Навчання > Монетарна політика (англ. мовою)

Монетарна політика (англ. мовою)

Тип: Нормативний

Кафедра: банківського і страхового бізнесу

Навчальний план

СеместрКредитиЗвітність
113Залік

Лекції

СеместрК-сть годинЛекторГрупа(и)
1116професор Лобозинська С. М.ЕКБМ-61с

Практичні

СеместрК-сть годинГрупаВикладач(і)
1116ЕКБМ-61спрофесор Лобозинська С. М.

Опис курсу

The main aim of “Monetary Policy” is to train highly qualified specialists who are capable of independently conducting an appropriate level of analysis of the monetary market and critically assessing the correctness of the application of monetary instruments by the country’s governing bodies. Additionally, it aims to develop students’ ability to independently determine effective methods and procedures for monetary regulation that influence key macroeconomic indicators of the country’s economic development.

Course Objectives:

  1. The subject, structure, and key concepts of the course “Monetary Policy”; conceptual approaches to using monetary policy tools in market regulation;
  2. The features of monetary policy in different business cycles;
  3. Types of monetary strategies of central banks and the classification of monetary policy instruments;
  4. Monetary policy regimes;
  5. The essence and specifics of the inflation targeting regime;
  6. The features of applying direct and indirect methods and tools for regulating the monetary market;
  7. The main mechanisms for implementing unconventional monetary policy;
  8. Transmission channels of monetary policy;
  9. The specifics of monetary regulation in the context of the Ukrainian-russian war.

By the end of the course, students will:

  • Demonstrate a comprehensive understanding of the key concepts, principles, and structures of monetary policy.
  • Explain the roles and functions of central banks in implementing monetary policy.
  • Critically analyze the various tools and instruments of monetary policy, such as interest rates and open market operations.
  • Evaluate the effectiveness of different monetary strategies, including inflation targeting and monetary targeting.
  • Assess the impact of monetary policy across different phases of the business cycle.
  • Develop the ability to predict potential outcomes of specific monetary policies under various economic conditions
  • Identify and describe unconventional monetary policy tools, like quantitative easing, and their use in different economic contexts.
  • Analyze the transmission mechanisms through which these policies affect the economy and financial markets.

These basic learning outcomes focus on essential knowledge and skills that students should acquire to understand and evaluate monetary policy effectively.

Рекомендована література

  1. Brunnermeier M. Rethinking monetary policy in a changing world // https://www.imf.org/en/Publications/fandd/issues/2023/03/rethinking-monetary-policy-in-a-changing-world-brunnermeier
  2. Corsetti G., Dedola L., Leduc S. Optimal Monetary Policy in Open Economies. In B.M. Friedman and M. Woodford (Eds.). Handbook of Monetary Economics, vol. III. Amsterdam, 2018.
  3. Curry B. Monetary Policy: How Central Banks Regulate The Economy// https://www.forbes.com/advisor/investing/monetary-policy
  4. Dadashova P. (2022) Financial defense of the country. How the banking system works during the war. March 16, 2022. https://www.epravda.com.ua/ columns/2022/03/16/684104.
  5. Galí, J The Effects of a Money-Financed Fiscal Stimulus, CEPR Discussion Paper 10165, Septembe, 2014.
  6. Galí, J. New perspectives on monetary policy, inflation, and the business cycle. Working Paper No. 8767, Advances in Economic Theory, Cambridge University Press, 2002.
  7. Gopinath G. Crisis and monetary policy// https://www.imf.org/en/Publications/fandd/issues/2023/03/crisis-and-monetary-policy-gita-gopinath
  8. Jordà O., Singh S. R., Taylor A. M. Does Monetary Policy Have Long-Run Effects?// https://www.frbsf.org/research-and-insights/publications/economic-letter/2023/09/does-monetary-policy-have-long-run-effects/
  9. Kaplan g., Moll b., Violante G. l. New economic models can help policymakers better understand the effects of their inflation-taming measures//https://www.imf.org/en/Publications/fandd/issues/2023/03/modern-monetary-policy-kaplan-moll-violante
  10. Leeper, Eric, Zhou, X. Inflation’s Role in Optimal Monetary-Fiscal Policy” NBER Working Paper No. 19686, November 2021
  11. Lobozynska S. ,Skomorovych I., Vladychyn U. Activities of the National Bank of Ukraine under martial law// Bezpieczny Bank. Nr 1 (86). 2022. P. 49-64. DOI: https://doi.org/10.26354/bb.3.1.86.2022//https://ojs.bfg.pl/index.php/bb/issue/view/10.
  12. Mathai K. Central banks use tools such as interest rates to adjust the supply of money to keep the economy humming//https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Monetary-Policy
  13. MC Compendium. Monetary policy frameworks and central bank market operations. Bank for Interational Settlements.2019. 96 p.
  14. Monetary policy in the 21st century: lessons learned and challenges ahead // https://www.bis.org/publ/arpdf/ar2024e2.pdf
  15. National Bank of Ukraine’s liquidity adjustment transactions. https://bank.gov.ua/en/statistic/sector-financial/data-sector-financial.
  16. NBU Buys Out War Bonds for UAH 20 Billion and May Continue Financing Critical Expenses of Government under Martial Law. March 8, 2022. https://bank.gov.ua/en/news/all/natsionalniy-bank-vikupiv-viyskovi-obligatsiyi-na-20-mlrd-grn-i-za-neobhidnosti-prodovjit-finansuvati-kritichni-vidatki-uryadu-v-umovah-voyennogo-stanu.
  17. NBU canceled a certificate from the bank for the export of more than 10 thousand euros abroad. March 4, 2022. https://news.finance.ua/ua/nbu-dozvolyv-hromadyanam-ne-nadavaty-pidtverdni-dokumenty-pry-peremishhenni-valyutnyh-cinnostey-za-kordon?utm_source=telegram&utm_medium=social&utm_campaign =co_vsv&utm_content=_040322.
  18. NBU Governor Kyrylo Shevchenko’s Flash Interview on Ukraine’s Economic and Financial Conditions and Fight against Russian Aggression. March 10, 2022. https://bank.gov.ua/en/news/all/blits-intervyu-golovi-natsionalnogo-banku-kirila-shevchenka-pro-stan-ekonomiki-ta-finansovogo-sektoru-ukrayini-ta-protidiyu-rosiyskiy-agresiyi.
  19. O’Brien P., Palma N. (2022) The wartime power of central banks: Lessons from the Napoleonic era, March 12, 2022. https://voxeu.org/article/wartime-power-central-banks.
  20. On Operation of Banking System under Martial Law, Resolution of Board of the National Bank of Ukraine, 24 February 2022, No. 18. https://zakon.rada.gov.ua/laws/show/v0018500-22#Text.
  21. Piaskowski Monetary Policy Operations and the Financial System. Ulrich Bindseil. Oxford University Press. 2014.
  22. Results of placement of domestic government bonds. https://mof.gov.ua/uk/ogoloshennja-ta-rezultati-aukcioniv.
  23. The interbank foreign exchange market is gradually resuming operations – the NBU. March 13, 2022. https://www.epravda.com.ua/news/2022/03/13/683917/.
  24. The National Bank of Ukraine imposed a number of temporary restrictions from February 24, 2022 due to the Russian attack and the imposition of martial law. https://biz.nv.ua/ukr/finance/viyskoviy-stan-nbu-obmezhiv-znyattya-gotivki-novini-ukrajini-50219487.html.
  25. The NBU has banned foreign exchange transactions with the Russian and Belarusian rubles. February 25, 2022. https://minfin.com.ua/ua/ 2022/02/25/81702438/?utm_source=telegram&utm_medium=social&utm_campaign=mdtrue*nbu-zaboroniv-valyutni-operatsi.
  26. The NBU has taken measures to increase the liquidity of banks. March 3, 2022. https://minfin.com.ua/ua/2022/03/03/81991959/.
  27. The NBU stopped the foreign exchange market, fixed the exchange rate and limited cash withdrawals. February 24, 2022. https://biz.nv.ua/ukr/finance/viyskoviy-stan-nbu-obmezhiv-znyattya-gotivki-novini-ukrajini-50219487.html
  28. Unconventional monetary policy tools: a cross-country analysis. Committee on the Global Financial System. Bank for International Settlements. CGFS Papers. No 63.2019
  29. Walsh, C. E.. Monetary Theory and Policy. The MIT Press, Cambridge, Mass,Ch. 1–5,2017

Матеріали

  1. Lobozynska S.M. Monetary Policy: Guidelines for Practical Classes for Master’s Degree Students in Full-Time Education in the Specialty 072 “Finance, Banking, Insurance, and Securities Market,” Educational and Professional Program “Banking Business and Financial Technologies.” Lviv, Ivan Franko National University of Lviv, 2024. 17 p.
  2. Lobozynska S.M. Monetary Policy: Guidelines for Independent Study for Master’s Degree Students in Full-Time Education at the Faculty of Economics of Ivan Franko National University of Lviv, Specialty 072 “Finance, Banking, Insurance, and Securities Market,” Educational and Professional Program “Banking Business and Financial Technologies.” Lviv, Ivan Franko National University of Lviv, 2024.15 p.
  3. Lobozynska S.M. Monetary Policy: Instructions for Writing and Defending an Individual Research Assignment for Master’s Degree Students in Full-Time Education at the Faculty of Economics of Ivan Franko National University of Lviv, Specialty 072 “Finance, Banking, Insurance, and Securities Market,” Educational and Professional Program “Banking Business and Financial Technologies.” Lviv, Ivan Franko National University of Lviv, 2024. 7 p.

Guidelines for Practical Classes

Guidelines for Independent Study

Instructions for Writing and Defending an Individual Research

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