Zurück
| Semester | Frühjahrsemester 2011 |
| Angebotsmuster | Jedes Frühjahrsem. |
| Dozierende | Sylvia Kaufmann (sylvia.kaufmann@unibas.ch, BeurteilerIn) |
| Inhalt | Monetary policy actions instantaneously impact as well on the level as on the term structure of financial market interest rates. The gradually observable effects on the real economy are triggered by substitution, income and wealth effects, which initiatechanges in consumption/savings and production/investment plans of economic agents. The course focuses on the main channels through which monetary policy initiates these effects and thus can deploy its impact on the real economy. In particular, we will discuss the interest rate, the credit and the cost channel of monetary policy transmission. We derive and describe the propagation of monetary policy actions through these channels within simplified versions of theoretical models. Empirical papers will be discussed to assess the relevance of the various transmission channels and to compare the evidence obtained for the US, the euro area and Switzerland. |
| Literatur | 1. Introduction/Motivation Goodhart, Charles A.E (2005), The future of Central Banking, LSE Financial Markets Group, Special Paper Series No. 162. Mishkin, Frederic S. (1995), Symposium on the monetary transmission mechanism, Journal of Economic Perspectives 9, 3-10. 2. The interest rate channel Williamson, Stephen D. (2008), Macroeconomics, Pearson Education, 3rd edition, Chapters 9 and 10. Taylor, John B., (1995), The monetary transmission mechanism: An empirical framework, Journal of Economic Perspectives 9, 11-26. 3. The credit channel Bernanke, Ben S. and Mark Gertler (1995), Inside the black box: The credit channel of monetary policy transmission, Journal of Economic Perspectives 9, 27-48. Bernanke, Ben S. and Alan S. Blinder (1988), Credit, money, and aggregate demand, The American Economic Review 78, 435-439. 4. The cost channel Barth, Marvin J. III. and Valerie A. Ramey (2001), The cost channel of monetary transmission, NBER Macroeconomic Annual 2001, MIT Press, Cambridge, MA, 199-239. Ravenna, Federico and Carl E. Walsh (2006), Optimal monetary policy with the cost channel, Journal of Monetary Economics 53, 199-216. Christiano, Lawrence J., Martin Eichenbaum and Charles L. Evans (2005), Nominal rigidities and the dynamic effects of a shock to monetary policy, Journal of Political Economy 113, 1-45. 5. Critique/Policy implications Meltzer, Allan H. (1995), Monetary, credit and (other) transmission processes: A monetarist perspective, Journal of Economic Perspectives 9, 49-72. Cover, James P. (1992), Asymmetric effects of positive and negative money-supply shocks, The Quarterly Journal of Economics 108, 1261-1282. Karras, Georgios (1996), Why are the effects of money-supply shocks asymmetric? Convex aggregate supply of "pushing on a string"? Journal of Macroeconomics 18, 605-619. |
| Weblink | Weblink |
| Teilnahmebedingungen | Macro course at BA level. Desirable: Advanced macro. Useful: Introduction to econometrics (BA level) and applied econometrics (MA level). |
| Anmeldung zur Lehrveranstaltung | Bitte belegen Sie die Veranstaltung in MOnA. Eine Abmeldung von der Prüfung ist dann bis am 16. April 2011 20.00 Uhr beim Studiendekanat WWZ per Email (studiendekanat-wwz@unibas.ch) möglich. |
| Unterrichtssprache | Englisch |
| Einsatz digitaler Medien | kein spezifischer Einsatz |
| HörerInnen willkommen |
| Intervall | Wochentag | Zeit | Raum |
|---|
Keine Einzeltermine verfügbar, bitte informieren Sie sich direkt bei den Dozierenden.
| Module |
Modul Wahlbereich (Master Wirtschaftswissenschaften) Spezialisierungsmodul: Areas of Specialization in International and/or Monetary Economics (Master International and Monetary Economics) |
| Leistungsüberprüfung | Semesterendprüfung |
| Hinweise zur Leistungsüberprüfung | The grade is based on two parts. A written test contributes 50% to the final grade. There are two options to acquire the remaining 50%. Either the student presents an empirical paper during classtime; or s/he answers in written form additional questionsabout a handout of selected empirical papers during the final exam. Schriftliche Klausur: 06.06.2011, 10:15-11:25. WWZ Auditorium: A-Z. Die Prüfungsräume finden Sie hier: http://wwz.unibas.ch/studium/pruefungen/raeume/. Bitte kontollieren Sie die Raumzuteilung kurz vor den Prüfungen noch einmal! |
| 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 | Makroökonomik WW |