Monetary Economics

2019/2020

Учебный год

ENG

Обучение ведется на английском языке

3

Кредиты

Кто читает:

Банковский институт

Статус:

Курс обязательный

Когда читается:

2-й курс, 1, 2 модуль

Преподаватель

Петроневич Максим Васильевич

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.

Assessment Elements

• mid-term test
• attendance
• final exam

Interim Assessment

• Interim assessment (2 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