Monetary Policy
Instructors
AOKI Kosuke
Term / Language / Credits
S1 / English / 2
Objectives
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
Schedule
Teaching Methods
Lecture
Grading
Examination
Reference Books
"Monetary Policy, Inflation, and the Business Cycle" by Gali, "Monetary Theory and Policy" by Walsh.