Universität Wien FIND
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390017 SE PhD-E: Challenges in the Implementation of Monetary Policy after the Financial Crisis (2016S)

Continuous assessment of course work

OeNB-Visiting Professor

Details

max. 25 participants
Language: Englisch

Lecturers

Classes

Schedule:
Tuesday, May 10, 16.30 - 18.00 h, Seminarroom VGSE, 3rd floor
Wednesday, May 11, 16.45 - 18.15 h, Public Lecture, Hörsaal 1, ground floor
Thursday, May 12, 16.30 - 18.00 h, Seminarroom VGSE, 3rd floor
Friday, May 13, 16.30 - 18.00 h, Seminarroom VGSE, 3rd floor
Wednesday, May 18, 15.30 - 17.00 h, Seminarroom VGSE, 3rd floor
Thursday, May 19, 15.30 - 17.00 h, Seminarroom VGSE, 3rd floor
Friday, May 20, 15.30 - 17.00 h, Seminarroom VGSE, 3rd floor
Monday, May 23, 16.30 - 18.00 h, Seminarroom VGSE, 3rd floor
Tuesday, May 24, 16.30 - 18.00 h, Seminarroom VGSE, 3rd floor
Wednesday, May 25, 16.30 - 18.00 h, Seminarroom VGSE, 3rd floor
Tuesday, May 31, 15.30 - 17.00 h, Seminarroom VGSE, 3rd floor
Wednesday, June 1, 15.30 - 17.00 h, Seminarroom VGSE, 3rd floor
Wednesday, June 1, 19.00 h, "Kamingespräch", Skylounge, 12th floor
Thursday, June 2, 15.30 - 17.00 h, Seminarroom VGSE, 3rd floor


Information

Aims, contents and method of the course

The recent global crisis has changed the nature of monetary transmission in many ways. Before the crisis, central banks in advanced economies were focused on achieving price stability using short-term interest rates to guide inflation to its target; this approach was grounded in New Keynesian models with little reference to financial markets. Since the crisis they have used a wider range of instruments, addressed additional targets for financial as well as price stability, and have developed theoretical models with a greater role for financial intermediaries and markets. Practically speaking, short-term interest rates have been at the effective zero lower bound since 2008 in most countries, and asset purchases have become the main tool of policy; long term interest rates and inflation are very low.
There are major implications from these developments for advanced and emerging economies. Operating procedures have been changed to deal with low short term rates, central banks have developed unconventional monetary policy tools to implement policy further along the yield curve, and countries have to cope with the effects of financial spillovers that occur in response to divergent policies. The monetary transmission mechanism depends much more on global factors, and foreign as well as domestic monetary policy influences domestic credit, exchange rates and long-term interest rates. Structural changes have occurred that have spurred a global "search for yield', causing larger capital flows to emerging economies through the 'boom' in cross-border banking and also through expanding financial markets. The aim of the course is to understand these developments.

The course will use lectures, tutorials, Q&A, policy discussions and small group presentations to explore the issues involved. At the end of the course, participants will be able to:
i. Recognize the changes that have taken place in the implementation of monetary policy and liquidity management .
ii. Analyze the implications for financial intermediation and interest rate pass through.
iii. Assess the new monetary policy challenges facing advanced and emerging economies.
iv. Discuss the different perspectives on financial globalization, monetary and financial spillovers, and the consequences for monetary policy.

Assessment and permitted materials

Group work: one 30 minute presentation (50% of group work grade) and one group essay of 1500 words (50% of group work grade). Total group work is 25% of final grade.
Exam: 1.5 hour exam with 2 questions from choice of 4. Total exam work is 75% of final grade.

Minimum requirements and assessment criteria

Examination topics

Reading list


Association in the course directory

Last modified: Mo 20.03.2017 15:24