Магистратура
2021/2022
Монетарная экономика (продвинутый уровень)
Лучший по критерию «Полезность курса для Вашей будущей карьеры»
Лучший по критерию «Полезность курса для расширения кругозора и разностороннего развития»
Лучший по критерию «Новизна полученных знаний»
Статус:
Курс по выбору (Экономика и экономическая политика)
Направление:
38.04.01. Экономика
Кто читает:
Департамент теоретической экономики
Где читается:
Факультет экономических наук
Когда читается:
1-й курс, 4 модуль
Формат изучения:
без онлайн-курса
Охват аудитории:
для всех кампусов НИУ ВШЭ
Преподаватели:
Кузнецова Ольга Сергеевна
Прогр. обучения:
Экономика и экономическая политика
Язык:
английский
Кредиты:
3
Контактные часы:
36
Course Syllabus
Abstract
The course is devoted to the main issues in modern monetary economics. First, the course introduces the concept of money and describes the functioning of money market. The factors behind money demand and supply are studied through the set of comprehensive monetary models with a special interest in New Keynesian models. Then, the course proceeds to the links between money and the main economic variables such as output, inflation and unemployment both in closed and open economies. This allows addressing the core issue in monetary economics, which is the role of monetary policy. After the study of transmission monetary channels, we address the most pertinent problem, which is the optimal monetary policy design under uncertainty. Different concepts of uncertainty are analyzed with the special focus on the role of information policy of central banks. All topics discussed during the course will be illustrated with relevant practical examples.
Learning Objectives
- to present the major macroeconomic problems
- to describe the role of central banks in the economy
- to introduce the students to the standard analytical methodology that figures out the optimal monetary policy measures
Expected Learning Outcomes
- be able to acquire the necessary skills to discuss different macroeconomic problems, the monetary authorities’ actions and decisions, the consequences of monetary policy changes for the economy
- be able to analyze financial and monetary data, apply the macroeconomic tools for the analysis of monetary sphere
- understand the role of monetary policy for output, inflation and exchange rate determination, the difference between monetary policy regimes, the causes and features of financial crises in the modern economy, the opportunities and feasibilities of stabilization policy
Course Contents
- Topic 1. Introduction. The concept of money
- Topic 2. Modelling money demand: MIU and CIA
- Topic 3. Monetary policy in a New Keynesian model
- Lecture 4. Monetary policy design in New Keynesian models
- Topic 4. Policy tradeoffs: inflation bias and stabilization bias
- Topic 7. Optimal monetary policy at a zero lower bound
- Lecture 7. Monetary policy under uncertainty
- Lecture 8. Communication policy of a central bank
- Topic 8. Monetary policy in a small open economy
- Lecture 10. Financial markets and monetary policy
Assessment Elements
- AttendancePrevious experience has shown that the average mark is usually higher for the students who actively participate in sessions. Lectures will be interactive with discussions between the lecturer and students. Questions and comments are welcome during the lectures.
- Short quizzes
- Essay
- Written exam
Bibliography
Recommended Core Bibliography
- Monetary policy, inflation, and the business cycle : an introduction tj the New Keynesian framework and its applications, Gali, J., 2015
- Monetary theory and policy, Walsh, C. E., 2003
Recommended Additional Bibliography
- Handbook of monetary economics. Vol.1: ., , 1996
- Handbook of monetary economics. Vol.2: ., , 1996