This course explores the ongoing monetary policy experiment and the tools available for future interventions. Participants will analyze international efforts to create credit, discuss the impact of low productivity on monetary policy, and examine the role of technology in the equation. The course covers topics such as supporting investment, the politics of central banks, the role of Congress, and the implications of low interest rates. The intended audience includes individuals interested in economics, finance, and central banking policies.
Monetary Policy - What's Left in the Toolbox?
Overview
Syllabus
Intro
Whats Left in the Toolbox
Guidelines
Macro Cycle
Low Interest Rates
Access to Credit
A Less Discretionary Environment
Forward Guidance
Unintended Consequences
Inflation Gap
Rule vs Framework
Rule vs Strategy
Politics of the Fed
Flexibility of the Fed
The Congress has a role
Setting the tone for monetary policy
Explicit contracts
ECB independence
Politically politicized
Interest rates close to zero
Cost a capital zero
Inadequate demand
Access to capital
Capital investment
Negative rates
The lender of last resort
A mistake to broker the rescue
The Fed did a brilliant job
IMF
Adam Larrick
Max Scotland
The End Game
Markets
Digital currency
Taught by
Milken Institute
