- Docente: Matteo Falagiarda
- Crediti formativi: 6
- SSD: SECS-P/01
- Lingua di insegnamento: Inglese
- Modalità didattica: Convenzionale - Lezioni in presenza
- Campus: Bologna
- Corso: Laurea Magistrale in Economia e diritto (cod. 5913)
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dal 18/09/2023 al 13/12/2023
Conoscenze e abilità da conseguire
This course studies the purpose and the functions of central banks and monetary policies and how they have evolved over time. Students are introduced to the tools of monetary policy and to the rules that central banks follow, with special attention to inflation targets. At the end of the course students know the effects of the main policy tools and understand how central banks affect the financial system and the economy more generally and the role they have played in the recent financial crisis.
Contenuti
- Introduction to Monetary Policy
Introduction to money and the financial system
The role of money in the economy
The main issues for monetary policy today
- Inflation, interest rates, exchange rates and monetary and financial institutions
Inflation
Interest rates; the term structure of interest rates
Exchange rates
Financial institutions
Case study: The 2008 crisis, subprime mortgages and the errors of Central Banks
- Central Banks
The role of central banks today
The structure of central banks
The balance sheet of the central banks
Case study: Central Bank independence and the case of Turkey
- Monetary policy in practice: the money supply process and economic stabilization
The money multiplier
The monetary base and money supply
Operational policy at the ECB and the Federal Reserve
Monetary policy objectives: inflation targeting and monetary targeting
Case study: Inflation in 2021-2022 and the response of central banks
- Exchange rate policies
Exchange rate management by the Central Bank
Exchange rate regimes
The costs, risks and benefits of fixed exchange rates
Case study: currency crises
- Demand for money, inflation, output and monetary policy
The quantity theory of money
The demand for money
Output and inflation in the long run
Aggregate supply and demand and monetary policy
- Business cycle fluctuations and challenges for monetary policy
Causes of macroeconomic fluctuations
How monetary policy contributes to economic stabilization
The money transmission mechanism
New challenges for monetary policy
Case study: Cryptocurrencies and "Central Bank Digital Currencies"
- Unconventional monetary policy
The influence of the 2008 crisis on monetary policy
Quantitative easing
The ECB from the Securities Market Programme to "PEPP"
The Central Banks' response to the Covid-19 crisis
Orario di ricevimento
Consulta il sito web di Matteo Falagiarda