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41628-01 - Vorlesung: Current Issues in Monetary Policy 3 KP

Semester Herbstsemester 2019
Angebotsmuster Jedes Herbstsemester
Dozierende Sarah Lein (sarah.lein@unibas.ch, BeurteilerIn)
Attilio Zanetti (attilio.zanetti@unibas.ch)
Inhalt This course starts with a thorough introduction, both from an empirical and a theoretical perspective, into the basic New Keynesian macroeconomic model. This framework has emerged as the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations and welfare. We then use the model as a benchmark to discuss current issues in monetary policy from a practical perspective. We first look at the standard transmission channels of monetary policy and define the behavior of monetary authorities in a ‘conventional monetary policy’ environment. We then discuss the challenges raised by the post-2007 worldwide crisis, the rationale for and the nature of unconventional monetary policies. We will pay particular attention to aspect such as the importance of well-functioning money markets and financial intermediation, the zero lower bound, the role of inflation expectations, the equilibrium real interest rate, inflation targeting and the debate on the optimal inflation level.
Lernziele The main aim of this course is to describe a state-of-the-art macroeconomic general equilibrium framework and use it to analyze the conduct of monetary policy and to understand some of the major challenges currently faced by central banks around the world.
Literatur First 6 lectures (theoretical model):
Gali, Jordi (2015), Monetary Policy, Inflation, and the Business Cycle. Princeton University Press. Chapters1-4.

Second part of the class (empirical applications and current issues) will be based on various scientific articles provided in a reading list.
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Anmeldung zur Lehrveranstaltung Registration: Please enrol in MOnA. EUCOR-Students and students of other Swiss Universities have to enrol at the students administration office (studseksupport1@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam! A deregistration is possible until November 13th, 2019 by email to studiendekanat-wwz@unibas.ch.
Unterrichtssprache Englisch
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Intervall Wochentag Zeit Raum

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Module Kernmodul: Core Areas in Monetary Economics (Masterstudium: International and Monetary Economics)
Vertiefungsmodul: Monetary Economics and Financial Markets (Masterstudium: Wirtschaftswissenschaften)
Leistungsüberprüfung Semesterendprüfung
Hinweise zur Leistungsüberprüfung Notes for the Assessment: Take-home exam after part I (counting 45/90 to final grade). Written exam in December (counting 45/90 to final grade). FINAL EXAM: 09.12.19; 12:30-13:30. WWZ Auditorium: A-Z.
You can still withdraw from the examination by submitting a completed, signed form to our office from 15.10.19 until 25.10.19 / 12:00 o’clock. Withdrawals sent by email will not be accepted. You will find the examination withdrawal form on the Homepage of the Student Dean’s Office. Prior to 14.10.19, please only use MONA for withdrawing. The exam rooms will be published up to 08.12.19.
An-/Abmeldung zur Leistungsüberprüfung Anmelden: Belegen; Abmelden: Studiendekanat
Wiederholungsprüfung keine Wiederholungsprüfung
Skala 1-6 0,1
Wiederholtes Belegen beliebig wiederholbar
Zuständige Fakultät Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch
Anbietende Organisationseinheit Wirtschaftswissenschaftliche Fakultät / WWZ