Programme And Module Handbook
Course Details in 2021/22 Session

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Module Title LH Monetary Policy and Dynamic Macroeconomics
SchoolBirmingham Business School
Department Economics
Module Code 07 32223
Module Lead Christoph Gortz
Level Honours Level
Credits 20
Semester Semester 2
Restrictions None
Description This module builds on the main macroeconomic models studied at Level I and on Advanced Macroeconomics in Level H with a particular emphasis on the role of monetary policy and dynamic macroeconomics. The first part of the module will consider some of the building blocks of a monetary macroeconomic model as well as the introduction to key variables and empirical facts in monetary economics. Further, this part of the module considers optimal monetary policy strategies in theoretical frameworks and their relevance in practice. This will include the discussion of policy issues relevant to the conduct of modern monetary policy such as the transmission mechanism, inflation targeting and central bank design. The latter part of the course will provide an overview of the tools used in dynamic macroeconomics and discusses their application in the context of examples. These are related to monetary economics, such as the price puzzle or models with unconventional monetary policy. They will also go beyond the pure focus on monetary policy issues, discussing their interrelation with and the relevance of e.g. fiscal policy and technology shocks and highlighting, in this context, topical issues related to macroeconomics dynamics.
Learning Outcomes By the end of the module students should be able to:
  • analyse the theoretical models of modern macroeconomic research and their role in the conduct of monetary policy;
  • identify the tools of modern dynamic macroeconomics to address macroeconomic issues in practice;
  • identify issues relating to the conduct of monetary policy both in the UK and in the wider international economy;
  • appraise selected papers from professional journals.
Assessment 32223-01 : Coursework : Coursework (50%)
32223-02 : Exam : Exam (Centrally Timetabled) - Written Unseen (50%)
Assessment Methods & Exceptions Assignment (50%),
2-hour final exam (50%)
Reading List