Description:

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Learning Targets:

The lecture focuses consistently on analysing the current state of monetary theory and policy. This topic has been undergoing radical change for some time now, as unconventional monetary policy seems to have become the new standard worldwide. Particular attention is paid to the increasing integration of national monetary policies into international contexts and the strong regional differences within a seemingly uniform monetary area. The importance of globalised financial markets, financial market stability and the digitalisation of money for monetary policy is also emphasised.

The lecture provides a problem-oriented introduction to monetary policy contexts. It deals with relevant issues in this area in an understandable way. Theoretical principles are combined with empirical analysis throughout. It also deals in detail with concepts that are important for monetary policy practice, such as the Taylor rule, interest rate versus money supply control and the international transfer of monetary liquidity (‘spillovers’). Finally, the unconventional monetary policies implemented since the beginning of the financial crisis, especially for the eurozone, are presented in detail and their effects are comprehensively assessed.

Since the monetary policy debate is closely linked to research, a solid overview of the current state of research is essential for purely practical applications. In addition, the lecture can also serve as a starting point for your own research. This course is particularly suitable for students who are interested in writing a Master's thesis in the field of European monetary policy/monetary economics.

Material:

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