Study Center Gerzensee Advanced Doctoral Summer Course on Monetary Theory and Policy
The course will review the foundations of the new neoclassical synthesis (new Keynesian) model of monetary policy, and the nature of welfare-maximizing interest rate policy in the new synthesis model. It will address the determination of the exchange rate, the trade balance, international capital flows, and global interest rates with the NNS model. The course will interpret actual monetary policy with the NNS model, covering the “great inflation drift,” the “inflation scare problem,” a “devaluation scare,” the Volcker disinflation, the Greenspan era, and the practical case for inflation targeting. It will explore the origin and nature of the 2007-9 “credit turmoil,” and examine several issues regarding central bank “credit policy” as distinct from monetary policy, including interest on reserves, what assets a central bank should buy, and an “accord” for credit policy. It will introduce money and banking into the NNS model, and assess the capacity of monetary policy to act against deflation and recession at the zero bound on nominal interest rates.
|Event dates:||2009-08-17 – 2009-08-21|
|Organizer:||Study Center Gerzensee, Swiss National Bank|
|Conference venue:||Gerzensee, Study Center Gerzensee|
Teodora Ruiz (firstname.lastname@example.org) Administrative Manager Doctoral Program Phone: +41 31 780 31 03 Fax: +41 31 780 31 00
|Classification:||E5 - Monetary Policy, Central Banking and the Supply of Money and Credit|
|Event type:||Seminare, Summer Schools, Symposien, Workshops; Seminars, Summer Schools, Symposiums, Workshops|