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Macroeconomics – Monetary Policy

The decision to raise (or lower) interest rates affects many people directly. In the media, mortgage holders are often singled out as those with most to worry about. However, monetary policy decisions have far wider implications than merely hitting the pockets of homeowners.

 

Monetary policy refers to actions undertaken by a central bank to influence the availability and cost of money and credit in an attempt to achieve national economic objectives. This course explains the fundamentals of monetary policy, the instruments used by central bankers to implement it, and how its effects seep through to the entire economy.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Explain how the interaction of money demand and money supply leads to the determination of the equilibrium interest rate

    Describe the workings of the different instruments that can be used by central banks to implement monetary policy

    Recognize how a decision by the central bank to change interest rates affects the economy in general, and inflation or the price level in particular

  • COURSE OUTLINE

    Topic 1: Fundamentals of Monetary Policy

    Monetary Policy - a Brief History

    o Pre World War II

    o Post World War II

    o 1970s to 1980s

    o 1990s to Today

    Some Semantics

    o Money Market

    o Money & Income

    Money Demand

    Money Supply

    Determination of the Interest Rate

    Topic 2: Implementation of Monetary Policy

    Reserve of Monetary Policy

    Reserve Requirements

    Open Market Operations

    Discount Rate

    Topic 3: Monetary Policy & The Economy

    Objectives of Monetary Policy

    How Does Monetary Policy Work?

    Monetary Policy Transmission Mechanism

    Effectiveness of Monetary Policy

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    90 Minutes

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