Courses Exchange Display 2017-2018

Course Description To PDF
Course title ECB and Monetary Policy
Course code EBC4023
ECTS credits 6,5
Assessment None
Period Start End Mon Tue Wed Thu Fri
1 4-9-2017 27-10-2017 X X
Level Advanced
Coordinator Clemens Kool
For more information:
Language of instruction English
The 2008 financial crisis and the subsequent Great Recession have put monetary policy once again in the spot lights. On the one hand, central banks are blamed for creating the crisis, on the other hand they are relied on to provide a way out of economic stagnation. This course aims at deepening students’ knowledge of the relation between monetary and real phenomena in an economy, to facilitate a thorough analysis of the role of (ECB) monetary policy. In particular, we focus on
- the question why money exists in an economy and what role it plays,
- the transmission channels from monetary policy to the real economy
- the effectiveness of monetary policy under various conditions
- the optimal form of monetary policy, including the rules versus discretion debate, the issue of central bank independence and transparency, and the role of expectations and central bank credibility
- the role of central banks and commercial banks in money (and credit) creation
- the actual position and policies of the CB (including a visit to the ECB)
A large part of the mandatory literature of the course will consist of chapters from the following book:
W. Carlin and D. Soskice, Macroeconomics: Institutions, Instability and the Financial System, 3rd edition, 2015, Oxford University Press.
Please make sure you have it available at the start of the course. Important: the previous (2nd) edition from 2006 will NOT be of any use as the two versions differ very much. Note that the 2nd edition got published before the start of the Great Financial Crisis, while the 3rd makes a serious attempt to analyze and understand its causes and consequences.
Teaching methods PBL / Presentation / Lecture / Papers / Groupwork
Assessment methods Final Paper / Participation / Written Exam
Evaluation in previous academic year For the complete evaluation of this course please click "here"
This course belongs to the following programmes / specialisations
Master Econometrics and OR Other Electives
Master Financial Economics Asset Pricing
Master Financial Economics Banking
Master Financial Economics Financial Analysis
Master Fiscale Economie Economics Electives
SBE Exchange Master Master Exchange Courses
SBE Non Degree Courses Master Courses