This course examines key analytical, empirical and policy issues in monetary policy and central banking. There is a strong emphasis on theory supported by a range of applications, in particular to the Asia Pacific region. Topics covered include empirical features of inflation and output, the monetary transmission mechanism, MIU and CIA models of inflation, the Cagan model of inflation, the credit channel, welfare costs of inflation and deflation, public finance aspects of monetary policy, structural uncertainty, time inconsistency, targeting regimes, instrument choice, open economy issues of monetery economics, New Keynesian models of inflation, and models with microfoundations. Time permitting, additional topics will include recent evidence on money illusion, indeterminacy, multiple equilibria, sunspots, and other advanced topics. Two of the lectures will be guest lectures given by eminent academic/central bankers with decades of policy experience.
The course material is very technical and students are expected to have a very good understanding of static and dynamic optimisation methods.
Indicative Assessment
2 mid-term quizzes 7.5% each (non-redemptive), mid-term assignment 25% (non-redemptive), final exam 60%
The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.
Prescribed Texts
Walsh, Carl (2003), Monetary Theory and Policy, MIT Press, Cambridge MA, Second Edition.
Other selected texts and journal articles.
Fees
Tuition fees are for the academic year indicated at the top of the page.
If you are a domestic graduate coursework or international student you will be required to pay tuition fees. Students continuing in their current program of study will have their tuition fees indexed annually from the year in which you commenced your program. Further information for domestic and international students about tuition and other fees can be found at Fees.
- Student Contribution Band:
- 2
- Unit value:
- 6 units
If you are an undergraduate student and have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). You can find your student contribution amount for each course at Fees. Where there is a unit range displayed for this course, not all unit options below may be available.
| Units | EFTSL |
|---|---|
| 6.00 | 0.12500 |
Course fees
- Domestic fee paying students
| Year | Fee | Description |
|---|---|---|
| 1994-2003 | $1680 | |
| 2014 | $3582 | |
| 2013 | $3582 | |
| 2012 | $3582 | |
| 2011 | $3576 | |
| 2010 | $3570 | |
| 2009 | $3570 | |
| 2008 | $3402 | |
| 2007 | $3132 | |
| 2006 | $3084 | |
| 2005 | $2988 | |
| 2004 | $2412 |
- International fee paying students
| Year | Fee |
|---|---|
| 1994-2003 | $3606 |
| 2014 | $4146 |
| 2013 | $4140 |
| 2012 | $4140 |
| 2011 | $4134 |
| 2010 | $4134 |
| 2009 | $4002 |
| 2008 | $4002 |
| 2007 | $3864 |
| 2006 | $3864 |
| 2005 | $3864 |
| 2004 | $3864 |
Offerings, Dates and Class Summary Links
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.
Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.
Winter Session
| Class number | Class start date | Last day to enrol | Census date | Class end date | Mode Of Delivery | Class Summary |
|---|---|---|---|---|---|---|
| 5782 | 21 Jul 2014 | 15 Aug 2014 | 15 Aug 2014 | 01 Oct 2014 | In Person | N/A |
