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(mars 2022)
Course Outline
? Introduction. Basic concepts in monetary economics.
? Objectives of monetary policy.
? The practice of monetary policy (historical evolution). The debate on the operationa target of
monetary policy: monetary agregates vs. interest rates.
? The interbank market and the implementation of monetary policy in normal times Main
instruments of monetary policy. Monetary policy systems run by modern centra banks (channel
system, floor system).
? The Poole model of the interbank market.
? Anomalies in the interbank market.
? The conduct of unconventional monetary policy.
? The implementation of monetary policy with central-bank digital currencies.
