This course provides an in-depth analysis of monetary policy and the financial sector at the graduate level.

• Foundations of Monetary Policy and the Financial Sector
• Conventional and Unconventional Monetary Policy
• Macroprudential Policy
• Monetary Policy in Macro Models with Financial Frictions
• Inflation and Deflation
• Financial Crises and Policy Reforms
• Data and Monetary Policy Decision-Making
• Greening Central Banking and Financial Regulation
• Current Topics, e.g., Digital Money and Cryptocurrencies, Monetary Policy Strategy Review, Monetary Policy and Current Inflationary Shocks

The course develops students' skills in monetary and financial economics to

• acquire a deeper understanding  of monetary policy and the financial sector from a theoretical, empirical, and policy perspective,
• gain insights into current economic crises and the role of monetary policy and financial regulation,
• understand the formal theoretical and empirical models underpinning modern monetary policy,
• critically discuss current policy issues with renowned experts,
• read and understand original research papers in economics,
• get prepared for writing a master's thesis.

The attendance requirement is met if a student is present at least 80% of the time at class and online meetings.

The backbone of the course is a series of original scientific papers written by renowned economists on money and the financial sector. The course is planned to take place on-campus.

• Students will work through papers assigned over the course of the semester.
• Papers will be discussed in class, augmented by supplementary material.
• Students write essays on home assignments related to the papers and collect points for participating in the discussions at the meetings.
• Guest lectures on current topics in monetary policy and financial regulation by renowned policymakers or scholars will complement class discussions.

Grading: 80% essays (each essay is is equally weighted), 20% direct participation

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Graduate level microeconomics, macroeconomics, and econometrics

office hours: by appointment (please register via e-mail to guido.schaefer@wu.ac.at)

Students taking the accompanying Research and Policy Seminar should also take this course.