Monetary Economics (QEM)

We will introduce standard models used at central banks and academia to study business cycle dynamics and monetary policy issues. First, standard ways of introducing money into general equilibrium models will be studied. Next, the sticky price new Keynesian model will be introduced. Apart from learning their features the models will be used to study most important issues in monetary economics, e.g. the optimal rate of inflation or the zero lower bound problem.

The objective is to make students acquainted with the state of the art way of modeling monetary economies and monetary policy. In particular general equilibrium business cycle models used at central banks and academia will be introduced, derived and applied.

Literatura podstawowa:

Walsh,C.E. 2010, Monetary Theory and Policy, 3rd ed, MIT Press.

Literatura uzupełniająca:

Gali, J. 2015, Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, 2nd ed.

Evaluation criteria

Other (2 homeworks): 100.00%

The threshold percentage of absences (excluding lectures)

defined as the proportion of class hours beyond which the achievement of learning outcomes is deemed unattainable: 30%

Detailed passing conditions:

The student is expected to collect at least 50% of points from homeworks

We will introduce standard models used at central banks and academia to study business cycle dynamics and monetary policy issues. First, standard ways of introducing money into general equilibrium models will be studied. Next, the sticky price new Keynesian model will be introduced. Apart from learning their features the models will be used to study most important issues in monetary economics, e.g. the optimal rate of inflation or the zero lower bound problem.

The objective is to make students acquainted with the state of the art way of modeling monetary economies and monetary policy. In particular general equilibrium business cycle models used at central banks and academia will be introduced, derived and applied.

Literatura podstawowa:

Walsh,C.E. 2010, Monetary Theory and Policy, 3rd ed, MIT Press.

Literatura uzupełniająca:

Gali, J. 2015, Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, 2nd ed.

Evaluation criteria

Other (2 homeworks): 100.00%

The threshold percentage of absences (excluding lectures)

defined as the proportion of class hours beyond which the achievement of learning outcomes is deemed unattainable: 30%

Detailed passing conditions:

The student is expected to collect at least 50% of points from homeworks

We will introduce standard models used at central banks and academia to study business cycle dynamics and monetary policy issues. First, standard ways of introducing money into general equilibrium models will be studied. Next, the sticky price new Keynesian model will be introduced. Apart from learning their features the models will be used to study most important issues in monetary economics, e.g. the optimal rate of inflation or the zero lower bound problem.

The objective is to make students acquainted with the state of the art way of modeling monetary economies and monetary policy. In particular general equilibrium business cycle models used at central banks and academia will be introduced, derived and applied.

Literatura podstawowa:

Walsh,C.E. 2010, Monetary Theory and Policy, 3rd ed, MIT Press.

Literatura uzupełniająca:

Gali, J. 2008, Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press.

We will introduce standard models used at central banks and academia to study business cycle dynamics and monetary policy issues. First, standard ways of introducing money into general equilibrium models will be studied. Next, the sticky price new Keynesian model will be introduced. Apart from learning their features the models will be used to study most important issues in monetary economics, e.g. the optimal rate of inflation or the zero lower bound problem.

The objective is to make students acquainted with the state of the art way of modeling monetary economies and monetary policy. In particular general equilibrium business cycle models used at central banks and academia will be introduced, derived and applied.

Literatura podstawowa:

Walsh,C.E. 2010, Monetary Theory and Policy, 3rd ed, MIT Press.

Literatura uzupełniająca:

Gali, J. 2008, Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press.