Olivier Loisel’s website	Monetary economics
Welcome Papers Research papers Supplementary material Policy papers Courses On financial economics On macroeconomics On monetary economics Others Curriculum vitae Contact information	24-hour master-level course taught in English at ENSAE Paris and the Master in Economics of the Institut Polytechnique de Paris Description This course studies conventional and unconventional monetary policies in the New Keynesian framework, from the basic New Keynesian model to extended New Keynesian models (with sticky wages, small open economies, or financial frictions). It derives the main implications of these models for optimal monetary policy in normal times and in crisis times, highlighting in particular the importance of private agents’ expectations in the transmission and the conduct of monetary policy, and providing illustrations taken from the practice of various central banks. General introduction Part I: Conventional monetary policy in the basic New Keynesian model Chapter 1: The basic New Keynesian model Chapter 2: Optimal monetary policy Chapter 3: Monetary-policy design Part II: Conventional monetary policy in extended New Keynesian models Chapter 4: The sticky-wages extension Chapter 5: The small-open-economy extension Part III: Unconventional monetary policy in New Keynesian models Chapter 6: Forward guidance Chapter 7: Quantitative vs. credit easing General conclusion Main references Galí, J., 2015, “Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework and its Applications,” second edition, Princeton University Press Woodford, M., 2003, “Interest and Prices: Foundations of a Theory of Monetary Policy,” Princeton University Press Complete references Last exams 2023 exam 2022 exam 2021 exam