MONETARY POLICY & MONETARY ANALYSIS.
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: 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; time series models; vector autoregressions and forecasting for monetary policy.
Who would benefit from this module? This module would benefit those working in central banks, 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.
Faculty . This module is led by Shaun Vahey (Professor of Economic Modelling and Forecasting, WBS). You will also hear from a range of speakers including Huw Pill (Chief Economist and Executive Director for Monetary Analysis and Research, Bank of England), James Bell (Executive Director for Communication, and Former 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).
Key benefits .
Econometric tools . Learn the use of basic econometric tools. Monetary policy . Understand how and why specific monetary policy is implemented. Quantitative easing . Understand the effects of quantitative easing and use of negative interest rates. Award . Gain a Postgraduate Award upon successful completion.
The most important value-added of this programme is its universal nature. Central banking has become much more complex over the past decades and in order to understand it on a deeper level, one has to be familiar with a wide range of different, but interrelated concepts. This is true for both central bankers and market participants. I use the ideas, arguments and facts that the course has covered on a daily basis during my work.” Daniel Horvath .
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.
Key information.
Key topics covered .
The module will start in June 2027.
The three-equation model, including the role of expectations and the exchange rate. Optimal inflation targeting. Quantitative easing. Empirical evidence on the effects of quantitative easing.
The credit cycle, asset prices bubbles, financial intermediation and the macroeconomy. Monetary policy interactions with financial stability. Unconventional monetary policy- making in practice. The financial crisis: causes and policy intervention.
Time series models. Vector autoregressions. Inflation targeting
This module features a two-week induction period.
Global Central Banking and Financial Regulation qualifications participant.
Watch the film
wbs.ac.uk/go/
MonetaryPolicy
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
wbs.ac.uk/go/banking
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Global Central Banking & Financial Regulation qualification
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