Master
2020/2021
Monetary Economics
Type:
Elective course (Financial Analyst)
Area of studies:
Finance and Credit
Delivered by:
HSE Banking Institute
Where:
HSE Banking Institute
When:
2 year, 1 module
Mode of studies:
offline
Open to:
students of one campus
Instructors:
Maxim Petronevich
Master’s programme:
Financial Analyst
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
- 1) Empirical evidence on the effects of monetary policy.
- 2) Systematic monetary policy.
- 3) Traditional monetary policy trade-offs.
- 4) New Keynesian framework.
- 5) Central bank goals and instruments.
- 6) Credit and banking in the transmission mechanism.
- 7) Unconventional monetary policy.
- 8) Monetary policy in open economy.
Interim Assessment
- Interim assessment (1 module)0.1 * attendance + 0.7 * final exam + 0.2 * mid-term test
Bibliography
Recommended Core Bibliography
- 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
- Minford, P., & Peel, D. (2019). Advanced Macroeconomics : A Primer (Vol. Second edition). Cheltenham, UK: Edward Elgar Publishing. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2109990
Recommended Additional Bibliography
- 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