Part 1: The implementation of monetary policy
Part 2: The transmission mechanism
We've circled around issues related to the second part in the previous lectures, when we talked about the credit market (CC-LM analysis), and how the subprime crisis requires more innovative monetary policy measures (as I discussed in the latest lecture). We'll deal with the rest of the issues in the latter part of this topic.
Part 1: The implementation
There will be no lecture notes on this part. The key readings are
- Powerpoint slides
- Borio (1997) "The Implementation of Monetary Policy in Industrial Countries: A Survey" BIS Economic Papers
Reading pack ready at http://groups.google.com/group/economaru/files
The name of file is Topic6_Mechanics_Implementation.zip
Part 2: The Transmission Mechanism
Forthcoming. Check this space!
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