Monetary Policy Implementation (MONE)

(mars 2022)

Course Outline

•  Introduction.  Basic concepts in monetary economics.
•  Objectives of monetary policy.
•  The practice of monetary policy (historical evolution).  The debate on the operationa target of
monetary policy:  monetary agregates vs.  interest rates.
•  The  interbank  market  and  the  implementation  of  monetary  policy  in  normal  times Main
instruments of monetary policy.  Monetary policy systems run by modern centra banks (channel
system, floor system).
•  The Poole model of the interbank market.
•  Anomalies in the interbank market.
•  The conduct of unconventional monetary policy.
•  The implementation of monetary policy with central-bank digital currencies.