Monetary Policy & Monetary Analysis
Faculty In the Monetary Policy & Monetary Analysis module you will hear from a range of speakers including Andy Haldane (Chief Economist and Executive Director, Monetary Analysis & Statistics, Bank of England), James Bell (Executive Director for Communication, and formed Director for Monetary Analysis, Bank of England), Michael Joyce (Adviser in the Macro Financial Analysis Division, Bank of England), Silvia Miranda-Agrippino (Senior Research Economist in Monetary Analysis, Bank of England) and Paul Fisher (former Executive Director, Bank of England).
Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Module overview The Monetary Policy & Monetary Analysis module allows you to investigate the analytical and empirical tools available from macroeconomics and econometrics to understand the role of monetary policy and how it is implemented. The module emphasises the interaction between the financial system and the macroeconomy; and critiques post Global Financial Crisis policy responses. You will cover topics including Optimal Inflation targeting; Quantitative Easing; the credit cycle; global financial imbalances; and unconventional monetary policy making in practice. Through these topics, you will learn the use of basic econometric tools for monetary policy such as the linear regression model; basic time series models; vector auto regression and forecasting in monetary policy. Who would benefit from this module? This module would benefit those working in central banks as well as investment banks and rating agencies as well as those working as Asset Managers and Reserves Managers who need to gain an understanding of how it is derived and implemented as well as its effects.
Key benefits ■ Learn the use of basic econometric tools ■ Understand how and why specific monetary policy is implemented ■ Understand the effects of quantitative easing and use of negative interest rates ■ Gain a Postgraduate Award upon successful completion.
Key info
■ This module will run between June 2022 and October 2022. ■ This module features a two-week induction period prior to starting.
Key topics covered During this module, you will cover the following.
Topics
Linear regression model
The credit cycle, asset prices bubbles, financial intermediation and the macroeconomy
The three-equation model, including the role of expectations and the exchange rate
Basic time series models
Optimal inflation targeting
Monetary policy interactions with financial stability Unconventional monetary policy making in practice
Quantitative Easing
Vector autoregression
Empirical evidence on the effects of quantitative easing
The financial crisis: causes and policy intervention
Forecasting in monetary policy
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
“The course was relevant to my day-to-day work so its applicability was an important factor. My role involves a lot of travelling and it’s very important to be flexible. It’s a programme that brings additional content to my role and makes me grow in my career but it also provides the flexibility that I need to make it possible.”
Class profile*
Frederico Barros Diniz MSc Global Central Banking
3 Nationalities represented
36 Average age of participants
67/33 % male/ female split
18 Average years’ work experience
& Financial Regulation (Current participant)
*June 2020 Postgraduate Award intake
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wbs.ac.uk/go/banking
wbs.ac.uk/go/banking
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