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Магистерская программа «Экономика: исследовательская программа»

Advanced Monetary Economics

Учебный год
Обучение ведется на английском языке
Курс по выбору
Когда читается:
1-й курс, 4 модуль


Программа дисциплины


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.
Цель освоения дисциплины

Цель освоения дисциплины

  • to present the main current macroeconomic problems
  • describe the role of central banks in the economy
  • introduce the students to the standard analytical methodology that figures out the optimal monetary policy measures
Результаты освоения дисциплины

Результаты освоения дисциплины

  • 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
  • be able to analyze financial and monetary data, apply the macroeconomic tools for the analysis of monetary sphere
  • 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
Содержание учебной дисциплины

Содержание учебной дисциплины

  • Lecture 1. Introduction. The concept of money
    The concept of money. Money demand. Money supply. Empirical evidence on the links between money, output, inflation and other economic variables. Monetary policy operating procedures. Monetary policy regimes.
  • Lecture 2. The classical monetary models
    Money neutrality in RBC models. Classical monetary models. Money in the utility function models. Cash-in-advance models. Comparison of the models’ predictions and the empirical evidence.
  • Lecture 3. The basic New Keynesian Model
    The main blocks of the model: representative household, firms, monetary policy rule. Monopolistic competition and price stickiness. Extensions with other possible nominal rigidities. The discussion of the New-Keynesian models: simplicity versus realism.
  • Lecture 4. Monetary policy design in New Keynesian models
    Monetary policy instruments. Money supply rules versus interest rate rules. The problem of determinacy. The overview of the practice of monetary policy among central banks in advanced economies.
  • Lecture 5. The optimal monetary policy
    The social welfare function in the New Keynesian model. Optimal policy rules. Policy tradeoffs: inflation-output tradeoff and stabilization bias. Time inconsistency of the optimal policy. Discretion versus commitment.
  • Lecture 6. Monetary policy at zero-lower bound
    The New-Keynesian model extension: ZLB constraint. The origins of liquidity traps. Effective lower bound. Conventional monetary policy at ZLB. Unconventional policies: forward guidance, quantitative and qualitative easing. The evidence of monetary policy effectiveness in advanced countries at ZLB.
  • Lecture 7. Monetary policy under uncertainty
    The types of uncertainty: additive uncertainty, multiplicative uncertainty, model uncertainty. Robust monetary policy. Attenuation effect. The role of information policy under uncertainty.
  • Lecture 8. Communication policy of a central bank
    Information as a policy tool. The overview of central banks communication. The optimal design of communication policy. Communication policy at ZLB and during financial crises.
  • Lecture 9. Monetary policy in an open economy
    A two-country New Keynesian model. A small open economy. The optimal exchange rate policy. Optimal monetary policy rules in an open economy. Currency unions.
  • Lecture 10. Financial markets and monetary policy
    The term structure of interest rates. Financial frictions in credit markets. The monetary policy effects on yield curve.
Элементы контроля

Элементы контроля

  • Attendance (неблокирующий)
    Previous 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 (неблокирующий)
    Short quizzes are based on topics covered in the class. No possibility is given to complete the missed quizzes.
  • Mid-term written exam (неблокирующий)
    The mid-term exam will cover the topics of the first half of the course. The students absent from the mid-term exam get a zero mark for it unless the absence is excused. The written documentation for the excuse is to be presented to the Students’ Office in accordance with the HSE’s rules.
  • Exam (неблокирующий)
    The final exam will cover the topics of the course. The students absent from the final exam get a zero mark for it unless the absence is excused. The written documentation for the excuse is to be presented to the Students’ Office in accordance with the HSE’s rules.
Промежуточная аттестация

Промежуточная аттестация

  • Промежуточная аттестация (4 модуль)
    0.4 * Exam + 0.4 * Mid-term written exam + 0.2 * Short quizzes
Список литературы

Список литературы

Рекомендуемая основная литература

  • Jordi Galí. (2015). Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications Second edition. Princeton University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.pup.pbooks.10495
  • Monetary theory and policy, Walsh C. E., 2003

Рекомендуемая дополнительная литература

  • Woodford, M., & Friedman, B. M. (2011). Handbook of Monetary Economics. Amsterdam: North Holland. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=365565