Seminar Advanced Monetary Theory and Policy (Master), Winter Term 2021/2022
Central Bank Communication
Selection of topics
- The Response of Asset Prices to Monetary Policy Actions and Statements (Gürkaynak, Sack and Swanson, 2005)
- The Macroeconomic Effects of Central Bank Communication (Hansen and McMahon, 2016)
- High-Frequency Identification of Monetary Non-Neutrality: The Information Effect (Nakamura and Steinsson, 2018)
- Measuring Euro Area Monetary Policy (Altavilla et al., 2019)
- Each seminar participant has to choose one topic from the selection above. Credit points are granted for preparing a term paper and presenting the results in form of a power point presentation. Students are expected to rely on academic articles and to present the findings contained therein.
- Topics will be assigned to students on a first-come, first-served basis. Students should send an e-mail to firstname.lastname@example.org with a shortlist of two preferred topics.
- Each student has to prepare and submit a term paper comprising at least 15 pages. The term paper is supposed to contain a cover page, a table of contents, a reference list (bibliography) and – where applicable – an appendix. There are no style requirements, however, margins, font size, spacing and so forth should be chosen appropriately. Deadline for paper submission is November 22, 2021. Please, send a PDF-version to email@example.com.
- Each student needs to prepare his/her own seminar paper and a power point presentation. The presentation is supposed to last about 20 minutes and should be send not later than November 28, 2021 to firstname.lastname@example.org.
- The seminar will take place in the form of a Zoom conference or a class meeting (depending on the Corona situation) in room STA2, Am Stadtgraben 9 on November 29, 2021 (2:00 - 4:00 p.m.).
- The final grade is based on the term paper (80%) and on the presentation/participation during the seminar (20%). Please be aware that enrollment for the class should be carried out at the examination office (Prüfungsamt) for the early deadline of the winter term 2021/2022 (vorgezogener Termin).
- 6 Credit points can be obtained for this class (Master, PO 2015). Course language is English only.
- Topics will be supervised by Prof. Dr. Bohl. Students should send the outline and structure of the term paper before-hand via e-mail to email@example.com so that the contents can be discussed.
Altavilla, C., Brugnolini, L., Gürkaynak, R., Motto, R., and Ragusa, G., 2019: Measuring euro area monetary policy, Journal of Monetary Economics 108, S. 162 – 179
Gürkaynak, R., Sack, B., and Swanson, E., 2005: Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements, International Journal of Central Banking, S. 55-93
Hansen, S., and McMahon, M., 2016: Shocking language: Understanding the macroeconomic effects of central bank communication, Journal of International Economics 99, S. 114-133
Nakamura, E., and Steinsson, J., 2018: High-Frequency Identification of Monetary Non-Neutrality: The Information Effect, Quarterly Journal of Economics, S. 1283 – 1330