INSTRUCTORS:
Howard Nicholas
Programme CoordinatorThis course engages with topics related to financial markets and institutions central banking and monetary policy, economic sanction. Each topic is first motivated with relevant empirical facts and then rigorously analyzed using an appropriate theoretical framework. By the end of this course, students will be able to
- explain important economics notions such risk and term structure of interest rates, rational expectations, efficient market hypothesis, money multiplier, amongst others.
- analyze the economy as a whole in the short-, medium-, and long-run using appropriate economic models.
- evaluate the uses of monetary policy in response to changes in the economic environment.
- debate contemporary ideas in economic thought and research.
- conduct independent research.
Session 1:Understanding interest rates: behaviour, risk and term structure (I)
Session 2: Understanding interest rates: behaviour, risk and term structure (II)
Session 3: Examining the stock market using the theory of rational expectations and the efficient market hypothesis
Session 4: Central banking and monetary policy (I)
Session 5: Central banking and monetary policy (II)
Session 6: Empirical studies about banking governance and financial services
Session 7: Empirical studies about central bank communication
Session 8: Empirical studies about cryptocurrency and crime economics
Session 9: Empirical studies about digital currencies by central bank
Session 10: Replication exercises
Order | Components | Weight |
1 | Participation and reflection | 20% |
2 | Midterm exam | 40% |
3 | Final exam | 40% |
| Total | 100% |
- Mishkin = Frederic S. Mishkin. The Economics of Money and Banking. 12th edition. Global edition. ISBN 13: 978-1-292-26885-9.
- Hördahl, P., & Tristani, O. (2012). Inflation risk premia in the term structure of interest rates. Journal of the European Economic Association, 10(3), 634-657.
- Kung, H. (2015). Macroeconomic linkages between monetary policy and the term structure of interest rates. Journal of Financial Economics, 115(1), 42-57.
- Veronesi, P. (1999). Stock market overreactions to bad news in good times: a rational expectations equilibrium model. The Review of Financial Studies, 12(5), 975-1007.
- Kantor, B. (1979). Rational expectations and economic thought. Journal of Economic Literature, 17(4), 1422-1441.
- Geraats, P. M. (2002). Central bank transparency. The economic journal, 112(483), F532-F565.
- Curdia, V., & Woodford, M. (2011). The central-bank balance sheet as an instrument of monetary policy. Journal of Monetary Economics, 58(1), 54-79.
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