Магистратура
2026/2027
Прикладной монетарный анализ и денежно-кредитная политика на практике
Статус:
Курс по выбору (Финансовая экономика)
Кто читает:
Международный институт экономики и финансов
Где читается:
Международный институт экономики и финансов
Когда читается:
1-й курс, 3 модуль
Охват аудитории:
для своего кампуса
Язык:
английский
Кредиты:
3
Контактные часы:
32
Course Syllabus
Abstract
The course introduces students to the key applied aspects of monetary policy analysis and implementation. The central question of the course is how a central bank uses information on monetary and macroeconomic conditions to make monetary policy decisions. At the beginning of the course, students study the basic principles of monetary statistics, which allow them to properly interpret the sources of changes in the money supply. The course then examines the central bank’s operational target and the key channel of the monetary policy transmission mechanism – the interest rate channel. Students learn how a decision on the key policy rate first affects the money market and then broader monetary and financial conditions.
The course then moves to the institutional and macroeconomic foundations of modern monetary policy. Students learn about the history of inflation targeting, its main principles, and possible directions for its development. The course then examines how changes in monetary conditions affect the economic decisions of households and firms, and how these decisions, in turn, allow monetary policy to affect inflation. Particular attention is paid to the interaction between different monetary policy transmission channels and to the time lags that determine the strength and speed of the economy’s response to central bank decisions.
At the next stage, the relationships discussed earlier are brought together in a simple macroeconomic model. The model formalizes the key monetary policy transmission channels, incorporates transmission lags, and demonstrates the role of inflation expectations and macroeconomic forecasts in interest rate decision-making. Using the model, students will learn to independently analyze the central bank’s response to different types of economic shocks. They will then be able to use this framework to analyze news related to monetary policy.
The final part of the course focuses on the practical application of the approaches discussed in the course. Students learn how the Board of Directors of the Bank of Russia uses monetary policy analysis and macroeconomic models to support and inform decisions on the key policy rate. The Russian experience of conducting monetary policy helps students develop a comprehensive understanding of the role of the central bank in the Russian economy.
Requirements for receiving the Bank of Russia certificate:
· Top 50% of students who take the final test.
· The ranking is based on the total number of points earned for the course.
Learning Objectives
- To introduce students to the institutional foundations, objectives, instruments, and transmission mechanisms of modern monetary policy
- To develop a systematic understanding of the role and functions of the central bank in a modern economy.
- To develop the ability to analyze the macroeconomic situation and assess the implications of central bank decisions.
- To develop an understanding of the role of macroeconomic models and forecasts in making practical monetary policy decisions.
Expected Learning Outcomes
- Interpret changes in the money supply based on monetary statistics.
- Explain how central bank operations affect the liquidity of the banking system and monetary conditions.
- Analyze the response of inflation and output to economic shocks and changes in monetary policy parameters using a simple macroeconomic model.
- Explain the role of macroeconomic forecasts and models in supporting decisions on the key policy rate.
Course Contents
- Introduction. Applied Monetary Statistics and Accounting. Sources of Money Supply Growth. Fundamentals of Monetary Statistics.
- The Central Bank’s Operational Target. The Interest Rate Channel of the Monetary Policy Transmission Mechanism.
- A Systemic View of Monetary Policy: How Monetary Policy Affects Inflation
- How Did Central Banks Come to Adopt Inflation Targeting, and What Is the Future of Inflation Targeting?
- How the Economy Works: The Logic of Macroeconomic Forecasting Models
- Applied Monetary Analysis and Monetary Policy in Practice
Assessment Elements
- Mini-test 1 at the lectures
- Lecture and seminar attendance
- Final exam
- Mini-test 2 at the lectures
- Mini-test 3 at the lectures
Interim Assessment
- 2026/2027 3rd module0.15 * Mini-test 1 at the lectures + 0.15 * Mini-test 2 at the lectures + 0.1 * Lecture and seminar attendance + 0.15 * Mini-test 3 at the lectures + 0.45 * Final exam
