Monetary Policy
Instructors
Credits / Language / Semester
2Credits / English / Summer
Objectives/Overview
本講義では金融政策にかかわるトピックをマクロ経済学の分析手法を用いて解説する。取り上げる分野は、金融政策の波及経路、ニューケインジアンモデル、最適金融政策、中央銀行の独立性、資産市場と金融政策等である。
講義は、単一の教科書に基づくものではないが、以下の教科書が有用である。"Monetary Policy, Inflation, and the Business Cycle" by Gali,"Monetary Theory and Policy" by Walsh. 講義ノートはウェブページで入手可能。
To learn various topics on monetary policy. Topics covered include: identification of the monetary transmission mechanism, the New-Keynesian models, optimal monetary policy, central-bank independence, financial markets and monetary policy.
The course will not be based on a single textbook, but the following textbooks are useful: “"Monetary Policy, Inflation, and the Business Cycle" by Gali, "Monetary Theory and Policy" by Walsh. Additional readings will be made available to students through the course homepage.
Keywords
central banking,monetary policy,nominal interest rate,money,inflation,price level,money-in-utility function model,opportunity cost of holding money,intertemporal optimization,budget constraint,welfare cost of inflation,monetary transmission mechanism,interest rate channel,credit channel,balance sheet channel,credit frictions,bank balance sheet,bank capital,external finance premium,phillips curve,natural output,natural interest rate,optimal monetary policy,inflation output gap tradeoff,financial crisis
Teaching Methods
講義
Grading
期末試験
Reference Books
"Monetary Policy, Inflation, and the Business Cycle" by Gali, "Monetary Theory and Policy" by Walsh.
Notes on Taking the Course
英語で開講