2023/2024
Monetary Economics
Language:
English
ECTS credits:
3
Contact hours:
30
Course Syllabus
Abstract
This module is designed as a self-contained introduction to modern monetary economics and policy. It covers the question of how central banks go about setting monetary policy, both traditional and unconventional, the empirical evidence, and the models that go along with the monetary policy. Module focuses on the New Keynesian framework but also provides also brief overview of competing theories of the past, given that curious student can find more information during self-study in advised materials.
Learning Objectives
- The goal of the course is to provide knowledge, covering practical issues in central bank decision making process, mainstream theoretical framework, instruments and transmission mechanisms for developed countries and Russian economy
Expected Learning Outcomes
- After the course, students will build up knowledge to foresee possible changes in monetary policy given the business cycle fluctuations and analyze probable outcome of monetary policy on main macroeconomic and financial indicators.
Course Contents
- Empirical evidence on the effects of monetary policy.
- Systematic monetary policy.
- Traditional monetary policy trade-offs.
- New Keynesian framework.
- Central bank goals and instruments.
- Credit and banking in the transmission mechanism.
- Unconventional monetary policy.
- Monetary policy in open economy.
Bibliography
Recommended Core Bibliography
- BOFIT Viikkokatsaus, & BOFIT Weekly 2020/39. (2020, September 25). Central Bank of Russia keeps its key rate unchanged; previews monetary policy guidelines for 2021-2023. BOFIT Weekly, 39, 1–2.
- Forero-Laverde, G. (2018). The Impossible Trinity and Financial Stability. The Incidence of Trilemma Regimes on the (In)stability of Stock Markets and Credit Aggregates (1922-2013). Universitat de Barcelona, 2018. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edstdx&AN=edstdx.10803.663993
- Groth, C. (2014). Exercise problems for Advanced Macroeconomics. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.5892F642
Recommended Additional Bibliography
- Nasrul Ismail. (2019). Contextualising the pervasive impact of macroeconomic austerity on prison health in England: a qualitative study among international policymakers. BMC Public Health, 19(1), 1–11. https://doi.org/10.1186/s12889-019-7396-7