Monetary Theory and Policy: Modelling and Evidence

Level: 
Doctoral
Course Status: 
Elective
CEU credits: 
2
ECTS credits: 
4
Course Year: 
1st
Academic year: 
2014/2015
Semester: 
Spring
Instructor(s): 
Max Gillman

The course will lay out the theoretical foundations of monetary theory and explain current policy in terms of inflation targeting through either interest rate or money supply rules. It will develop money demand theory in the modern dynamic macroeconomic context and show how this lays the foundation for understanding the difference between interest rate rules and money supply rules. It will also show the importance of banking in terms of monetary policy. This will be based mainly on original work by Gillman, focusing on three textbooks and several articles.