Macrofinance (Master's Studies: Finance and Money) Module: Specific Electives in Monetary Economics and Financial Markets (Master's Studies: Business and Economics) Specialization Module: Monetary Economics and Financial Markets (Master's Studies: Business and Economics (Start of studies before 01.08.2021)) |
| Assessment format | record of achievement |
| Assessment details | Grading: Your grade will be based on: (1) a class presentation of one paper to be done in pairs of students and (2) an individual paper that proposes an extension or an application of the paper surveyed. All presentations are in English and must be done in teams of two persons. Each team will have 30 minutes (depending on the class size). Please submit your presentation slides before the presentation. You will be graded both on the clarity and the content of the presentation. I will assign papers to each of you. There is no required text so you will have to take notes about what we will cover in class (I will also give you typed notes). |
| Assessment registration/deregistration | Registration/deregistration: teaching staff |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |