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| Semester | spring semester 2018 |
| Course frequency | Every spring sem. |
| Lecturers | Sylvia Kaufmann (sylvia.kaufmann@unibas.ch, Assessor) |
| Content | 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 initiate changes in consumption/savings and production/investment plans of economic agents. The course focusses on the main channels through which monetary policy triggers these effects and deploys its impact on the real economy. In particular, we discuss the interest rate, the credit, the cost and the risk-taking channel of monetary policy transmission. We derive and describe the propagation of monetary policy within simplified versions of theoretical models. We discuss empirical papers to assess the relevance of the various channels and to compare the evidence obtained for the US, the euro area and Switzerland. Some additional papers discuss the effectiveness of the unconventional monetary policy measures implemented during the recent financial crisis. |
| Learning objectives | Goals: Learn about the main channels of monetary policy transmission, Discuss empirical results/evidence |
| Bibliography | References will be listed during the lecture |
| Comments | Session on March 2, 2018: 13.45-15.15 |
| Weblink | Weblink |
| Admission requirements | Prerequisites: Macro courses at BA's level. Desirable: Advanced macro. Useful: Introduction to econometrics (BA level) and applied econometrics (MSc level). |
| Course application | Registration: Please enrol in MOnA. Enrolment = Registration for the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Course auditors welcome |
| Interval | Weekday | Time | Room |
|---|
No dates available. Please contact the lecturer.
| Modules |
Core Module: Core Areas in Monetary Economics (Master International and Monetary Economics) Module: Electives (Master Business and Economics) |
| Assessment format | end-of-semester examination |
| Assessment details | 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 questions on a personally selected empirical paper during the final exam. written exam: 15.5.18, 10:15-11:25; WWZ S14: A-Z. |
| Assessment registration/deregistration | Registration: course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |