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41628-01 - Vorlesung: Current Issues in Monetary Policy (3 KP)
| Semester | Herbstsemester 2018 |
| 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. |
| Weblink | Weblink |
| 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! |
| Unterrichtssprache | Englisch |
| Einsatz digitaler Medien | kein spezifischer Einsatz |
| Intervall | Wochentag | Zeit | Raum |
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Keine Einzeltermine verfügbar, bitte informieren Sie sich direkt bei den Dozierenden.
| Module |
Kernmodul: Core Areas in Monetary Economics (Masterstudium: International and Monetary Economics) Vertiefungsmodul: Monetary Economics and Financial Markets (Masterstudium: Wirtschaftswissenschaften) |
| Prüfung | Semesterendprüfung |
| Hinweise zur Prüfung | Notes for the Assessment: Take-home exam after part I (counting 35/90 to final grade). Written exam in December (counting 55/90 to final grade). FINAL EXAM: Dec 10th, 13.00-14.00 (60 minutes). WWZ S15: A-Z. |
| An-/Abmeldung zur Prüfung | Anmeldung: Belegen |
| Wiederholungsprüfung | keine Wiederholungsprüfung |
| Skala | 1-6 0,1 |
| Belegen bei Nichtbestehen | beliebig wiederholbar |
| Zuständige Fakultät | Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch |
| Anbietende Organisationseinheit | Wirtschaftswissenschaftliche Fakultät |