Universität Wien
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390013 SE WKÖ Guest Lecture: PhD-VGSF: Monetary Policy: Theory and Practice (2024W)

4.00 ECTS (2.00 SWS), SPL 39 - Doktoratsstudium Wirtschaftswissenschaften
Continuous assessment of course work

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Details

max. 24 participants
Language: English

Lecturers

Classes

Course location: OMDS Seminar Room (03.307, Oskar-Morgenstern-Platz 1)

Tuesday 01.10. 11:00 - 13:00
Wednesday 02.10. 9:00 - 11:00 and 13:30 - 15:30
Thursday 03.10. 9:00 - 11:00 and 11:00 - 13:00

Monday 04.11. 14:00 - 16:00
Tuesday 05.11. 11:00 - 13:00
Wednesday 06.11. 9:00 - 11:00 and 13:30 - 15:30

Monday 02.12. 14:00 - 16:00
Tuesday 03.12. 11:00 - 13:00
Wednesday 04.12. 9:00 - 11:00 and 13:30 - 15:30
Thursday 05.12. 9:00 - 11:00 and 11:00 - 13:00

(These include extra slots either for extra meetings and exercises or other.)

Information

Aims, contents and method of the course

This course aims at advanced Master and Ph.D. students. It will be taught in three blocks in Winter Semester 2024.

The objective of this course is to provide an introduction to the analysis of monetary policymaking with practical applications to current policy challenges. Examples from the European Union, the United States, and Japan will be discussed. We will develop theoretical models of monetary policy and learn how different policy recommendations can be evaluated using these models. We will also explore the interaction with fiscal and macroprudential policies.

Students will conduct practical simulation exercises and make use of software tools for model analysis. In particular, we will analyse policy working with macro-financial models available in the Macroeconomic Model Database (see www.macromodelbase.com). Furthermore, the inclusion of epidemics in macroeconomic models as well as policy responses during the Coronavirus pandemics are studied. In this context, we will draw on the Epi-Macro-Model Database (see www.epi-mmb.com).

Tentative Outline:

1. Macroeconomic fluctuations and policy responses 2000–23: A brief tour
2. The inflation surge of 2021-23 and the Taylor principle
3. Monetary policy rules and model uncertainty
4. Inflation targeting and optimal control
5. Optimal policy in a New Keynesian model
6. The effective lower bound on nominal rates: From QE to QT
7. Monetary-fiscal interactions, fiscal stimulus and consolidation
8. The financial accelerator, housing, monetary and macroprudential policy
9. Macroeconomic policy and the coronavirus pandemic

Assessment and permitted materials

There will be two problem sets which aim to facilitate studying and applying the various models, concepts and computational methods in practice. In addition, students will give presentations summarizing selected research articles from the literature. The course grade will depend on the problem sets and the presentation.

Typically, the presentation will be prepared and given by a team of 2 students. The student presentations will be held in a virtual format and scheduled in between or following the lecture periods. Advanced Ph.D. students can choose a project that also involves the replication of a quantitative macroeconomic model at the research frontier and make use of it for comparative policy analysis.

Minimum requirements and assessment criteria

Examination topics

Reading list

Association in the course directory

Last modified: Mo 02.09.2024 14:26