Ricardo Reis, professor of economics at Columbia University, gave the Tinbergen Institute Economics Lectures 2015 on monetary and fiscal policy.
Following the recent economic crisis on both sides of the Atlantic, there have been permanent changes to the design of monetary policy and the constraints faced by central banks. These six lectures will cover some of the main ones from the perspective both of understanding future policy as well as uncovering exciting research topics. In particular, we will cover: (i) the determination of inflation when interest is paid on reserves; (ii) the fiscal capacity of a central bank; (iii) can a central bank become insolvent? (iv) the room for inflating away the public debt; (v) the ECB and the euro crisis,; (vi) the impact of monetary policy on inequality.
Lecture 1 & 2: Modern price level determination
Lecture 3: The central bank’s balance sheet: can central banks go insolvent?
Lecture 4: The central bank as an actor in a fiscal crisis: limits and possibilities
Lecture 5: Central bank transparency and communication
Lecture 6: Monetary policy and inequality
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