AØKA08221U Monetary Policy (F) (former Monetary Economics: Macro Aspects)
Elective at MSc in Economics
The course is part of the Financial line symbolized by
"F".
The aim of this macroeconomic course is to offer an
understanding of several aspects of money and the macro economy,
thereby providing insights into how and why monetary phenomena and
policy affect important macroeconomic aggregates such as output,
consumption, inflation and unemployment. Moreover, focus will be on
the characteristics of “good” monetary policymaking in the sense of
assessing the advantages and disadvantages of various monetary
policy strategies.
To secure a firm foundation for the aspects covered, emphasis will
be on rigorously formulated theoretical models. Economic intuition,
however, is just as important as mathematical formalism. Although
the curriculum will be mainly theoretical, the empirical relevance
of the material will not be underplayed.
Particular subjects to be covered include:
- Empirics on monetary aggregates and the macroeconomy
- Money’s role in flexible-price general equilibrium models
- Money’s role with incomplete nominal adjustment
- Monetary policy, fiscal policy and debt
- Inflation targeting
- Stabilization policies and credibility
- Credit frictions and the macroeconomy
For a detailed look into the general workings of the course, please consult last year’s public course home page at http://www.econ.ku.dk/personal/henrikj/monec2015/http://www.econ.ku.dk/personal/henrikj/monec2015/. (Note: From 2002-2014 the course was named “Monetary Economics: Macro Aspects”.)
In this course, students are trained to use formal macroeconomic
theory to assess real-life monetary policy issues as well as being
able to understand modern research papers in the area. The course
is based on lectures, but will also include classes
where the lecturer and students together solve various problems.
In order to follow this course, students must be familiar with
advanced macroeconomic theory. Hence, basic intertemporal
optimization techniques (as used in, for example, Ramsey growth
models), and analyses of static and dynamic systems with rational
expectations should be known. Students should therefore not be
afraid of mathematical rigor.
Notably, students are expected to be able to move beyond the mere
mechanics of the theories and be capable of presenting formal
results in economic and intuitive terms. This provides the students
with valuable skills for later employment in both public and
private institutions with financial and macroeconomic focus.
The evaluation is based on a three-hour closed-book written exam,
where students will be tested in their skills in mathematical
derivation of central results in the macroeconomics of monetary
theory as well as in their capabilities of explaining results in
plain words. Hence, in order to pass the course with the highest
grade, the students must demonstrate both knowledge about the
mathematical details of various models covered in the course, as
well as showing a solid understanding of the economic mechanisms
that are described by the mathematical results.
Syllabus:
The curriculum will consist of a large part of Carl. E. Walsh
(2010): Monetary Theory and Policy. Third Edition, The MIT Press,
and a number of articles
Most importantly, one should not be afraid of mathematical rigor. At the end of the day it merely serves to create conclusions and policy implications that are internally consistent. Not a bad starting point for organizing your thoughts. And remember that it's the economics which is the important stuff; the math is just a helpful tool!
Time and room:
For time and classroom please press the link under "Se skema"(See schedule) at the right side of this page (15E means Autumn 2015, 16F means Spring 2016).
You can find the similar information partly in English at
https://skema.ku.dk/ku1516/uk/module.htm
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-F16;Monetary Policy”
-Select Period: “Forår/Spring – Weeks 4-29”
-Press: “ View Timetable”
- Category
- Hours
- Exam
- 3
- Lectures
- 42
- Preparation
- 161
- Total
- 206
for enrolled students. More information about registration, schedule, rules, courses etc. can be found at the student intranet (KUnet) for courses (English) and student intranet (KUnet) for courses (Danish).
Registration and information for prospective foreign speaking students, exchange students, Open University etc. please find more information at Study Economics.
For dansktalende enkelfagsstuderende kan tilmelding ske via siderne Åbent Universitet og Merit.
- Credit
- 7,5 ECTS
- Type of assessment
- Written examination, 3 hours under invigilationA 3 hours written assignment without aids.
- Aid
- Without aids
- Marking scale
- 7-point grading scale
- Censorship form
- External censorship
100 % censorship
- Exam period
The written exam takes place June 8, 2016 at Peter Bangsvej 36, 2000 Frederiksberg http://pc-eksamen.ku.dk/pc_exam
The exact time of the exam will be informed in the Self-Service at KUnet mid-April.
For enrolled students more information about examination, exam/re-sit, rules etc. is available at the student intranet for Examination (English) and student intranet for Examination (KA-Danish).
- Re-exam
The written re-exam takes place August 19, 2016 at Peter Bangsvej 36, 2000 Frederiksberg http://pc-eksamen.ku.dk/pc_exam
The exact time of the exam will be informed in the Self-Service at KUnet mid-July/early-August.
If only a few students have registered for the re-exam, the exam might change to an oral exam including the date for the exam, which will be informed by the Examination Office.
Criteria for exam assesment
The student must in a satisfactory way demonstrate that he/she has mastered the learning outcome of the course.
Course information
- Language
- English
- Course code
- AØKA08221U
- Credit
- 7,5 ECTS
- Level
- Full Degree Master
- Duration
- 1 semester
- Placement
- Spring
- Schedule
- Spring semester is week 6-35
Period of
-teaching: Week 6-21
-exam: Week 21-26
-re-sit: Week 31-36 - Course capacity
- No limits
- Continuing and further education
- Price
320 DKK per ECTS.
- Study board
- Department of Economics, Study Council
Contracting department
- Department of Economics
Course responsibles
- Henrik Jensen (13-6e6b74786f7134706b74796b74466b69757434717b346a71)