B8144 - ECONOMIA E FINANZA DEL RISPARMIO

Learning outcomes

The course aims to provide students with the necessary tools and skills to comprehend, analyze, and address issues related to savings and investment from both economic and financial standpoints. It covers essential theoretical and practical models related to savings decisions under certain and uncertain conditions, optimal portfolio management, and the development of structured pension plans. The approach encourages a critical understanding of the economic dynamics at play and the financial impacts of individual and collective decision-making.

Course contents

1. Consumption and Saving: Concepts and Measures
   1. Microeconomic Perspective
   2. Macroeconomic Perspective
2. Intertemporal Consumption Choices
   1. Consumer Equilibrium
   2. Keynesian Theory of Consumption
   3. Fisher and Intertemporal Choices
   4. Modigliani and the Life-Cycle Hypothesis
   5. Friedman and the Permanent Income Hypothesis
   6. Concluding Considerations
3. Markowitz and Portfolio Choices
   1. Fundamental Principles
   2. Two-Asset Portfolios
   3. Optimal Portfolio Choice
   4. Transaction Costs and Additional Constraints
4. Pension Systems
   1. Definitions and Taxonomy
   2. Public Pensions
   3. Supplementary Pension Schemes
   4. Informal Resources

Readings/Bibliography

Course Materials

Lecture notes will be made available on the “virtuale.unibo.it” platform. No preliminary or prerequisite readings are recommended.

Recommended Books

Spataro, L. (2020). Economia del risparmio e della previdenza. UTET Università. ISBN 978‑8860086167.

Teaching methods

The entire course program is thoroughly covered during the lectures. The classes will be complemented by practical exercises and the discussion of case studies. Attendance is not mandatory, but it is strongly recommended.

Assessment methods

Description of the exam

Students’ preparation will be assessed through a written exam.

• The exam consists of 16 multiple-choice questions, worth a total of 32 points.
• The duration of the exam is 40 minutes.
• Each correct answer is worth 2 points.
• There is no penalty for incorrect answers, and each question has only one correct option.

Objectives of the exam

The exam is designed to verify the achievement of the following learning objectives:

• The ability to understand issues related to intertemporal consumption choices from a long-term planning perspective;
• The ability to analyze and develop portfolio choices aimed at creating value over the medium and long term;
• The ability to understand and design structured pension plans.

Grading scale

Minimum grade 18, maximum grade 30L.

• 18-23: Sufficient preparation and analytical skills on a limited number of topics covered in the course.
• 24-27: Adequate preparation and analytical skills, with some limitations; good operational skills, though not particularly articulated.
• 28-30: Very good knowledge of a large number of topics covered in the course; strong operational and critical skills.
• 30L: Excellent and exhaustive knowledge of the topics covered in the course; exceptional critical analysis and ability to make connections.

Teaching tools

Video projector and whiteboard, spreadsheet software, and a tablet.

Office hours

See the website of Pierpaolo Pattitoni