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The 8th EABCN Training School will be a four-day course from December 9- 12 on Monetary Policy Design in the New Keynesian Model.
Professors Jordi Galí and Tommaso Monacelli will teach the course. It is primarily aimed at participants in the Euro Area Business Cycle Network, but applications will also be considered from doctoral students, post-doctoral researchers and economists working for commercial organisations (for which a fee will be charged).
The objective is to discuss the construction and use of New Keynesian Models in the analysis and design of monetary policy. The lectures will provide an overview of the recent literature on monetary policy design in the context of the New Keynesian framework. Different versions of the New Keynesian model and their implications for monetary policy will be analyzed in turn, including:
(i) the basic New Keynesian model with sticky prices
(ii) the Erceg-Henderson-Levin model with sticky prices and wages
(iii) unemployment and real wage rigidities
(iv) economies open to trade in goods and assets
(v) economies featuring imperfections in credit markets.
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