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| Semester | spring semester 2019 |
| Course frequency | Every spring sem. |
| Lecturers | Sylvia Kaufmann (sylvia.kaufmann@unibas.ch, Assessor) |
| Content | Monetary policy actions instantaneously affect as well the level as the term structure of financial market interest rates. Substitution, income and wealth effects initiate changes in agents’ consumption/savings and production/investment plans, and ultimately affect the real economy. The course focusses on the main channels through which monetary policy transmits to 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 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 |
| 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. 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! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Course auditors welcome |
| Interval | Weekday | Time | Room |
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No dates available. Please contact the lecturer.
| Modules |
Core Module: Core Areas in Monetary Economics (Master's Studies: International and Monetary Economics) Module: Electives (Master's Studies: 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. Final exam: 25.4.19; 12:15-13:25. 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 |