Frontiers in Macroeconomics
The design and governance of monetary policy
Lecturer: Prof. Dr. Jakob de Haan (University of Groningen)
Date: October 19, 2009 – October 21, 2009 (TU Dresden)
Venue: ifo Dresden, Einsteinstrasse 3 (conference room)
Registration: christian.lessmann@tu-dresden.de
Course Outline
Monday
09.00- 12.00: Central bank governance: independence
13.00 – 17.00: Central bank governance: transparency and accountability
Tuesday
09.00 – 12.00: Monetary policy: Taylor rule models
13.00 – 17.00: Central bank communication
Wednesday
08.00 – 11.00: ECB: Structure and policy
12.00 – 14.00: ECB: The role of money in its monitary policy strategy
Reading
[1] Meade, E. and C. Crowe (2007), The evolution of central bank governance around the world, Journal of Economic Perspectives 21 (4), 69-90.
[2] Dincer, N.N., and B. Eichengreen (2007), Central Bank Transparency: Where, Why, and with What Effects?, NBER Working Papers No. 13003.
[3] De Haan, J., S.C.W. Eijffinger and S. Waller (2005), The European Central Bank: Centralization, Transparency and Credibility, MIT Press (chapter 4).
[4] Gorter, J. J. Jacobs and J. de Haan, Taylor rules for the ECB using expectations data, Scandinavian Journal of Economics, 110 (3), 2008, 473-488.
[5] Blinder, A.S., M. Ehrmann, M. Fratzscher, J. de Haan and D. Jansen, Central bank Communication and Monetary Policy: A Survey of theory and Evidence, NBER Working Paper 13932, Journal of Economic Literature, 46(4), 2008, 910–45.
[6] De Haan, J., S.C.W. Eijffinger and S. Waller (2005), The European Central Bank: Centralization, Transparency and Credibility, MIT Press (chapters 2 and 3).
[7] Berger, H., T. Harjes, and E. Stavrev, The ECB’s Monetary Analysis Revisited, IMF Working Paper 08/171, 2008.
Assignment
Write an essay of at least 3.000 words about one of the topics covered in the course. It may be an essay in which you take a particular position on a policy issue, survey some literature, or develop a theoretical or empirical model. The essay has to be send to me within 6 weeks (jakob.de.haan@rug.nl).
